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Oil & Gas Industry: Anadarko quarterly loss narrows, missing WS estimates

The Deepwater Millennium drillship  works on an Anadarko Petroleum Corp. project in the Rovuma Basin off the coast of Mozambique.
The Deepwater Millennium drillship works on an Anadarko Petroleum Corp. project in the Rovuma Basin off the coast of Mozambique.

Anadarko on Monday reported fourth-quarter results that fell short of Wall Street expectations, as fallout from the collapse in crude oil prices offset a 6.0 percent increase in output. the company´s net loss in the quarter was $395 million, or 78 cents per share, compared with a loss of $770 million or $1.53 per share.

In the year-ago quarter, Anadarko had an item related to the Tronox lawsuit over environment cleanups, which was finally settled for $5 billion this month. Adjusting for items including $346 million to write down the value of certain assets, Anadarko had a profit 37 cents per share. Analysts on average had expected a profit of xx cents per share according to Thomson Reuters I/B/E/S/. The average price Anadarko received for a barrel of crude was $71.67 in the fourth quarter, a drop of 28 percent from the same period a year earlier.

Anadarko’s oil and gas output in the quarter rose 6 percent to average 854,000 barrels oil equivalent per day, the Houston-based company said. Shares of Anadarko slipped to $82.11 in after-hours trading, down from a New York Stock Exchange close of $82.77.(Reuters)

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