Anadarko Petroleum Profit Drops 76%
THE WOODLANDS, Texas (AP) — Anadarko Petroleum Corp. (APC) on Tuesday reported net income that declined by 76 percent in its second quarter, and missed analysts' expectations.
The company based in The Woodlands, Texas, said earnings declined to $227 million, or 45 cents per share, from $929 million, or $1.83 per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring costs, were $1.32 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The oil company said revenue climbed 27 percent to $4.44 billion from $3.5 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $4.13 billion, according to Zacks.
Anadarko Petroleum shares have climbed $29.91, or 38 percent, to $109.23 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. The stock has increased $20.43, or 23 percent, in the last 12 months.