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Wednesday, March 4, 2015
Anadarko Petroleum released its 2015 Capital Program and Guidance report where it said it anticipates approximately 5% year-over-year oil sales-volume growth in 2015, on a divestiture-adjusted basis.The “Divestiture-Adjusted” sales volumes reflect Anadarko’s continuing asset base, giving effect to recent divestitures.
While the company has cut its capex by around 33% compared to last year it remains confident in its ability to leverage its “portfolio of opportunities.” Anadarko chairman, president, and CEO Al Walker said the company’s “strong balance sheet and efficient capital allocation to preserve value and maintain flexibility.”
He went on to say in the guidance report that “Few companies have accomplished operationally what Anadarko has achieved over the last five years; although, in the current market, we believe it is prudent to reduce capital investments and position the company for the future, rather than to pursue year-over-year growth. As a result, we’ve reduced our initial 2015 capital expectations by approximately 33% relative to last year, with plans to reduce our short-cycle U.S. onshore rig activity by 40% and defer approximately 125 onshore well completions. We have successfully delivered value during previous challenging commodity-price cycles, and I believe we have the skills, financial capacity and portfolio to deliver in this environment. Our focus continues to be on getting better, not necessarily bigger, while ensuring we are well positioned to accelerate activity as costs become more aligned with commodity prices and returns improve.”
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