Anadarko Petroleum Corp. shares climbed more than 14% Thursday after the company agreed to pay $5.15 billion to plaintiffs involved in legacy Tronox Inc. operations. The settlement, about one-third the amount Anadarko was expected to pay, is the largest environmental recovery ever, the U.S. Department of Justice said.
Articles from Anadarko
Anadarko Petroleum Corp. plans to spend 60% of its 2014 capital budget — $8.1-8.5 billion — in the U.S. onshore, particularly the No. 1 asset, Colorado’s Wattenberg field, the company said Tuesday.
Record natural gas and oil sales volumes failed to prevent Anadarko Petroleum Corp. from suffering a huge loss in the final quarter of 2013 as it set aside funds to pay for as much as $5.2 billion in litigation claims related to its acquisition of Kerr-McGee Corp. in 2006.
Anadarko Petroleum Corp. achieved record U.S. onshore sales volumes in the final three months of 2013, delivering 609,000 boe/d, including better-than-expected oil output from Colorado’s Wattenberg field and Eagle Ford Shale, and from higher natural gas growth in the Haynesville and Marcellus shales.
Anadarko Petroleum Corp. might have to pay as much as $14.5 billion after a federal judge late Thursday ruled it acted improperly with Kerr-McGee Corp. after troubled chemicals unit Tronox Inc. was spun off in anticipation of a merger.
A new multi-horizon oil play it has discovered in the Anadarko Basin offers wells with estimated ultimate recoveries (EUR) of 800,000-1 million boe, said Newfield Exploration Co., which has named the Oklahoma play STACK.
Colorado Interstate Gas Pipeline(CIG) is back in full operations after being forced to shut down operations on a portion of its 4,300-mile pipeline system in the Rockies, aKinder Morgan Inc.(KMI) spokesperson said Tuesday. Inspection and recovery have been completed on two buried laterals that were exposed by the historic flooding and runoff in areas north and west of Denver. A force majeure had been declared and the pipeline taken out of service in mid-September (seeDaily GPI,Sept. 17). CIG is a unit ofEl Paso Pipeline, a subsidiary of KMI. The laterals were taken out of service as a precaution until they could be inspected, recovered and brought back online. CIG Lines 59A and 252A had been taken out of service; 59A delivers to theYoung Gas Storage Co., and 252A transports gas to the Tritown delivery point. CIG includes 4.5 Bcf capacity pipelines linked to gas production areas in the Rockies and the Anadarko Basin. It links directly to customers in Colorado and Wyoming and indirectly to other areas. CIG also owns interests in five storage facilities with 35 Bcf of working capacity in Colorado and Kansas.