Anadarko Petroleum revises its production guidance

Anadarko Petroleum Corp. on Tuesday raised its full-year 2008 production guidance and its capital budget.

Photo: Anadarko Petroleum revises its production guidance

The Houston-based company said it is increasing the midpoint of its full-year production guidance by 2 million barrels of oil equivalent (BOE) as recent divestitures have allowed the company to raise its exploration budget.

The company said its board approved an expansion of the company's 2008 capital budget by about $400 million. Anadarko now expects 2008 capital expenditures, including expensed exploration, of $4.9 billion to $5.1 billion.

Anadarko expects 2008 production volumes of 207 million to 212 million BOE, up from its previous forecast of 205 million to 210 million BOE.

Anadarko Petroleum Corporation is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. 345 on the "Fortune 500" list that year, the company has assets worth $20 billion, and employs a worldwide workforce of about 3,400.

Anadarko is involved in both upstream and downstream activities. In aggregating gas from the well head to the market, Anadarko’s range of services includes gathering, compression, treating and dehydration, and processing. Its market services include field area supply, market area supply, transportation optimization, and storage management.