Anadarko Petroleum's loss beats Street's expectations

(Adds earnings comparison, unit info, stock movement)

May 2 (Reuters) - Anadarko Petroleum Corp posted a smaller-than-expected first-quarter loss on Tuesday as it successfully slashed costs to offset the plunge in crude oil prices.

Like many of its peers, Anadarko has reacted swiftly to curb spending and weather the low-price storm. The company cut its capital budget this year by 50 percent, slashed its dividend, laid off workers and sold more than $1 billion in assets.

In all, the company cut costs 61 percent from the same quarter a year earlier.

Those actions "support our ability to enhance and preserve value in a volatile market environment," Anadarko Chief Executive Al Walker said in a press release.

The company posted a net loss of $1.03 billion, or $2.03 per share, compared with a net loss of $3.27 billion, or $6.45 per share, in the year-ago period.

Excluding losses on hedges and other one-time items, the company lost $1.12 per share.

By that measure, analysts expected a loss of $1.16 per share, according to Thomson Reuters I/B/E/S.

The company posted a $2.78 billion impairment charge in the year-ago period.

Total quarterly revenue fell 28 percent to $1.67 billion.

Shares of Anadarko fell 2.7 percent to $50.50 in after-hours trading on Monday.

(Reporting by Ernest Scheyder; Editing by Tom Brown and Alan Crosby)