Anadarko Reaffirms Full-Year Production Guidance
Posted on May 14, 2008 – 3:33 pm | by vchris
HOUSTON–(BUSINESS WIRE)–Anadarko Petroleum Corporation (NYSE:APC) today announced it has reaffirmed its full-year production guidance at 207 million to 212 million barrels of oil equivalent. The reaffirmation comes after an announcement by Enterprise Products Partners that its Independence Trail export pipeline repairs are expected to be complete in the first half of June versus Enterprise’s previous estimate of mid-May.
“We support the repair process described by Enterprise,” Anadarko Chairman and CEO Jim Hackett said. “Assuming production can be resumed at Independence Hub in the first half of June, we still expect to be within the range of our full-year production guidance. We maintain production upside from better than anticipated results in our Rockies program, and Independence Hub also surpassed anticipated run rates throughout the first quarter. Our cash flow remains strong and is more than sufficient to continue funding our capital program.”
The Independence Trail pipeline transports natural gas from the Anadarko-operated Independence Hub processing platform in the deepwater Gulf of Mexico. A leak in the export pipeline was discovered in early April, and production has been shut in since that time.
Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2007, Anadarko had 2.4 billion barrels equivalent of proved reserves, making it one of the world’s largest independent oil and natural gas exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including the successful repairs of the Independence Trail export pipeline. See “Risk Factors” in the company’s 2007 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Contacts
Anadarko Petroleum Corporation, Houston
Media:
John Christiansen, 832.636.8736
john.christiansen@anadarko.com
or
Investors:
John Colglazier, 832.636.2306
john.colglazier@anadarko.com
or
Chris Campbell, CFA, 832.636.8434
chris.campbell@anadarko.com
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