Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.
The company, which is set to sell itself to larger rival Halliburton by the end of the year, saw its biggest revenue decline in North America, with sales falling 26 percent below first-quarter revenue.
A train that derailed and spilled 35,000 gallons of oil in northeastern Montana was traveling within authorized speed limits, federal officials said Monday as they continued to probe the accident’s cause.
Crude oil had held near $60 per barrel in May and June as traders hoped lower prices would curtail some oil production. But drillers have managed to keep pumping in the U.S. and across the globe, and prices have once again started sliding.
Utah Division of Oil, Gas and Mining director John Baza said Monday the decision addresses concerns raised by opposition while acknowledging that U.S. Oil Sands, the Canadian company building the mine, has complied with regulations.
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