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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