Delaware Basin jumps 88% to 62 MBOEPD
Anadarko Petroleum Corporation (NYSE: APC) announced 2018 Q2 results, reporting net income of $29 million, or $0.05 per share (diluted). Net cash provided by operating activities in Q2 2018 was $1.23 billion.
Highlights
- Increased U.S. onshore oil volumes by 47% YOY
- Improved per-barrel margins by nearly 50% YOY
- Expanded West Texas infrastructure with the startup of the Reeves Regional Oil Treating Facility (ROTF) during the quarter
- Advanced Mozambique LNG project, including new heads of agreements and expected cost reductions, with an anticipated Final Investment Decision during the first half of 2019
- Q2 production averaged 637,000 BOEPD
- Completed $3.0 billion of the share-repurchase program
Anadarko’s second-quarter 2018 sales volumes of oil, natural gas and natural gas liquids totaled 58 million barrels of oil equivalent.
In the DJ Basin, Anadarko continued its horizontal drilling campaign featuring natural-gas powered rigs and noise-reduction technology, to improve compatibility of operations with local communities. During Q2, the DJ Basin averaged net production of 261,000 BOEPD.
Anadarko Assets; Source: Anadarko
In the Delaware Basin of West Texas, the company’s oil production achieved record levels averaging 62,000 barrels of oil per day (BOPD) for the quarter, representing an 88-percent increase over the second quarter of 2017.
The Anadarko-operated Mozambique LNG project continued to make significant progress in Q2 as the company announced it anticipates being in position to take FID in the first half of 2019 for the Golfinho/Atum development within the Anadarko-operated Offshore Area 1.
Anadarko Mozambique LNG; Source: Anadarko
Additionally, Anadarko is now expecting to deliver the first two onshore liquefaction trains with 12.88 million tonnes per annum (MTPA) capacity for less than $600 per tonne.
Anadarko’s second-quarter capital investments, excluding Western Gas Partners, LP (WES), were approximately $1.5 billion, and the company closed the quarter with $2.3 billion of cash on hand.
Read the Anadarko Q2 press release here.
