Anadarko Petroleum Corp. (APC) Monday said its profit for the fourth quarter plunged 62% over last year, due mainly to hefty gains recorded in the year-ago quarter on divestitures.
The Houston, Texas-based company posted net income attributable to common stockholders of $299 million or $0.46 per share for the fourth quarter, down from $786 million or $1.69 per share in the prior year quarter.
Results for the quarter included unrealized gains of $226 million or $0.45 per share on derivatives, compared to $409 million or $0.89 per share last year. The company also recorded gains of $564 million or $1.23 per share on divestitures in the previous year quarter.
Excluding items, adjusted net income from continuing operations was $21 million or $0.04 per share, compared to a loss of $45 million or $0.12 per share in the year-ago quarter.
On average, 27 analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Fourth quarter revenues declined to $2.42 billion from $2.93 billion in the same quarter last year. Fifteen analysts had a consensus revenue estimate of $2.36 billion for the fourth quarter.
Gas sales for the quarter fell about 29% to $776 million from $1.09 billion in the previous year quarter.
Oil and condensate sales grew 60% to $1.25 billion, while natural gas liquids sales jumped 73% to $171 million a year earlier. Gathering, processing and marketing sales rose 40% year-over-year to $197 million.
Fourth-quarter sales volumes of natural gas, crude oil and NGLs totaled 53 million BOE, or 583,000 BOE per day, compared to 52 million BOE, or 569,000 BOE per day in the year-ago quarter.
Total costs and expenses for the fourth quarter declined to $2.23 billion from $2.39 billion in the prior year quarter.
Anadarko ended 2009 with about 70% of its reserves in the proved, developed category and remaining categorized as proved, undeveloped. The company estimates its proved reserves at year-end 2009 totaled 2.3 billion BOE.
At year-end 2009, the company's product mix of proved reserves was made up of about 56% natural gas and 44% liquids.
For fiscal 2009, Anadarko reported a net loss attributable to common stockholders of $135 million or $0.28 per share, compared to net income of $3.26 billion or $6.91 per share in the previous year.
Annual revenues decreased to $9.00 billion from $15.16 billion in the prior year.
Analysts expected the company to report a loss of $1.13 per share on revenue of $8.58 billion for the year 2009.
Among others in the industry, Exxon Mobil Corp. (XOM) reported a 23% decline its fourth-quarter profit from last year, hurt by lower refining and fuels margins in its downstream business and weak natural gas realizations.
ConocoPhillips (COP) reported a $1.2 billion profit for the fourth quarter, compared to a significant loss reported last year, due to the absence of a huge goodwill impairment in the latest quarter.
Anadarko closed Monday's regular trading session at $65.10, up $1.32 or 2.07%, on a volume of 4.07 million shares. In the after-hours, the share lost 48 cents. The stock has been moving in a range of $30.88 - $69.37 for the past 52 weeks, with an average daily volume of about 4.34 million shares for the past three months.
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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.