("Anadarko To Cut Back Capex In 2009, Sees Sales Volume Up,"
published at 7:56 a.m. EST, misstated the company's expected 2009
sales volume. The error derived from the source. The corrected
story appears below.)
DOW JONES NEWSWIRES
Anadarko Petroleum Corp. (APC) said it would cut back capital
spending as much as 18% this year, compared with a view for higher
spending given six months ago, an eternity ago for the oil industry
which has seen prices tumble since then and the recession
worsen.
Numerous oil-and-gas producers have cut capital expenditures in
recent months as the commodity prices have plunged. Some also have
idled rigs and pared back production-growth forecasts.
"Even with reduced year-over-year capital expenditures, we
expect to increase our total sales volumes in 2009," said Chief
Executive Jim Hackett. He added 2009 would be a "challenging year"
for the industry, and that Anadarko will continue to monitor the
economic conditions as it allocates its capital.
The second-largest independent oil and natural-gas producer
behind Devon Energy Corp. (DVN) set its capital-spending budget at
$4 billion to $4.5 billion, down from last year's spending of $4.88
billion. The company had already said it would devote 20% of this
year's plans to major projects, including the Jubilee field
offshore Ghana, and 20% to exploration activities.
The company expects full-year sales volumes of 208 million to
212 million barrels of oil equivalent, compared with 2008's 206
million.
Anadarko's shares closed Tuesday at $39.24 and haven't traded
premarket. The stock is down by half the past eight months.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com