Anadarko Petroleum Misses Q1 Estimates

reported downbeat results for the first quarter on Monday. The company posted a quarterly loss of $3.27 billion, or $6.45 per share, versus a year-ago loss of $2.67 billion, or $5.30 per share. Excluding items, the company lost $0.72 per share. Its revenue slipped 60 percent to $2.32 billion. However, analysts were expecting a loss of $).65 per share on revenue of $2.52 billion. The average estimate among 15 Estimize users was for a loss of $0.60 per share on revenue of $2.46 billion. Oil and gas output, on a divestiture-adjusted basis, came in at 920,000 barrels of oil equivalent per day in the quarter, versus 789,000 boed in the year-earlier quarter. "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. "Our teams did an exceptional job of moderating our base production decline, while reducing our lease operating expense and working with our service providers to further drive down costs during the quarter. These actions have enhanced the overall efficiency of the portfolio, further lowered our 2015 maintenance capital requirements, and enabled us to increase our full-year sales-volume guidance and lower our capital expectations." For the full year, Anadarko Petroleum lifted the midpoint of its sales-volume outlook by 5 million BOE. Anadarko Petroleum shares fell 0.25 percent to $93.50 in the after-hours trading session.