Anadarko Swings to Profit
October 30 2018 - 05:00PM
Dow Jones News
By Micah Maidenberg
Anadarko Petroleum Corp. (APC) reported profits of $363 million,
or 72 cents a share, in the third quarter, compared with a loss of
$699 million, or $1.27 a share, a year ago.
Analysts surveyed by FactSet expected Anadarko to earn 84 cents
a share, or 82 cents a share on an adjusted basis.
Sales rose 48% to $3.7 billion compared with the third quarter
in 2017. Analysts expected $3.3 billion.
Anadarko's sales volume of oil, natural gas and natural-gas
liquids totaled 63 million barrels of oil equivalent, an average of
682,000 a day, compared with 58 million barrels, or 626,000 barrels
a day, last year.
The energy producer said its average sale price for a barrel of
oil in period was $70.37, up from $48.31 in the third quarter of
2017.
Natural gas sold for $2.35 per thousand cubic feet, declining
from $2.69 last year. And its average-selling price for natural-gas
liquids in the third quarter was $39.16, up from $31.15.
One cost that weighed on the company's results was a tax expense
of $256 million in the quarter, compared to a tax benefit worth
$425 million last year.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 30, 2018 16:45 ET (20:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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