Cathy Proctor – Reporter – Denver Business Journal
Anadarko Petroleum Corp. said Tuesday it will cut its 2015 capital spending budget by about 33 percent from last year, to between $5.4 billion and $5.8 billion, but cutbacks in Colorado will be less severe than other areas.
Anadarko (NYSE: APC), which has oil and gas operations around the world, spent about $9.3 billion companywide on capital expenditures last year.
The company, based in The Woodlands, Texas, is one of the biggest oil and gas companies working in Colorado’s Denver-Julesburg Basin north and east of Denver.
Anadarko said it plans to cut the number of drilling rigs it operates in the United States by 40 percent and postpone completing about 125 new onshore wells.
The company said it planned to spend about 55 percent of its budget on “short cash cycle” projects, such as Colorado’s Wattenberg field, part of the Denver-Julesburg Basin.
“The Wattenberg continues to be one of the more attractive assets in our portfolio,” Chuck Meloy, Anadarko’s executive vice president for its U.S. onshore exploration and production efforts, said Tuesday in a conference call with analysts.