Anadarko Reaffirms Full-Year Production Guidance for Independence

Anadarko Petroleum Corporation has reaffirmed its full-year production guidance at 207 million to 212 million barrels of oil equivalent. The reaffirmation comes after an announcement by Enterprise Products Partners that its Independence Trail export pipeline repairs are expected to be complete in the first half of June versus Enterprise's previous estimate of mid-May.

"We support the repair process described by Enterprise," Anadarko Chairman and CEO Jim Hackett said. "Assuming production can be resumed at Independence Hub in the first half of June, we still expect to be within the range of our full-year production guidance. We maintain production upside from better than anticipated results in our Rockies program, and Independence Hub also surpassed anticipated run rates throughout the first quarter. Our cash flow remains strong and is more than sufficient to continue funding our capital program."

The Independence Trail pipeline transports natural gas from the Anadarko-operated Independence Hub processing platform in the deepwater Gulf of Mexico. A leak in the export pipeline was discovered in early April, and production has been shut in since that time.


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