Anadarko Petroleum Corp. (APC) Monday reported a sharp decline in first-quarter profit compared with last year, when results included favorable Algeria tax settlement. Nonetheless, excluding items, earnings improved to top Wall Street estimates, as did revenues.
Sales were driven by higher volumes as Anadarko ramped up production at U.S. onshore assets, partly offset by lower selling prices for oil.
Moving forward, the company also lifted the top end of its sales-volume outlook for fiscal year 2013.
Anadarko saw increased production at its Wattenberg field and Eagleford shale, as also on contributions from the Marcellus Shale, the East Texas Horizontal play and its Permian oil assets.
The Houston, Texas-based company reported quarterly net income to common shares of $460 million or $0.91 per share, compared with $2.16 billion or $4.28 per share last year.
Results for the recent quarter included derivative losses of $91 million, compared with gains of $284 million last year, when it also had a benefit of $1.8 billion related to Algeria exceptional profit tax settlement.
Excluding items, adjusted earnings for the quarter were $547 million or $1.08 per share, compared with $475 million or $0.92 per share a year ago.
On average, 27 analysts polled by Thomson Reuters expected earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $3.9 billion from $3.45 billion a year ago. Analysts had a consensus revenue estimate of $3.49 billion for the quarter.
Sales volumes of natural gas, crude oil and NGLs totaled 71 million barrels of oil equivalent (BOE), or 793,000 BOE per day. This is an increase from 64 million BOE, or 704,000 BOE per day in the prior year.
Liquids sales volumes in the quarter averaged 345,000 BOE per day, which includes 257,000 barrels of oil per day. Natural gas volumes averaged about 2.7 billion cubic feet per day.
Meanwhile, revenues from oil and natural-gas liquids sales for the quarter slid to $38.17 per barrel from $47.09 per barrel a year ago, due to lower oil prices.
As of year-end 2012, the company had about 2.56 billion barrels-equivalent of proved reserves.
During the quarter, Anadarko and its partners achieved first oil at the El Merk project in Algeria. Production is expected to steadily increase throughout 2013 to a net 30,000 barrels of oil per day.
For fiscal year 2013, Anadarko now expects sales volumes of 279 million to 287 million BOE, up from its prior guidance of 279 million to 285 million BOE.
Anadarko stock closed Monday at $87.62, up 1.18%, on a volume of 3.3 million shares on the NYSE. In after hours, the stock gained 0.43%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.