Anadarko Posts Quarterly Loss, Expects to Slash Capex 50%

Anadarko Petroleum Corp on Monday reported a larger quarterly loss as low crude prices took a toll and the U.S. oil company said it expects to slash capital spending about 50 percent this year to conserve cash.

 

Anadarko, based in Houston, reported a net loss of $1.25 billion, or $2.45 per share, compared with a loss of $395 million, or 78 cents per share, in the year-ago quarter.

 

Anadarko said it has set an initial budget for 2016 of $2.8 billion.