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Anadarko announces 2Q16 results

Hydrocarbon Engineering,


Anadarko Petroleum Corp. has announced its financial and operating results for 2Q16, including a net loss attributable to common stockholders of US$692 million, or US$1.36 per share (diluted).

The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $388 million or $0.76 per share (diluted) on an after-tax basis. Cash flow from operating activities in the second quarter of 2016 was $1.229 billion. Discretionary cash flow from operations totaled $669 million.

The highlights include:

  • Achieved record production levels at three operated Gulf of Mexico facilities and in the US onshore Delaware and DJ basins.
  • Encountered more than 1040 net ft of oil pay at the Shenandoah-5 appraisal well and increased working interest in this operated deepwater discovery.
  • Closed US$2.5 billion of monetisations year to date.
  • Retired US$3 billion of near-term maturities with proceeds from debt issued during 1Q16.

"Our portfolio continues to perform exceptionally well, and we've continued to significantly reduce our cost structure throughout the year," said Al Walker, Anadarko Chairman, President and CEO. "As a result of the record sales volumes from our Lucius and Caesar/Tonga fields in the Gulf of Mexico, as well as the improving well performance in the Delaware and DJ basins, we are increasing the midpoint of our full-year divestiture-adjusted(3) sales-volume guidance by 2 million boe. Additionally, we've been very successful monetizing assets through the first six months of this year and have increased the high end of our target range to US$3.5 billion in total proceeds expected by year end. As stated previously, we intend to use sales proceeds to retire debt, including the remaining US$750 million of 2017 maturities. In addition, should the commodity-price outlook continue to improve, we will evaluate redeploying some of the additional cash generated via operations and asset sales toward our highest-quality US onshore opportunities."

Read the article online at: https://www.hydrocarbonengineering.com/refining/27072016/anadarko-announces-2q16-results-2843/


 

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