Anadarko reaffirms full year production

Source: Energy Digital

Date :5/14/2008 5:21:33 AM

Anadarko Petroleum Corp., the independent oil and gas producer, yesterday reaffirmed its production outlook for the year despite the delay in pipeline repairs.

The business expects to produce 207 million to 212 million barrels of oil equivalent this year. As of year end 2007, Anadarko had 2.4 billion barrels equivalent of proved reserves, making it one of the world’s largest independent oil and natural gas exploration and production companies.

Outlook

A leak in the Independence Trail pipeline was discovered in April, and production has been shut down since that time. Repairs are expected to be complete in the first half of June, although the original estimate was mid-May.

Jim Hackett, Anadarko Chairman and CEO, said, “We maintain production upside from better than anticipated results in our Rockies program, and Independence Hub also surpassed anticipated run rates throughout the first quarter.”

He added, “Our cash flow remains strong and is more than sufficient to continue funding our capital program.”

The Independence Trail pipeline transports natural gas from the Anadarko-operated Independence Hub processing platform in the deepwater Gulf of Mexico.

May 14, 2008