Anadarko boosts its budget
US independent Anadarko Petroleum raised its full-year 2008 production
guidance today, adding it had increased its capital budget by $400 million.
The Houston-based company said it is increasing the midpoint of its full-year
production guidance by 2 million barrels of oil equivalent as recent
divestitures have allowed the company to raise its exploration budget.
The recent rally in energy prices - with oil peaking above $110 a barrel and
US natural gas briefly moving above $10 per million British thermal units -
has given producers renewed incentive to spend heavily to boost their
output.
Anadarko's board approved an expansion of the company's 2008 capital budget by
about $400 million. Anadarko now expects 2008 capital expenditures,
including expensed exploration, of $4.9 billion to $5.1 billion.
Anadarko expects 2008 production volumes of 207 million to 212 million boe, up
from its previous forecast of 205 million to 210 million boe.
The increased spending will help the Woodlands, Texas-based company raise its
anticipated reserve bookings by 10% to at least 250 million boe.
25 March 2008 13:04 GMT
| last updated:
25 March 2008 13:04 GMT
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