Anadarko Petroleum Posts Bigger-Than-Expected Loss

Reuters

Oct 31 (Reuters) - Anadarko Petroleum Corp reported a bigger-than-expected quarterly loss, hurt by lower crude prices, and said it expects to raise more than originally planned through asset sales this year.

Anadarko increased its full-year asset monetization target for the second time this year, this time to $4 billion from its July forecast of $3.5 billion.

The company has slashed its 2016 capital spending, cut its dividend, laid off about 1,000 workers and sold assets to cope with a more than 55 percent drop in oil prices since mid-2014.

The net loss attributable to Anadarko narrowed to $830 million, or $1.61 per share, in the third quarter, from $2.24 billion, or $4.41 per share, a year earlier.

Excluding items, the company lost 89 cents per share, much more than analysts average estimate of 57 cents, according to Thomson Reuters I/B/E/S.

Anadarko's revenue rose 12.1 percent to about $1.89 billion in the three months ended Sept. 30, also missing analysts' estimates of $2.19 billion.

Anadarko's shares, which closed down 3.3 percent in regular trade on Monday, were down 1.8 percent in extended trading.

(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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