Anadarko Sees 2014 Capital Investments, Excl Items, To Be $8.1 Bln - $8.5 Bln

(RTTNews) - Oil and natural gas producer Anadarko Petroleum Corp. (APC) said that it expects total 2014 capital investments to be $8.1 billion to $8.5 billion, excluding capital investments associated with Western Gas Partners LP (WES), a separate publicly traded entity controlled by Anadarko and included in its consolidated financial statements.

The firm said it expects the capital plan to enable it to increase year-over-year 'same-store' sales volumes by 6 to 7 percent. Driving this year-over-year growth is an expected increase in its oil production of approximately 40,000 barrels per day.

The company noted that "Same-store sales" volumes are intended to present performance of Anadarko's continuing asset base, giving effect to significant recent divestitures; accordingly, sales volumes presented, exclude approximately 11 million barrels of oil equivalent (BOE) of 2013 production and all 2014 volumes associated with the China and Pinedale/Jonah asset divestitures.

During 2014, the company expects to drill up to 25 high-potential deepwater exploration/ appraisal wells. Additionally, it plans to continue accelerating value through active portfolio management and monetizations, as demonstrated by the recently announced divestiture of its non-operated assets in Bohai Bay, China, and the closing of its sale of a 10-percent working interest in Mozambique's Offshore Area 1 to OVL.

More than 80 percent of Anadarko's 2014 U.S. onshore capital investments will be allocated toward oil and liquids-rich opportunities. As a result, the company expects to increase its total U.S. onshore year-over-year same-store, excluding sales volumes associated with the Pinedale/Jonah asset divestiture, sales volumes by more than 10 percent to more than 625,000 BOE per day for full-year 2014, including an approximate 50,000 barrels-per-day increase in liquids volumes.