Energy
Anadarko Sets Capital Budget, Guidance for 2009 (APC)
Published:
Last Updated:
Anadarko Petroleum Corp. (NYSE:APC) announced a capital spending budget of $4 billion to $4.5 billion for 2009. The company spent about $4.9 billion in 2008 and $4 billion in 2007.
Anadarko has targeted $800 million to$900 million at Gulf of Mexico exploration, where it recently announced two major finds. The company expects to drill 4-6 new wells in the Gulf, and another 20 internationally. More than a dozen of these wells are targeted at resources estimated to exceed 100 million barrels.
The company also announced guidance for average sales volume in 2009 of 208 million to 212 million barrels of oil equivalent. In 2008, Anadarko produced 206 million BOE. First quarter estimated sales are 48 million to 51 million BOE, down slightly from 52 million BOE in the fourth quarter of 2008. Anadarko also expects to replace 120% of its reserves organically in 2009.
Anadarko’s shares are up about 1% in early trading this morning.
Paul Ausick
February 11, 2009
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
