Anadarko sells China assets to Brightoil

Anadarko Petroleum Corp. shares were up Tuesday (NYSE: APC) after an announcement that the company would sell its Chinese assets to Brightoil Petroleum Holdings Ltd. (HK: 993) for $1.08 billion.

Brightoil, incorporated in Bermuda and listed on the Hong Kong exchange, said Tuesday in a statement that it will buy The Woodlands, Texas,-based Anadarko’s offshore assets in China. Anadarko said its net oil sales volumes from the location averaged about 11,000 barrels per day.

The transaction is expected to close later this year pending regulatory approval.
Anadarko shares were up 2 percent to $83.24 on Tuesday afternoon. Brightoil shares surged 27 percent to $2.81.

SPONSORED CONTENT

Commercial Solar is a big investment, but not an overwhelming one

Solar offers a significant economic benefit for commercial property owners while also positively impacting the environment and offering a path to compliance for new municipal requirements like Energize Denver. A local, experienced solar installer will help you navigate the complexities of commercial solar to achieve financial success for your project.

Anadarko, which produces oil and natural-gas in Weld County, plans to invest $1.7 billion in the region this year. The company had a total of 2.79 billion barrels of oil equivalent of proven reserves at the end of last year.

Anadarko posted a fourth-quarter loss of $770 million vs. earnings of $203 million during the same period a year earlier. The Woodlands, Texas, company earned $801 million during 2013 vs. $2.4 billion in 2012.