Anadarko Announces 2014 Capital Program and Guidance

Anadarko Announces 2014 Capital Program and Guidance

Anadarko Petroleum Corporation (NYSE: APC) today announced its 2014 capital expectations and guidance, concurrent with the company’s Investor Conference in Boston, Mass.
apc_logo“Anadarko is uniquely positioned to build upon our multi-year track record of success and to deliver sustained growth and unmatched optionality in 2014 and beyond,” said Anadarko Chairman, President and CEO Al Walker. “Our 2014 capital program is again a prudent and disciplined approach that is within anticipated cash flow. We expect this capital plan to enable us to increase year-over-year ‘same-store'(1) sales volumes by 6 to 7 percent. Driving this year-over-year growth is an expected increase in our oil production of approximately 40,000 barrels per day.
“During 2014, Anadarko expects to drill up to 25 high-potential deepwater exploration/ appraisal wells. Additionally, we plan to continue accelerating value through active portfolio management and monetizations, as demonstrated by the recently announced divestiture of our non-operated assets in Bohai Bay, China, and the closing of our sale of a 10-percent working interest in Mozambique’s Offshore Area 1 to OVL.”
2014 Capital Program and Expectations
Total 2014 capital investments are expected to be $8.1 to $8.5 billion, excluding capital investments associated with Western Gas Partners, LP (NYSE: WES), a separate publicly traded entity controlled by Anadarko and included in its consolidated financial statements.
2014 Capital Expectations ($8.1 – $8.5 billion)*
By Area ————————————— By Product
U.S. Onshore 60% —————————–Oil 70%
International & DW Operations 20% ————-Liquids Rich 15%
International & DW Exploration 10% ————-Dry Natural Gas 5%
Midstream & Other 10% ———————Other 10%
* Excludes capital investments associated with Western Gas Partners, LP (NYSE: WES)
Note: All percentages are approximates.
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