Anadarko Petroleum Earnings: Accelerating Profit Pushes Stock Up
Anadarko Petroleum Corporation (NYSE:APC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.48%.
Anadarko Petroleum Corporation Earnings Cheat Sheet
Results: Net income increased to $457 million (91 cents per diluted share) in the quarter versus a net loss of $358 million in the year-earlier quarter.
Revenue: Decreased 11.17% to $3.41 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Anadarko Petroleum Corporation reported adjusted net income of 91 cents per share. By that measure, the company beat the mean analyst estimate of $0.72. It beat the average revenue estimate of $3.38 billion.
Quoting Management: “Anadarko’s outstanding operational results in 2012 demonstrated the flexibility and strength of our capital-efficient portfolio,” said Anadarko President and CEO Al Walker. “We achieved record production, highlighted by a 25,000 barrel-per-day increase in higher-margin liquids sales volumes over 2011, while continuing to safely improve efficiencies in every segment of our business. We achieved a reserve-replacement ratio of 162 percent, before the effects of price revisions, at competitive costs, and we remain on track to meet our goal of 3 billion BOE of proved reserves by the end of 2014…