Anadarko Petroleum Corp.'s first-quarter earnings fell 79% as the year-earlier period included a $1.8 billion benefit related to the resolution of an Algeria tax dispute.
However excluding the gain and other one-time items, adjusted earnings improved thanks to stronger production and revenue.
Anadarko's operations in shale fields such as the Eagle Ford in south Texas and the Wattenberg in northeast Colorado have driven higher production in recent quarters.
The company also had a string of recent offshore exploration successes including a major discovery in March in the deepwater Gulf of Mexico that Anadarko and its partners heralded as one of the largest in the Gulf.
Anadarko reported a profit of $460 million, or 91 cents a share, down from $2.16 billion, or $4.28, a year earlier. Excluding hedging impacts, the year-earlier gain and other items, adjusted earnings were up at $1.08 from 92 cents. Revenue increased 13% to $3.89 billion.
Analysts polled by Thomson Reuters most recently projected earnings of 94 cents on revenue of $3.49 billion.
Daily sales volume grew 13% to 793,000 barrels of oil equivalent per day from 704,000 BOE per day a year earlier.
Anadarko increased 2013 sales-volume guidance to 279 million BOE to 287 million BOE from its previous view for 279 million BOE to 285 million BOE.
Copyright (c) 2012 Dow Jones & Company, Inc.
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