Anadarko Expects Oil Sales Volumes to Rise 25 Percent
Petroleum Corp <APC.N> said on Tuesday it expected a 25 percent rise in oil sales volumes in 2017 and that it would boost its capital budget to focus on higher-margin oil production. The company forecast initial capital budget of $4.5 billion to $4.7 billion for the current year, compared with $3.31 billion in 2016. Anadarko announced the sale of its Eagleford shale assets in South Texas for about $2.3 billion in January to focus on more high-return properties such as Texas’ Delaware Basin, the DJ Basin in Colorado and the deepwater Gulf of Mexico.
Reporting by Vishaka George in Bengaluru; Editing by Anil D’Silva for Nasdaq.com