Anadarko Swings To Profit

(RTTNews) - Oil and natural gas producer Anadarko Petroleum Corp. (APC) said Monday after the markets closed that it swung to a second quarter profit from a year-ago loss, which included hefty impairments and unrealized derivative losses. The company's quarterly earnings per share, excluding items, also increased from last year and beat analysts' estimate, but its quarter revenue fell shy of analysts' forecast.

Anadarko raised its full year 2013 sales volumes guidance to a range of 281 barrels of oil equivalent to 287 million barrels of oil equivalent from its prior guidance of 279 barrels of oil equivalent to 287 million barrels of oil equivalent.

"We continue to have exceptional performance from our portfolio, as evidenced by the results delivered in the second quarter of 2013," said Anadarko Chairman, President and CEO Al Walker. "Our U.S. onshore activities delivered year-over-year oil growth of 25 percent, averaging approximately 97,000 barrels per day during the quarter."

Anadarko shares are currently gaining 0.29% in after hours trading after closing the day's regular trading session at $88.65, up 14 cents. The shares trade in a 52-week range of $65.38 to $92.90.

Anadarko's total sales volumes increased to 750,000 BOE per day during the second quarter from 742,000 BOE per day in the second quarter of last year. For the second quarter ended June 30, 2013, the company reported net income of $929 million or $1.83 per share, compared to a net loss of $89 million or $0.18 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $537 million or $1.05 per share, compared to $381 million or $0.76 per share in the prior year quarter.

On average, 31 analysts polled by Thomson Reuters expected the company to earn $0.91 per share for the second quarter. Analysts' estimates typically exclude special items.

Total revenue for the second quarter rose 9% to $3.50 billion from $3.22 billion in the same quarter last year. Nineteen analysts had a consensus revenue estimate of $3.57 billion for the second quarter.

The company said the Lucius development in the deepwater Gulf of Mexico remains on track for first oil in the second half of 2014.

In Algeria, the first oil train at El Merk continued to increase production throughout the quarter, and the second oil train is being commissioned, the company said. El Merk remains on schedule to ramp toward a net rate of about 30,000 barrels per day by the end of this year.