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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anadarko Petroleum Corporation | NYSE:APC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 72.77 | 0 | 01:00:00 |
Legacy Reserves LP has agreed to buy natural-gas assets in East Texas from Anadarko Petroleum and Western Gas Partners LP valued at a combined $440 million, a move that marks Legacy's entry into the East Texas market.
The separate deals, both expected to close in the third quarter, would give the company 567 miles of high-pressure pipeline and low-pressure gathering lines and a 502 million cubic feet equivalent a day processing plant with access to five major gas markets.
Legacy projected its third-quarter production would increase by about 70 million cubic feet equivalent a day.
In an unrelated deal, the Midland, Texas, master limited partnership said it had reached an agreement with funds managed by TPG Special Situations Partners to develop Legacy's Permian Basin properties.
Under the terms of that deal, TSSP will initially control an 87.5% stake of Legacy's working interest in the oil and gas properties in exchange for covering 95% of the costs related to Legacy's drilling and completion costs.
Legacy's shares were inactive after being halted after hours and closed at $8.08 on Monday.
Write to Maria Armental at maria.armental@wsj.com
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