Anadarko Divests Guatemala Operations.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 26, 2001 Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) announced today that it has sold 100 percent of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Basic Resources International, to Perenco for US $120.5 million. Basic produces and refines crude oil in the Central American country Noun 1. Central American country - any one of the countries occupying Central America; these countries (except for Belize and Costa Rica) are characterized by low per capita income and unstable governments Central American nation of Guatemala. Perenco assumes full responsibility for the operations and facilities effective today. Basic Resources operates and controls 100 percent of the fully developed infrastructure that extends from the wellhead to the export terminal. This includes processing plants, a 295-mile pipeline system, an asphalt refinery and storage and loading facilities at the Piedras Negras shipping terminal on the Caribbean coast. At year-end 2000, Basic had proved and probable reserves of 58 million barrels of oil. Anadarko acquired Basic as part of a merger with Union Pacific Resources in July 2000. Perenco is a privately held, European exploration and production company with operations in eight countries. Following its acquisition of these Guatemalan interests, Perenco will report net production of 100,000 barrels of oil per day. Anadarko Petroleum Corporation is the largest independent exploration and production company in the world, with proved reserves of more than 2 billion barrels of oil equivalent and reported daily production of 570,000 barrels equivalent in the second quarter of 2001. Domestically, it has operations in Texas, Louisiana, the Mid-Continent and Rocky Mountain regions, Alaska and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Internationally, it is active in Canada, Algeria, Tunisia, West Africa, Venezuela, Georgia and the North Atlantic. |
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