Anadarko sees 91% profit drop
Anadarko Petroleum's third-quarter profit slipped 91% as the leading oil-and-gas producer saw revenue drop by more than half, though results still easily topped Wall Street estimates.
The company said it expects full-year sales volumes of about 220 million barrels of oil equivalent, up from its original midpoint of 210 million barrels at the beginning of the year.
Anadarko posted earnings of $200 million, or 40 cents a share, compared with $2.17 billion, or $4.58 per share, a year earlier. The latest results included 51 cents in gains.
Revenue declined 55% to $2.74 billion, Dow Jones reported.
Analysts surveyed by Thomson Reuters expected a loss of 33 cents on revenue of $2 billion.
Total sales volume of natural gas, crude oil and natural gas liquids was 57 million barrels of oil equivalent.
Shares were up 1.4% at $62.70 in after-hours trading.
Anadarko stock is up 60% so far this year through today's close.