Strong onshore US oil volumes drives beat
A 4Q earnings beat and strong operating momentum puts APC into a good position for 2018. Cash earnings of $2.66 (+24% YoY) were 13% ahead of consensus, aided by sales volumes 3% ahead of consensus and above the guided range. Operationally, Delaware output rose >20% QoQ and new wells are tracking 25%+ above type curves. There's no sign of relaxing capital discipline, with a budget plan at $50/bl WTI maintained.Anadarko Petroleum is an independent exploration and production company. The company also participates in the hard-minerals business through royalty arrangements. The company's reporting segments are as follows: Exploration and Production, which is engaged in the exploration, development, production, and sale of oil, natural gas, and natural-gas liquids (NGLs) and in advancing its Mozambique liquefied natural gas project toward final investment decision; and WES Midstream and Other Midstream, in which these two segments engage in gathering, processing, treating, and transporting the company and third-party oil, natural-gas, and NGL production as well as gathering and disposal of produced water.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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