updated 9/14/2006 10:45:57 AM ET 2006-09-14T14:45:57

Anadarko Petroleum Corp. said Wednesday it agreed to sell its Canadian subsidiary for $4.24 billion to Canadian Natural Resources Ltd.

Anadarko, which last month completed two acquisitions worth $23.3 billion, said the sale will help it reduce debt and refocus its portfolio.

The sale excludes Anadarko’s interests in the Mackenzie Delta and other Canadian arctic frontier properties.

At the June 30 effective date of the sale, Anadarko Canada Corp. produced about 340 million cubic feet equivalent per day, 85 percent of which was natural gas. At year-end 2005, ACC had proved reserves of about 262 million barrels of oil equivalent, approximately 75 percent of which were proved developed.

The transaction is expected to close by the end of next month, subject to normal closing conditions and purchase price adjustments.

In August, Anadarko closed its $16.4 billion buyout of fellow oil and natural gas producer Kerr McGee Corp. and completed its $4.74 billion acquisition of Western Gas Resources Inc. Anadarko took on $1.6 billion in debt and other liabilities in its purchase of Kerr McGee and another $560 million in debt in its acquisition of Western Gas.

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