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Energy

Anadarko Sets Capital Budget, Guidance for 2009 (APC)

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By Douglas A. McIntyre Updated Published
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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

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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