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
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
