Anadarko Petroleum Corporation (APC) - NYSE
  • Dec. 17, 2015, 8:28 AM
    • Anadarko Petroleum (NYSE:APC) raises its Q4 oil sales volume guidance and announces extensions to the maturity dates of its credit facilities.
    • APC increases the midpoint of its guidance by more than 15K bbl/day to 314K-319K bbl/day, as production increases are driven by its core oil-producing areas in the Wattenberg field and the Delaware Basin; the outperformance is the primary contributor to a 2M boe increase in its total Q4 sales volume guidance to 70M-72M boe.
    • APC says its Heidelberg development in the Gulf of Mexico is well ahead of schedule and now expects to achieve first oil in Q1 2016.
    • APC also says it extended the maturity of its $3B unsecured revolving credit facility to January 2021 and received commitments to renew its $2B 364-day credit facility upon its expiration in January 2016 to a new maturity in 2017.
    | Dec. 17, 2015, 8:28 AM | 3 Comments
  • Dec. 16, 2015, 2:31 PM
    • Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
    • Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
    • Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
    • Among the U.S. companies: APC, AR, APA, XEC, CXO, COP, CLR, DNR, EGN, EOG, EPE, EQT, HES, MRO, MUR, NFG, NFX, NBL, OXY, PXD, QEP, RRC, SM, SWN, UNT, WLL, WPX
    • From Canada: BTE, CNQ, OTCQX:COSWF, CVE, ECA, OTCPK:HUSKF, SU
    | Dec. 16, 2015, 2:31 PM | 36 Comments
  • Dec. 7, 2015, 12:47 PM
    • Anadarko Petroleum (APC -5.8%) plans to make a final decision in H2 next year on how it will develop the vast gas discoveries it has made offshore Mozambique, CEO Al Walker tells Financial Times.
    • APC has discovered more than 75T cf of gas in the Rovuma Basin, while Eni (E -2.8%) has identified ~85T cf; combined, the resources have the potential to transform Mozambique into one of the world’s top producers of liquefied natural gas.
    • "By the end of the 2020s, as we approach 2030, Mozambique probably will be second only to Qatar in terms of providing lowest-cost LNG in the world," the CEO says.
    | Dec. 7, 2015, 12:47 PM | 1 Comment
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Dec. 3, 2015, 2:19 PM
    • An explosion at the Ramsey natural gas plant processing plant near Orla, Tex., owned by Western Gas Partners (WES -3.1%) and operated by Anadarko Petroleum (APC +0.2%) has started a massive fire, caused at least two minor injuries and has resulted in the evacuation of ~200 workers.
    • APC says all lines coming in and out of the plant have been isolated, and the fire now is said to be contained in a single area.
    | Dec. 3, 2015, 2:19 PM | 1 Comment
  • Dec. 3, 2015, 12:49 PM
    • Anadarko Petroleum (APC +1.1%) and Eni (E +0.2%) agree on a plan to develop adjoining natural gas areas off Mozambique, as the country moves toward getting its first exports off the ground.
    • The two companies will drill the reservoirs in APC’s Area 1 and Eni’s Area 4 in a "separate but coordinated manner,” targeting a combined 24T cf of gas from the areas.
    • APC's executive VP of global LNG says the company already has made "tremendous progress” at Area 1, but the agreement with Eni will allow the companies to develop the fields more efficiently and capitalize on greater economies of scale.
    | Dec. 3, 2015, 12:49 PM
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • Dec. 1, 2015, 12:59 PM
    • Anadarko Petroleum (APC +0.6%) says it is deciding whether to appeal yesterday's court ruling that resulted in a $159M fine over the 2010 Deepwater Horizon blowout and oil spill in the Gulf of Mexico.
    • APC says it is pleased that the fine was “far less” than the amount sought by the U.S. government - between $1B and $3.51B - it believes that “penalizing a non-operator for events beyond its control is inconsistent with the intent of the Clean Water Act."
    • The ruling "clearly shows the Court gave significant weight to its previous findings that as a non-operating investor in the Macondo well, we had no role in the events that caused the tragic 2010 spill, and bear no fault," according to a company statement.
    | Dec. 1, 2015, 12:59 PM
  • Nov. 30, 2015, 7:01 PM
    • Anadarko Petroleum (NYSE:APC) is ordered to pay $159.5M in environmental penalties for its role as part-owner of the Macondo well that caused the 2010 Gulf of Mexico oil spill.
    • U.S. District Judge Barbier, who could have charged APC $3.5B for the spill, said the company “bears no culpability" in the accident and “there is seemingly no reason to punish Anadarko.”
    • The U.S. government had advocated a fine against APC of more than $1B.
    • BP, which owned 65% of the well, agreed in July to pay $5.5B in fines as a part of a ~$20B settlement with the U.S. and five Gulf states.
    | Nov. 30, 2015, 7:01 PM | 13 Comments
  • Nov. 19, 2015, 9:19 AM
    • ConocoPhillips (NYSE:COP) has approved funding for its $900M Greater Mooses Tooth development on Alaska's North Slope, Alaska Dispatch News reports.
