Anadarko Petroleum to cut capital expenditure by half this year

Anadarko Petroleum to cut capital expenditure by half this year

Woodlands, Texas-based Anadarko Petroleum is expecting to cut capital expenditure by half this year in response to the plunge in oil prices.

That would make Anadarko’s capex in 2016 $2.8 billion, 50% lower than in 2015.

It follows a big reported loss of $1.25bn in the last quarter of last year.

The company, which has been a significant player in offshore exploration and production, is also planning to sell about $1bn in assets.

In December last year a US District Court judge ordered Anadarko to pay $159.9m for its role in the Deepwater Horizon oil rig disaster in the Gulf of Mexico. Anadarko was a minor (25%) partner of BP in the project.

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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