Anadarko Profit Drops Less Than Expected On US Shale Output
July 29 (Reuters) - Anadarko Petroleum Corp's second-quarter profit fell less than expected as oil and natural gas production jumped in Pennsylvania's Marcellus and Colorado's Wattenburg shale regions, as well as Algeria.
Net income dropped to $227 million, or 45 cents per share, from $929 million, or $1.83 per share, in the year-ago period, the company said on Tuesday.
Excluding one-time items, however, profit per share was $1.32, beating the $1.30 consensus forecast in a Thomson Reuters I/B/E/S survey. The items included losses on derivatives, and charges related to a $5.15 billion payout to settle environmental pollution charges.
Anadarko's daily sales volumes of oil and natural gas rose 13 percent to 848,000 barrels of oil equivalent per day.
The company also raised its 2014 sales forecast to 299,000 to 302,000 boe/d from its previous estimate of 293,000 to 298 boe/d.
Chief Executive Al Walker said in a statement that Anadarko will "pursue additional opportunities to accelerate value as appropriate," but gave no further details.
The company will discuss the results and forecast on a conference call at 8 a.m. EDT, Wednesday, July 30.
In April, Anadarko agreed to pay $5.15 billion to settle charges brought by Tronox Inc creditors who alleged that Tronox's bankruptcy was caused by the environmental liabilities it took on when then-parent Kerr-McGee spun it off in 2005.
Creditors said the spinoff was a scheme by Kerr-McGee to get the liabilities off its books and make itself a more attractive takeover target for Anadarko, which acquired it in 2006.
(Reporting by Ernest Scheyder; Editing by Richard Chang)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- US Energy Operations Begin Recovering After Tropical Storm Gordon (Sep 05)
- Storm Gordon Halts Some Energy Production In US Gulf (Sep 04)
- BLOG: The Good Deeds of Oil, Gas (Aug 09)