Anadarko Provides Wattenberg Update
Unprecedented Flooding Spurs Humanitarian Response, Temporarily
Impacts Operating Activities
HOUSTON, TX -- (Marketwired) -- 10/03/13 -- Anadarko Petroleum
Corporation (NYSE: APC) today provided an update on its activity in
the Greater Wattenberg area of northeastern Colorado following the
catastrophic flooding that began on Sept. 10, 2013.
"Words can't express the sadness we feel for the families who've lost
loved ones, homes, businesses, property, livestock and other
belongings in the devastating floods that occurred last month
throughout northeastern Colorado," said Al Walker, Anadarko Chairman,
President and CEO. "Through the devastation, it's amazing to see the
selfless actions of so many to help in the recovery. We are proud of
the hundreds of our employees, contractors and others in our
industry, many of whom were personally affected, assisting their
neighbors and contributing to the broader humanitarian response and
clean-up efforts in the affected communities."
To aid in the continuing recovery of affected families in the region,
Anadarko contributed $500,000 to various agencies including The
Community Foundation serving Weld County, The American Red Cross -
Colorado Flood Victims Relief Fund, United Way Foothills Relief Fund
and United Way Larimer County Relief Fund.
Anadarko operates more than 5,800 wells, 2,500 storage tank
facilities and 3,200 miles of pipeline in the Greater Wattenberg
area. In preparation for and during the flooding, the company shut in
approximately 675 operated vertical wells. Largely as a result of the
company's strict adherence to environmental standards, safety
guidelines and facility construction requirements, the vast majority
of Anadarko's locations remained intact and there were no
environmental impacts associated with its drilling or hydraulic
Due to the damaged roads, bridges, rail and other issues that impact
the ability to move heavy equipment such as rigs and compression
units, the company is experiencing disruptions to its drilling,
completions and construction activities in the area, which will
result in temporary delays to its expansion of capacity in the field.
These delays are expected to reduce the company's total estimated
full-year sales volumes by approximately 2.5 million barrels of oil
equivalent (BOE). Nonetheless, the company anticipates its total
annual sales volumes to still be within the previously provided
guidance range of 281 to 287 million BOE.
"The Wattenberg Horizontal program is one of our most important areas
of operation. As conditions improve, we expect to safely accelerate
activity in the field to enable its tremendous production growth to
continue. This includes plans to drill 350 to 400 new horizontal
wells in 2014, as well as to complete infrastructure expansions
throughout the field," added Walker.
Anadarko Petroleum Corporation's mission is to deliver a competitive
and sustainable rate of return to shareholders by exploring for,
acquiring and developing oil and natural gas resources vital to the
world's health and welfare. As of year-end 2012, the company had
approximately 2.56 billion barrels-equivalent of proved reserves,
making it one of the world's largest independent exploration and
production companies. For more information about Anadarko and APC
Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have been
correct. A number of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this news release, including Anadarko's
ability to meet financial and operating guidance, fully restore or
accelerate the projects identified in this news release, and drill,
develop and commercially operate the drilling prospects identified in
this news release. See "Risk Factors" in the company's 2012 Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other public
filings and press releases. Anadarko undertakes no obligation to
publicly update or revise any forward-looking statements.
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