HOUSTON, TX--(Marketwired - Oct 21, 2013) - Anadarko Petroleum Corporation (
"This Wattenberg trade unlocks significant additional value for both Anadarko and Noble Energy by consolidating operated acreage positions, which enables more efficient development planning and infrastructure utilization," said Chuck Meloy, Anadarko Executive Vice President, U.S. Onshore Exploration and Production. "The trade is expected to achieve greater operating efficiencies, reduce costs and local impacts, and further improve safety performance. This exchange also demonstrates Anadarko's active portfolio management and commitment to accelerating cash generation, as we anticipate increasing activity on our core Wattenberg acreage, where we are generating rates of return that exceed 100 percent."
Under the terms of the trade, each party will exchange approximately 50,000 net acres. For Anadarko, this acreage exchange will enhance its core development area, while retaining the benefits of its Land Grant mineral ownership on approximately 21,000 acres of the lands to be conveyed to Noble. The trade also will increase Anadarko's daily production by approximately 8,000 barrels of oil equivalent based on current production levels. The trade is subject to customary post-closing adjustments.
Maps illustrating the Wattenberg acreage positions of Anadarko and Noble both pre- and post-closing are attached to this news release and available on Anadarko's website at www.anadarko.com.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2012, the company had approximately 2.56 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to drill, develop, commercially operate, and accelerate the drilling projects identified in this news release. See "Risk Factors" in the company's 2012 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.