By Cassandra Jaramillo
Anadarko Petroleum Corp. posted better-than-expected results for
its second quarter, though profit declined as sales dropped sharply
from the previous year and the company booked derivatives
losses.
The oil-and-gas exploration and production company, along with
others in the sector, has been stung by the collapse in energy
prices.
Anadarko posted a profit of $61 million, or 12 cents a share,
compared with $227 million, or 45 cents a share, a year earlier.
Excluding certain items, profit was 1 cent a share, while analysts
were looking for a loss of 51 cents.
Revenue fell to $2.64 billion from $4.44 billion in the latest
period. Analysts polled by Thomson Reuters projected $2.65
billion.
Following second-quarter production of 77 million barrels of oil
equivalent, or 846,000 per day, the company said it adjusted its
full-year sales volumes to between 298 million and 302 million
barrels of oil equivalent.
Items affecting results included a $76 million loss related to
commodity derivatives and a $159 million loss related to
interest-rate derivatives.
The company, based in The Woodlands, Texas, has sold 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.
Shares of Anadarko, down 32% in the past 12 months, edged down
1.1% in after-hours trading.
Write to Cassandra Jaramillo at cassandra.jaramillo@wsj.com
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