Advertisements

Global Oil & Gas: Anadarko announces Q2 2015 results

Anadarko in Mozambique
Anadarko in Mozambique

Anadarko Petroleum, the north american oil giant operating the prosperous Mozambique area 1 in the Rovuma Basin, on Tuesday, announced its financial and operating results for the second quarter of 2015, including net income attributable to common stockholders of $61 million, or $0.12 per share (diluted). These results include certain items typically excluded by the investment community in published estimates, which in the aggregate increased net income by $57 million or $0.11 per share (diluted). Net cash flow from operating activities in the second quarter of 2015 was $1.243 billion, and discretionary cash flow from operations totaled $1.373 billion.              Highlights

  • Increased year-over-year oil sales volumes by 42,000 barrels per day, adjusted for divestitures
  • Achieved large-scale project milestones in the Gulf of Mexico and Mozambique
  • Announced deepwater exploration success in a frontier basin offshore Colombia
  • Announced more than $1.7 billion of monetizations year to date

‘During the second quarter, we delivered more than 18,000 barrels per day of higher-margin oil sales volumes above our guidance, driven by continued improvements in productivity and ongoing operating efficiencies,’ said Anadarko Chairman, President and CEO Al Walker.

“The operating improvements achieved to date are contributing to an expected full-year increase over 2014 of 13 percent, or about 35,000 barrels of oil per day, enhancing our relative cash margins and enabling us to drill more than 100 additional wells this year – all while staying within our capital guidance. In addition, we’ve created significant option value through our exploration success offshore Colombia and in the Gulf of Mexico, and accelerated value through active portfolio management. We believe these actions and differentiating achievements, the depth and strength of our portfolio, and the commitment of our employees, position us well for continued success.”

US group Anadarko Petroleum has secured 60 percent of the investment required for a liquefied natural gas (LNG) project in Cabo Delgado province in northern Mozambique.

The Mozambican government expects that the project for liquefaction of the gas extracted in the Rovuma basin in northern Mozambique, will require investments of over US$22 billion and should begin in 2019, but the consortium involved in the project expects operation to begin after 2020.

The Area 1 block, in which the US group is the operator, has natural gas reserves estimated at 75 trillion cubic feet, enough to make Mozambique the world’s third largest supplier of natural gas, after the Qatar and Australia.

Advertisements

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: