A bevy of producers reported second-quarter earnings last week, and it’s clear from the numbers that the energy patch boom times are still very much with us. Majors reporting were Exxon Mobil, BP, Royal Dutch Shell, Chevron and ConocoPhillips. Independents Apache, XTO Energy, EnCana and Anadarko Petroleum also shared their numbers.

Most of the producers reported declines in domestic U.S. gas production and realized prices. Apache, for instance, credited international operations for a good portion of its great results. For XTO, onshore unconventional resources, specifically coalbed methane, helped to make the quarter a memorable one. BP and Shell both provided evidence that they and others will be duking it out on the LNG front for years to come as the global market for gas becomes more competitive.

Despite still working to put last year’s Gulf of Mexico hurricane season in the past, Chevron reported strong results. Like Exxon Mobil and some of the others, ConocoPhillips in its earnings release highlighted all that it is spending on exploration and production to help boost supply and bring high prices down. For EnCana, asset sales and hedging weighed heavily to the positive in the second quarter. Anadarko also saw its domestic gas volumes fall, but its prices held steady.

Exxon Mobil

The world’s largest public oil company raked in second quarter profits commensurate with its size. Exxon Mobil Corp. had yet another conspicuously great quarter in 2Q 2006, reporting net income of $10.36 billion, $1.72/share, an increase of $2.72 billion from the second quarter of 2005. First-half net income of $18.76 billion, $3.09/share, increased by 21% versus first-half 2005.

Net income from U.S. upstream operations rose to $1.644 billion in 2Q 2006 from $1.39 billion in the year-ago period and to $2.92 billion in the first half of 2006 from $2.74 billion in the year-ago period.

Natural gas production available for sale declined in both the United States and Canada but was up overall worldwide. U.S. gas production declined to 1,673 MMcf/d in the second quarter from 1,835 in the year-ago period. In the first half of the year, gas production declined to 1,683 MMcf/d from 1,866 MMcf/d in the year-ago period. Canadian production declined to 841 MMcf/d in the second quarter from 913 MMcf/d in the year-ago period. In the first half of the year, Canadian gas production declined to 861 MMcf/d from 918 MMcf/d in the year-ago period. Gas production also declined in Europe but grew in the Asia Pacific/Middle East and Russia/Caspian regions. The company did not provide data on realized commodity prices.

“ExxonMobil’s second quarter earnings excluding special items, were a record $10,360 million, up 32% from second quarter 2005. Earnings per share excluding special items were up 40% reflecting the impact of the continuing share purchase program,” said Chairman Rex Tillerson. “Higher crude oil and natural gas realizations and improved refining margins were partly offset by lower marketing margins.”

ExxonMobil continued its active investment program in the second quarter, spending $4.9 billion on capital and exploration projects, an increase of 8% versus 2005. As a result of additional upstream opportunities, the company now expects full year capital spending to total $20 billion.

Second quarter worldwide natural gas production was 8,769 MMcf/d compared with 8,709 MMcf/d last year. Higher volumes from projects in Qatar were partly offset by the impact of mature field decline and planned maintenance activity.

BP

BP plc reported second-quarter profit of $7.3 billion, 30% higher than the $5.6 billion of a year earlier. The company’s replacement cost profit was $6.1 billion, up from about $5 billion a year earlier. All segments — exploration and production, refining and marketing, and gas, power and renewables — showed improvement, although costs were higher.

CEO John Browne pointed to continued world economic growth as underpinning increased prices. The profit increase came as production declined slightly worldwide in all categories (net of royalties): crude oil to 2,355 million b/d in 2Q06 from 2,437 million b/d in 2Q05; natural gas liquids from 182 million b/d a year ago to 176 million b/d in 2Q06; other liquids from 2,619 million b/d in 2Q05 to 2,531 million b/d in the recent quarter and natural gas from 8,661 MMcf/d in second quarter of 2005 to 8,624 MMcf/d in 2Q06.

But the basis for the increased bottom line can be clearly seen in one set of statistics. Crude oil realizations grew significantly from $47.79/bbl in the second quarter of 2005 to $65.96/bbl in the recent quarter.

Browne announced he would be retiring at the end of 2008. In a news conference in London he also said the company was taking steps to improve its operations in the United States, according to a Wall Street Journal report, which have been plagued with problems such as refinery fires, pipeline leaks and charges of attempted price manipulation in its propane gas trading (see NGI, July 3). The measures include additional spending at its refineries on safety and engineering improvements and the same for its oil pipeline system in Alaska. BP also is appointing an independent advisory board for its U.S. operations and planning an independent audit of its trading operations.

