Anadarko Sells All Marcellus Assets for $1.24B to Alta Resources

One of the country’s largest oil drillers is calling it quits in the Marcellus natural gas play. Earlier today Anadarko announced it has cut a deal to sell all of its Marcellus acreage and wells to Alta Resources for $1.24 billion. The deal is big, including 195,000 acres and daily production from wells that averages 470 million cubic feet per day (MMcf/d). That’s the news you’ll get everywhere else. Here’s the part of the story you’ll read exclusively here on MDN: Anadarko has a partner in the Marcellus–Mitsui–which is also selling their interest in the PA Marcellus to Alta, for $207 million. Also, background on the deal you won’t read anywhere else: Alta was an early investor in the Marcellus, but sold out all of their acreage in 2010. Now they’re back. Anadarko and Mitsui sold for far less than the acreage was valued at in 2010–we’d call it getting taken to the cleaners. MDN sorts it all out below…

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