Anadarko cuts budget in half following record $1.25B loss

After posting a record $1.25 billion loss for fourth-quarter 2015, Anadarko Petroleum Corp. is cutting its 2016 budget in half, according to various media outlets. The company reported a $6.69 billion net loss for full-year 2015.

Anadarko’s 2016 budget is now planned to be $2.8 billion, which is 50% lower than the company’s 2015 budget and almost 70% lower than in 2014.

Anadarko streamlined its operations last year, spending $500 million less on overhead and selling off $2 billion in assets.

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