Anadarko reports Q3 loss

Woodlands-based Anadarko on Tuesday reported a loss of US$830 million in the third quarter of this year, as compared to a loss of $2.24 billion in the same period a year ago.

On a per-share basis, the company booked a loss of $1.61 compared with a loss of $4.41.

The company has slashed its 2016 spending by almost 50 percent and sold assets to cope with the prolonged oil and gas downturn.

Anadarko’s revenue rose 12.1 percent to about $1.89 billion in the third quarter, missing analysts’ estimates of $2.19 billion, according to Reuters.

Third-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 780,000 BOE per day, Anadarko said in a statement on Monday.

Mozambique LNG

Anadarko’s multi-billion LNG development in Mozambique is currently on hold as the country’s government is reviewing the project’s resettlement plan.

“The Resettlement Plan and associated agreements have been submitted and are currently under review by the Government of Mozambique,” the company said in the third-quarter results report.

Anadarko and partners have discovered more than 75 Tcf of recoverable natural gas resources in Mozambique’s Offshore Area 1, which will be used to feed an onshore LNG terminal on the Afungi peninsula in Cabo Delgado province.

The reserves are sufficient to support two initial LNG trains, each with capacity of 6 million tonnes per annum, as well as to accommodate expansions, including additional trains capable of producing about 50 million tonnes of LNG per year, according to Anadarko. The Mozambique LNG project has more than 8 MMTPA of non-binding LNG offtake agreements already in place.

LNG World News Staff