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2016-07-28 18:50:00

ANADARKO NET LOSS $1.7 BLN

ANADARKO NET LOSS $1.7 BLN

Anadarko Petroleum Corporation (NYSE: APC) announced its financial and operating results for the second quarter of 2016, including a net loss attributable to common stockholders of $692 million, or $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.

HIGHLIGHTS

  • Achieved record production levels at three operated Gulf of Mexico facilities and in the U.S. onshore Delaware and DJ basins
  • Encountered more than 1,040 net feet of oil pay at the Shenandoah-5 appraisal well and increased working interest in this operated deepwater discovery
  • Closed $2.5 billion of monetizations year to date
  • Retired $3 billion of near-term maturities with proceeds from debt issued during the first quarter

"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 sales-volume guidance by 2 million BOE (barrels of oil equivalent). 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 $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 $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 U.S. onshore opportunities."

OPERATIONS SUMMARY

Anadarko's second-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 792,000 BOE per day.

In the Delaware Basin of West Texas, Anadarko averaged record net sales volumes of 41,000 BOE per day, and exited the quarter at approximately 45,000 BOE per day. The company has continued its delineation program, running six rigs to further its understanding of both the vertical and areal potential across its 600,000-gross-acre position in the heart of the play. In the DJ Basin of northeast Colorado, Anadarko continued to optimize the performance of its base production during the second quarter, achieving record net sales volumes of approximately 243,000 BOE per day.

In the Gulf of Mexico, the company achieved several production records. The Lucius platform achieved a 24-hour gross production record and averaged sales volumes above the facility's 80,000 barrels of oil per day (BOPD) nameplate capacity. In addition, the company's Constitution spar recently achieved a production record of 65,000 BOPD, and its K2 complex also achieved an eight-year-high production rate of 28,000 BOPD. During the quarter, Anadarko continued to advance its understanding of the Shenandoah discovery, as it encountered more than 1,040 net feet of oil pay in the Shenandoah-5 appraisal well, expanding the eastern extent of the field. Additionally, the company increased its working interest in Shenandoah to 33 percent and added several new exploration opportunities to the portfolio by participating in a preferential-right process.

Internationally, the TEN field offshore Ghana is 97-percent complete with installation, hook-up and commissioning on schedule and first oil expected in the third quarter of 2016. At the adjacent Jubilee field, following maintenance on the floating production, storage and offloading vessel (FPSO) and implementation of new production and offtake procedures, production has ramped back up and is expected to average approximately 85,000 BOPD during the second half of the year. The partnership determined a long-term solution to convert the FPSO to a permanently moored facility, with the work program expected to be completed in the first half of 2017. Until the work program is complete, shuttle tankers will continue to be utilized to deliver offtake. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program with the drilling of the Paon-3AR horizontal sidetrack, which will be followed by a drillstem and interference testing program in the third quarter. In advancing the Mozambique LNG project, Anadarko achieved a significant milestone by submitting the Resettlement Plan for government review.

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

Six Months Ended

Summary Financial Information

June 30,

June 30,

millions except per-share amounts

2016

2015

2016

2015

Consolidated Statements of Income

       

Revenues and Other

       

Oil and condensate sales

1,125

 

1,616

 

1,975

 

3,035

Natural-gas sales

320

 

487

 

686

 

1,128

Natural-gas liquids sales

235

 

229

 

413

 

461

Gathering, processing, and marketing sales

305

 

305

 

545

 

598

Gains (losses) on divestitures and other, net

(70)

 

(1)

 

(30)

 

(265)

Total

1,915

 

2,636

 

3,589

 

4,957

Costs and Expenses

       

Oil and gas operating

202

 

226

 

410

 

522

Oil and gas transportation

246

 

283

 

488

 

588

Exploration

76

 

103

 

202

 

1,186

Gathering, processing, and marketing

252

 

255

 

467

 

509

General and administrative

305

 

278

 

754

 

585

Depreciation, depletion, and amortization

984

 

1,214

 

2,133

 

2,470

Other taxes

157

 

151

 

274

 

333

Impairments

18

 

30

 

34

 

2,813

Other operating expense

7

 

6

 

23

 

69

Total

2,247

 

2,546

 

4,785

 

9,075

Operating Income (Loss)

(332)

 

90

 

(1,196)

 

(4,118)

Other (Income) Expense

       

Interest expense

217

 

201

 

437

 

417

Loss on early extinguishment of debt

124

 

 

124

 

(Gains) losses on derivatives, net

307

 

(311)

 

604

 

(159)

Other (income) expense, net

(55)

 

15

 

(55)

 

62

Tronox-related contingent loss

 

 

 

5

Total

593

 

(95)

 

1,110

 

325

Income (Loss) Before Income Taxes

(925)

 

185

 

(2,306)

 

(4,443)

Income tax expense (benefit)

(314)

 

77

 

(697)

 

(1,315)

Net Income (Loss)

(611)

 

108

 

(1,609)

 

(3,128)

Net income (loss) attributable to noncontrolling interests

81

 

47

 

117

 

79

Net Income (Loss) Attributable to Common Stockholders

(692)

 

61

 

(1,726)

 

(3,207)

Per Common Share

       

Net income (loss) attributable to common stockholders—basic

(1.36)

 

0.12

 

(3.39)

 

(6.32)

Net income (loss) attributable to common stockholders—diluted

(1.36)

 

0.12

 

(3.39)

 

(6.32)

Average Number of Common Shares Outstanding—Basic

510

 

508

 

510

 

507

Average Number of Common Shares Outstanding—Diluted

510

 

509

 

510

 

507

         

Exploration Expense

       

Dry hole expense

(5)

 

13

 

6

 

42

Impairments of unproved properties

15

 

18

 

39

 

998

Geological and geophysical expense

32

 

16

 

69

 

38

Exploration overhead and other

34

 

56

 

88

 

108

Total

76

 

103

 

202

 

1,186

 

-----

Earlier:  

ANADARKO NET LOSS $1 BLN  

ANADARKO SELLS MORE  

ANADARKO LOSS $6.7 BLN  

ANADARKO PETROLEUM LOSS $2.2 BLN  

ANADARKO WILL PAY $5B

 

 

Tags: ANADARKO, FINANCIAL, OIL, GAS, PRICES

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