Anadarko Petroleum has reported a net loss of $2.669 billion largely driven by\u00a0 a contingent loss of $4 billion from the Tronox Adversary proceeding agreement.<\/p>\n
The sale of a portion of the company\u2019s interest in Offshore Area A block in Mozambique led to a gain of $2.64 billion cushioning the company from the Tronox Adversary.<\/p>\n
The sale of Area 1 that was made to Oil and Natural Gas Corporation (ONGC) \u00a0Videsh limited left Anadarko with a working interest of 26.5 percent.<\/p>\n
Anadarko then said that the net proceeds of the transaction would further accelerate the short- and immediate term oil and liquids opportunities in other interest areas.<\/p>\n
“Our objective with this allocation of capital will be to further increase our cash-flow growth with attractive wellhead margins, while providing additional value to our shareholders as evidenced by our recent dividend increase and continued portfolio-management activities.” Anadarko Chairman, President and CEO\u00a0Al Walker\u00a0said.<\/p>\n
And today during the first quarter announcement Anadarko Executive Vice President, Finance and CFO,\u00a0Bob Gwin attributed the results largely to discretionary cash flow from Mozambique\u00a0 and\u00a0Pinedale\/Jonah transactions.<\/p>\n
Anadarko’s partners in Area 1 include Mitsui E&P Mozambique Area 1, Limited (20 percent),\u00a0BPRL Ventures Mozambique B.V.\u00a0(10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and PTT Exploration & Production Plc\u00a0(8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.’s (ENH) 15-percent interest is carried through the exploration phase.<\/p>\n
The company has also seen successful appraisal drilling activities in the Orca field increasing the total estimated recoverable resources in Anadarko’s Offshore Area 1 to a range of 50 to 70-plus trillion cubic feet of natural gas.<\/p>\n
Anadarko also continues to advance the Mozambique LNG project by adding incremental non-binding LNG off-take agreements.<\/p>\n","protected":false},"excerpt":{"rendered":"