Anadarko improves 2003 finding & development costs
Posted: 3 September 2003
Anadarko Petroleum Corporation (NYSE:APC) today announced its
2003 finding and development (F&D) costs are expected to be
at the low end of its previous guidance of $7.50 - $8.50 per barrel
of oil equivalent (BOE), a significant improvement over 2002 results.
"Anadarko's capital program is delivering results,"
Robert J. Allison, Jr., Anadarko chairman, president and CEO said.
"So far this year, we've had discoveries and development successes
in each of our core areas: the Gulf of Mexico, U.S. onshore, Canada
and Algeria. We're seeing better than expected success in our Bossier
and Vernon plays in East Texas and North Louisiana, and in our enhanced
oil recovery properties in Wyoming.
"As a result, I'm pleased to report that, while there are
still a lot of moving parts, I fully expect our F&D costs for
2003 to end up near the low end of our $7.50 to $8.50 guidance range,"
Allison added. "With more success during the remaining part
of this year, we may achieve even better numbers.
"We're also making progress in lowering overhead costs,"
Allison said. "In July, we launched an effort to cut more than
$100 million off our annual cost structure. That means we're freeing
up more money to invest in exploration and development that will
add reserves and long-term value for shareholders."
Allison noted that the company has intensified its focus on doing
what Anadarko has done historically -- finding and producing oil
and gas at low cost.
Anadarko Petroleum Corporation is one of the world's largest independent
oil and gas exploration and production companies. Houston-based
Anadarko is active in the U.S., Canada, Algeria and Qatar and is
executing strategic exploration programs in several other countries.
More information is available at www.anadarko.com.
Posted by Richard Price,
Editor Pipeline Magazine
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