- Anadarko Petroleum (NYSE:APC) -1.6% after-hours after posting a larger than expected Q3 loss and reduced production to reflect hurricane disruptions.
- APC says its Q3 sales volume of oil, natural gas and natural gas liquids fell 20% to an average of 626K boe/day, although its oil production mix improved to 57% vs. 42% in the year-ago quarter, improving margins per barrel by 34% Y/Y.
- APC says it has "adjusted our full-year sales-volume guidance to reflect the impacts of hurricanes Harvey, Irma and Nate, as well as the sale of our Moxa asset," it still expects to exit 2017 with production rates of ~150K bbl/day of oil combined from the Delaware and DJ basins, and more than 130K bbl/day of oil from the deepwater Gulf of Mexico.
- APC also says it expects to "generate substantial free cash flow in a $50 oil price environment, with total capital spending, including Anadarko midstream spending on infrastructure in the Delaware Basin, inside of discretionary cash flow from operations."
- Now read: Big Bakken Loss - Capital Allocation Matters
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