Anadarko Petroleum Corp. swung to a third-quarter profit from a year-earlier period that included a hefty charge related to the Deepwater Horizon settlement, while the oil-exploration company's revenue also edged up.
The company raised its sales volume view to 265 million to 267 million barrels of oil equivalant, from 261 million to 265 million BOE projected in July.
Anadarko has operations in major shale fields such as South Texas Eagle Ford shale, the Marcellus shale in the U.S. northeast, and the Haynesville shale in Louisiana. It also operates many deep-water projects around the world.
Chief Executive Al Walker said the company has identified resources capable of supplying in excess of 50 million tonnes per annum of LNG, or liquefied natural gas, in Mozambique.
In the latest period, Anadarko's sales volume rose 11% to 68 million barrels of oil equivalent overall, or 739,000 BOE per day, up from a year earlier's 61 million BOE overall, or 660,000 million BOE per day. However, the benefits of rising production have been offset by falling energy prices lately.
The year-ago period included the impact of a $4 billion settlement with BP PLC tied to 2010's Deepwater Horizon oil spill. Anadarko owned a 25% stake in the blown-out well.
Anadarko reported a profit of $121 million, or 24 cents a share, compared with a year-earlier loss of $3.05 billion, or $6.12 a share. Excluding impacts from the BP settlement a year earlier, derivatives impacts, asset write-downs and other items, adjusted earnings rose to 84 cents from 66 cents. Revenue rose 4.2% to $3.33 billion.
Analysts polled by Thomson Reuters most recently projected earnings of 76 cents a share on revenue of $3.4 billion.
Shares closed Friday at $66.49 and are down 21% over the past 12 months. U.S. markets were closed Monday for Hurricane Sandy.
Copyright (c) 2012 Dow Jones & Company, Inc.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you