By Tess Stynes
Anadarko Petroleum Corp. projected capital spending for 2015 of
roughly $5.4 billion to $5.8 billion, about a third lower than last
year's level.
The oil-and-gas exploration and production company also joins a
host of other energy companies to pull back on plans for U.S.
onshore drilling activity and well completions amid a slump in oil
prices.
Chairman and Chief Executive Al Walker stated Tuesday that "in
the current market, we believe it is prudent to reduce capital
investments and position the company for the future, rather than to
pursue year-over-year growth. "
Mr. Walker said Anadarko plans to reduce its short-cycle U.S.
onshore rig activity by 40% and defer approximately 125 onshore
well completions.
The Woodlands, Texas-based company is expected to provide more
details during its investor conference Tuesday.
Write to Tess Stynes at tess.stynes@wsj.com
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