Newfield Exploration Co. has hired two investment banks to find buyers for its acreage in Texas’s Eagle Ford basin and other oil plays as it seeks to focus on Oklahoma’s Anadarko region.
Anadarko plans to sell up to $3 billion of assets this year as it aims to offset the effects of the oil price crash.
Windsor High School junior Kamille Hocking worried a dozen oil wells on her family’s 132-acre Colorado homestead might sicken them. Then, Rebecca Johnson, an Anadarko Petroleum Corp. engineer, used a blender in her chemistry class to show the interaction of swirling frack sand, city water and friction reducer. “We heard a lot of stories about how it could get into the water and pollute the land,” said Hocking, who is 16. “I’m going to tell my parents that fracking fluid only makes cracks in the rock the size of a hair that the sand gets into and holds open.”
US oil and natural gas company Anadarko raised the midpoint of forecast for oil sales volume and expects lower spending during the current quarter and next year as well.
Anadarko has signed an agreement for the development of the massive natural gas resources that straddle two offshore blocks.
Apache Corp.’s rejection of a takeover offer from Anadarko Petroleum Corp. leaves both energy explorers vulnerable to acquisition. Anadarko, the third-largest US natural gas producer, said it withdrew an all-stock offer after Apache refused to engage in substantive talks. Apache, one of the biggest leaseholders in the largest US shale play, slumped 7.3 percent, the most in nearly a year. Anadarko dropped 3.8 percent, wiping out $1.2 billion in market value. For Anadarko, an acquisition of the $20 billion company would have served as a defense from any potential suitors. Major oil companies including Royal Dutch Shell Plc and Exxon Mobil Corp., which have a half-trillion dollars in cash and shares to fund takeovers, are seen as likely to approach beaten-down US independent producers.
Anadarko has confirmed it made an approach to Apache in a potential takeover bid for the company while also admitting it has given up its pursuit.
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest for an independent U.S. oil and gas producer this year, according to people familiar with the matter.
Anadarko Petroleum has created a position to lead the global LNG side of its business. Mitchell Ingram will become executive vice president after approval from the board of directors. Ingram brings with him 28 years of experience in the oil and gas industry.