Gas production in the United States for 2Q06 (net of royalties) totaled 2,493 MMcf/d, up from 2,485 MMcf/d in the same period of 2005. Production in the first half of 2006 was down slightly at 2,489 MMcf/d from 2,688.MMcf/d in the first half of 2005. At $5.44/Mcf prices in the second quarter were down slightly from the $5.83/Mcf recorded in 2Q05 and down materially from the $6.91/Mcf in the first quarter of 2006. This year’s first half, however, is still running ahead of 2005 with an average price of $6.17/Mcf compared to $5.57/Mcf in the first half last year.

Worldwide, BP’s gas production was down just slightly in the second quarter at 8,624 MMcf/d, compared to 8,661 MMcf/d in the second quarter of 2005.

Interestingly, for those who are wondering where LNG may be headed: BP collected more for its gas recently in the United Kingdom than it did in the United States. UK prices went from $4.82/Mcf in the second quarter 2005 to $7.87 in 1Q’06 and $5.67 in 2Q 2006. For the first half of this year UK prices averaged $6.92/Mcf compared to $5.21 in the same period in 2005. Worldwide, BP’s natural gas prices went from 4.38/MMcf/d in 2Q05 to $5.54 in 1Q’06 and $4.44 in 2Q06. The first half average worldwide in 2006 was $4.99/Mcf, up from $4.32 for the corresponding 2005 period.

Royal Dutch Shell

Despite a decline in U.S. natural gas production, Royal Dutch Shell’s second-quarter earnings were $6.3 billion, up 36% over the year-ago period. Second-quarter cash flow from operations was $7.8 billion compared to $6.3 billion a year ago.

U.S. natural gas production available for sale was 1,175 MMcf/d in the second quarter, down from 1,357 MMcf/d in the year-ago period. For the first half of the year, production available for sale was 1,146 MMcf/d, down from 1,371 MMcf/d in the year-ago period. However, LNG volumes and prices were strong.

“These results are underpinned by overall good operational performance and not simply high energy prices,” said CEO Jeroen van der Veer. “We are delivering our strategy, with ambitious growth plans upstream, and selective investment downstream. We plan to open up some 20 billion barrels of oil equivalent resources by the end of this decade.”

Second quarter exploration and production earnings were 46% greater than a year ago, mainly reflecting strong oil and gas price realizations and income tax credits, partly offset by lower volumes and higher costs. Production for second quarter 2006 was 3,253 thousand boe/d. Excluding the impact of hurricane damage in the Gulf of Mexico, security issues in Nigeria and production-sharing contract (PSC) impacts from increased oil prices, production was unchanged versus a year ago.

Gas and power earnings increased substantially over a year ago, driven by LNG prices and marketing and a 15% increase in LNG volumes from new train start-ups in Nigeria and Oman. second quarter 2005 earnings included $226 million of charges mainly related to divestments.

Capital spending plans for 2006 and 2007 are unchanged at, respectively, around $19 billion and some $21 billion.

“In upstream, we are making progress on two important unconventional projects,” said van der Veer. “These will become major industrial complexes, in gas-to-liquids in Qatar and in Canada’s oil sands.

“We have taken the final investment decision on the Pearl GTL project, which will produce 1.6 Bcf/d to deliver approximately 120,000 boe/d of condensate and generate 140,000 bbl/d of clean liquid hydrocarbon products. We continue to study the opportunity to expand the oil sands activities at the Athabasca Oil Sands Project and expect Shell Canada to make a decision shortly. With over 20 years of production capacity, these are true long-life assets, which will underpin the group for decades to come”.

In the U.S., production restarted from the Mars platform (Shell share 72%). Production was impacted by the continued partial shut-in of production in Nigeria, mainly in the Western Niger Delta due to the security situation, and production deferred in the Gulf of Mexico as a result of the 2005 hurricanes. Excluding the impact of security concerns in Nigeria, hurricane damage in the Gulf of Mexico, and PSC impacts from increased oil prices, production was unchanged from a year ago.

