Houston—Anadarko Petroleum said Tuesday its 2017 capital expenditure will be $4.3 billion, about 7% lower than previously forecast, due to oil price uncertainty although the company expects its oil production to grow as planned over the next five years. The bulk of the cuts planned for the rest of this year — about $250 million — will come from projected upstream spending, Anadarko CEO Al Walker said Tuesday in a second-quarter 2017 earnings conference call. That includes $150 million from deepwater exploration spending, reflecting the cancellation of Anadarko’s contract for Dolphin Drilling’s Bolette Dolphin drillship earlier in July, an Anadarko spokesman said.
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