Anadarko Posts Quarterly Profit on Higher Crude Prices
Anadarko Petroleum Corp on Tuesday beat analysts' estimate for quarterly profit, helped by improved crude oil prices and lower costs.
Crude prices are recovering from the lows hit in 2016 after a global crude oil glut.
The company cut its 2018 capital investment outlook to a range of$4.1 billion to $4.5 billion, from $4.2 billion to $4.6 billion it previously forecast.
Total full-year sales volume outlook was cut to a range of 238-248 million barrels of oil equivalent (MMBOE) from 245-255 MMBOE.
The company reported net income attributable of $976 million, or $1.80 per share, in the fourth quarter ended Dec. 31, compared with a loss of $515 million, or 94 cents per share, a year earlier.
Texas-based Anadarko recorded a one-time income tax benefit of $1.11 billion, largely due to changes to the U.S. tax law.
Excluding items, it earned 18 cents per share, beating the analysts' average estimate of 3 cents, according to Thomson Reuters I/B/E/S.
Sales volumes of oil, natural gas and natural gas liquids averaged about 637,000 barrels of oil equivalent per day, down from 774,000 boe/d a year earlier.
(Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D'Silva)
(Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D'Silva)