Anadarko sells minority stake in project for $860M

March 6, 2013 3:57:26 AM PST
Anadarko Petroleum Corp. is selling a nearly 13 percent stake in the Heidelberg development project in the Gulf of Mexico for $860 million.

Anadarko -- which is based in The Woodlands -- is one of the world's largest independent oil and gas exploration and production companies. The move announced Tuesday involves a project located in about 5,300 feet of water, approximately 140 miles off the coast of Louisiana.

The company did not disclose the buyer. Anadarko Petroleum Corp. will continue to hold a 31.5 percent stake in the project.

The deal is expected to close in April.

Anadarko last month reported that it returned to a profit in its fourth quarter as rising production helped to offset lower prices for natural gas and oil.
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