- Anadarko Petroleum (NYSE:APC) agrees to sell its Eagle Ford Shale assets in south Texas to Sanchez Energy (SN) and Blackstone (BX) for $2.3B; SN and BX make the purchase together as a 50/50 partnership.
- The sale includes 155K net acres with current production of 67K boe/day (70% liquids), 300M boe in proved reserves and estimated total resource potential exceeding 1.1B boe.
- APC says the acreage represents all of its oil and gas-producing assets in the Eagle Ford, but its sponsored Western Gas Partners (WES) MLP will continue to own and operate midstream assets there.
- SN says the deal more than doubles its drilling inventory, adds 132 high rate of return DUCs, increases its resource potential by more than 550M boe and provides a path for strong growth within projected cash flow.