Gas and power earnings were $516 million compared with $11 million a year ago. second quarter 2005 earnings included $226 million of charges mainly related to divestments. Excluding these charges, second quarter 2006 earnings were 118% greater than second quarter 2005, reflecting strong LNG results and marketing and trading earnings.

LNG results benefited from strong prices and continued volume growth. LNG sales volume was up 15% from a year ago, reflecting additional LNG capacity through Trains 4 and 5 in Nigeria LNG (Shell share 26%) and Qalhat LNG in Oman (Shell indirect share 11%). Marketing and trading earnings continue to be driven by good performance and favorable conditions in European and North American markets.

Chevron

Although it took a hit for uninsured Gulf of Mexico hurricane losses and despite lower domestic natural gas prices, Chevron Corp. reported net income of $4.4 billion, $1.97/diluted share, for the second quarter 2006, compared with $3.7 billion, $1.76/share, in the year-ago period, a nearly 19% increase.

Sales and other operating revenues in the second quarter 2006 were $52 billion, up $5 billion from the same period in 2005. The increase was mainly attributable to higher prices for crude oil and refined products and the inclusion of revenues related to the former Unocal operations acquired in August 2005. For the first six months of 2006, net income was $8.3 billion, $3.77/share, compared with $6.4 billion, $3.04/share, in the 2005 first half, an increase of nearly 30%.

The average U.S. second quarter natural gas sales price decreased about 7% to $5.90/Mcf, while outside the United States the average natural gas price of $3.80/Mcf was 27% higher than a year earlier. U.S. net natural gas production averaged 1.8 Bcf/d, up 13%.

“The earnings improvement in the second quarter was driven mainly by our upstream business outside the United States,” said CEO Dave O’Reilly. “Worldwide upstream results in this year’s quarter benefited from both higher prices for crude oil and a 10% increase in oil-equivalent production.” O’Reilly noted that U.S. upstream results in the 2006 quarter included charges of about $300 million (13 cents/share) for uninsured costs associated with the dismantlement or repair of infrastructure damaged by last year’s hurricanes in the Gulf of Mexico.

For the company’s downstream business, O’Reilly said profits of approximately $1 billion were up slightly from the second quarter 2005 on improved results in the United States.

“Our recurring strong cash flows from operations funded $4 billion of capital and exploratory expenditures in the second quarter of this year,” O’Reilly said. “We also retired $1.7 billion of debt during the quarter that was assumed with last year’s acquisition of Unocal and purchased $1.3 billion of our common shares in the open market. We expect to complete our $5 billion stock buyback program by the end of the year. Earnings for the past 12 months resulted in a 24% return on capital employed for the period.”

U.S. upstream income of $901 million in the second quarter decreased 7% from the 2005 period. Net charges of approximately $300 million were recorded in the 2006 quarter for additional uninsured costs related to the dismantlement or repair of wells and facilities that were damaged in last year’s hurricanes in the Gulf of Mexico. Other operating expenses were also higher in this year’s quarter. These effects were partially offset by the benefits of higher prices for crude oil and higher oil-equivalent production between periods.

Net oil-equivalent production increased 4% to 768,000 bbl/d in the 2006 quarter due to volumes added from the former Unocal operations. The net liquids component of production was down about 1% to 463,000 barrels per day.

ConocoPhillips

ConocoPhillips second quarter profit jumped 65% over the year-ago period. Indicative of the company’s sensitivity to consumer anger over $3.00 gasoline, the first paragraph of its earnings release touted ConocoPhillips’ reinvestment of profits into exploration and production. “Year-to-date excluding the first-quarter acquisition of Burlington Resources, the company reinvested 97% of net income into the growth and development of oil and gas resources and its global refining business,” the release said.

And in a call with industry analysts, CEO Jim Mulva said ConocoPhillips is experiencing “dramatically” higher costs across the board.

Second quarter net income was $5,186 million, or $3.09/share, compared to $3,138 million, or $2.21/share, for the same quarter in 2005. Revenues were $47.1 billion, versus $41.8 billion a year ago.

“We delivered solid results in the second quarter and are pleased with the progress made integrating the Burlington Resources operations with ConocoPhillips’ global portfolio,” Mulva said. “However, we experienced unplanned downtime in both our upstream and downstream businesses, which impacted our operating performance.”

