Courtesy of Benzinga.
Anadarko Petroleum (NYSE: APC) released its fiscal second-quarter earnings results after the closing bell on Monday.
The company reported earnings per share that came in ahead of Wall Street estimates, but revenue that missed expectations. In late trade, Anadarko was last trading up 0.15 percent to $88.78.
Management Commentary
“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. We continued to drive significant improvements into our drilling and completions programs, and costs in each category were favorable to our expectations.
Walker added, “we reached milestones at four of our large global oil projects, which are advancing on schedule and on budget, and we achieved a success rate of almost 70 percent in our deepwater exploration/appraisal program, including five new discoveries. We also strengthened the balance sheet, improving our net-debt-to-adjusted-capitalization ratio(2) to 29 percent compared to 34 percent at the end of 2012.”
Fiscal Q2 Results
Anadarko reported net income of $929 million or $1.83 per share, compared to a net loss of $89 million or $0.18 per share, in last year’s corresponding period.
On an adjusted basis, earnings for the quarter were $537 million or $1.05 per share, versus $381 million or $0.76 per share, in last year’s corresponding period. This topped Wall Street analysts’ consensus EPS estimates of $0.91.
Revenue in the period rose to $3.5 billion from $3.2 billion last year. This just missed consensus revenue estimates of $3.57 billion.
