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Anadarko plans to spend US$4.2-4.6bn on projects next year

Last updated: 08:13 16 Nov 2017 EST, First published: 03:13 16 Nov 2017 EST

oil and gas operations
US$1bn will be returned to shareholders

Anadarko Petroleum Corporation (NYSE:APC) told investors it expects to spend between US$4.2bn to US$4.6bn of capital next year.

The vast majority of the money is earmarked for assets in the Delaware and DJ basins, as well as deepwater Gulf of Mexico.

On top of that, it intends to return a substantial amount of cash to shareholders with a last US$1bn of a US$2.5bn share buyback programme anticipated.

Al Walker, Anadarko chief executive, in a statement said: "Our 2018 investment plan will again be driven by capital efficiency and financial discipline."

"These key tenets have served us well for the last decade, as growth within cash flow is fundamental to delivering capital-efficient returns.

“Our repositioned asset footprint is built to succeed in a market where oil prices exhibit volatility in a $45-$60 environment, with gas averaging $3 per Mcf (thousand cubic feet).”

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