Anadarko to cut 2016 budget in half after $6.692-billion loss in 2015

Feb 01, 2016 12:00 AM

Anadarko Petroleum Corp., The Woodlands, Tex., anticipates an initial 2016 budget of $2.8 billion, a reduction of 50% from the company’s actual 2015 capital investments and almost 70% from the 2014 total.

The move follows a fourth-quarter 2015 net loss of $1.25 billion and full-year net loss of $6.692 billion.

Al Walker, Anadarko chairman, president, and chief executive officer, said the company “did not expect oil prices to recover in 2015 and believed it could take well into 2016 before markets would stabilize on a sustained basis, costs would become more aligned with the new operating environment, and investments in short-cycle assets would be more attractive.”

The company estimates its proved reserves at yearend 2015 totaled 2.06 billion boe, comprising 52% liquids and 48% natural gas. Nearly 80% of its reserves are categorized as proved developed.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« August 2019 »
August
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Register to announce Your Event

View All Events