Anadarko Petroleum (APC) Announces $5B Buyback Program
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Anadarko Petroleum Corporation (NYSE: APC) today announced that its Board has authorized a share repurchase program of up to $5 billion. At the current trading price, this amount represents approximately 18% of the company's outstanding common shares. Share repurchases will be funded with free cash flow generated by the company's operations.
Anadarko intends to repurchase approximately $600 million worth of shares prior to year-end 2008. The authorization extends through August 2011 and replaces prior programs.
Anadarko Petroleum Corporation engages in the exploration and production of oil and gas properties primarily in the United States, the deepwater of the Gulf of Mexico, and Algeria.
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