1 July 2003
Anadarko sees lower 2003 output and rejigs assets
ANADARKO Petroleum, the US independent lowered its 2003 targets for crude oil and natural gas sales last month because of disappointing drilling results and production issues at some of its fields. However, the company also said earnings this year would be higher than expected, because of an improvement in oil and gas prices. Just a few days later, it announced a $225m acquisition of 26 Gulf of Mexico (GoM) fields from Amerada Hess, as well as plans for the disposal of some of its own assets. The 2003 production forecast has been lowered by 10m barrels of oil equivalent (boe) to 190m boe, because of production problems in the GoM, Algeria and Qatar. Robert Allison, the company's chairman, sa
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