Anadarko posts smaller quarterly loss
Jan 31 (Reuters) – Oil and gas producer Anadarko Petroleum Corp reported a bigger-than-expected quarterly loss on Tuesday as cost cuts failed to offset the impact of weak oil prices.
Crude prices have crossed the $50 barrier as a global glut eases, but are still a long way off from their 2014 high of over $100 a barrel.
The company said total costs and expenses were lower by about 29 per cent in the quarter ended Dec. 31.
Anadarko’s oil and gas sales volumes averaged 774,000 barrels oil equivalent per day (boed), compared with 779,000 boed a year ago.
The net loss attributable to Anadarko halved to $515 million, or 94 cents per share, in the quarter ended Dec. 31, from $1.25 billion, or $2.45 per share, a year earlier.
The year ago quarter included $954 million in one-time charges.
Excluding items, Anadarko posted a loss of 50 cents per share in the latest fourth quarter, compared with analysts’ average estimate of a loss of 45 cents per share.
Texas-based Anadarko’s revenue rose 16 per cent to about $2.39 billion.
The company’s shares were up 1 per cent at $69.53 in after-hours trading. Up to Tuesday’s close, the stock had risen 76 per cent in the past 12 months, compared with a 23 per cent rise in the S&P 500 Energy index.
(Reporting by Komal Khettry in Bengaluru; Editing by Savio D’Souza)