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2018-10-31 12:50:00

ANADARKO NET INCOME $363 MLN

ANADARKO NET INCOME $363 MLN

ANADARKO - Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 third‑quarter results, reporting net income attributable to common stockholders of $363 million, or $0.72 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $48 million, or $0.10 per share (diluted), on an after-tax basis. Net cash provided by operating activities in the third quarter of 2018 was $1.65 billion.

THIRD-QUARTER 2018 HIGHLIGHTS

  • Achieved record U.S. onshore oil sales volume of 175,000 barrels of oil per day (BOPD), representing a 37-percent increase over third quarter of 2017 on a divestiture-adjusted basis
  • Expanded Delaware Basin oil processing capacity by 120,000 BOPD in 2018 including the successful startup of the Loving Regional Oil Treating Facility (ROTF) in the third quarter
  • Improved margins per barrel by 58 percent over the third quarter of 2017 to $33.68 per barrel of oil equivalent (BOE)
  • Returned $625 million of cash to shareholders, including $500 million of additional share repurchases and $125 million of dividends, which is 38 percent of third-quarter cash flow from operations

"We delivered a very strong quarter with improving and attractive per-barrel margins, which helped drive cash flow from operations to more than $1.6 billion," said Al Walker, Anadarko Chairman, President and CEO. "Our cash flows were bolstered by the startup of an additional oil gathering and treating system in the Delaware Basin, where this year we have added 120,000 barrels per day of operated oil processing capacity with the Reeves and Loving ROTFs. This integrated upstream and midstream development approach provides a competitive advantage as we realize improved netback pricing for our product while also driving significant oil growth in the basin.

"As we look ahead to 2019, our focus will continue to be on delivering healthy oil growth within a capital-efficient framework," added Walker. "We have built a portfolio focused on properties with higher-margin oil and liquids that aligns well with our durable strategy of delivering attractive per-debt-adjusted-share growth metrics and returns to shareholders. We continue to have a high degree of confidence in our ability to deliver double-digit oil growth in a $50 oil-price environment, and look forward to communicating the details of the 2019 program later this quarter. Our disciplined growth approach, to be achieved while investing within a conservative cash-flow estimate and using cash and incremental free cash flow to fund share buybacks, debt reduction and potential dividend increases over time, is a differentiating strategy."

OPERATING HIGHLIGHTS 

Anadarko's third-quarter 2018 sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 63 million barrels of oil equivalent (BOE), or an average of 682,000 BOE per day.

Anadarko increased its oil production to a record 70,000 BOPD in the Delaware Basin during the third quarter, an increase of 83 percent over the third quarter of 2017. This strong oil-volume growth continues to be facilitated by the company's successful infrastructure expansions, which included startup of its Loving ROTF during the quarter. Anadarko operated seven drilling rigs and five completion crews in the basin during the quarter.

In the DJ Basin of northeast Colorado, Anadarko increased oil sales volumes by approximately 16 percent over the third quarter of 2017, with oil volumes averaging 96,000 BOPD. The company continued to enhance efficiency in the basin by setting new cycle-time records on short, long and extra-long lateral wells during the quarter. Additionally, the company placed its sixth train in service during the quarter at its Centralized Oil Stabilization Facility (COSF), bringing total oil-processing capacity in the basin to 155,000 BOPD. Anadarko operated four drilling rigs and two completion crews during the quarter.

In the Deepwater Gulf of Mexico, Anadarko achieved a monthly record oil rate of more than 140,000 BOPD in August. The company achieved record production during the quarter at its Caesar/Tonga development, largely supported by its eighth well coming on line. Anadarko also brought new wells on production during the quarter at its Marlin and Holstein platforms, and finished drilling at the first Hadrian North expansion well, which will be tied back to the Lucius platform. The second Hadrian North well is expected to be completed by year-end 2018 with first production from the development anticipated in 2019.

Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 107,000 barrels per day during the third quarter of 2018, an 18-percent increase over the third quarter of 2017 on a divestiture-adjusted basis. Anadarko and its co-venturers in the Mozambique LNG project continue to make progress converting non-binding LNG off-take agreements to fully termed Sale and Purchase Agreements, which is necessary to secure financing and reach an expected Final Investment Decision in the first half of 2019.

FINANCIAL HIGHLIGHTS 

Anadarko generated approximately $1.65 billion of cash flow from operations during the quarter. Capital investments totaled approximately $1.075 billion, excluding Western Gas Partners, LP (WES) and acquisitions in the Powder River Basin. The company ended the quarter with $1.9 billion of cash on hand after completing the repurchase of an additional $500 million of outstanding shares on the open market during the quarter. Anadarko has now executed $3.5 billion of its expanded $4 billion share-repurchase program, representing more than 10 percent of the shares outstanding at inception of the program one year ago. Using cash and anticipated free cash flows, Anadarko expects to complete the remaining $500 millionof share repurchases by mid-2019 and to retire an additional $1.4 billion of debt, including the senior notes due in 2019.

 

More information is here.

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Earlier:

 MOZAMBIQUE'S LNG DEVELOPMENT
2018, June, 29, 10:35:00

MOZAMBIQUE'S LNG DEVELOPMENT

FT - Anadarko has estimated the reserves in its Area 1 acreage off the coast of Mozambique at about 75tn cubic feet, implying a resource life of about 120 years at the initial production rate of 12.88m tonnes of LNG per year, but the consortium intends to expand the plant every five years to add more capacity.

 

 ANADARKO INVESTMENT 2018: $4.2 - $4.6 BLN
2017, November, 22, 11:10:00

ANADARKO INVESTMENT 2018: $4.2 - $4.6 BLN

Anadarko Petroleum Corporation (NYSE: APC) announced its 2018 capital expectations and guidance. In 2018, the company expects to make capital investments in the range of $4.2 to $4.6 billion.The capital program is designed to enhance shareholder value by delivering attractive margins and returns, while advancing the development of the company's core assets within discretionary cash flow.

 

 ANADARKO NET LOSS $699 MLN
2017, November, 1, 13:00:00

ANADARKO NET LOSS $699 MLN

Anadarko Petroleum Corporation (NYSE: APC) announced its third-quarter 2017 results, reporting a net loss attributable to common stockholders of $699 million, or $1.27 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $272 million, or $0.50 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2017 was $639 million.

 

 ANADARKO BOUGHT MEXICO $2 BLN
2016, September, 13, 14:40:00

ANADARKO BOUGHT MEXICO $2 BLN

We expect these acquired assets to generate substantial free cash flow,(1) enhancing our ability to increase US onshore activity in the Delaware and DJ basins. Our current plans are to add two rigs in each play later this year, and to increase activity further thereafter, with an expectation of more than doubling our production to at least 600,000 BOE per day collectively from these two basins over the next five years.

 

 

 MOZAMBIQUE'S HUGE GAS
2016, August, 1, 18:50:00

MOZAMBIQUE'S HUGE GAS

Mozambique made one of the world's biggest gas finds in a decade in 2010 but negotiations with operators Eni and U.S. firm Anadarko have dragged on for years due to disputes over terms and concerns about falling energy prices.

 

 ANADARKO NET LOSS $1.7 BLN
2016, July, 28, 18:50:00

ANADARKO NET LOSS $1.7 BLN

"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.

 

 

 ANADARKO NET LOSS $1 BLN
2016, May, 5, 18:10:00

ANADARKO NET LOSS $1 BLN

HOUSTON, May 2, 2016 -- Anadarko Petroleum Corporation (NYSE: APC) announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 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 $465 million or $0.91 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million

 

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