Anadarko Petroleum, the Texas-based independent oil and natural gas producer, will purchase a Colorado natural gas processing plant from BP, Europe's second-largest oil company, for $575.5 million. The Wattenberg plant has the capacity to process about 195 million cubic feet per day of natural gas and 15,000 barrels per day of natural gas liquids and gas condensate, Reuters reported.
The asset sale is part of BP's (BP) to sell $30 billion in assets or perhaps in order to raise cash for expenses tied to the Gulf of Mexico oil spill. Anadarko (APC) accounts for 70% of the output at the plant, according to Reuters.
Anadarko and BP share an interesting history to say the least. The former held a 25% non-operating interest in the ill-fated Macondo well project that led to the Gulf of Mexico oil spill. BP was the operator of that project, but Anadarko would also see its shares plunge following the spill.
Anadarko maintains an active presence in Colorado where it is trying to tap into the Niobrara Shale.