Freeport-McMoRan to Sell Deepwater Gulf Assets to Anadarko
12 September 2016 - 11:30PM
Dow Jones News
Mining giant Freeport-McMoRan Inc., which has been selling
assets to reduce debt, said Anadarko Petroleum Corp. will buy its
deepwater Gulf of Mexico properties for $2 billion.
Freeport has been under pressure to streamline since August
2015, when activist investor Carl Icahn disclosed a stake in the
company. Its cost-cutting moves have included suspending its
dividend.
Freeport said last year that it would evaluate alternative
courses for its oil-and-gas business. In May, it withdrew a plan to
take the oil-and-gas operations public. On Monday, Freeport said
the deal reflects its commitment to debt reduction and to its
copper business.
Meanwhile, Anadarko said the deal, expected to close later this
year, will immediately add to earnings and expand its
infrastructure throughout the Gulf of Mexico.
The deal includes up to $150 million of contingent payments.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 12, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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