Citing downturn, Anadarko halves capital spending to $2 billion for 2002

Anadarko Petroleum Corp., Houston, plans a 2002 capital spending budget of $2 billion -- 50% of 2001 capex. John N. Seitz, president and CEO of Anadarko, said it's the wrong time in the price cycle to increase production. Anadarko plans to buy back stock, build reserves, and expand its drilling location inventory.

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