Anadarko Joins KKR in Return to Glory Days of East Texas Oil

Anadarko Petroleum Corp. is teaming with private equity giant KKR & Co. in a plan to drill more than 500 wells across East Texas, a major expansion in what once was one of the industry’s most prolific regions.

KKR is investing in “long-term” development of the Eaglebine field in three counties about two hours northeast of Houston, the New York-based firm said yesterday in a statement. The deal values Anadarko’s interest at $1.1 billion. KKR agreed to pay $442 million to fund future drilling, The Woodlands, Texas-based Anadarko said yesterday in an operations report.