Anadarko, a U.S.-based oil and gas company, on Monday posted a net loss of $1.25 billion for the fourth quarter of 2015, affected by a $954 million impairment charge from producing properties and exploration assets.
For comparison, in the fourth quarter of 2014, Anadarko posted a net loss of $395 million. Anadarko last year cut spending by more than $3 billion, 40% down from 2014. In the year ahead, the company plans to cut more.
Anadarko Chairman, President and CEO Al Walker said: “As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action.”
Walker added: “In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014.”