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Oil and Gas

Anadarko to sell its pipeline and storage assets for $4 billion

Source: Anadarko Petroleum Corp.

Oil and gas producer Anadarko Petroleum said on Thursday it would sell nearly all of its midstream assets, including pipelines, to its master limited partnership Western Gas Partners for $4.02 billion.

The company is selling assets in the Permian basin in Texas and New Mexico, and the DJ basin in Colorado.

Western Gas will take complete ownership of DBM Oil Services, and APC Water Holdings, while acquiring a 50 percent stake in multiple gas plants in the Delaware basin of West Texas, the companies said.

The sale is expected to close in the first quarter of 2019.

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Federal Reserve

Fed is set to keep rates on hold before a hike later in the year

Key Points
  • The Federal Reserve appears on track to raise interest rates once more this year.
  • The central bank will likely hold off on any action when its latest policy meeting ends Thursday.
  • Investors will be parsing the statement the Fed will issue after its meeting for any sign that it might be rethinking its probable pace of credit tightening in the coming months.
  • So far this year, the central bank has raised rates three times.