Anadarko posts $1 billion first-quarter net loss

Anadarko Petroleum Corp. recorded a first-quarter net loss of $1.034 billion compared with a fourth-quarter 2015 net loss of $1.25 billion and a first-quarter 2015 net loss of $3.268 billion.

“Year to date, we’ve closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures,” said Al Walker, Anadarko chairman, president, and chief executive officer. “Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis,” he said.

Anadarko earlier this year said it anticipates an initial 2016 budget of $2.8 billion, down 50% from the company’s actual 2015 capital investments and almost 70% from the 2014 total (OGJ Online, Feb. 1, 2016).

In the Delaware basin of West Texas during the quarter, Anadarko’s appraisal and delineation program resulted in an increase of its net recoverable resource estimate in the basin to more than 2 billion boe from its previous estimate of more than 1 billion boe.

In its international offshore segment, the firm says the TEN development—encompassing Tweneboa, Enyenra, and Ntomme fields offshore Ghana—is more than 90% complete and remains on schedule for start of oil production in this year’s third quarter.

Anadarko continued its appraisal program offshore Ivory Coast, encountering 100 net ft of vertical pay in the firm’s first horizontal deepwater well at Paon-5A. The firm plans to drill the Paon-3AR sidetrack well in the second quarter followed by a drillstem and interference testing program as it works to advance the Paon discovery toward commerciality.

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