Anadarko Petroleum Corp is engaged in the exploration and production of oil and natural gas. The Company's three operating segments are: Oil and gas exploration and production, Midstream and Marketing.
CEO Al Walker says Anadarko Petroleum (APC -1.1%) is talking to buyers about supplies of gas from its planned project offshore Mozambique, and expects to announce agreements through the rest of this year and next.
APC is on target to ship the first cargo from Mozambique in 2018 and has completed 90% of offshore feed work and 60% of onshore work, Walker says.
By year-end, APC will have invested $3B in its discoveries off the coast of Mozambique, where the Area 1 block contains an estimated 35T-65T cf of recoverable reserves.
Bullish on the economy, Goldman's David Kostin says investors should favor those firms with high fixed costs as they'll benefit most from margin expansion. This leads him to pick industrials (XLI) and financials (XLF) as his favorite sectors.
Foreign interest in New Zealand oil and gas exploration is running high despite a lack of significant finds in recent years and declining output from the country's only producing field.
The government is offering eight onshore and offshore blocks covering more than 190K sq. km, with bids due by Sept. 26 and successful bidders to be named by year-end.
An unprecedented three offshore rigs are due to start drilling wells this summer for companies including Anadarko (APC), which is expected to run two drilling programs using a new drilling ship due to arrive late in the year.
The state's trust lands agency had authorized a lease of up to 155 sq. miles of the Book Cliffs region to Anadarko Petroleum (APC), which said it would get started in an area that already has some oil and gas wells.
APC, Utah’s largest driller, says it has a track record of environmental stewardship.
Energy stocks (XLE +1.9%) lead the way this session as West Texas crude tests $110, with tensions over Syria continuing to feed Middle East supply concerns; Syria concerns and Libyan export cuts are trumping the bearish influence from a surprise gain for U.S. crude supplies.
Anadarko Petroleum (APC) +3.2% premarket after selling part of its stake off east Africa to India's ONGC for $2.64B.
Wells Fargo thinks the price was slightly above Street expectations, and believes the cash will enable APC to increase its production rate target in 2014 and possibly 2015 by a couple of percentage points; it keeps an Outperform rating on the stock.
The sale is good news for APC because “it ensures receiving value for this outsized exploration success without the project risk," ISI Group says.
Based on the deal, APC's remaining 26.5% stake in the Area 1 field is valued at ~$7B, Mizuho says.
As flagged, Anadarko (APC) has agreed to sell a 10% stake in an offshore Mozambique gas field to India's Oil & Natural Gas Corp. for $2.64B. Anadarko will remain the operator of the field, called Area 1, with a working interest of 26.5%.
Anadarko expects to invest the proceeds from the sale in its North American assets, such as the Wattenberg field, Eagleford Shale, and the Permian and Powder River basins, as well as in the Gulf of Mexico.
The company also hints that it will return some of the money to shareholders. (PR)
Canaccord Genuity picks up coverage on 10 energy companies set to benefit from the U.S. fracking boom, led by Apache (APA +1.5%), which it calls a Buy with a $106 price target based on strong drilling and a restructuring that can unlock value; shares have shed nearly 10% since Aug. 9 due to its Egypt exposure.
The firm rates Anadarko (APC +1.2%) a Buy, seeing success in high-risk, high-impact offshore exploration growing NAV and future production as well as providing the optionality to sell down stakes in big discoveries; APC can reinvest proceeds in its more predictable onshore U.S. operations.
COP and partner Anadarko (APC) have been the most active explorers in the reserve since a series of 1999 government lease sales; they are developing another field on the far eastern edge of the reserve expected to come on line in 2015, which would be linked by pipeline and a road to the new field.