Anadarko Quarterly Profit Up, Output Rises


Nov 4 (Reuters) - Anadarko Petroleum Corp said on Monday its quarterly profit rose as the U.S. company produced record volumes of oil and natural gas from some of its wells onshore North America.

Anadarko, which also has a busy offshore drilling program in the Gulf of Mexico and off Africa, has increased capital to drill high-return, lower risk wells in shale basins like the Eagle Ford in South Texas.

Profit in the third quarter was $182 million, or 36 cents per diluted share, compared with $121 million, or 24 cents per share in the same period a year earlier.

Excluding one-time items, the Houston company had a profit of $1.13 per share. Analysts on average had expected a profit of $1.16 per share, according to Thomson Reuters I/B/E/S.

Sales of oil and gas rose 4.4 percent to 71 million barrels oil equivalent (boe) in the quarter.

Shares of Anadarko fell 2 percent to $93.70 after the close of regular trading on the New York Stock Exchange.

Copyright 2016 Thomson Reuters. Click for Restrictions.


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