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Anadarko Petroleum, Western Gas Announce Settlement Of Tangible Equity Units

Anadarko Petroleum Corp. (APC) and Western Gas Equity Partners, LP (WGP) announced the settlement of 9.20 million outstanding tangible equity units or TEUs in exchange for about 8.21 million WGP common units and cash in lieu of fractional units. The TEUs were originally issued in 2015.

The WGP common units delivered to settle the TEUs were owned by a wholly owned subsidiary of Anadarko. WGP said it has filed a prospectus for the WGP units delivered upon settlement, but did not issue any securities in connection with the settlement.

WGP is a Delaware master limited partnership formed by Anadarko Petroleum to acquire, own, develop and operate midstream assets.

Anadarko Petroleum said it intends to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources.

As of year-end 2017, the company had 1.44 billion barrels-equivalent of proved reserves.

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