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