Anadarko Petroleum Cuts Spending On Drilling

(RTTNews) - Anadarko Petroleum Corp. (APC) said that The current market conditions require lower capital intensity given the volatility of margins realized in this operating environment. As such, the company reduced its level of investments by $300 million for the full year, and adjusting full-year sales-volume guidance to reflect recent divestitures and the deferred production associated with the Colorado response.

The company still expects to average approximately 130,000 barrels of oil per day in the deepwater Gulf of Mexico and exit the year at around 150,000 barrels of oil per day from the Delaware and DJ basins combined.