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UPDATE 1-Anadarko Petroleum sees 11 percent rise in 2018 sales volumes
November 16, 2017 / 1:37 PM / a month ago

UPDATE 1-Anadarko Petroleum sees 11 percent rise in 2018 sales volumes

(Adds details on 2018 forecast)

Nov 16 (Reuters) - Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices.

The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017.

The company expects to spend $4.2 billion to $4.6 billion in 2018, with about 80 percent for the Delaware and DJ basins, including its midstream and deepwater assets in the Gulf of Mexico. That will result in about 14 percent oil growth year-over-year.

“The 14 percent rise in oil production growth should be viewed positively because we think there was some investor concern regarding growth rates at lower spending levels,” analysts at RBC Capital Markets said.

In July, Anadarko had forecast spending of around $4.2 billion to $4.4 billion for 2017.

Shares of the company were trading up 1 percent at $48.20 in premarket trade. (Reporting by John Benny in Bengaluru; Editing by Bernard Orr)

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