Anadarko Petroleum Corp. raised its output guidance for the fourth quarter, saying that performance across its portfolio is exceeding expectations.
The Houston-based oil-and-gas company lifted the midpoint of its oil sales-volume guidance by about 15,000 barrels a day, and, as a result, Anadarko raised its total fourth-quarter sales-volume guidance by 2 million barrels of oil equivalent, to a range of 70 million to 72 million barrels of oil equivalent.
The company’s and the Delaware Basin are driving production increases relative to guidance, Anadarko said.
At the same time, capital spending will be “significantly lower,” said CEO Al Walker. Like many companies across the oil patch, Anadarko is cutting expenses as it grapples with the collapse in oil prices.
The company Thursday said it is making meaningful improvements to its cost structure but didn’t elaborate on its 2016 capital view.
Firms such as Chevron Corp. and Exxon Mobil Corp. have in recent months announced steep cuts to capital spending plans.
Separately on Thursday, Anadarko said it has renewed and extended about $5 billion of certain credit lines.
Shares in the company, up 7.8 percent over the past three months, dropped 2.31 percent in morning trading.
