Anadarko Petroleum (NYSE:APC) updated its operations in the Marcellus Shale for the third quarter of 2012. Highlights:
- Average sales volumes of 33 million cubic feet of natural gas per day, up 140% year over year.
- Quarter end exit gross production rate of 1.3 billion cubic feet of natural gas per day from 385 wells.
- Spud 15 operated wells and 28 non-operated wells into the Marcellus Shale.
- Four operated rigs and 10 non operated rigs.
- Average cost to drill and complete a Marcellus Shale well was $2.4 million, with 60% of the wells costing less than $2.3 million.
Anadarko Petroleum also reported lower hydraulic fracturing costs in the third quarter of 2012, with the average cost down 40% compared to 2011.