Anadarko increases capital budget, announces divestiture plan
  by: OilOnline
  Thursday, August 08, 2002

Anadarko Petroleum Corp. announced that its Board of Directors has approved a plan to increase capital expenditures by 10 percent, from $2 billion to $2.2 billion, for 2002. This capital budget will be funded from cash flow, along with anticipated proceeds from a $320 million asset divestiture program also planned for 2002.

"The higher capital program will allow us to take advantage of additional delineation and development opportunities resulting from our exploration successes this year in Canada and the U.S., as well as to restart our exploration program in Algeria," said John Seitz, Anadarko president and chief executive officer.

As part of the divestiture plan, Anadarko closed on the sales of selected non-core producing assets in South Texas and South Louisiana for $60 million during the second quarter. In addition, a wholly owned subsidiary, Anadarko Canada Corporation, has agreed to sell its heavy oil assets in eastern Alberta in several separate transactions for a total of about C$250 million (about U.S.$160 million).