Anadarko Selling Coalbed Methane, Pipeline Assets
Anadarko Petroleum Corp. (APC), the second- largest U.S. independent oil and natural-gas producer by market value, solicited bids for some of its assets, including coalbed- methane properties in Wyoming and certain midstream holdings.
Anadarko has received bids for its assets in the Atlantic Rim project in Wyoming, New York-based Warren Resources Inc. (WRES) said in a statement today. Anadarko is its working interest partner, Warren said. Brian Cain, a spokesman for The Woodlands, Texas-based Anadarko, declined to comment on Warren’s statement.
Anadarko’s possible sale may include coalbed-methane holdings, a 50 percent stake in midstream gathering, compression and pipeline assets, and mineral rights in deep formations that may hold Niobrara oil, according to the statement. Warren will decide whether to exercise its right to buy an interest in Anadarko’s properties once it knows the results of the bids, the company said.
On July 30, Anadarko reported a $628 million after-tax charge in the second quarter that was mostly related to the declining value of coalbed-methane properties because of lower gas prices. In February, the company issued a fourth-quarter report that included about $1 billion in after-tax impairments that were mostly related to coalbed methane holdings.
Anadarko rose 3.4 percent to $70.53 at the close in New York. Warren Resources increased 7 percent to $2.89.
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