Anadarko to curb spending this year

U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the second quarter 2017 and decided to reduce its spending for the year. 

For the 2Q 2017, the oil company on Monday reported a net loss attributable to common stockholders of $415 million compared to $692 million loss in the prior-year period.

The company’s revenues for the second quarter 2017 increased to $2.7 billion from $1.9 billion in the corresponding quarter of 2016.

Second-quarter capital investments of $1.059 billion were near the low end of guidance. Full-year capital guidance has been reduced by $300 million to a range of $4.2 billion to $4.4 billion.

Commenting on the results, Al Walker, Anadarko Chairman, President and CEO, said: “The current market conditions require lower capital intensity given the volatility of margins realized in this operating environment. As such, we are reducing our level of investments by $300 million for the full year, and adjusting full-year sales-volume guidance to reflect recent divestitures and the deferred production associated with the Colorado response. We feel this is a prudent move, while still expecting to average approximately 130,000 barrels of oil per day in the deepwater Gulf of Mexico and exit the year at around 150,000 barrels of oil per day from the Delaware and DJ basins combined.”

Anadarko’s second-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 57 million barrels of oil equivalent (boe), or an average of 631,000 boe per day.

In the deepwater Gulf of Mexico, Anadarko’s oil sales volume averaged 113,000 barrels per day, as the company completed several planned maintenance activities and facility upgrades.

Offshore Energy Today Staff

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