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Anadarko Petroleum (APC) Beats Earnings Estimates in Q2

Zacks Equity Research

Anadarko Petroleum Corporation’s APC generated second-quarter 2019 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 46 cents by 10.87%. The bottom lime declined 5.5% from the year-ago quarter's figure of 54 cents.

On a GAAP basis, the company incurred a loss of $2.09 in the quarter compared with earnings of 5 cents in the year ago quarter,

Total Revenues

In the reported quarter, Anadarko Petroleum’s revenues amounted to $3,442 million that surpassed the Zacks Consensus Estimate of $3,205 million by 7.39%. Also, the top line increased 4.6% year over year. The upside was primarily driven by higher oil, natural gas as well as gathering, processing and marketing sales.

Anadarko Petroleum Corporation Price, Consensus and EPS Surprise

 

Anadarko Petroleum Corporation Price, Consensus and EPS Surprise

Anadarko Petroleum Corporation price-consensus-eps-surprise-chart | Anadarko Petroleum Corporation Quote

 

Operational Highlights

In the quarter, the company’s average daily sales volume was 744,000 barrels of oil equivalent per day (BOE/d), up 16.8% year over year. U.S. Onshore assets generated sales volumes of 484,000 BOE/d, up 16% from the prior-year quarter’s figure.

The company’s total costs and expenses in the second quarter increased 47.9% year over year to $3,657 million, primarily on higher Oil and gas operating,Oil and gas transportation,Gathering, processing and marketing expenses as well as Depreciation, depletion, and amortization expenses. Moreover, the company also incurred additional expenses related to merger transaction costs.

Interest expenses totaled $249 million, up from $237 million in the prior-year quarter.

Financial Condition

The company had cash and cash equivalents of $1,394 million as of Jun 30, 2019, up from $1,295 million as of Dec 31, 2018.

Long-term debt as of Jun 30 was $18,198 million, up from $15,470 million as of Dec 31, 2018.

The company’s net cash flow from operating activities was $776 million compared with $1,225 million in the prior-year quarter.

Zacks Rank

Anadarko Petroleum currently has a Zacks Rank #4 (Sell).

 You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Oils-Energy Releases

TOTAL S.A. TOT reported second-quarter 2019 operating earnings of $1.05 per share (€0.94 per share), which lagged the Zacks Consensus Estimate of $1.23 by 14.6%.

Covanta Holding Corporation CVA incurred second-quarter 2019 loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 9 cents.

NextEra Energy Partners, LP NEP incurred second-quarter 2019 loss of 49 cents per unit against the Zacks Consensus Estimate of earnings of 48 cents.

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