Anadarko Petroleum Provides 2002 Outlook
2001 preliminary results are as follows:
- Record annual earnings. Fourth-quarter earnings per share of about 25 cents diluted. Full-year earnings of about $3.25 per share, or about $5.05 per share excluding the third-quarter ceiling test write-down.
- Annual production volumes up more than 75 percent, from 112 million barrels of oil equivalent (BOE) to 199 million BOE in 2001. On a per-share basis, production rose about 30 percent.
- Increased proved reserves about 10 percent with a reserve replacement ratio of better than 2-to-1.
- Finding costs of slightly over $9 per BOE, largely due to reserve revisions and higher service costs.
Anadarko expects to recommend to the Board of Directors a capital spending budget for 2002 of approximately $2 billion, down about 50 percent from 2001 levels. The company expects that actual spending levels could vary considerably depending on commodity prices. The proposed budget would include $500 million for domestic and international exploration.
"Flexibility is the common theme for our 2002 strategic plan. We have a proven record of success with exploration, and we have a great inventory of ready-to-drill locations," Seitz added. "We've shown that we can add value through acquisitions, and we'll continue to buy back APC stock. We could go shopping for oil and gas reserves among the billions of dollars of announced property sales on the market, but right now the best acquisition we see in the market is APC stock. We will continue to buy back our stock at current levels," Seitz said.
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