Anadarko Petroleum Posts Loss As Crude Prices Slump
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)
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.
- Canadian Offshore Oil Interest Grows As Pipeline Woes Sink Alberta Prices (Dec 20)
- 4 Ways Agile Sourcing Can Lead Enterprises to Success (Nov 10)
- Gadfly: Anadarko Woke Up, and It Really Smells the Coffee (Nov 01)