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Anadarko Petroleum has cut its planned capital expenditure for 2015, by about 33%, to $5.4 billion. “In the current market, we believe it is prudent to reduce capital investments and position the company for the future, rather than to pursue year-over-year growth,” said Al Walker, Anadarko’s chairman, president and CEO. The company will cut its short-cycle, U.S. onshore rig activity by 40%, and defer about 125 onshore well completions. Sixty percent of company spending will be directed toward onshore activities in the U.S. International and deepwater operations will receive 22% of the budget, while international and deepwater exploration will get 10% of the funds. Image courtesy of Anadarko.
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