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

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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