Anadarko's Loss Smaller Than Expected as Cost Cuts Help

Reuters

July 26 (Reuters) - Oil and gas producer Anadarko Petroleum Corp reported a smaller-than-expected quarterly loss as it cut costs to counter a prolonged slump in crude prices.

The company, which has cut this year's capital budget by half, said costs were lower by 11.8 percent in the quarter ended June 30.

The company said early this year that it laid off about 1,000 workers and sold more than $1 billion in assets.

Texas-based Anadarko raised the mid-point of its full-year sales volume forecast by 2 million barrels of oil equivalent (MMBOE) on increased sales from Gulf of Mexico, Delaware and DJ basins. The company estimated in March sales volumes of 282-286 MMBOE after adjusting for divestitures.

Net loss attributable to Anadarko was $692 million, or $1.36 per share, in the second quarter, compared with a profit of $61 million, or 12 cents per share, a year earlier.

Excluding items, the company lost 60 cents per share, compared with analysts' average estimate of 80 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 27 percent to about $1.92 billion, above analysts' estimate of about $1.89 billion.

(Reporting by Manish Parashar in Bengaluru; Editing by Don Sebastian)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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