Anadarko Posts Loss On Tronox Settlement, Output Up

Posted by Joseph R. Fonseca
Monday, May 05, 2014

 

Anadarko Petroleum Corp reported a big quarterly loss on Monday, compared with a year-earlier profit, as a previously announced $5.15 billion settlement related to Tronox Ltd litigation hurt results.

Anadarko, based in Houston, lost $2.7 billion, or $5.30 per share in the first quarter, compared with a profit of $460 million, or 91 cents per share, in same quarter a year earlier.

Adjusting for one-time items, Anadarko earned $1.26 per share. Wall Street analysts on average had expected $1.15 per share.

Anadarko said its average oil and gas production rose 3.2 percent to a record 819,000 barrels oil equivalent per day (boed), boosted by output from wells in fields including the Eagle Ford in south Texas and the Wattenberg in Colorado.

In April, Anadarko said it would pay more than $5 billion to resolve a long-running lawsuit over environmental liabilities it inherited in a 2006 acquisition that included Tronox.

The litigation had been a big overhang on the company's stock, which is up 15 percent since the pact was announced.

Shares of Anadarko rose to $101.40 in post-market trading on Monday, up from the company's New York Stock Exchange close of $99.49.

(Reporting by Anna Driver; Editing by Steve Orlofsky; and Peter Galloway)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Energy

Corvus Gains Support from WINN Initiative

Corvus Energy announced today the award of $1.3 million in repayable assistance from the Western Innovation (WINN) Initiative for its project to further develop the Corvus Energy Storage System.

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

News

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Twin Disc Offers Virtual and Real EJS Experience

Visitors to the Fort Lauderdale International Boat Show, October 30–November 3, 2014, can experience what it’s like to control a diesel-powered, conventional driveline

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1165 sec (9 req/sec)