Precedes

Anadarko Petroleum Corp. on Thursday cut 100 exploration and production (E&P) staff positions — including several senior executives — and closed its offices in Midland and Amarillo, TX, which will eliminate more than 15%, or $100 million, in total overhead costs. The cost cutting news preceded an earnings report that showed a 26% gain from a year ago, but changes had been rumored after the company confirmed two days ago that it would shutter some of its onshore U.S. rigs (see Daily GPI, July 30).