Anadarko announces it will focus activity on other shale plays instead of the Eagle Ford into 2017.
Related: Anadarko Holds the Line on Spending
In the wake of a $692 million second quarter loss, Anadarko Petroluem Corp. says they are sticking with their plan of patience outlined earlier this year, which includes holding the line on spending for 2016.
R. A. Walker – Chairman, President & Chief Executive Officer says that should change next year as he foresees a sustained $60 oil price environment for 2017. He says if that happens, the company will likely spend its money on the DJ and Delaware basins over the Eagle Ford Shale.
Anadarko reported there was no drilling activity for the quarter in the Eagle ford. Anadarko is one of the Eagleford’s largest producers, with roughly 388,000 gross acres in Dimmit, LaSalle, Maverick and Webb Counties.
Anadarko’s second quarter highlights:
- Record production levels at three Gulf of Mexico facilities and in the U.S. onshoreDelaware and DJ basins
- Encountered more than 1,040 net feet of oil pay at the Shenandoah-5 appraisal well and increased working interest in this operated deepwater discovery
- Closed $2.5 billion of monetizations year to date
- Retired $3 billion of near-term maturities with proceeds from debt issued during the first quarter