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Anadarko to Raise Cash with More Asset Sales

Anadarko offshore rig

The third largest gas producer in the US, Anadarko Petroleum Corp, is reportedly planning to sell assets in three states as it seeks to raise $3 billion amid setbacks stemming from depressed oil prices.

The Woodlands-based energy company hopes to raise between $300 million and $600 million for each batch of assets it seeks to sell in Wyoming, Texas and Louisiana, according to unnamed sources cited by wire agencies.

There has been no confirmation from Anadarko the media, and for now buyers have not been solidified.

The Anadarko assets in question here are reportedly those in the Carthage area of East Texas, Haynesville Basin of Louisiana and Wamsutter field in Wyoming.

Related: Horizontal Land Rig Count Summary 6th May 2016

Earlier this week, Anadarko announced it had closed US$1.3 billion in sales this year and is currently working to sell another US$700 million in unidentified assets. Previously, the company had announced plans to sell US$3 billion in assets over the course of this year.

Last Monday, Anadarko released its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted).

Related: Coal May Survive, But Its Profitability Is Dead

The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis. Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million.

"During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko Chairman, President and CEO.

By Charles Kennedy of Oilprice.com

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