Anadarko Petroleum Corporation (APC) reported a first-quarter net loss attributable to common stockholders of $3.27 billion, or $6.45 per share, compared to a loss of $2.67 billion or $5.30 per share, prior year. The company noted that the net loss included certain items typically excluded by the investment community in published estimates, which in aggregate decreased earnings by $2.90 billion or $5.73 per share on an after-tax basis. Adjusted net loss was $365 million or $0.72 per share, for the quarter.
On average, 34 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.65 for the quarter. Analysts' estimates typically exclude special items.
Total revenue decreased to $2.32 billion from $5.84 billion last year. Analysts expected revenue of $2.52 billion for the quarter.
Sales volumes of natural gas, crude oil and natural gas liquids (NGLs) totaled a record 83 million BOE, or an average of 920,000 BOE per day, on a divestiture-adjusted basis.
"The significant cost savings, outstanding well performance and ongoing efficiency gains we achieved during the first quarter enabled Anadarko to deliver higher sales volumes for lower costs," said Al Walker, Anadarko Chairman, President and CEO.
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