The FINANCIAL — Anadarko Petroleum Corporation announced its financial and operating results for the second quarter of 2014, including net income attributable to common stockholders of $227 million, or $0.45 per share (diluted).
These results include certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $442 million or $0.87 per share (diluted). Cash flow from operating activities in the second quarter of 2014 was $2.462 billion, and discretionary cash flow totaled $2.434 billion, according to ANADARKO PETROLEUM CORPORATION.
“Anadarko delivered exceptional operating performance during the second quarter, with an increase of 65,000 barrels of oil per day over the second quarter of 2013 led by our U.S. onshore assets and the El Merk development in Algeria,” said Al Walker, Anadarko Chairman, President and CEO. “We are increasing our full-year sales-volume guidance by 5 million BOE, reflecting our confidence in the portfolio’s capability to continue delivering strong results. To further enhance performance, we will continue to be an active portfolio manager and pursue additional opportunities to accelerate value as appropriate,” Walker added.
During the second quarter, Anadarko’s sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled a record 77 million BOE, or an average of 848,000 BOE per day, representing an increase of almost 100,000 BOE per day over the second quarter of 2013, according to ANADARKO PETROLEUM CORPORATION.
Anadarko’s U.S. onshore liquids sales volumes increased by more than 86,000 barrels per day over the second quarter of 2013, led by outstanding growth in the company’s liquids-rich assets in the Wattenberg field, Eagleford Shale, Wolfcamp Shale and the East Texas/North Louisiana area. The Wattenberg field averaged a record 169,000 BOE per day in the second quarter, a 63,000-BOE-per-day increase over the second quarter of 2013. Wattenberg’s growth was highlighted by an increase of 52,000 barrels per day of higher-margin liquids volumes relative to the second-quarter 2013, resulting from the continued strong performance of the company’s horizontal program, higher NGL recoveries through the startup of the Lancaster cryogenic plant and lower line pressures in the field.
Anadarko achieved oil production milestones at the El Merk development in Algeria, which recently achieved a gross-daily production record of more than 150,000 barrels per day, and at the Jubilee field offshore Ghana, where cumulative gross oil production surpassed 100 million barrels during the quarter.
In the Gulf of Mexico, Anadarko completed all major construction and installation projects at its Lucius development. The 80,000-barrels-of-oil-per-day Lucius spar is expected to achieve first oil on schedule around the beginning of the fourth quarter of 2014. In addition, construction on the hull of the Heidelberg spar is nearly complete, and it remains on schedule to achieve first oil in 2016, according to ANADARKO PETROLEUM CORPORATION.
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