Finance / United States
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Anadarko Buyback Pays Dividends
August 2008 | In The NewsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Shares in Anadarko Petroleum, the world's largest independent oil and gas exploration firm, received a boost on August 25 after the company authorized the re-purchase of US$5bn of its shares, at present value about 18% of its outstanding stock. Following the news, and an announcement that the Houston-based giant expects oil and gas production in Q308 to be higher than originally forecast, shares have risen by 6% to hit US$61.54 at close of trading on August 26. Extending through to August 2011, the share buyback programme will replace a prior US$1bn programme dating back to 2005.