By October 31, 2016 0 Comments Read More →

Anadarko posts bigger-than-expected loss

Anadarko

Anadarko Petroleum slashed its 2016 capital spending, cut its dividend and laid off 1,000 workers. Company photo.

Anadarko looking to raise money through asset sales in 2016

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 per cent 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 per cent 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 per cent in regular trade on Monday, were down 1.8 per cent in extended trading.

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

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

Posted in: Energy Financial

Post a Comment