Oil and gas producer Anadarko Petroleum Corp said it would sell a 12.75 percent interest in a deepwater oil project in the Gulf of Mexico for $860 million to ensure funding until production starts in mid-2016.Anadarko will continue to operate the Heidelberg development project with a 31.5 percent interest after the stake sale to an undisclosed party.Exxon Mobil Corp, Apache Corp, Eni SpA and Statoil ASA own the remaining stake in the oilfield, about 140 miles offshore Louisiana. It is estimated to hold up to 400 million barrels of recoverable resources."Transaction makes sense to us as it provides a solid valuation for the market, sells down a portion of a long-life project in a tax efficient manner (tax-free), and covers the company's capital commitment," Wells Fargo analyst David Tameron wrote in a note to clients.
Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA traded higher by 0.47% or $0.34/share to $73.07. In the past year, the shares have traded as low as $72.20 and as high as $109.50. On average, 3356640 shares of APA exchange hands on a given day and today's volume is recorded at 486414.
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 3.29% or $2.645/share to $82.98. 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 1029546.
Shares of E traded higher by 1.7% or $0.77/share to $45.96. In the past year, the shares have traded as low as $36.59 and as high as $52.27. On average, 851528 shares of E exchange hands on a given day and today's volume is recorded at 99614.
Statoil ASA (Statoil) is an integrated energy company primarily engaged in oil and gas exploration and production activities. Shares of STO traded higher by 0.73% or $0.18/share to $24.91. In the past year, the shares have traded as low as $22.00 and as high as $28.84. On average, 969195 shares of STO exchange hands on a given day and today's volume is recorded at 176576.
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