Anadarko Petroleum Corp. is diving even further into deepwater Gulf of Mexico with a $2 billion acquisition of assets from Freeport McMoran Oil & Gas, the company announced Monday. The deal, effective Aug. 1, will be immediately accretive, Anadarko CEO Al Walker, said in a news statement. It is expected to close by the end of the year. The $2 billion buy will achieve several objectives for the Houston-based exploration and production company (E&P), including:
- doubling Anadarko’s ownership in the Lucius development to about 49 percent;
- expanding the company’s infrastructure throughout the Gulf of Mexico;
- generating $3 billion in incremental cash flow during the next five years at current prices; and
- enabling the company to accelerate investment in Anadarko’s Delaware and DJ basin assets.
The Delaware basin made headlines recently when another Houston-based E&P, Apache Corp., announced a major find in the region.