That drove Anadarko to an overall loss of $2.24 billion, or $4.41 a share, compared with a profit of $1.09 billion, or $2.12 a share, a year earlier.
Advertisement
Anadarko ended the quarter with $2.1 billion of cash on hand.
In the third quarter, the company’s total sales volumes of oil and gas averaged 787,000 barrels oil equivalent per day, down from 849,000 boepd in the year-ago period.
“We don’t have any better crystal ball than anyone else, but our mantra is we plan for the worst and hope for the best”, said Al Walker, Anadarko’s chairman, president and CEO in an earnings call with analysts Wednesday.
Andarako Petroleum reported a $2.2 billion third quarter loss on Tuesday as low oil prices dragged on revenues. He added that the recent measures taken by the company are well-positioned to “create differentiating value today and to accelerate activity when the market begins to reward growth again”.
With the Wattenberg Field, one of the main drilling areas in Weld County, being one of Anadarko’s crown jewels, spending cuts hurt deep. As a result of improved well recoveries, now approaching 1 million BOE per well, and efficiency gains and cost reductions in the Wolfcamp Shale, this emerging oil play is beginning to contend with Wattenberg in terms of the most attractive economics in the company’s US onshore portfolio. However, discretionary cash flows were reported to be $979 million.
Advertisement
The company also pushed up its started date for the Heidelberg project in the Gulf of Mexico and now expects first oil from the project’s first three subsea wells in the second quarter of 2016.
