Anadarko Petroleum Corp on Tuesday beat analysts' estimate for quarterly profit, helped by improved crude oil prices and lower costs.
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)