- New Budget Totals $1.5 Billion -
HOUSTON, July 31 /PRNewswire/ -- The Board of Directors of Anadarko
Petroleum Corporation (NYSE: APC) today approved increasing its 2000 capital
investment budget to $1.5 billion. This amounts to a $384 million (34%)
increase over the combined total of Anadarko's previously announced capital
budget of $766 million and the $350 million remaining from the 2000 capital
budget of Union Pacific Resources Group Inc. (UPR), with which Anadarko
recently merged.
Much of Anadarko's capital spending will focus on North American natural
gas prospects. "This increase in capital spending will allow us to accelerate
our exploration, development and exploitation programs on our outstanding
portfolio of gas properties," said Robert J. Allison, Jr., Anadarko Chairman
and CEO. "We expect this to result in continued increases in earnings and
cash flow. The higher prices we're now seeing for natural gas will be with us
for a long time."
Principal targets during the remainder of the year include Anadarko's
natural gas projects in East Texas and Louisiana, its gas assets in western
Canada, and gas and oil projects on its shelf, sub-salt and deep water
properties in the Gulf of Mexico. Anadarko also will pursue selected high
potential exploration projects in North America and internationally.
Houston-based Anadarko Petroleum Corporation is one of the world's largest
independent E&P companies, with 1.94 billion energy equivalent barrels
(11.64 Tcfe) of proved reserves. Domestically, it has core operations in
Texas, Louisiana, the mid-continent and Rocky Mountain regions, and in the
shallow and deep waters of the Gulf of Mexico. Internationally, it has
operations in Algeria, Tunisia, Canada, Guatemala and Venezuela.
Anadarko Petroleum Corporation
Revised 2000 Capital Spending
(Dollars in millions)
2000 Budget 1999 Actual 1998 Actual 1997 Actual
Exploration $300 $189 $257 $185
Development 950 311 344 346
Acquisitions,
Gas Gathering
and Other 50 77 201 67
Capitalized
Interest and
Overhead 200 103 115 88
Total $1,500 $680 $917 $686
Except for historical information, all other information in this
presentation consists of forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those projected, anticipated or implied.
The most significant of these risks and uncertainties are described in
Anadarko's SEC filings and reports and exhibits to those reports, and include
(but are not limited to) the costs and difficulties related to the integration
of acquired businesses, commodity pricing and demand, exploration and
operating risks, development risks, and the costs and other effects of
governmental regulation and legal and administrative proceedings. Anadarko
undertakes no obligation to publicly update or revise any forward-looking
statements.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
analysts and investors, A. Paul Taylor, Jr.,
281-874-3471, or David R. Larson, 281-874-3265, or news media,
Tony Canino, 281-873-3855, all of Anadarko Petroleum Corporation
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