    • Production is expected to begin in 2018 at the field in the National Petroleum Reserve-Alaska, and would mark the first time oil has flowed from federal lands on the reserve.
    • COP will operate the field as majority owner, with Anadarko Petroleum (NYSE:APC) holding a 22% interest; the companies own similar stakes in the CD5 project within the reserve boundaries on land owned by Alaska Native corporations.
    • The project is expected to yield 30K bbl/day of oil at its peak.
    | Nov. 19, 2015, 9:19 AM | 11 Comments
  • Nov. 18, 2015, 12:58 PM
    • Two planned crude and condensate pipelines serving the DJ Basin in Colorado are merging into a single project, FuelFix reports.
    • The merger brings together the 200K bbl/day Saddlehorn Pipeline and the 130K bbl/day Grand Mesa Pipeline into a single 340K bbl/day pipeline running from Colorado to the Cushing, Okla., hub more than 550 miles away.
    • Saddlehorn is a joint venture owned by Magellan Midstream Partners (MMP -0.8%) and Plains All American Pipeline (PAA -3.2%), each with 40% stakes, and Anadarko Petroleum (APC -0.5%) with 20%; Grand Mesa is 100% owned by NGL Energy Partners (NGL +5.9%).
    • Each company will own the capacity it is bringing to the combined pipeline, with Saddlehorn owning 190K bbl/day and Grand Mesa owning the remaining 150K; MMP will head construction and operation of the pipeline.
    | Nov. 18, 2015, 12:58 PM | 7 Comments
  • Nov. 17, 2015, 10:58 AM
    • Apache's (APA -0.1%) asset base does not warrant a premium and the company is unlikely to be taken over, even after its recent rejection of an offer from Anadarko Petroleum (APC -1.1%), Canaccord analyst Sam Burwell says.
    • The analyst says that while APA has one of the largest leaseholds in the Permian basin, not much of it is in good areas, and APA's remaining asset base in Mid-Continent, non-core Eagle Ford, Canada, Egypt and North Sea also is not very significant.
    • Burwell says APC's offer was based on the belief that APA was close to fairly priced at the prevailing $25B enterprise value, and APA's rejection suggests that bid-ask spreads remain wide for corporate M&A.
    | Nov. 17, 2015, 10:58 AM | 5 Comments
  • Nov. 16, 2015, 11:48 AM
    • Apache (APA -0.2%) and Anadarko Petroleum (APC +0.3%), whose brief merger possibilities broke apart last week, are run by CEOs with smaller golden parachutes than similar-sized oil and gas companies, according to a Bloomberg analysis.
    • The dollar incentive for takeovers for APA CEO John Christmann was $8.4M as of the company’s fiscal year-end when he was COO, and APC CEO Al Walker’s was $31.2M at year-end 2014, regulatory filings show; by comparison, Cheniere Energy (LNG +5.9%) CEO Charif Souki has a $147.8M payout, the highest of 83 U.S. oil and gas companies with a market value less than $45B as of their fiscal year-end.
    • According to the Bloomberg report, among companies with the smallest golden parachute for its CEO is SM Energy (SM +1.5%), whose payout for Javan Ottoson would be $1.26M as of Dec. 31, 2014, when he was COO.
    • The biggest parachute relative to company size is the $36.2M that would be due to Energy XXI (EXXI +0.6%) CEO John Schiller Jr., whose award was equal to ~15% of the company’s $249M market cap at its June 30 fiscal year-end.
    | Nov. 16, 2015, 11:48 AM | 4 Comments
  • Nov. 13, 2015, 11:57 AM
    • Anadarko Petroleum (APC +2.5%) is upgraded to Focus Stock from Outperform with a $93 price target at Scotia Howard Weil, citing APC's penchant to divest and acquire at opportune times with one of the most capable managements in the business.
    • Weil expects APC's onshore portfolio may decline slightly, but only because of management's discretion not to grow in a challenging crude environment.
    • APC holds a resilient portfolio with the Wattenberg and Permian likely to encapsulate most of 2016's onshore budget, the firm adds.
    | Nov. 13, 2015, 11:57 AM
  • Nov. 11, 2015, 12:21 PM
    • Investors are dumping Apache (APA -6.6%) shares after Anadarko Petroleum (APC -4.1%) withdrew its takeover bid for the company, but Oppenheimer analyst Chris Kotowski says the two companies were “not a good fit.”
    • "Many investors believe APC’s pre-emptive action was in self defense to make it more difficult for a potential buyer to make a bid... [but] we do not think the combination of APC and APA would be a good fit that would create value for their shareholders, and our view was reflected by the market reaction," Kotowski writes.
    • RBC analyst Leo Mariani says APA is undervalued and has a strong enough balance sheet to wait out the current weakness in oil prices.
    | Nov. 11, 2015, 12:21 PM | 13 Comments
Company Description
Anadarko Petroleum Corp. is an independent exploration and production company. Its asset portfolio includes positions in onshore resource plays in the Rocky Mountains region, the southern U. S. and the Appalachian basin. The company is also an independent producer in the deepwater Gulf of... More
Industry: Independent Oil & Gas
Country: United States