Anadarko Spending Plan Set for March as Company Eyes Prices

U.S. oil and gas company Anadarko Petroleum Corp will continue to monitor crude prices for several months before its 2015 spending plans are announced in March, the company's CEO said on Wednesday.

Oil prices have crashed in recent months, hit hard by slowing global demand and swelling supplies. Earlier this week, U.S. crude oil dropped to the lowest level in more than two years, below $80 per barrel.

"We want to watch this environment that we are in a little longer," said Al Walker, Anadarko's chief executive officer. "I think were all recognizing that this is a very steep decline that we have seen. The market has, in most people's estimation, not yet quite found equilibrium."

Anadarko's exploration plans are not likely to be affected by current prices, as those project have a much longer investment timeline, the executive told investors on a web cast to discuss the company's third-quarter earnings.

(Reporting by Anna Driver; Editing by Chizu Nomiyama)