Anadarko Raises 4Q Oil Sales Volume Outlook, Sees Lower Spending

Reuters

Dec 17 (Reuters) - U.S. oil and natural gas company Anadarko Petroleum Corp raised the midpoint of forecast for oil sales volume and expects lower spending during the current quarter and next year as well.

The Houston, Texas-based company raised the midpoint of fourth-quarter oil sales-volume forecast by more than 15,000 barrels of oil per day (bopd) to a range of 314,000 to 319,000 bopd.

Production increases relative to guidance, for the fourth quarter, are driven by the core oil-producing areas in the Wattenberg field and the Delaware Basin, the company said on Thursday.

Oil producers, including Anadarko, are trying to lower costs by increasing drilling efficiencies and productivity to cope with a steep decline in oil prices.

Anadarko said it now expects capital spending in the fourth quarter to be at or below the midpoint of its previously estimated range of $1.23 billion to $1.43 billion.

It also expects 2016 capital spending to be "significantly lower."

Anadarko on Thursday extended the maturity of its $3 billion unsecured revolving credit facility to January 2021 to improve liquidity.

(Reporting by Sneha Banerjee in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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