DOW JONES NEWSWIRES
Anadarko Petroleum Corp. (APC) swung to a second-quarter loss as
revenue slumped on sharply lower commodity prices, leading the
oil-and-gas producer to post its second loss in a row. But the red
ink was less than expected.
As commodity prices have fallen from record highs a year ago,
Anadarko has cut costs. The company also has sold $900 million in
notes and $1.3 billion in stock in the past few months to repay
debt and boost liquidity.
In the latest quarter, Anadarko reported a loss of $216 million,
or 48 cents a share, compared with a profit of $28 million, or 5
cents a share, a year earlier. The latest results included a net 9
cents in derivatives and other impacts.
Revenue dropped 37%, to $1.75 billion, despite a 13% rise in
output, as average sales prices sunk.
Analysts' estimates were for a 68 cent loss on revenue of $1.76
billion, according to a poll by Thomson Reuters.
Anadarko's shares were flat after-hours at $49.64. The stock is
up 29% this year.
-By Kathy Shwiff and John Kell, Dow Jones Newswires;
212-416-2357; Kathy.Shwiff@dowjones.com