Anadarko To Buy Back $2.5 Billion Worth Of Shares

Sep 21 12:09 2017 Print This Article

Anadarko Petroleum Corp. (NYSE: APC) said Sept. 20 it would spend $2.5 billion to buy back its own stock, a plan worth roughly 10% of its outstanding shares at current prices.

Anadarko, like many U.S. oil producers, has seen its stock languish in 2017 as crude prices have stayed at or below $50 per barrel, depressing profits. Anadarko's shares have dropped 35% since January.

In after-hours trading on Sept. 20, the company's stock jumped 3.6% to $46.40.

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