Canadian Natural Resources buying Anadarko Canada
Last Updated: Thursday, September 14, 2006 | 4:53 PM ET
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Canadian Natural Resources Ltd. of Calgary is buying the Canadian subsidiary of Anadarko Petroleum for $4.08 billion US, the companies said Thursday.
The deal will bring Canadian Natural Resources approximately 358 million cubic feet of daily production of natural gas and 9,300 barrels per day of crude oil and natural gas liquids.
Anadarko Canada Corp.'s holdings also include approximately 1.5 million net undeveloped acres in Western Canada, with more than 1,500 new drilling locations identified.
Canadian Natural Resources three-month trading
Calgary-based Canadian Natural Resources said the acquisition will boost its cash flow by 24 cents per share in 2006 and 99 cents per share in 2007. The earnings impact is expected to be neutral.
Anadarko Petroleum, which bought two U.S. companies — Kerr-McGee and Western Gas Resources — for more than $21 billion US earlier this summer, said in June that it was selling its Canadian operations.
Anadarko sold much of its interest in 84 oil properties in Alberta and British Columbia for $853 million in 2004. Canadian Natural Resources bought more of them.
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