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Tuesday, March 5, 2013

Anadarko Petroleum to sell U.S. Gulf oilfield stake for $860 mln, (NYSE: APC)

Oil and gas producer Anadarko Petroleum Corp said it would sell a 12.75 percent working interest in an oil project in deepwater Gulf of Mexico for $860 million to an undisclosed firm. Anadarko plans to use the proceeds to fund the project until mid-2016, when it will start production.The company said the Heidelberg development project is estimated to hold up to 400 million barrels of recoverable resources and the deal gives Anadarko's stake in the project a market value of $3 billion.Anadarko will continue as operator with a 31.5 percent working interest.

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC remained unchanged at $80.34. In the past year, the shares have traded as low as $56.42 and as high as $87.37. On average, 3211330 shares of APC exchange hands on a given day and today's volume is recorded at 300.