Anadarko Has Quarterly Profit Versus Year-Ago Loss


July 29 (Reuters) - Anadarko Petroleum Corp on Monday reported a quarterly profit compared with a year-earlier loss, as the U.S. oil and gas company's results were helped by higher natural gas prices.

Anadarko has big offshore oil and gas prospects, but like many other exploration and production companies, the Houston-based Anadarko is also working to increase output of crude from less expensive onshore shale wells in North America.

In the second quarter, oil production from the company's U.S. onshore wells climbed 25 percent on higher sales volumes from its Texas Eagle Ford and Colorado Wattenberg wells.

The average sales price Anadarko received for natural gas in the quarter was $3.88 per thousand cubic feet equivalent, up 80 percent from a year ago, as inventories have fallen from record highs.

Oil and gas output in the quarter was 750,000 barrels oil equivalent per day (boed), up 1 percent from a year ago. Analysts at Bernstein Research had forecast Anadarko's production at 747,000 boed.

For the full-year, Anadarko said it now expects full-year production of 281 million to 287 million boe, up from a prior forecast for 279 million to 287 million boe.

Anadarko also said it had encountered oil at two of its Gulf of Mexico prospects, Raptor and Yucatan. At Espadarte offshore Mozambique, the company said it encountered gas-bearing sands.

Anadarko had a second-quarter profit of $929 million, or $1.83 cents per diluted share, compared with a loss of $89 million or 18 cents per share in the same quarter a year earlier.

Excluding one-items, Anadarko had a profit of $1.05 per share. On that basis, Wall Street analysts had expected a profit of 91 cents per share.

Shares of Anadarko rose to $88.78 in post market activity, from a New York Stock Exchange close of $88.65.

Copyright 2016 Thomson Reuters. Click for Restrictions.


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Brent Crude Oil : $49.71/BBL 1.50%
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