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Gold/Mining/Energy : Anadarko Petroleum Cp

APC 72.77

+0.8%

Aug 8 5:00 PM EST

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To: PuddleGlum who wrote (25)	6/29/1999 6:27:00 PM
From: The Ox	Read Replies (1) of 129

Anadarko expects modest rise in 1999 exploration budget HOUSTON, June 29 (Reuters) - Anadarko Petroleum Corp.(NYSE:APC - news), one of the world's largest independent oil exploration companies, said Tuesday it was likely to increase its 1999 capital spending as higher oil and gas prices provide greater exploration incentives. ''We will probably boost our budget modestly at mid- year...We're looking at that decision as we speak,'' Anadarko President and Chief Operating Officer John Seitz told Reuters. Seitz was speaking on the fringes of the Banc of America Securities energy conference in Houston. Earlier in the year, Anadarko had budgeted $410 million for 1999 capital spending, a 55 percent decrease from its 1998 spending budget of $917 million. On Monday Coastal Corp. (NYSE:CGP - news) said it increasing its 1999 exploration and production budget to $880 million from $590 million due to a 40 percent increase in natural gas prices since late February. Coastal also said it expects to increase natural gas output by 30 percent a year in both 1999 and 2000. Crude oil prices have also increased from $12.34 per barrel on January 4 to $18.23 on June 28.

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