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ANADARKO TO CURTAIL GAS SALES DUE TO LOW PRICES

 ANADARKO TO CURTAIL GAS SALES DUE TO LOW PRICES
 HOUSTON, Jan. 23 /PRNewswire/ -- Anadarko Petroleum Corporation


(NYSE: APC) announced today that the company would shut in approximately 150 million cubic feet (MMcf) of gas production during February.
 Anadarko Chairman and Chief Executive Officer Robert J. Allison Jr. said: "Prices offered by buyers in the February spot market are ridiculous. It seems that today's spot prices are being influenced by NYMEX futures prices which are being set by traders and market speculators who have no long-term interest in our survival and who have no equity interest in gas reserves.
 "The economics of gas exploration and production require a higher and more stable wellhead price if producers are to have the financial incentive to drill wells and develop new supplies of natural gas. Gas consumers will be poorly served by low prices which place producers in this untenable economic situation.
 "We cannot and will not give away our stockholders long-term assets and sell discretionary gas volumes at today's low prices. Clearly, selling gas under these economic conditions constitutes waste of a valuable natural resource. Producing state regulatory agencies must consider gas prorationing to prevent continuation of this physical and economic waste."
 -0- 1/23/92
 /CONTACT: Paul Taylor of Anadarko Petroleum, 713-875-1101/
 (APC) CO: Anadarko Petroleum Corporation ST: Texas IN: OIL SU:


KD -- NY100 -- 3031 01/23/92 17:08 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:229
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