Anadarko Petroleum has agreed to sell its assets in the Marcellus Shale of north-central Pennsylvania to Alta Marcellus Development a unit of Alta Resources Development, for approximately US$1.24 billion.
The midstream assets in the Marcellus owned by Western Gas Partners, Anadarko’s sponsored master limited partnership, are excluded from the agreement, the company looking to develop an LNG project in Mozambique, said in a statement.
The Marcellus Shale divestiture includes approximately 195,000 net acres and, at the end of the third quarter of 2016, sales volumes from these properties totaled approximately 470 million cubic feet per day.
The transaction is expected to close during the first quarter of 2017.