Anadarko Petroleum Corp., on Dec. 15, completed its $2 billion cash acquisition of Freeport-McMoRan Inc. deepwater Gulf of Mexico assets. Pursuant to the transaction, Freeport-McMoRan settled a $582 million preferred stock obligation with its subsidiary, Plains Offshore Operations Inc.

Under the terms of the deepwater Gulf assets sale, Freeport-McMoRan has the right to additional proceeds of up to $150 million, to be paid as Anadarko realizes future cash flows in connection with a third-party production handling agreement for the Marlin platform, according to a news release.

Freeport-McMoRan also expects to close the sale of its onshore California oil and gas properties before year-end 2016. Upon completion, the company's portfolio of oil and gas assets would include oil and natural gas production onshore in South Louisiana and on the GOM Shelf, oil production offshore California and natural gas production from the Madden area in central Wyoming, the release said.

The properties produced an average of 7 Mbbl of oil and NGLs per day and 74 MMcf of natural gas per day during the third quarter.