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The oil and gas development company Andarko Petroleum $APC reported second quarter 2017 results on Monday.  The company said their loss shrank and the low oil prices sees them cut its 2017 capital budget by $300 million.

$APC Average daily sales of physical crude and natural gas sold fell 20 percent to 631,000 barrels of oil equivalent per day. Net cash provided by operating activities in the second quarter of 2017 was $857 million.

Earnings: Loss of $415 million, or 76 cents per share, compared to $692 million, or $1.36 per share, in the year-ago period.

Reaction: Anadarko Petroleum Corporation NYSE: APC After-hours 42.45 -1.76 (-3.98%) 

Al Walker, Anadarko Chairman, President and CEO. said "The current market conditions require lower capital intensity given the volatility of margins realized in this operating environment. As such, we are reducing our level of investments by $300 million for the full year, and adjusting full-year sales-volume guidance to reflect recent divestitures and the deferred production associated with the Colorado response. We feel this is a prudent move, while still expecting to average approximately 130,000 barrels of oil per day in the deepwater Gulf of Mexico and exit the year at around 150,000 barrels of oil per day from the Delaware and DJ basins combined."

About Anadarko

Anadarko Petroleum Corporation is an independent exploration and production company. The Company’s segments include Oil and Gas Exploration & Production; Midstream, and Marketing. The Oil and Gas Exploration & Production segment explores for and produces oil, condensate, natural gas and natural gas liquids (NGLs), and focuses on the development and operation of the Company’s liquefied natural gas (LNG) project in Mozambique.

The company’s asset portfolio includes U.S. onshore resource plays in the Rocky Mountains, the southern United States, the Appalachian basin and Alaska; the deepwater Gulf of Mexico; and in Mozambique, Algeria, Ghana, Brazil, Colombia, Côte d’Ivoire, Kenya, Liberia, New Zealand and other countries.

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