Anadarko Updates Production Outlook Following Gulf Storms.HOUSTON -- Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) today announced that nearly all of its operated deepwater Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east platforms and Gulf Coast properties are operational, including Independence Hub, which quickly restored production to pre-storm levels of approximately 900 million cubic feet of natural gas per day following Hurricane Ike. "I am pleased to announce that by the end of this week, all of our operated deepwater facilities will be operational. We expect total sales volumes for the third quarter to be at or near 51 million BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip , which was the low end of our guidance, even though almost 5 million BOE (barrels of oil equivalent) were shut in during the quarter as a result of the severe storms including Hurricanes Gustav and Ike," Anadarko Sr. Vice President, Worldwide Operations Chuck Meloy said. "This is a real testament to the performance and construction of our facilities and the tremendous efforts of our employees and contractors who have worked safely and diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to restore production as quickly as possible." While all of Anadarko's operated facilities will be capable of producing by week's end, the timely repairs to third-party downstream infrastructure could significantly affect fourth-quarter sales volumes, as some production remains shut in or curtailed. Given the uncertainty surrounding the timing of these infrastructure repairs that will enable the company to resume full production, Anadarko expects its fourth-quarter 2008 sales volumes to be in the range of 49 million to 55 million BOE. The company will provide additional details regarding its fourth-quarter expectations during its third-quarter earnings conference call on Nov. 4, 2008. Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2007, Anadarko had 2.4 billion barrels equivalent of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , making it one of the world's largest independent oil and natural gas exploration and production companies. For more information about Anadarko, please visit www.anadarko.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including the company's ability to meet its production guidance. See "Risk Factors" in the company's 2007 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements. |
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