Crude Oil Glut News

Anadarko Posts Quarterly Profit on Higher Crude Prices

Anadarko Petroleum Corp on Tuesday beat analysts' estimate for quarterly profit, helped by improved crude oil prices and lower costs. Crude prices are recovering from the lows hit in 2016 after a global crude oil glut. The company cut its 2018 capital investment outlook to a range of$4.1 billion to $4.5 billion, from $4.2 billion to $4.6 billion it previously forecast. Total full-year sales volume outlook was cut to a range of 238-248 million barrels of oil equivalent (MMBOE) from 245-255 MMBOE.