Anadarko to boost spending 22 percent
Anadarko Petroleum Corp. said Tuesday it plans to boost capital spending this year by as much as 22 percent as it focuses on exploration and development of new oil fields in or around the U.S.
The oil company, based in Woodlands, Texas, said it plans to spend between $5.3 billion and $5.6 billion this year. That's up from $4.6 billion in 2009 and $4.9 billion in 2008.
About 42 percent of its spending will be in the U.S., followed by 28 percent on international operations and 18 percent on projects in the Gulf of Mexico.
It expects to drill up to 13 wells in West Africa, seven to 10 wells in the Gulf of Mexico, four to six wells in Brazil, another four to six wells in Mozambique and three to five wells in southeast Asia.
The company expects to produce 226 million to 231 million barrels of oil and gas this year.
Anadarko shares added 74 cents to $71.15 in afternoon trading.
Copyright 2010  AP News
