Anadarko Petroleum Corp. (NYSE: APC) detailed recent financial updates on July 15. It established a new credit facility, issued notes and sold units, the company said.
In a press release, Bob Gwin, executive vice president of finance and CFO, said “"we continue to enhance our liquidity, monetize asset value, and improve our financial flexibility."
He noted that a $3 billion, five-year unsecured credit facility was entered into. Also, a $2 billion, yearlong facility will replace the current $5 billion secured credit facility, he said.
Gwin said that Anadarko re-entered the bond market after four years. The company issued $1.25 billion of 3.45%, 10-year notes, as well as 4.5% 30-year notes.
The first secondary offer of Western Gas Equity Partners’(NYSE: WGP) units was completed, he added. A total of 5.75 million common units held by Anadarko were sold for more than $335 million. The company still owns more than 88% of Western Gas Equity Partners, Gwin said, noting that its current market value is about $11.5 billion.
"These steps reflect our commitment to maintaining financial flexibility and accelerating value through monetizations, as we continue to deliver differentiating value for our stakeholders from the tremendous opportunity set embedded in our portfolio," he added.
The company’s mineral interest ownership, which includes land grant fee acreage, totals about eight million acres in the Rocky Mountains, including positions in Colorado’s Wattenberg Field and the Monell, Moxa and Wamsutter areas in Wyoming, the press release said. These interests are part of the “expanding opportunities” in Anadarko’s portfolio, the release noted.
"Our extensive minerals interest ownership significantly enhances our rates of return in key growth areas, with no capital burden, while providing future options for additional value acceleration," Gwin said.
Houston-based Anadarko Petroleum Corp. explores and produces natural gas and oil worldwide.
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