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Anadarko raises US$1.24bn through asset sales

Last updated: 15:04 22 Dec 2016 GMT, First published: 10:04 22 Dec 2016 GMT

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Anadarko has raised more than US$5bn through asset sales in 2016

Anadarko Petroleum Corporation (NYSE:APC) is to raise around US$1.24bn through the sale of natural gas assets in the Marcellus shale to privately-owned Alta Resources Development.

The company announced the sale of the assets, located in north-central Pennsylvania, on Wednesday.

It said the mid-stream assets in the Marcellus shale that were owned by Western Gas Partners, were excluded from the sale.

"With this transaction, we have announced or closed monetizations totaling well in excess of US$5 billion in 2016, while principally focusing Anadarko's US onshore activities on our world-class oil-levered assets in theDelaware and DJ basins," said Al Walker, who is not only Anadarko's chairman, but also its president and its chief executive officer.

Shares in Anadarko were up 1% at US$71.45 in the first half-hour of trading.

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