Houston-based Anadarko Petroleum has sold its Eagleford Shale assets in South Texas for nearly $2.3 billion to Sanchez Energy Corporation and Blackstone Group LP.
It means the company is saying goodbye to exploration in the Eagle Ford .At one time, the Eagle Ford was one of the biggest producing shale areas in Texas. Under terms of the sale, Anadarko’s sponsored master limited partnership, Western Gas Partners, LP will continue operating its midstream assets in south Texas.
“The ongoing success of our portfolio-management activities provides us with the flexibility to further accelerate capital investments in our higher-return oil opportunities in the Delaware Basin, the DJ Basin, and the deepwater Gulf of Mexico, which drive our ability to deliver a 12- to 14-percent five-year compounded annual oil growth rate,” said Al Walker, Anadarko Chairman, President and CEO.
The divestiture includes approximately 155,000 net acres primarily located in Dimmit and Webb counties. At the end of the fourth quarter of 2016, sales volumes from these properties totaled approximately 45,000 barrels of liquids per day and approximately 131 million cubic feet of natural gas per day.