Independent exploration and production company Anadarko Petroleum Corp. (APC) said Monday after the markets closed that its third quarter profit fell sharply from last year, as revenue dropped mainly as a result of lower energy prices. Excluding items, the company's quarterly adjusted loss per share came in better than what analysts predicted. At the same time, the company raised its sales-volumes forecast for the full year 2009. The Houston, Texas-based company reported net income for the third quarter of $200 million or $0.40 per share, compared to $2.17 billion or $4.58 per share for the year-ago quarter.
The latest quarter results include net unrealized losses on derivatives of $0.47 per share, net gains on divestitures of $0.06 per share, reversal of accrual for the Deepwater Royalty Relief Act dispute of $0.95 per share, $0.01 per share in impairments and change in uncertain tax positions of $0.02 per share.
Excluding items, adjusted net loss from continuing operations for the third quarter was $51 million or $0.11 per share, compared to adjusted net income from continuing operations of $765 million or $1.58 per share in the prior year quarter.
On average, 26 analysts polled by Thomson Reuters expected the company to report a loss of $0.33 per share for the third quarter. Analysts' estimates typically exclude special items.
Revenue and others for the third quarter fell to $2.74 billion from $6.15 billion in the same quarter last year.
Gas sales for the quarter dropped 81% to $446 million from $2.40 billion a year ago, while oil and condensate sales fell 59% to $1.3 billion from $3.2 billion last year.
Natural gas liquids sales for the third quarter declined to $166 million from $244 million a year earlier and gathering, processing and marketing sales for the quarter fell to $169 million from $353 million in the prior year quarter.
Third quarter sales volumes of natural gas, crude oil and natural gas liquids totaled 57 million barrels of oil equivalent, or 616,000 barrels of oil equivalent per day, compared to 51 million barrels of oil equivalent, or 552,000 million barrels of oil equivalent per day in the third quarter of last year.
In July, Anadarko announced the Vito exploration well in the deepwater Gulf of Mexico encountered more than 250 net feet of oil pay in Miocene sands. That was followed by the announcement of the Venus discovery offshore Sierra Leone last month.
The company also continued to make significant progress on its mega projects in West Africa and in the Gulf of Mexico.
For the first nine months, the company reported a net loss of $364 million or $0.77 per share, compared to net income of $2.47 billion or $5.22 per share for the same period last year.
Loss from continuing operations for the nine-month period was $364 million or $0.77 per share, compared to income from continuing operations of $2.42 billion or $5.10 per share in the prior year period.
Looking forward, the company forecast fourth quarter sales volumes of 53 to 54 million barrels of oil equivalent.
The company said it now expects full year 2009 sales volumes to be 220 to 221 million barrels of oil equivalent, compared to its prior guidance of 210 to 215 million barrels of oil equivalent.
Among others in the industry, Exxon Mobil Corp. (XOM) last week reported a sharp drop in its third quarter profit, impacted by lower commodity prices and weak product margins. Revenue fell nearly 40% year-over-year.
Also last week, ConocoPhillips (COP) reported third quarter profit that fell sharply from last year due to lower crude oil and natural gas prices and refining margins.
Anadarko shares, which have traded in a range of $29.00 to $69.37 over the past year, closed Monday's regular trading session at $61.84, up 91 cents or 1.49% and gained an additional 86 cents or 1.39% in after hours trading.
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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.