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.
"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," Chairman and Chief Executive
Al Walker said.
Mr. Walker said Anadarko plans to reduce its short-cycle U.S.
onshore rig activity by 40% and defer about 125 onshore well
completions.
The Woodlands, Texas-based company has divested some of its
holdings abroad in recent years, including its China unit, to raise
cash to focus on extracting oil from unconventional formations in
the U.S. Other U.S. companies, including Apache Corp. and Devon
Energy Corp. have shed foreign assets to focus on domestic oil and
gas.
Anadarko is expected to provide more details during its investor
conference Tuesday.
Write to Tess Stynes at tess.stynes@wsj.com
Access Investor Kit for Anadarko Petroleum Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0325111070
Access Investor Kit for Apache Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0374111054
Access Investor Kit for Devon Energy Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US25179M1036
Subscribe to WSJ: http://online.wsj.com?mod=djnwires