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