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Anadarko Delivers a Mixed One: 2Q17 Earnings, Revenue

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Part 2
Anadarko Delivers a Mixed One: 2Q17 Earnings, Revenue PART 2 OF 5

Inside Anadarko’s Operational Performance in 2Q17

Anadarko’s 2Q17 production

Anadarko Petroleum’s (APC) total production in 2Q17 was 631.0 Mboepd (thousand barrels of oil equivalent per day). By comparison, APC reported total production of 792.0 Mboepd in 2Q16, and in 1Q17, it reported total production of 795 Mboepd.

Inside Anadarko&#8217;s Operational Performance in 2Q17

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The company pointed out that it saw a 12% increase in its total oil sales volumes compared with 2Q16. APC’s production mix was 67% liquids in 2Q17, compared with 54% liquids in 2Q16.

APC’s 2Q17 operational highlights

In the DJ Basin, APC’s oil sales volumes for 2Q17 averaged 76,000 barrels per day. APC made note that it continues to enhance its completions program and has seen greater drilling efficiencies in the region.

Anadarko’s oil sales volumes averaged 113,000 barrels per day in the Deepwater Gulf of Mexico region. In its 2Q17 earnings release, APC said that company completed several of its planned maintenance activities and facility upgrades. It also brought online the first development well of its Horn Mountain Deep discovery ahead of schedule and is now producing ~12,000 barrels of oil per day at the location.

Internationally, APC’s production volumes averaged 93,000 barrels per day—a rise of 25% over 2Q16. The increase was mostly driven by the startup of APC’s TEN development in offshore Ghana in 3Q16.

APC’s realized prices in 2Q17

Anadarko Petroleum’s average realized price for crude oil (USO) rose from $41.77 per barrel in 2Q16 to $47.19 per barrel in 2Q17. Its average realized price for natural gas (UNG) rose from $1.61 per thousand cubic feet in 2Q16 to $2.84 per thousand cubic feet in 2Q17.

APC’s average realized price for natural gas liquids rose from $19.60 per barrel in 2Q16 to $25.14 per barrel in 2Q17. The increase in realized prices likely explains APC’s higher revenue in 2Q17 versus 2Q16.

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