Cash flow from continuing operations in the second quarter of 2007 was $229 million and discretionary cash flow totaled $174 million (1). Income tax payments made in the second quarter of 2007 associated with the divestiture program reduced both cash flow from continuing operations and discretionary cash flow by approximately $1.1 billion.
In the 2006-second quarter, net income available to common stockholders was $814 million, or $1.76 per share (diluted), while income from continuing operations totaled $663 million, or $1.43 per share (diluted). Adjustments to estimated future tax liabilities resulting from tax law changes contributed $148 million, or $.32 per share (diluted), to net income, while contributing $69 million, or $.15 per share (diluted), to income from continuing operations in the 2006 second quarter.
"We are pleased with our second-quarter operating and financial results," Anadarko Chairman, President and CEO Jim Hackett said. "Our retained properties are performing very well. Based on the demonstrated performance of the portfolio, combined with our expectations from Independence Hub, we are raising the production guidance for our continuing portfolio again, to between 189 million barrels and 193 million barrels of oil equivalent for the year - an increase of 3 million barrels from the previous midpoint."
Second-quarter 2007 sales volumes of natural gas, crude oil and natural gas liquids totaled 52 million barrels of oil equivalent (BOE), or 574,000 BOE per day, compared with second-quarter 2006 sales volumes from continued operations of 36 million BOE, or 392,000 BOE per day. Second-quarter 2007 natural gas sales volumes averaged 1.80 billion cubic feet per day, at an average price of $7.10 per thousand cubic feet. Oil sales volumes in the second quarter averaged 227,000 barrels per day, at an average price of $60.43 per barrel. Natural gas liquids sales volumes averaged 47,000 barrels per day, at an average price of $41.88 per barrel.
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