Anadarko Petroleum: 2Q Earnings Snapshot
THE WOODLANDS, Texas (AP) _ Anadarko Petroleum Corp. (APC) on Tuesday reported second-quarter net income of $29 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the The Woodlands, Texas-based company said it had profit of 5 cents. Earnings, adjusted for non-recurring costs, were 54 cents per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The oil company posted revenue of $3.29 billion in the period, beating Street forecasts. Eight analysts surveyed by Zacks expected $2.98 billion.
Anadarko Petroleum shares have climbed 36 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $73.09, an increase of 60 percent in the last 12 months.