Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Anadarko climbs despite missing Street’s expectations

Tuesday, November 1, 2016 7:17
% of readers think this story is Fact. Add your two cents.

Energy group Anadarko Petroleum Corporation (NYSE:APC) opened higher on Tuesday after it announced reduced third quarter losses.

The shares advanced 3.1% to US$61.27 in early deals, despite the loss being larger than Wall Street had expected and the revenues being lower.

The net loss narrowed to US$830mln from US$2.24bn in the same period of last year, equivalent to a loss per share of US$1.61 (2015: a loss of US$4.41 per share).

On an adjusted basis, the loss per share was 89 cents, compared to a loss of 72 cents a share the year before and market expectations this time around of a loss of just 57 cents a share.

Revenue climbed 12% from a year earlier to US$1.89bn, but was well short of the Street’s consensus forecast of US2.19bn.

The company, which is sitting on a pile of cash after a round of asset sales and a fund-raising, increased its full-year sales-volume guidance by eight million barrels of oil equivalent from the midpoint of its initial guidance range.

“We have accelerated activity with two additional rigs in both the Delaware Basin and the DJ Basin in conjunction with our US$2 billion deep-water Gulf of Mexico property acquisition, which remains on track to close prior to year-end. Collectively, these actions and results have streamlined our operations, strengthened our financial position and provide confidence in our ability to deliver a 10- to 12-percent compounded annual oil growth rate over the next five years,” said Al Walker, who is not only chairman and president but also the chief executive officer.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.