BP (BP) Sells Anadarko (APC) Natural Gas Plant for $576 Million

BP (NYSE:BP) announced it has sold its Wattenberg Gas Plant natural gas plant to Anadarko Petroleum (NYSE:APC) for $575.5 million. Anadarko already had a stake in the facility.

The plant processes gas from Colorado’s Denver Julesburg Basin, where BP no longer has investments, he said. The plant produces approximately 195 million cubic feet of gas a day and 15,000 barrels a day of natural gas liquids and gas condensate.

BP owns close to 94 percent of the plant while Anadarko owns the other 6 percent.

The all-cash deal is expected to close sometime in the middle of 2011.

Anadarko closed Tuesday at $80.79, gaining $0.81, or 1.01 percent. BP closed at $45.74, down $0.06, or 0.13 percent.