For the first six months of 2006, net income was $8,477 million, or $5.49/share, versus $6,050 million, or $4.26/share, for the same period a year ago. Second quarter E&P net income was $3,304 million, up from $2,553 million in the first quarter of 2006 and $1,929 million in the second quarter of 2005. The increase from the first quarter of 2006 primarily was due to the inclusion of Burlington’s results and benefits associated with new tax legislation in Canada, partially offset by a new production tax enacted in Venezuela. Higher realized crude oil prices, partially offset by lower realized natural gas prices, also contributed to higher earnings. Improved results from the second quarter of 2005 primarily were due to higher realized crude oil prices, the inclusion of Burlington Resources’ results and net benefits associated with recently enacted tax legislation.

Daily production from the E&P segment, including Canadian Syncrude and excluding the company’s LUKOIL investment segment, averaged 2.13 MMboe/d, improved from 1.61 MMboe/d in the previous quarter and 1.54 MMboe/d in the second quarter of 2005.

E&P net income for the first six months of 2006 was $5,857 million, up from $3,716 million in 2005, primarily from higher realized crude oil and natural gas prices, the inclusion of Burlington results and net benefits associated with recently enacted tax legislation.

In the midstream segment — which includes a 50% interest in Duke Energy Field Services LLC (DEFS) — the second quarter saw net income of $108 million, down from $110 million in the previous quarter and up from $68 million in the second quarter of 2005.

Apache

Second quarter earnings of Houston-based Apache Corp. rose 23% over the year-ago period to $722 million, $2.17/diluted share, from $587 million, $1.76/share. Record production, balanced product mix and higher oil prices offset a decline in natural gas prices since the first quarter.

However, while second quarter and first-half U.S. gas production declined; Canadian production increased in both periods. In the U.S., second quarter gas production declined to 638,469 Mcf/d from 653,805 Mcf/d in the year-ago period. First-half production declined to 619,860 Mcf/d from 645,848 Mcf/d. Canadian production in the second quarter grew to 417,494 Mcf/d from 380,564 Mcf/d and to 401,826 Mcf/d from 363,747 Mcf/d in the corresponding six-month periods.

The average price for U.S. production declined to $6.29/Mcf from $6.43/Mcf quarter over quarter but increased to $6.83/Mcf from $6.24/Mcf for the corresponding six-month periods. The average second quarter price for Canadian production declined to $5.69/Mcf from $6.03/Mcf. The average first-half price increased to $6.66/Mcf from $5.82/Mcf.

Overall, production totaled 500,888 boe/day, up from 469,617 boe/d in the prior-year period and up 10% from the first quarter of 2006. Gas production averaged 1.6 Bcf/d, up 21% from the prior-year period and up 15% from the first quarter. Apache produced 240,122 bbl of liquid hydrocarbons per day, down 5% from the second quarter of 2005, but a 4% increase from the first quarter of 2006.

“Five of Apache’s seven core areas posted production gains from the first quarter,” said CEO G. Steven Farris. “Our balanced portfolio and product mix combined to deliver excellent results. Higher oil prices and record barrel-equivalent production more than offset the impact of lower natural gas prices on earnings and cash flow.”

On a barrel-equivalent basis, Apache’s second quarter production was 52% natural gas and 48% liquid hydrocarbons.

Apache’s record gas production was the result of substantially higher output from the Qasr field in Egypt, the John Brookes field in Australia, several fields in Canada and the onshore U.S. Central Region. second quarter results also included production resulting from the company’s acquisition of Pioneer Resources’ assets in Argentina, which was completed in April.

Gulf Coast Region production in the second quarter was 20% below the year-earlier period as a result of continuing curtailments of platforms and infrastructure damaged by the third-quarter 2005 hurricanes. Restoration activities will continue into 2007. Apache’s Gulf of Mexico production will get a boost in coming quarters with the June 21 closing of its acquisition of BP’s producing assets in the shallow waters of the Gulf. The acquisition is expected to add net production of 3,650 bbl of oil and 85 MMcf of gas per day during the second half of 2006.

“Driven by $1.7 billion of producing property acquisitions closed in the first half of the year, our continuing active drilling campaign in all of our regions and the ongoing restoration of production in the Gulf, Apache is on track to achieve 10% to 15% production growth in 2006,” Farris said.

Apache received $64.35/bbl of oil in the quarter, up 33% from the prior-year period and a 12% increase from the first quarter; and $4.97/Mcf of gas, down 13% from the second quarter of 2005 and a 22% drop from the first quarter of 2006.

