Feb 20 Anadarko Petroleum Corp said its
2013 oil and gas production might come in at the low end of
forecasts, reflecting an oversupplied natural gas liquids market
and weather disruptions.
Anadarko also said it expected to spend $7.2 billion to $7.6
billion in 2013, a similar amount to its capital expenditures
The Houston company's production forecast for growth of 5
percent falls at the low end of its longer-term expectations for
annual growth of 5 percent to 7 percent. Some Wall Street
analysts also expected growth of 7 percent.
Al Walker, the company's chief executive, told analysts that
the production outlook factored in expected high rates of ethane
rejection. Hefty supplies of natural gas liquids mean that some
producers are keeping ethane in the natural gas stream rather
than stripping it out to market as an NGL.
If the ethane market recovers in 2013, Anadarko's production
could be higher, Walker said.
Sixty percent of Anadarko's capital spending will go toward
oil and gas properties onshore in the United States, the company
said ahead of the call with analysts.