March 4 Anadarko Petroleum Corp raised
its 2014 capital budget by nearly 8 percent and said it would
spend about 60 percent of the total on drilling more oil wells
onshore in North America.
A bulk of the onshore capital will go in drilling oil and
liquids-rich shale fields in the United States, including the
Wattenberg field in Colorado, Eagleford and Wolfcamp fields in
Texas, the company said.
Texas-based Anadarko said it expects oil production to rise
by about 40,000 barrels per day in 2014.
Anadarko, along with many other U.S. oil and gas producers,
has been selling off assets abroad to focus on high-growth,
higher-margin shale oil drilling in North America.
Increased spending this year will drive sales volumes,
excluding divestitures, by 6-7 percent to between 290-294
million barrels of oil equivalent (BOE).
By that measure, Anadarko sold 274 million BOE in 2013.
Anadarko's sales volumes represent actual production volumes
adjusted for changes in commodity inventories.
The company said capital investments this year are expected
to be between $8.1 billion and $8.5 billion, excluding
investments associated with its unit Western Gas Partners LP
Anadarko spent $7.7 billion in 2013.