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Last Update: 07-May-13 07:42 ET
Anadarko Petro shares rise 1% following better than expected earnings
Anadarko Petro (APC $88.90 +1.28) reported first quarter earnings of $1.08 per share, excluding non-recurring items, $0.14 better than the Capital IQ consensus of $0.94, while revenues rose 12.9% year/year to $3.89 billion versus the $3.45 billion consensus. Anadarko reported total sales volumes of 71 million BOE, or 793,000 BOE per day, during the first quarter. Liquids sales volumes averaged 345,000 BOE per day, which includes 257,000 barrels of oil per day. Natural gas volumes averaged ~2.7 billion cubic feet per day. As a result of this performance, Anadarko has increased its full-year 2013 sales-volumes guidance to a range of 279 to 287 million BOE from a previous range of 279 to 285 million BOE. "The record first-quarter 2013 results reflect our commitment to accelerate value by increasing production in our core operating areas, selectively monetizing assets and delivering large-scale projects on budget. We achieved a 16-percent year-over-year increase in oil sales volumes, primarily driven by 25,000 barrels-per-day growth from our U.S. onshore assets, plus the benefit of an accelerated tanker lifting at Jubilee. In addition, we monetized more than $1.2 billion of assets, including the $860 million carried-interest agreement at Heidelberg, and achieved first oil at our El Merk development in Algeria. I'm also very proud of our very active global deepwater exploration program that continues to deliver industry-leading success and differentiating value."
