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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

News

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.2022 sec (5 req/sec)