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Anadarko buys Freeport McMoRan's Oil and Gas Division for 2 Billion
Posted on 9/13/16 at 3:14 am
Posted on 9/13/16 at 3:14 am
LINK
quote:
Shares of Anadarko Petroleum Corp. APC, +0.12% fell 3.5% in late trading Monday after the oil and gas company said its board of directors has agreed to buy the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2 billion.
The deal, expected to close before the end of the year, adds about 80,000 net barrels of oil equivalent a day to Anadarko's portfolio, and doubles the company's ownership in the gulf's Lucius development to 49%, the company said in a statement. "This immediately accretive, bolt-on transaction strengthens our industry-leading position in the Gulf of Mexico and is a catalyst for the company's oil-growth objectives, with quality assets being acquired at an attractive price to create significant value," Anadarko CEO Al Walker said. The deal will generate "substantial" free cash flow, he said.
In a separate statement, Anadarko said it has registered to sell 35.25 million shares of its common stock, with net proceeds used for general corporate purposes. Shares of Anadarko had ended the day up 0.1%.
This post was edited on 9/13/16 at 3:15 am
Posted on 9/13/16 at 3:34 am to FunroePete
Imagine if ol Jim Bob didn't blow 1.2 billion on Davy Jones...
Posted on 9/13/16 at 7:11 am to FunroePete
BP sell the assets for 5 billion
FMOG sells the same assets for 2 billion
Tough oil market
FMOG sells the same assets for 2 billion
Tough oil market
Posted on 9/13/16 at 7:46 am to FunroePete
Damn thats pretty big! Aren't both of these companies up to their eyeballs in debt?
Posted on 9/13/16 at 8:25 am to FunroePete
It's really sad to see FM die this very slow, painful death.
Posted on 9/13/16 at 8:56 am to lsuguru
I think Anadarko is pretty well off.
Posted on 9/13/16 at 9:03 am to b-rab2
quote:
I think Anadarko is pretty well off.
Their Debt to Equity ratio is 1.229 as of Dec '15
for comparison
Bp's is 0.601
Shell is 0.473
XOM is 0.2607
HAL is 1.327
SLB is 0.5075
Weatherford is 1.754
Occidental is 0.3606
Apache is 1.221
Posted on 9/13/16 at 9:09 am to FunroePete
for an independent i still stand my my statement. I see that the DtE is not as good as the bigger guys but anadarko also doesn't have refining to use as a hedge.
Posted on 9/13/16 at 9:17 am to FunroePete
What do you think will happen to the fmog employees? Will anadarko take any of them?
Posted on 9/13/16 at 9:36 am to FunroePete
Have stock in both and have worked extensively on the Lucius project. Horrible move by FM.
Posted on 9/13/16 at 2:09 pm to GREENHEAD22
The horrible move by Freeport was chasing oil at $100+ barrel (buying plains). Jim made out like a bandit in that deal. It's crippled FCX.
Posted on 9/13/16 at 2:11 pm to TheIndulger
Lots of the FMOG guys have already been let go. This was pretty much "known".
Posted on 9/13/16 at 10:40 pm to GREENHEAD22
quote:
worked extensively on the Lucius
What company do you work for? I probably know u
Posted on 9/13/16 at 11:40 pm to TigerDeBaiter
quote:
buying plains
Yep, paid way too much for some of the crappiest assets in the industry
Posted on 9/14/16 at 9:17 am to FunroePete
I'm a CPA that has been working in the Houston area oil & gas industry for the past 15 years (Controller / Accounting Manager type roles). I live in The Woodlands but work in the 290/Beltway area.
I've always heard that Anadarko is a good company to work for and my goal is to eventually find something in The Woodlands. Just thought I'd mention in case anyone has advice on pursuing openings with Anadarko.
I've always heard that Anadarko is a good company to work for and my goal is to eventually find something in The Woodlands. Just thought I'd mention in case anyone has advice on pursuing openings with Anadarko.
Posted on 9/14/16 at 9:35 am to LSUFanHouston
Should I get out of FCX while I can?
Posted on 9/14/16 at 9:50 am to dkreller
Im thinking about it, however gold going up has me hesitating.
Posted on 9/14/16 at 7:08 pm to dkreller
I dumped my shares this morning
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