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Anadarko Petroleum Corporation Message Board

  • bluecheese4u bluecheese4u May 7, 2013 1:06 AM Flag

    Anadarko income falls after year-earlier tax settlement

    Anadarko income falls after year-earlier tax settlement

    May 6, 2013 at 3:28 pm by Bloomberg

    A natural gas well in the Greater Natural Buttes (Photo: Anadarko)

    Anadarko Petroleum Corp., the oil explorer that’s been expanding production in Colorado and Texas, said first-quarter profit declined after a $1.8 billion tax-related gain boosted earnings last year.

    Net income fell to $460 million, or 91 cents a share, from $2.16 billion, or $4.28, a year earlier, The Woodlands-based company said in a statement on Marketwired Monday. Excluding certain one-time items, earnings rose 15 percent to $547 million, or $1.08 a share, 13 cents more than the 95-cent average of 28 analysts’ estimates compiled by Bloomberg.

    Anadarko is the U.S. oil and natural gas producer with the biggest market capitalization after ConocoPhillips among companies that don’t own refineries or a chemical unit. It has seen rising oil output from projects such as the Wattenberg field in Colorado and Texas’ Eagle Ford Shale, as well as gas output from the Marcellus Shale in Pennsylvania. Anadarko’s exploration includes work in the Gulf of Mexico and off the coast of Africa.

    Brent crude futures, a global benchmark, fell 4.9 percent from a year earlier to average $112.64 a barrel in the first quarter. Gas futures traded in New York averaged $3.48 per million British thermal units in the quarter, a 39 percent increase from a year earlier.

    Monday’s earnings report was issued after the close of regular trading on U.S. markets. Anadarko rose 1.2 percent to $87.62 at the close in New York.


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