Cash flow from operating activities was $1.22 billion in the first quarter, and discretionary cash flow totaled $1.19 billion.
"Anadarko's first quarter results were very strong and, importantly, we continued to make progress on major development projects that should help us deliver excellent volume growth in the remaining three quarters of this year and into 2007," said Jim Hackett, Anadarko's chairman, president, and CEO.
"Our deepwater Gulf of Mexico operations at the K2 complex achieved production growth during the first quarter despite mechanical issues that have since been resolved," Hackett added. "With three wells on-line and producing a combined gross 37,000 barrels of oil equivalent per day, we remain on track to have all eight existing K2, K2 North, and Genghis Khan wells producing by year-end. Those high-rate wells are expected to help us deliver a 15-percent increase in total daily production from January through December this year, as well as a full-year 2007 growth rate of more than 9 percent."
Hackett noted, however, that full-year 2006 volume guidance has been reduced approximately 3 percent to between 161 million barrels of oil equivalent (BOE) and 166 million BOE, primarily due to the expected outcome of the company's Venezuelan contract renegotiation, in addition to the first quarter mechanical issues and resulting development delays at the K2 complex.
Sales volumes of natural gas, crude oil, and natural gas liquids in the first quarter totaled 38 million BOE, or 419,000 BOE per day. Natural gas sales volumes averaged 1,366 million cubic feet per day, at an average price of $7.62 per thousand cubic feet. Oil sales volumes in the first quarter averaged 157,000 barrels per day, with an average price of $58.07 per barrel. Natural gas liquids sales volumes averaged 34,000 barrels per day, at an average price of $39.97 per barrel.
On a consecutive basis, overall sales volumes were down slightly from the fourth quarter 2005, largely due to the timing of tanker loadings in Qatar.
Anadarko has continued to buy back stock under its current $1 billion stock repurchase program that began in November 2005. During the first quarter, the company repurchased more than 1.2 million common shares for approximately $118 million, bringing the total since November to 3.9 million shares for $364 million, at an average cost of $92.70 per share (including all transaction costs), versus today's closing stock price of $106.73 per share.
Most Popular Articles
From the Career Center
Jobs that may interest you