Anadarko still mum on possible sale of company

Anadarko Petroleum, with speculation heating up over a possible sale of the big Houston independent, had an assertive “no comment” on the persistent rumor as recently as Sept. 17 at the RBC Capital Markets energy conference in Houston, Texas.

“We wouldn't want to comment on that. We won't comment on rumors,” Richard Sharples, Anadarko's vice-president of marketing and planning, told analysts at the conference.

Anadarko appears to be dressing up the company for a possible sale. It recently moved into an uncharacteristic cost-cutting mode, laying off a hefty 15 percent of its workforce and closing two offices in Texas. Sharples cautioned analysts that with Anadarko's new focus on lowering overhead, capital discipline and improving finding and development costs, “if you bet against us, you lose.”

Sharples reiterated Anadarko's plans to lower its already “comfortable debt load” of 43 percent of capitalization to 38 percent. He said the company would even have “a little dry powder” left over to do an acquisition. He also said the company would continue to reduce costs.