Anadarko Petroleum (NYSE:APC) didn't let the oil rig explosion and oil spill in the Gulf of Mexico rain on their quarterly report parade, as the giant independent oil exploration and production company generated strong profits based on increased oil prices.
Anadarko has a 25 percent stake in the Deepwater Horizon oil rig, but shrugged that off, not making mention of it during their report.
Earnings for the quarter increased to $716 million, or $1.43 a share, soaring by over $1 billion from the same quarter last year where Anadarko lost $338 million, or 73 cents a share.
Overall revenue surged to $3.14 billion from $1.79 billion for the same quarter last year.
Analysts had been looking for $2.68 billion, or 42 cents a share, although they typically exclude one-time items.
Anadarko said all segments of the company enjoyed an increase in sales volume during the quarter.
Guidance provided estimates sales volume for the entire year will increase from the original projection of 226 million to 231 million barrels of oil equivalent to 230 million to 234 million barrels of oil equivalent.
No comments:
Post a Comment