The third-largest US natural gas producer, Anadarko Petroleum Corporation, cut its spending plans by almost 50% to $2.8b in 2016, after having filed a net loss of $1.25b in Q4 of the last year, Bloomberg reported. The loss is triple the level of $395m recorded in 2014 and the drop in capital expenditure comes down to 70% less than in 2014. Anadarko expects spending $2.8b in 2016, added Reuters.
The company operating from New Zealand to Utah is abandoning drilling projects and cutting spending to weather crude’s 70% collapse since June 2014. It plans to disclose more information about the 2016 capital plan in a March call with investors.