Anadarko Petroleum rises after Q4 earnings beat, capex guidance cut

|About: Anadarko Petroleum Corporation (APC)|By:, SA News Editor

Anadarko Petroleum (NYSE:APC+1.1% after-hours as it easily beats Q4 earnings expectations as revenues rose 22% Y/Y, helped by improved crude oil prices and lower costs.

"Our capital investment program this year is well positioned to deliver attractive cash returns that produce healthy production growth," says CEO Al Walker, as APC lowers its 2018 capex outlook to $4.1B-$4.5B from $4.2B-$4.6B previously, with the cut largely due to recent asset sales.

FY 2018 sales volume guidance is trimmed to 238M-248M boe from 245M-255M boe previously.

Q4 sales volumes of oil, natural gas and natural gas liquids fell 18% Y/Y to 637K boe/day.

APC says it achieved year-end 2017 production exit rates totaling more than 150K bbl/day of oil combined from the Delaware and DJ basins.

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