Anadarko Petroleum Has Quarterly Profit
Anadarko Petroleum on Monday reported a quarterly profit compared with a year-ago loss when the U.S. oil and gas company set aside funds to settle with BP over its Gulf of Mexico oil spill.
Anadarko had a third-quarter profit $121 million, or 24 cents per share, compared with a loss of $3.1 billion, or $6.12 per share in the comparable quarter a year earlier.
Excluding one-time items, Anadarko had a profit of 84 cents per share. Analysts on average had expected a profit of 76 cents per share, according to Thomson Reuters I/B/E/S.
The company's total sales of oil and gas rose to 68 million barrels oil equivalent (boe), from 61 million boe in the same quarter a year earlier.
Anadarko expects to produce 265 million boe to 267 million boe this year, higher than its second-quarter forecast for output of 261 million boe to 265 million boe.
The company, which will discuss earnings with analysts on Tuesday, also said it met with success drilling offshore Mozambique, where it has identified resources capable of supplying 50 million tons per year of liquefied natural gas.
