Anadarko Petroleum Midstream Asset Sale

Anadarko to sell all midstream assets to consolidated MLP for $4B

The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC) will sell all of its remaining midstream assets for $4.015 billion to its master limited partnership, which concurrently is consolidating, according to two Nov. 8 press releases.

Both deals are expected to close in the first quarter of 2019 and will make the consolidated MLP one of the largest midstream service providers in the U.S., per the releases.

The MLP consolidation consists of Western Gas Equity Partners LP (NYSE: WGP) acquiring all of the publicly held common units of Western Gas Partners LP (NYSE: WES) and nearly all of the units owned by Anadarko in a unit-for-unit exchange, per the MLPs’ release. The Woodlands-based Western Gas Equity will own 98 percent of Western Gas Partners, which will survive as a partnership with no publicly traded equity. Anadarko will own the other 2 percent of Western Gas Partners and about 55.5 percent of the combined company as a result of the asset deal.

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Anadarko Petroleum Midstream Asset Sale

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