Anadarko narrows loss in 3Q

Oil and gas exploration and production company Anadarko Petroleum narrowed its loss during the third quarter of 2016 compared to the one posted in the corresponding quarter last year. 

The company on Monday posted a net loss attributable to common stockholders of $830 million, a decrease compared to a net loss of $2.24 billion in the same period last year. The net loss for this year’s quarter includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $371 million on an after-tax basis. Net cash provided by operating activities in the third quarter of 2016 was $785 million.

Anadarko’s revenues increased during the quarter amounting to $1.89 billion compared to $1.69 billion in the prior-year third quarter.

The company’s third-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million boe, or an average of 780,000 boe per day.

In the Gulf of Mexico, the company increased oil sales volumes by 10,000 barrels per day to 65,000 barrels per day, an 18-percent increase over the third quarter of 2015. This increase was primarily driven by the company’s low-cost development activity as it tied back newly completed wells to Lucius, K2 and Caesar/Tonga.

The company in September announced the acquisition of Freeport-McMoRan’s deepwater Gulf of Mexico assets, which will be immediately accretive upon closing. The transaction, which will double both Anadarko’s total Gulf of Mexico production and its working interest in Lucius, is expected to close during the fourth quarter of this year and is subject to customary closing conditions.

Offshore Energy Today Staff