Anadarko cuts capex for 2017 by $300m

Anadarko cuts capex for 2017 by $300m

Woodlands, Texas-based oil and gas E&P firm Anadarko Petroleum, said on Monday it is planning to cut its capital expenditure budget for 2017 by $300m, according to Reuters.

Anadarko has significant operations in the Gulf of Mexico.

The decision follows greater than anticipated losses for the second quarter and echoes a similar move by the company last year – faced with bigger losses back then, Anadarko slashed its 2016 capex by $2.8bn.

This time the reported quarterly loss is $415m, attributable largely to the slump in the price of oil this year.

By taking the decision now, Anadarko becomes the first notable US oil firm to cut back its capex for the year.

As recently as March, the firm had forecast a budget for the year of between $4.5bn and $4.7bn.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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