Anadarko operated an average of 10 rigs in 2011, while growing gross production from 27,000 barrels equivalent per day to 77,000 barrels equivalent per day year over year. Production was comprised of 50,000 bbls/d of liquids and over 160 mmcfd of gas.
The company grew company wide liquids production by 10% in 2011 and expects comparable growth rates going forward. Liquids growth was primarily driven by the Bone Spring, Eagle Ford Shale, Greater Natural Buttes area, and the Wattenberg field.
Horizontal liquids plays have become the focus of what is a diverse natural gas portfolio. Anadarko was well positioned to transition activity to liquids plays as natural gas prices fell. The Eagle Ford and Wattenberg will be important development areas for many years to come.
Highlights from the quarterly call included:
- Delivered record sales volumes of 248 million BOE (barrels of oil equivalent), driven by a 10-percent year-over-year increase in liquids
- Added 392 million BOE of proved reserves, replacing 159 percent of production
- Achieved 80-percent success rate in offshore exploration and appraisal drilling programs
- Established net resource potential of 500 million to 1.5 billion BOE in the Horizontal Wattenberg
- More than tripled the original recoverable resource estimate offshore Mozambique to 15 to 30-plus trillion cubic feet (Tcf)
Read more at our Anadarko Eagle Ford Shale page.