Anadarko Petroleum reports 2Q loss

By The Associated Press

 

THE WOODLANDS, Texas (AP) — Anadarko Petroleum Corp. (APC) on Tuesday reported a second-quarter loss of $692 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the company based in The Woodlands, Texas, said it had a loss of $1.36. Losses, adjusted for non-recurring costs, came to 60 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 77 cents per share.

The oil company posted revenue of $1.92 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.9 billion.

Anadarko Petroleum shares have risen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent. In the final minutes of trading on Tuesday, shares hit $54.74, a fall of 24 percent in the last 12 months.

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