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Anadarko Gathering Co LLC history
Anadarko Gathering Co LLC company history timeline
Located on Matagorda Island, the block (Matagorda 623) became a producer in early 1980.
In 1982, the first well at Matagorda 622 was completed, and the block was found to have huge gas reserves.
By the time Algeria began shipping the gas in 1982, however, conditions in the United States had changed, and there was no longer a market for the wildly overpriced Algerian gas.
Anadarko Petroleum Corporation was created in 1985, and all of Anadarko Production Company’s oil and gas assets were handed over to the new company.
However, the company's earnings dropped further, sinking to $27 million, half that reported in 1990.
For fiscal 1993, Anadarko reported record-high net income of $117 million on revenue of $476 million.
Anadarko's Algerian operations began to reap significant dividends by 1995, when new discoveries increased the company's total reserves in the region to approximately one billion barrels.
In February 2001, the company further increased its presence in the Canadian oil market with the acquisition of Berkley Petroleum in Alberta for $777 million.
"Anadarko Petroleum Corporation ." International Directory of Company Histories. . Encyclopedia.com. (June 22, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/anadarko-petroleum-corporation-0
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