By OGJ editors
HOUSTON, June 11 -- Anadarko Petroleum Corp., Houston, intends to sell about $100 million worth of properties in West Texas and in the Gulf of Mexico this year. That excludes $40 million of assets it sold in New Mexico during the first quarter.
Anadarko plans to sell 20 properties in West Texas and 40-50 properties in the Gulf of Mexico. The asset sales could amount up to 400,000 boe in 2003 volumes.
Robert J. Allison Jr., president and CEO, said the company wants to focus on key assets and reduce costs.
"At the end of the year, we expect to have fewer Gulf of Mexico fields but higher margins. This is an ongoing strategy that has allowed us to high-grade our portfolio," Allison said.
Last week, Anadarko warned that its 2003 oil and gas production would fall short of its previous forecast.
