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UPDATE 1-September floods keep some Anadarko wells offline
November 5, 2013 / 3:46 PM / 4 years ago

UPDATE 1-September floods keep some Anadarko wells offline

HOUSTON, Nov 5 (Reuters) - Anadarko Petroleum Corp said on Tuesday that 250 of its wells in the Wattenberg area in northeastern Colorado are still shut in following heavy flooding in September.

“The flood set us back a couple of months and we are still feeling the impact,” Chuck Meloy, head of Anadarko’s U.S. onshore exploration and production business, told analysts on a conference call. “But this will pass.”

Anadarko, which said in October that the floods would cut into its output from Wattenberg, has more than 5,800 wells in that area.

On Monday, Anadarko reported a third-quarter profit. But it fell short of Wall Street estimates on weaker-than-expected U.S. oil production, according to analysts at energy investment bank Simmons & Co Int‘l.

The temporary delays to production associated with flooding in the Wattenberg and the timing of Anadarko’s sales in Algeria should set the company up for stronger production growth next year, Simmons told clients in a note.

Shares of Anadarko fell $2.17, or 2.2 percent, to $93.80 in morning trading on the New York Stock Exchange.

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