(Adds details and analysts’ estimates)
Jan 31 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
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 percent 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
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 percent to about
The company’s shares were up 1 percent at $69.53 in
after-hours trading. Up to Tuesday’s close, the stock had risen
76 percent in the past 12 months, compared with a 23 percent
rise in the S&P 500 Energy index.
(Reporting by Komal Khettry in Bengaluru; Editing by Savio
The article UPDATE 1-Anadarko posts bigger-than-expected quarterly loss was originally published at Reuters - US Energy.