Mikaila Adams
OGFJ Associate Editor
Anadarko Petroleum Corp. has outbid Newfield Energy for assets of TXCO Resources.
In August, San Antonio-based TXCO retained Global Hunter Securities LLC to help market its assets, which are focused on the Maverick Basin in South Texas. Houston-based Newfield Exploration Co. initially bid $211 million in mid-October, but raised its offer to $223 million after a third party came forward.
Anadarko has agreed to pay as much as $310 million, topping Newfield’s offer for the bankrupt company's assets.