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Released July 31, 2013 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. oil and gas exploration and production company Anadarko Petroleum Corporation (NYSE:APC) (The Woodlands, Texas) saw solid overall gains in the second quarter of 2013, as the company reported significant progress at its large-scale oil projects in the Gulf of Mexico, Algeria and Ghana, and saw 25% oil growth from its U.S. onshore activities. Net income was reported to be $929 million, compared with a loss of $89 million in second-quarter 2012.
Total revenues stood at $3.5 billion, an 8.54% increase from the same period last year. Among the areas to see the strongest gains was the company's Eagle Ford Shale program, which saw a 62% gain in liquids sales volumes, averaging about 32,000 barrels per day. Anadarko also began operations at the 200 million-cubic-foot-per-day Brasada natural gas processing plant in the Eagle Ford. In East Texas, sales volumes doubled in the liquids-rich horizontal drilling program to about 40,000 barrels of oil equivalent per day.
Anadarko also saw progress at its Wattenberg Horizontal program, which is located in the Denver-Julesburg Basin, north and east of Denver, Colorado. The field average grew more than 37% from second-quarter 2012 to 60,000 barrels of liquids per day. For more information, see April 15, 2013, article - More than $5 Billion in Oil and Gas Infrastructure Projects Being Developed in North Dakota and Colorado.
Capital expenditures were reported to be $1.87 billion for the quarter, compared with $1.81 billion in the second quarter of 2012, and $3.61 billion for the year so far, basically unchanged from the first half of 2012. Anadarko and its subsidiaries drilled five new deepwater discoveries during the quarter (three in the Gulf of Mexico and two in Mozambique), achieving a success rate of about 70% in the deepwater exploration/appraisal program.
Industrial Info is tracking more than $22 billion in active projects involving Anadarko, including a $1 million addition to the Salt Creek EOR Field Central Natural Gas and Oil Processing Facility in Midwest, Wyoming. The project involves installing a new recycle compressor station; installing four natural gas engine-driven aerial compressors to increase inlet pressure; and constructing an oil processing facility with a capacity of between 80,000 and 100,000 barrels per day. It is expected to be completed in the fourth quarter of this year.
Industrial Info also is tracking the construction of the Lancaster Natural Gas Processing Plant in Fort Lupton, Colorado. The proposed plant is designed to process up to 300 million standard cubic feet per day of natural gas from the Denver-Julesburg Basin. Plans include the installation of two 13,000-HP GE Electric Motor Driven Compressors. It is expected to be completed in the first quarter of 2014.
"Beyond the outstanding performance of our significant growth plays, we've had some very strong early results with the Wolfcamp tests in the Delaware Basin of West Texas," said Al Walker, the chairman, president and chief executive officer of Anadarko, in a conference call. "We're accelerating drilling activity across our 600,000-gross-acre position following encouraging results and production rates from our two initial wells, each demonstrating [initial production] of more than 1,000 barrels per day, with high cuts of oil and liquids."
Anadarko executives are increasing the company's full-year sales volumes estimate to between 281 million and 287 million barrels of oil equivalent, compared with the previous range of between 279 million and 287 million. Among the major projects under way are the Lucius development in the deepwater Gulf of Mexico, which is on track for its first oil in the second half of 2014; the El Merk project in Algeria, which is expected to increase to a net rate of about 30,000 barrels per day by the end of this year and has a second train that is being commissioned; and the Tweneboa-Enyenra-Ntomme project in Ghana, which saw its development plan approved by the government and is expected to begin production at an 80,000-barrel-of-oil-per-day facility in 2016.
"We continue to believe that 2013 will be an exceptional year for Anadarko Petroleum," Walker said in the conference call.
For more information, visit Industrial Info's North American Oil and Gas Production Database.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Total revenues stood at $3.5 billion, an 8.54% increase from the same period last year. Among the areas to see the strongest gains was the company's Eagle Ford Shale program, which saw a 62% gain in liquids sales volumes, averaging about 32,000 barrels per day. Anadarko also began operations at the 200 million-cubic-foot-per-day Brasada natural gas processing plant in the Eagle Ford. In East Texas, sales volumes doubled in the liquids-rich horizontal drilling program to about 40,000 barrels of oil equivalent per day.
Anadarko also saw progress at its Wattenberg Horizontal program, which is located in the Denver-Julesburg Basin, north and east of Denver, Colorado. The field average grew more than 37% from second-quarter 2012 to 60,000 barrels of liquids per day. For more information, see April 15, 2013, article - More than $5 Billion in Oil and Gas Infrastructure Projects Being Developed in North Dakota and Colorado.
Capital expenditures were reported to be $1.87 billion for the quarter, compared with $1.81 billion in the second quarter of 2012, and $3.61 billion for the year so far, basically unchanged from the first half of 2012. Anadarko and its subsidiaries drilled five new deepwater discoveries during the quarter (three in the Gulf of Mexico and two in Mozambique), achieving a success rate of about 70% in the deepwater exploration/appraisal program.
Industrial Info is tracking more than $22 billion in active projects involving Anadarko, including a $1 million addition to the Salt Creek EOR Field Central Natural Gas and Oil Processing Facility in Midwest, Wyoming. The project involves installing a new recycle compressor station; installing four natural gas engine-driven aerial compressors to increase inlet pressure; and constructing an oil processing facility with a capacity of between 80,000 and 100,000 barrels per day. It is expected to be completed in the fourth quarter of this year.
Industrial Info also is tracking the construction of the Lancaster Natural Gas Processing Plant in Fort Lupton, Colorado. The proposed plant is designed to process up to 300 million standard cubic feet per day of natural gas from the Denver-Julesburg Basin. Plans include the installation of two 13,000-HP GE Electric Motor Driven Compressors. It is expected to be completed in the first quarter of 2014.
"Beyond the outstanding performance of our significant growth plays, we've had some very strong early results with the Wolfcamp tests in the Delaware Basin of West Texas," said Al Walker, the chairman, president and chief executive officer of Anadarko, in a conference call. "We're accelerating drilling activity across our 600,000-gross-acre position following encouraging results and production rates from our two initial wells, each demonstrating [initial production] of more than 1,000 barrels per day, with high cuts of oil and liquids."
Anadarko executives are increasing the company's full-year sales volumes estimate to between 281 million and 287 million barrels of oil equivalent, compared with the previous range of between 279 million and 287 million. Among the major projects under way are the Lucius development in the deepwater Gulf of Mexico, which is on track for its first oil in the second half of 2014; the El Merk project in Algeria, which is expected to increase to a net rate of about 30,000 barrels per day by the end of this year and has a second train that is being commissioned; and the Tweneboa-Enyenra-Ntomme project in Ghana, which saw its development plan approved by the government and is expected to begin production at an 80,000-barrel-of-oil-per-day facility in 2016.
"We continue to believe that 2013 will be an exceptional year for Anadarko Petroleum," Walker said in the conference call.
For more information, visit Industrial Info's North American Oil and Gas Production Database.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
