Higher Oil Prices Bring Anadarko Production Boost
Anadarko Petroleum Corp. raised its production target for 2008. The Houston company now expects to produce 207 million to 212 million barrels of oil equivalent, up from the previous range of 205 million to 210 million barrels.
The production increase came with a boos in Anadarko’s capital budget — by $400 million to a range of $4.9 billion to $5.1 billion for the year.
The company also said it found 2.3 trillion cubic feet of natural gas equivalent (cfe) in Greater Natural Buttes in northeastern Utah, and now expects 9.2 trillion cfe of resources in the area.
Anadarko expects to book more reserves from its deepwater discoveries off West Africa and in the Gulf of Mexico this year with production set to start in 2010.