XTO Energy

XTO Energy Inc. said Tuesday that record natural gas and oil production helped the company post record second quarter earnings of $597 million, or $1.64/share ($1.62 diluted), a 171% increase from second quarter 2005 earnings of $220 million, or 61 cents/share (60 cents diluted). The company also announced that it is raising its full-year 2006 production targets.

During 2Q2006, the Fort Worth, TX-based company produced a record 1.516 Bcfe/d, up 16% from the second quarter 2005 level and up 4% sequentially. The company’s 2Q2006 earnings include a $469 million gain ($292 million after-tax) on the distribution of Hugoton Royalty Trust units and a $26 million income tax expense related to a new Texas margin tax enacted during the quarter. Adjusted earnings for 2Q2006 were $320 million, or 88 cents/share (87 cents diluted), compared to $220 million, or 61 cents/share (60 cents diluted), in 2Q2005.

Second quarter daily gas production averaged 1.175 Bcf, up 15% from 2Q2005 daily production. Daily oil production rose 22% to 45,159 bbl and daily natural gas liquids production rose 14% to 11,712 bbl.

“In short, our key performance metrics — production growth, earnings and cash flow — all exceeded expectations,” said XTO CEO Bob R. Simpson. “Moving ahead, we are raising our production growth target for the year to 13-14%, which does not include the 3% of production associated with the Hugoton Royalty Trust distribution in May.”

XTO said it expects to produce 1,180-1,190 MMcf/d of gas during 3Q2006 and 1,200-1,225 MMcf/d during 4Q2006. Total oil and gas production for 3Q2006 is expected to now be 1,516-1,532 MMcfe/d.

XTO President Keith A. Hutton said the company’s net production in the Eastern region grew to 603 MMcfe/d, up from 562 MMcfe/d in the first quarter, with the average Freestone Trend gross production increasing by 35 MMcf/d. Drilling success in the Barnett Shale grew net daily production to 171 MMcf from 149 MMcf in this area, up 15% quarter-over-quarter.

“As a result, Barnett Shale net production has already exceeded our 2006 production goal of 160 MMcf/d by year end,” Hutton said. “With 70 drilling rigs currently working companywide, we have raised our 2006 development budget to $2.1 billion to accommodate higher Barnett working interests and additional fracturing costs, 50 additional development wells and our high-impact leasing efforts. XTO is on schedule for another record operational year and, looking forward, we plan to continue our double-digit growth again in 2007.”

The average realized gas price for the second quarter increased 15% to $6.99/Mcf from $6.10/Mcf in second quarter 2005. Natural gas liquids prices averaged $38.53/bbl for the quarter, 27% higher than the 2005 quarter average price of $30.29/bbl. The second quarter average oil price was $62.25/bbl, a 44% increase from last year’s second quarter average price of $43.35/bbl.

The company’s current natural gas hedging positions include 260 MMcf/d of July-September 2006 production at $11.06/Mcf, 585 MMcf/d of October-December 2006 production at $10.48/Mcf and 500 MMcf/d of January-December 2007 production at $10.05/Mcf.

EnCana

EnCana Corp. reported a 157% increase in second quarter net earnings to $2.16 billion, or $2.55/share, on more than $1 billion in one-time gains from the sale of most of its gas storage assets, Canadian federal and Alberta tax rate changes and favorable hedging activity.

The company reported a 5% increase in North American natural gas sales to 3,361 MMcf/d. Total sales from continuing operations rose 3% to 4,282 MMcfe/d, and cash flow was up 22% per diluted share to $2.15, or $1.82 billion.

“After six months as CEO, I am pleased to report that our sales are on plan, capital investment, adjusted for the appreciation of the Canadian dollar, is within guidance and financial results are ahead of target,” said EnCana’s Randy Eresman.

“In the past year, production from our key resource plays is up 12% and we are on track to achieve our 2006 guidance by growing sales by about 7% this year,” he said, referring to production gains from coalbed methane projects in central and southern Alberta, and from the Bighorn in west-central Alberta, Cutbank Ridge in northeast British Columbia, Jonah in Wyoming, Piceance Basin in Colorado and the Barnett Shale play in the Fort Worth Basin.

Eresman said EnCana expects its natural gas production to ramp up in the second half of 2006 with the start up of two new gas processing plants in northeastern British Columbia and west central Alberta, shallow gas well tie-ins in southern Alberta and increased drilling in the Jonah field in Wyoming.

