Monday, July 23, 2001
Anadarko sets $1 billion stock buyback
Houston Business Journal
Anadarko Petroleum Corp. said its board approved a share repurchase program of up to $1 billion of its common stock.
The company said the buyback, which will be done periodically, will not have a major impact on spending in its drilling program.
Moreover, Anadarko said it should beat its previously announced production target of 200 million barrels equivalent for 2001.
"Given the excellent financial and operating results we've seen in the first half and our strong portfolio of growth prospects, we believe the stock is trading at unreasonably low multiples of expected future earnings and cash flow," said Robert J. Allison, Jr., Anadarko chairman and CEO.
Anadarko is a Houston-based independent oil and production company.
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