eagleford

The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) announced late Jan. 12 it will sell its Eagle Ford assets for $2.3 billion.

Houston-based Sanchez Energy Corp. (NYSE: SN) and funds managed by Blackstone Energy Partners (NYSE:BX) formed a 50-50 joint venture to acquire the assets. The deal is expected to close in the first quarter of 2017.

Anadarko is divesting about 318,000 gross operated acres, or 155,000 net acres, located primarily in South Texas’ Dimmit and Webb counties. By the end of 2016, sales volumes from those properties reached approximately 45,000 barrels of liquids per day and about 131 million cubic feet of natural gas per day, according to Anadarko.

The deal comes nearly a year after Anadarko lined up three other asset sales worth a combined $1.3 billion. The company also ended the year with a $1.24 billion deal to sell Marcellus shale assets to a subsidiary of Houston-based Alta Resources Development LLC shortly after selling East Texas assets to Castleton Commodities International LLC for more than $1 billion.

Such deals allow Anadarko to focus on higher-return oil opportunities in the Delaware Basin, the DJ Basin and the deep water Gulf of Mexico, Al Walker, Anadarko’s chairman, president and CEO, said in a statement. In late 2016, Anadarko closed on a deal to acquire Freeport McMoRan Oil & Gas’ deepwater Gulf of Mexico assets for $2 billion.

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