Anadarko Loses Big in Third Quarter

Company Laying Foundation for Future Growth
Anadarko Q3 2015

Anadarko Q3 2015

Anadarko  Petroleum Corporation released its third quarter financials this week, revealing it won’t be chasing growth any time soon.

Related: Cabot Oil & Gas Reducing Rigs in the Eagle Ford

During a conference call last week, Anadarko’s leadership reported a net loss of $2.235 billion. CEO Al Walker emphasized that the company is has stepped out of a growth mode and is instead focusing on reducing costs and improving operating efficiencies to deal with the downturn.

“Even though we’re not choosing to chase growth at this time on our 650,000 gross acre position, the work we’re doing is laying the foundation for the future,” said CEO Al Walker. “When we see value in pursuing growth, we’ll be prepared to accelerate activity.”

Third Quarter Highlights

  • Exceeded the midpoint of guidance by 6,000 barrels per day of higher-margin U.S. oil sales volumes
  • Achieved capital expenditures and lease operating expense (LOE) per barrel of oil equivalent (BOE) below the low end of guidance
  • Completed a successful appraisal test at the Shenandoah field in the Gulf of Mexico
  • Accomplished a project milestone at the Heidelberg spar with the setting of the topsides
  • Continued to actively manage the portfolio by monetizing nearly $2 billion of assets year to date
  • Reduced costs by nearly $70 per foot drilled on each well. a savings of almost of $1 million per well
  • Lowering the high end of our 2015 capital guidance by an additional $100 million



The following two tabs change content below.
Elizabeth Alford

Elizabeth Alford

Elizabeth Alford writes on significant news developments in the Eagle Ford oil and gas play taking place across South TX. She is a freelance writer with an extensive communications, PR, and staff writing background.
Elizabeth Alford

Latest posts by Elizabeth Alford (see all)