Energy company asset sales have become just about the only news in the energy business. No mergers, no acquisitions, no bankruptcies, just sales. Companies are trying to position themselves and their portfolio of assets for an upturn in the economy, whenever that might happen. Anadarko Petroleum (NYSE:APC) announced yesterday that it had sold its 50% interest in a field offshore of Brazil to Norway’s StatoilHydro (NYSE:STO).
The sum was roughly $1.4 billion and the company expects to book a gain of $900 million on the sale.
Anadarko’s chairman and CEO said that he expected the company "toachieve our targeted net debt-to-cap range of 25 to 35 percent by endof this year."
Right now the debt-to-cap ratio is about 42%, so Anadarko is probably going to shed something else real soon now.
The stock closed yesterday at $36.45, down about 55% from its 52-week high.
December 11, 2008