- Anadarko Petroleum (NYSE:APC) -1.1% AH after reporting better than expected Q2 earnings but revenues fell 40% Y/Y to $2.64B from $4.44B a year ago.
- APC says improved drilling practices and ongoing operating efficiencies helped deliver more than 18K bbl/day of higher-margin oil sales volumes above its guidance during Q2.
- Following Q2 production of 77M boe (846K boe/day), APC says it is adjusting its FY 2015 sales volumes to 298M-302M boe (816K-827K boe/day), and sees Q3 total sales volumes of 71M-73M boe (772K-793K boe/day).
- Improved efficiencies have allowed APC to increase its production by 13%, or 35K bbl/day of oil a day this year, CEO Al Walker, which is “enhancing our relative cash margins and enabling us to drill more than 100 additional wells this year, all while staying within our capital guidance.”
- APC also says its liquefied natural gas project in Mozambique continues to advance, and contractors have been chosen for initial development of onshore facilities.