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Anadarko reports increased sales, oil and gas production in Q1 amid acquisition talks

Houston — Anadarko Petroleum, an acquisition target of two potential suitors in the past 10 days, released its first-quarter earnings late Thursday, showing 11% higher total sales volumes year over year and same percentage growth in oil volumes.

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The company produced 715,000 b/d of oil equivalent in Q1, which was also up 2% from Q4 2018.

Those volumes included 412,000 b/d of crude oil in Q1, which was also up 11% from the same period in 2018 and up 1% higher than three months earlier.

Natural gas sales volumes totaled 1.151 Bcf/d for Q1, up about 10% on the year, stemming mostly from US volume increases. Gas volumes were also up 3% from Q4 2018.

All but 1,000 Mcf/d of the total gas volumes in Q1 2019 came from the US.

Anadarko's US onshore assets averaged total sales of 465,000 boe/d, up 25% year on year and up 3% from Q4 2018. The total included 195,000 b/d of oil, which was up 10% on the year and up 3% on the quarter.

It also included 1.051 Bcf/d of gas from the US onshore plays in Q1, up 8% from the same period in 2018, and up 1% from three months before.

GULF OF MEXICO VOLUMES JUMP 12% YEAR ON YEAR

The deepwater Gulf of Mexico, which has been a large Anadarko operating arena for years, produced 166,000 boe/d, up 12% year on year and up 17% on the quarter.

Gulf production included 138,000 b/d of oil, up 10% year on year and up 15% from three months ago.

Anadarko has stayed in the US Gulf at a time when several other peer operators left to pursue US onshore plays. Anadarko's current strategy in that arena is to explore new discoveries that it can tie back, or hook up, to its 10 existing production hubs.

Analysts say Anadarko's US onshore assets, specifically the western areas of the Permian Basin called the Delaware Basin and the Gulf of Mexico operation, likely drew Chevron to offer a $50 billion bid to acquire the company, with Anadarko agreeing to the transaction. The pair announced the deal April 12.

At the time, Occidental Petroleum was reported to have also submitted a bid for Anadarko, but this was not officially confirmed until Oxy announced Wednesday it had submitted what it called a "superior" bid.

Anadarko said Wednesday that the "unsolicited" Oxy proposal, which totals $57 billion, would be reviewed by the board but that no conclusion has been reached on it, or whether the board considers the bid "superior." Anadarko said it continues to recommend the Chevron bid.

Anadarko's Q1 earnings release on Thursday was unusually short, with little operational detail by area. The company also did not post its regular quarterly operations report or provide any advance notice of a quarterly conference call that is normally held the morning after its release of earnings.

-- Starr Spencer, starr.spencer@spglobal.com

-- Edited by Pankti Mehta, newsdesk@spglobal.com