In April 2006, Houston-based Anadarko Petroleum Corp. was progressing as it had since 1986 when it was spun out of Panhandle Energy as a North American E&P company. When Jim Hackett joined the company as chief executive in December 2003, he began an asset-rationalization program that took place in June 2004 with the goal of optimizing the company's asset footprint to refocus on areas best suited to core skills and talents. By early 2006, Hackett and team, including Al Richey, vice president, corporate development, began thinking growth and rationalization thoughts again. "Jim had a vision to expand on our strengths and experience to move the company forward," Richey says. "We had a leading position in the deepwater Gulf of Mexico, from which we could grow, and we wanted to balance that with an enhanced position in the Rocky Mountains." Anadarko's last large-scale purchase was of fellow independent Union Pacific Resources in 2000. Management decided the best way to grow in the deepwater Gulf and in the Rockies was to buy. They came up with a list of three attractive companies, including Oklahoma City-based Kerr-McGee Corp. and Denver-based Western Gas Resources Inc. For more on this, see the April issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
Recommended Reading
Aris CEO Brock Foresees Consolidation as Need for Water Management Grows
2025-02-14 - As E&Ps get more efficient and operators drill longer laterals, the sheer amount of produced water continues to grow. Aris Water Solutions CEO Amanda Brock says consolidation is likely to handle the needed infrastructure expansions.
Digital Twins ‘Fad’ Takes on New Life as Tool to Advance Long-Term Goals
2025-02-13 - As top E&P players such as BP, Chevron and Shell adopt the use of digital twins, the technology has gone from what engineers thought of as a ‘fad’ to a useful tool to solve business problems and hit long-term goals.
Momentum AI’s Neural Networks Find the Signal in All That Drilling Noise
2025-02-11 - Oklahoma-based Momentum AI says its model helps drillers avoid fracture-driven interactions.
Halliburton Secures Drilling Contract from Petrobras Offshore Brazil
2025-01-30 - Halliburton Co. said the contract expands its drilling services footprint in the presalt and post-salt areas for both development and exploration wells.
TGS to Reprocess Seismic Data in India’s Krishna-Godavari Basin
2025-01-28 - TGS will reprocess 3D seismic data, including 10,900 sq km of open acreage available in India’s upcoming 10th Open Acreage Licensing Policy (OALP) bid round blocks.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.