By Josh Beckerman
Anadarko Petroleum Corp. posted weaker-than-expected results for
its first quarter but said production was strong.
The oil-and-gas exploration and production company, along with
others in the sector, has been stung by the collapse in energy
prices.
Revenue fell 60% to $2.32 billion in the latest period, while
analysts polled by Thomson Reuters projected $2.52 billion.
Following first-quarter production of 83 million barrels of oil
equivalent, the company said it has increased the midpoint of its
full-year BOE guidance by 5 million.
"The significant cost savings, outstanding well performance and
ongoing efficiency gains we achieved during the first quarter
enabled Anadarko to deliver higher sales volumes for lower costs,"
the company said.
In March, Anadarko projected 2015 capital spending for 2015 of
roughly $5.4 billion to $5.8 billion, about a third lower than last
year's level, citing market conditions.
The company, of Woodlands, Texas, has divested some of its
holdings abroad in recent years, including its China unit, to raise
cash to focus on extracting oil from unconventional formations in
the U.S.
Last week, the company named Darrell E. Hollek executive vice
president, U.S. onshore exploration and production; and said
Christopher O. Champion would become chief accounting officer June
1 as M. Cathy Douglas retires.
Anadarko posted a loss of $3.27 billion, or $6.45 a share,
compared with a loss of $2.67 billion, or $5.30 a share, a year
earlier. The loss excluding items was 72 cents a share, while
analysts were looking for 64 cents.
Both periods contained items related to a $5.15 billion
settlement related to the 2006 acquisition of Kerr-McGee and a
dispute involving Kerr-McGee's chemicals unit, which was spun off
into a company called Tronox Inc. that filed for bankruptcy in
2009.
Shares of Anadarko were down 0.8% in after-hours trading to
$93.
Write to Josh Beckerman at josh.beckerman@wsj.com
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