Anadarko Petroleum Posts Loss As Crude Prices Slump

Reuters

Oct 27 (Reuters) - U.S. oil and natural gas company Anadarko Petroleum Corp reported a quarterly loss that met Wall Street expectations compared with a year-earlier profit as results were hurt by a slump in crude prices.

Anadarko, like other oil companies faced with a more than 50-percent decline in crude, is working to improve drilling efficiency and productivity while keeping a close eye on costs, Chief Executive Officer Al Walker said in a news release.

The Houston-based company reported a third-quarter net loss of $2.24 billion, or $4.41 per share, for the third quarter ended Sept. 30. A year earlier, Anadarko had a profit of $1.09 billion, or $2.12 per share.

Excluding one-time items, Anadarko had a per-share loss of 72 cents per share, a figure that was in line with Wall Street's expectations for a loss of 73 cents per share, according to Thomson Reuters I/B/E/S.

In the third quarter, the company's total sales volumes of oil and gas averaged 787,000 barrels oil equivalent per day, down from 849,000 boepd in the year-ago period.

Anadarko said it has so reached deals to shed $2 billion in assets this year, sales that have affected output.

(Reporting By Anna Driver in Houston and Darshana Sankararaman in Bengaluru; Editing by Anil D'Silva, Grant McCool)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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Brent Crude Oil : $53.92/BBL 2.79%
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