So far in 2006, the company also has reinvested proceeds from asset sales to purchase 43.7 million EnCana shares, representing 5.1% of shares outstanding at the end of 2005.

EnCana’s recent quarterly earnings include a $582 million gain on the sale of discontinued operations, composed of an $814 million gain on the sale of natural gas storage assets and a $232 million net loss related to a settlement on the sale of its interests in Ecuador. The company also posted a $457 million one-time gain from changes in its tax rate in Alberta and Canada and a $160 million gain related to accounting of commodity price hedges.

EnCana said about 97% of its expected 2006 gas sales have floor price protection and are hedged at an average price of Nymex futures price of $7.29/Mcf. EnCana also has entered into basis hedges to reduce volatility in the price difference between gas in the Rockies and Canada and gas at the Henry Hub. For the remainder of 2006, EnCana has hedged 100% of its anticipated U.S. Rockies basis differential exposure at an average of 65 cents/Mcf. In Canada for 2006, EnCana has hedged 34% of its anticipated AECO basis differential exposure at an average of 69 cents/Mcf and has an additional 40% of anticipated production subject to transport and aggregator contracts.

EnCana affirmed its 2006 sales guidance of 4.35-4.52 Bcfe/d, an increase of 7% from 2005 sales. The 2006 sales guidance is comprised of 3.42-3.56 Bcf/d of gas and 155,000-160,000 bbl/d of oil and natural gas liquids.

Anadarko Petroleum

Anadarko saw its domestic natural gas volumes fall from the second quarter of 2005, but prices held steady in the second quarter of 2006. The Houston-based company said 2006 net income to common shareholders totaled $814 million, or $1.76/share (diluted), compared with the split-adjusted $1.06/share earned in the 2005 second quarter.

Anadarko is in the process of remaking itself through the $21 billion purchase of Kerr-McGee and Western Gas Resources.

Company wide second-quarter sales volumes of natural gas, crude oil and natural gas liquids totaled 41 million boe, or 447,000 boe/d. Natural gas sales volumes averaged 1,375 MMcf/d at an average price of $6.26/Mcf. Oil sales volumes in the second quarter averaged 177,000 b/d, with an average price of $64.54/bbl. Natural gas liquids sales volumes averaged 41,000 b/d, at an average price of $41.29/bbl. Second-quarter sales volumes from continuing operations totaled 36 million boe, or 392,000 boe/d, up 5% from the prior-year period and 7% from the 2006 first quarter.

In the United States, daily natural gas volumes averaged 1,091 MMcf in the second quarter of 2006, down from 1,147 MMcf in the second quarter of 2005. Year-to-date volume also declined, to 1,091 MMcf in the first half of 2006 from 1,165 MMcf in the first half of 2005. Domestic prices mainly held steady, declining a penny from the second quarter of 2005 to $6.31/Mcf in the second quarter of 2006. For the first half of the year the average price rose to $6.94/Mcf from $5.98/Mcf for the first half of 2005.

Second-quarter 2006 income from continuing operations totaled $663 million, or $1.43/share, compared with $.92/share in the 2005 second quarter. Adjustments to estimated future tax liabilities contributed $69 million, or 15 cents/share, to the 2006 second-quarter results from continuing operations. Cash flow from operating activities was $957 million, and discretionary cash flow totaled $1.21 billion in the second quarter.

“Anadarko’s very strong performance in the second quarter reinforces our conviction regarding the company’s strategy and potential,” said CEO Jim Hackett. “Our investments in the deepwater Gulf of Mexico and in U.S. onshore tight gas sands and coalbed methane plays are delivering results. These are three core areas that will become an even greater focus for the company in the future through the pending acquisitions of Kerr-McGee and Western Gas Resources” (see NGI, June 26).

Hackett said the company is preparing for the integration of the three companies. “Some initiatives cannot begin until closing, but we are moving forward on several fronts, as evidenced by our decision to sell Anadarko’s Canadian subsidiary and by the pending divestiture of our Bear Head LNG project (see NGI, July 17). By year-end, investors should have a much clearer picture of the restructured, post-acquisition Anadarko and its excellent potential for growth and returns.”

He said the company will open a data room in four to six weeks for the sale of Anadarko Canada Corp. (see NGI, July 3). He said the sale of the assets, which some analysts have valued at $4-6 billion, is moving along quickly.

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