Houston’s Anadarko Petroleum Corp. (NYSE: APC) is likely to stay aggressive in selling assets in 2015, though the company plays its hand close to the vest, said David Tameron, Wells Fargo senior analyst, in a Dec. 3 report.

Anadarko has a reputation for announcing deals only after they’re done and often surprises Wall Street by parting with assets that no one knew they owned.

More deals are likely on the way, though how the plunge in crude prices changes the marketplace is uncertain.

Divestments are possible because of the company’s sensitivity to crude prices. Cash flow dips dramatically: for every $5 per barrel (bbl) swing in prices, cash flows move by $350 million. However, Anadarko has $8.3 billion of cash on its balance sheet. After various contributions and working capital needs, the company’s pro forma cash balance will be $1 billion.

“Recent transcripts indicate that management will remain aggressive on its divestment efforts, with the cash used to help potentially fund additional drilling—think Permian—in 2015,” Tameron said.

While announced capex will likely be near cash flow, asset monetizations could provide some additional drilling dollars for 2015 and 2016. Any transaction would need to bring cash in on day one to buttress cash flow and drive capital efficiency higher.

Bolt-on transactions in key U.S. onshore plays are also a possibility. Anadarko said they have been priced out of transactions over the last few years as large sums of money entered the sector, prices were bid up, and its internal capital projects returned better returns than acquisitions.

Danny Brown, vice president of operations, was asked if faltering crude prices have resulted in any meaningful changes in the M&A market.

Brown said that the crude has sunk so swiftly the M&A market has yet to adjust.

“The bid-ask right now remains wide as no one knows the new normal,” Tameron said. “We could always see a random distressed sale but we think it’s way too early to see a big pickup in M&A.”

Anadarko also recently updated information about their Eaglebine joint venture (JV) with investment firm KKR & Co. LP (NYSE: KKR).

In late October, KKR became a nonoperated working interest partner for development of Anadarko’s Eaglebine extension of the Eagle Ford.

The acreage in Brazos, Burleson and Robertson counties, Texas, could have more than 500 future wells, in which KKR will participate, the firm said.

Anadarko said the deal puts the value of its interests in the play at $1.1 billion.

Under the agreement, KKR received about 36,000 net acres and 40% of Anadarko’s working interest in 33 Eaglebine wells in exchange for funding $442 million of Anadarko’s future capital expenditures.

Anadarko is operator with an average post-transaction working interest of about 51% in the JV.

The transaction enables the company to more rapidly develop the “short-cycle oil opportunity” with the addition of incremental drilling rigs, while further enhancing Anadarko’s capital efficiency and flexibility.

Anadarko spud five wells with one rig during the third quarter.

KKR is a New York-based firm that manages $8.7 billion in energy- and infrastructure-related assets.