Anadarko Quarterly Loss Narrows, Misses Street Estimates

Reuters

Feb 2 (Reuters) - Anadarko Petroleum Corp on Monday reported fourth-quarter results that fell short of Wall Street expectations, as fallout from the collapse in crude oil prices offset a 6.0 percent increase in output.

Anadarko's net loss in the quarter was $395 million, or 78 cents per share, compared with a loss of $770 million or $1.53 per share. In the year-ago quarter, Anadarko had an item related to the Tronox lawsuit over environment cleanups, which was finally settled for $5 billion this month.

Adjusting for items including $346 million to write down the value of certain assets, Anadarko had a profit 37 cents per share. Analysts on average had expected a profit of xx cents per share according to Thomson Reuters I/B/E/S/.

The average price Anadarko received for a barrel of crude was $71.67 in the fourth quarter, a drop of 28 percent from the same period a year earlier.

Anadarko's oil and gas output in the quarter rose 6 percent to average 854,000 barrels oil equivalent per day, the Houston-based company said.

Shares of Anadarko slipped to $82.11 in after-hours trading, down from a New York Stock Exchange close of $82.77.

(Reporting by Anna Driver; Editing by Meredith Mazzilli)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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