Anadarko’s Eagle Ford Shale assets are located in the Maverick Basin of South Texas. The Eagle Ford Shale oil formation in this area is found at more shallow depths and is liquids prone across much of Anadarko’s acreage. In March of 2011, Anadarko made headlines in announcing a deal with the Korea National Oil Corporation (KNOC). KNOC earned a 33% interest in Anadarko’s Maverick Basin assets for $1.55 billion (>$16,000 per acre). KNOC receives 80,000 net acres in the liquids-rich Eagle Ford Shale oil play and 16,000 additional acres prospective for the deeper Pearsall Shale gas formation. The Eagle Ford JV was built with plans to drill horizontal wells that target oil in the Eagle Ford. KNOC also participates with Anadarko in its oil & gas gathering systems and facilities.
Anadarko Petroleum Corporation is among the largest US independent exploration and production companies. Anadarko’s operations are weighted towards resource plays in Texas and the southern US, Rocky Mountains region in Colorado, Wyoming, and Utah, as well as the Appalachian region in Pennsylvania.
Anadarko’s stock is listed on the NASDAQ as APC. The company along with Western Gas LP markets natural gas, crude oil, condensate, and oil and natural gas liquids (NGLs). The companies also operate natural gas gathering, treating, and processing systems.
Anadarko Petroleum Corporation also has operations in Alaska, Algeria, Brazil, China, East Africa, West Africa, Ghana, Indonesia, and New Zealand. The company was founded in 1959 and is headquartered in The Woodlands, Texas. Anadarko’s Carrizo Springs office serves as the field office for the Eagle Ford Shale and other Maverick Basin properties.
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Counties Where Anadarko is Active
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- Brazos County
- Burleson County
- Dimmit County
- Duval County
- Frio County
- LaSalle County
- Maverick County
- McMullen County
- Webb County
- Zavala County
Anadarko Eagle Ford Shale Quarterly Commentary
Press Release
February 7, 2011
By continuing to focus capital investments on our liquids-rich opportunities, we achieved 10-percent year-over-year growth in liquids sales volumes, highlighted by production records in the Eagleford Shale, Wattenberg field, Greater Natural Buttes area, Bone Spring and certain other U.S. onshore resource plays.
Anadarko accelerated production growth in the liquids-rich Eagleford Shale during 2011, exiting the year with gross volumes of approximately 77,000 BOE per day in the play, with a liquids yield of more than 65 percent. The growth in this highly economic field was aided by the company’s entry into a $1.6 billion joint venture and major expansions in midstream infrastructure, and strategic service agreements.
November 1, 2011
“Anadarko exited the quarter with gross production of 66,000 BOE/d, which represents growth of 47% over the 2nd quarter exit rate of 45,000 BOE/d. For the quarter, oil sales volumes increased almost 150% compared to the sam period in 2010.
During the quarter, the company spud 56 wells using 10 rigs and one spudder rig, and achieved first production from 37 wells.
Anadarko initiated delivery to the Copano pipeline during the quarter and now has three main gathering and processing systems available for natural gas delivery.”
Press Release
July 25, 2011
“During the quarter, Anadarko closed its approximate $1.6 billion Eagleford joint-venture agreement with a subsidiary of Korea National Oil Corporation (KNOC). Under the terms of this taxefficient agreement, KNOC earns approximately one-third of Anadarko’s interest in the company’s Maverick Basin assets in exchange for funding approximately 100% of capital costs in the play during the remainder of 2011 and up to 90% of costs thereafter until the carry is exhausted, which is expected to occur prior to the end of 2013.
Anadarko exited the quarter with gross production of 45,000 BOE/d, which compares to the exit rate of 36,000 BOE/d at the end of the first quarter of 2011– a growth of about 25%….”
Source: Anadarko Petroleum Corporation
Press Release
May 2, 2011
“Anadarko recently closed its $1.6 billion Eagleford joint-venture agreement with a subsidiary of KNOC. Under the terms of the agreement, KNOC will fund approximately 100 percent of capital costs in the play for the remainder of this year and up to 90 percent of costs thereafter until the carry is exhausted, which is expected to occur prior to the end of 2013. KNOC also exercised its option to acquire an approximate 25% interest in associated midstream assets for reimbursement of an additional $38 million.
Already the largest producer in the Eagleford, the company increased average weekly net production from 14,400 BOE/d at year-end 2010 to approximately 20,000 BOE/d at the end of the 1st quarter of 2011……”
