Anadarko (NYSE:APC) agreed Tuesday to sell its China unit to Brightoil Petroleum for $1.08 billion, as the oil and gas company reshapes its portfolio of oil-field assets.
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Anadarko’s Chinese subsidiary holds stakes in two offshore oil fields in Bohai Bay, located in northeastern China. Its share of output averaged 11,000 barrels a day of crude oil in 2013.
Chinese-owned Brightoil will acquire those stakes as part of the deal with Anadarko.
“This transaction accelerates the recognition of value from a non-operated legacy asset and continues to demonstrate our commitment to active portfolio management,” Anadarko chairman and CEO Al Walker said.
Anadarko, one of the world’s biggest independent exploration and production companies, said it had 2.79 billion barrels of oil equivalent in proved reserves by the end of last year.
Earlier this month, the Houston-based company reported a fourth-quarter loss of $770 million versus a $203 million profit in the year-ago period. Anadarko’s results suffered from a litigation charge tied to a legal dispute over its 2006 acquisition of Kerr-McGee.
Shares of Anadarko ticked 0.7% higher to $82.13 in recent trading.