Anadarko Petroleum Earnings Call Nuggets: Jubilee Production and Gulf of Mexico

Anadarko Petroleum Corporation?(NYSE:APC) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.

Jubilee Production

Brian Singer ? Goldman Sachs: Can you expand a little on the comment with regards to Jubilee production that you expect the gas handling capacity to increase oil volumes into late 2013? Can you just kind of give us an update there on well performance at Jubilee, and then when you think about where oil volumes can go? Does it get to the 120,000 barrel a day capacity and stay there or should we expect something above or below?

R. A. Walker ? President and CEO: Sure, you bet. Doug Lawler and I will sort of tag team you on this one. I think some of what we?re talking about there, you?ll hear more from the operator Tullow, but we are very encouraged for the things that we?ve talked about today that we can point to with respect to how well that field is progressing. And Doug, you might take just a few minutes and talk specifically about some of the things we?re seeing.

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Robert D. Lawler ? SVP, International and Deepwater Operations: Sure. Brian, as you know, the facility is rated at 120,000 barrels a day. We?re currently producing about 110,000 on average. The work that you?re describing is to do some topside facility work that will result in giving us some additional gas injection capability. We see that being able to get us to around 120,000 barrels a day from the 110,000 at present. The current drilling activity; the Phase 1 program as well as the acid jobs that we?ve conducted have performed really well. At present the flow potential from the field is greater than what we can product through the FPSO right now. And so, we have some additional asset stimulation work as well a few other Phase 1A wells that will be drilled later this year and into 2014. But we?re hopeful that this additional injection capability will get us up to the 120 and in our forecast for the year we expect it to be in the 110 to 120 range as that gets implemented. And target time for that is targeting in the third quarter?

Source: http://wallstcheatsheet.com/stocks/anadarko-petroleum-earnings-call-nuggets-jubilee-production-and-gulf-of-mexico.html/

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