By May 3, 2017 Read More →

Anadarko posts larger-than-expected Q1 loss on rising costs


In the first quarter of 2017, Anadarko reported it had doubled its revenue to $3.77 billion, but rising expenses resulted in a larger-than-anticipated loss for the firm. Company photo.

Anadarko Petroleum expenses up 53 per cent

On Tuesday, Anadarko Petroleum reported a larger-than-expected loss in the first quarter of 2017 due to an increase in expenses of about 53 per cent.

Expenses for The Woodlands, Texas-based company rose to $3.88 billion in Q1, up from $2.54 billion in the first quarter of last year.

The rise in oil prices were not enough to offset Anadarko’s increased costs.  According to the company, exploration costs rose over eight-fold to $1.09 billion.

Total oil and gas sales volumes averaged 795,000 barrels of oil equivalent per day (boe/d), down from the 827,000 boe/d reported last year.

Reuters reports net loss attributable to the company fell to $318 million, or 58 cents per share, from $1.03 billion, or $2.03 per share.

On an adjusted basis, Anadarko lost 60 cents per share, missing analysts’ average estimate of a loss of 24 cents per share, according to Thomson Reuters.

Anadarko’s revenue more than doubled, reaching $3.77 billion.

Following the release of the report, Anadarko’s shares fell 3.6 per cent to $54.25 in after-hours trading.



Posted in: Energy Financial

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