Anadarko Petroleum has announced 2018 first-quarter results, reporting net income attributable to common stockholders of $121 million, or $0.22 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $158 million, or $0.30 per share (diluted), on an after-tax basis. Net cash provided by operating activities in the first quarter of 2018 was $1.43 billion.
FIRST-QUARTER 2018 HIGHLIGHTS
- Achieved record divestiture-adjusted oil production of 367,000 barrels per day
- Increased the company’s oil production mix to 57 percent, while generating its highest per-barrel margins since 2014, when oil prices averaged more than $93 per barrel for WTI
- Entered into accelerated share-repurchase agreements (ASRs) to complete the expanded $3.0 billion share-buyback program by the end of the second quarter, nine months from initial board authorization
- Secured substantial long-term oil transportation capacity from the Delaware Basin to both Gulf Coast and U.S. export markets, while also locking in firm sales out of the basin for about 80 percent of its operated natural gas production
- Received Mozambique government approval for the Golfinho/Atum Plan of Development for the company’s LNG project with Area 1 participants
‘The results we achieved over the second half of 2017 created strong momentum in the first quarter of 2018,’ said Al Walker, Anadarko Chairman, President and CEO. ‘Exceptional performance from our asset-management teams in the Delaware and DJ basins and the Deepwater Gulf of Mexico drove record quarterly oil production, matching the company’s highest oil output to date. Additionally, we expect to complete our $3.0 billion share-repurchase program by mid-year and will consider expanding this program further should free cash flow from the current operating environment continue to increase. Source: Anadarko