US oil group Anadarko has closed 2013 on a high, with a $1.17billion increase in revenue on the previous year.
Record sales volumes, new production starts and cut in exploration expenses compared to 2012 contributed to the new revenue total of $14.6billion, the company said.
The key money generating assets were the Wattenberg gas field, Eagleford shale and East Texas/North Louisiana oil fields as well as the start-up of Algerian El Merk prospect, all contributing to a 7% increase from 2012 sales volumes to reach a record 285million barrels of oil equivalent output last year.
A cut in exploration expenses from close to $2billion to $1.3billion, asset sell-off generating $4.5billion and progress in liquefied natural gas (LNG) off-take agreements to Asian buyers also added to the company’s $3.7 billion of cash on hand.
“I’m extraordinarily proud of the ability and focus demonstrated by our employees and the resiliency of our portfolio in meeting or exceeding our 2013 goals,” said Al Walker, Anadarko chairman, president and chief executive.
“I’m confident we’ll continue to deliver differentiating results in 2014 and longer term through our focus on value acceleration, margin expansion and investment returns.”