Anadarko, a US-based oil and gas company, posted a net loss of $1.03 billion for the first quarter of 2016.
The result is still better than the one achieved in the first quarter 2015, when the company reported a loss of $3.26 billion.
“During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity,” said Al Walker, Anadarko Chairman, President and CEO.
He said that year to date, Anadarko has closed monetizations totaling $1.3 billion and is currently in the process of advancing another $700-plus million of divestitures.
He also said the company has removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities.
Additionally, Walker said, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis.
“These actions combined with our continued focus on financial discipline, operational excellence and best-in-class capital allocation, support our ability to enhance and preserve value in a volatile market environment.”
Offshore Energy Today Staff