Anadarko Announces 2016 Fourth-Quarter And Full-Year Results
2016 HIGHLIGHTS Surpassed initial sales-volume expectations by 11 million barrels of oil equivalent (BOE) on a same-store-sales basis,(2) while keeping capital investments within initial guidance Closed more than $4.0 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures, which are expected to close in the first quarter of 2017 Achieved operating milestones including production records at Lucius, Caesar/Tonga and in the Delaware and DJ basins, as well as first oil at Heidelberg and TEN Closed the immediately accretive Freeport-McMoRan deepwater Gulf of Mexico acquisition Increased the expected five-year compounded annual oil growth rate to 12 to 14 percent
“Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company’s competitive focus going forward,”said Al Walker, Anadarko Chairman, President and CEO.
“As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRan’s Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three ‘Ds’ to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company.”FINANCIAL HIGHLIGHTS Anadarko ended 2016 with $3.2 billion of cash on hand. During the year, the company generated $3.0 billion of net cash provided by operating activities and closed monetizations totaling more than $4.0 billion. Anadarko also has announced the divestitures of its Eagleford and Marcellus shale positions totaling more than $3.5 billion, which are expected to close during the first quarter of 2017. During the fourth quarter, the company redeemed its remaining $750 million of 2017 debt maturities. Subsequent to year end, the company further strengthened its liquidity position by renewing its $2.0 billion, 364-day credit facility with a new maturity in 2018. Source / More : Anadarko Petroleum Corporation Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>