Anadarko Moves To Free Up Cash For Colorado Operation

Weld County’s largest oil and gas producer is purchasing offshore equipment and wells in an effort to free up money for more work in Colorado’s Denver-Julesberg basin.

Anadarko has announced plans to pay Freeport MacMoRan Oil & Gas $2 billion for assets in the Gulf of Mexico. Much of the purchase covers wells that are already producing.

In a press release, Anadarko CEO Al Walker said the goal is to generate more cash to help boost production in Anadarko’s west Texas operations and the Denver Julesberg Basin over the next five years.

Anadarko says it plans to add two additional rigs to Colorado, a move that will bring more jobs back to the region.