Anadarko cuts 4Q loss, gears for further Warrior drilling

Anadarko has reported a net loss $452 million, an improvement when compared to the $1.52 billion net loss in the same quarter of 2015.

Revenues for the quarter rose to $2.4 billion, an increase from 4Q 2015 when it reported revenues of around $2 billion.

Fourth-quarter 2016 sales volumes of oil, natural gas and NGLs averaged approximately 774,000 BOE per day, slightly lower than in the fourth quarter of 2015 when it reported 779.000 BOE per day.

During the fourth quarter of 2016, the company closed the acquisition of FCX’s Gulf of Mexico assets, becoming the owner of the largest number of floating production facilities in the Gulf and doubling its net sales volumes from the region to more than 160,000 BOE per day.

Also in the Gulf, the company announced exploration success at the Warrior prospect, which is a likely tieback to the company’s Marco Polo facility. The successful exploration test encountered more than 210 net feet of oil pay in multiple high-quality Miocene-aged reservoirs. The discovery is located approximately three miles from the Anadarko-operated K2 field and is expected to be tied back to its Marco Polo production facility. Anadarko expects to spud an appraisal well to Warrior in the second quarter of 2017.

Additionally, a successful appraisal well was drilled at the Phobos discovery. The Phobos appraisal well encountered more than 90 net feet of oil pay in the secondary objective Pliocene-aged reservoir and approximately 130 net feet of oil pay in the primary objective Wilcox-aged reservoirs. Phobos is located approximately 12 miles south of the Anadarko-operated Lucius platform and is currently being evaluated as a potential tieback.

 

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