Anadarko Petroleum Corp. (NYSE:APC) had another quarter of losses, although this time around they were able to narrow it to $40 million, or 8 cents a share, far better than the $226 million loss, or 48 cents a share last year in the same quarter.
Revenue for the quarter increased significantly to $2.6 billion, up from the $1.9 billion. The company said rising sale volumes led the way there. Higher crude oil prices also helped the energy company.
Revenue was short of the $2.753 billion analysts from Thomson Reuters were looking for, and excluding one-time items, recorded earnings of 49 cents a share. Analysts estimated 35 cents a share for earnings.
Guidance for sales volumes of oil and gas were increased to a range of 232 million to 236 million barrels of equivalent.
Even though they don't want to, Anadarko is a victim of the Gulf oil spill as well, and like BP, shareholders and investors are watching from the sidelines to see what the end play there will be.
Anadarko is basing its defense in liability in the Gulf in what the final determination of BP's (NYSE:BP) role in it was; whether they are deemed reckless or not.
If they are identified as such, Anadarko would have solid support to battle against paying BP the $1.2 billion bill they've handed them for being a 25 percent partner in the Macondo well.
If they are said to be reckless, then Anadarko could have a more difficult time defending itself from liability, which could crush the company for a period of time.
Anadarko addressed the issue in their earnings report, again saying the oil spill "was preventable and likely the result of gross negligence or willful misconduct."
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