Anadarko increasing capex

HOUSTON, March 8, 2017 – Anadarko Petroleum announced on Tuesday that it is increasing its capex spending in 2017. Much of the funds will go towards developing US onshore assets and infrastructure.

In a company release, Anadarko provided details of the capital programme. In 2017, it expects to outlay USD 4.5 billion-4.7 billion on capex, having spent USD 3.31 billion in 2016.

A projected USD 1.9 billion of this will be allocated for US onshore developments. The largest recipient will be the Permian’s Delaware Basin, which will get USD 820 million for upstream development and USD 560 million for associated midstream infrastructure.

Anadarko expects to see oil sales volumes rise by more than 25% in 2017, reaching as much as 362,000 bopd. Oil sales in 2016 were 287,000 bopd.

Anadarko chairman, president and CEO Al Walker commented on the capital programme and its US focus.

“We expect our current 2017 U.S. onshore capital allocation to deliver significant oil growth toward the end of the year as we overcome the effects of last year’s reduced activity levels on our shorter-cycle onshore opportunities,” said Walker.

Read our latest insights on: