Anadarko Petroleum beats estimates on higher output [Toronto Globe and Mail (Ontario, Canada)]
ANADARKO PETROLEUM (APC)
Last anadarko petroleum earnings: 7/26 04:10 pm
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Source: Toronto Globe and Mail
Anadarko Petroleum beats estimates on higher output Anadarko Petroleum Corp reported a better-than-expected quarterly profit on Friday, as higher production offset lower prices for oil, gas and natural gas liquids. Anadarko’s second-quarter average daily production rose 16.8 per cent to 744, barrels of oil equivalent, beating analysts’ expectations of 719,13 boepd, according to IBES data from Refinitiv. Average oil prices fell 8.7 per cent in the quarter, while gas prices dropped 1.2 per cent and natural gas liquids prices tumbled 41 per cent, Anadarko said. Story continues below advertisement Anadarko had agreed to be bought out by Occidental Petroleum for $38-billion after the latter outbid Chevron Corp’s offer for the company’s vast shale holding in the prolific Permian Basin. Anadarko has paid Chevron a $1-billion break-up fee. Billionaire investor Carl Icahn, who owns a 4.4 per cent stake in Occidental, launched a proxy fight last week, arguing the company overpaid for Anadarko a
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