Anadarko Provides Wattenberg Update
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 fracturing activities.
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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