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.
Paul Ausick
December 11, 2008
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
