Anadarko Petroleum
profit beats on higher sales volumes, lower costs
Anadarko Petroleum Corp, the target of a bidding war between
Occidental Petroleum Corp and Chevron Corp, beat analysts' estimates for quarterly
profit on Thursday, fueled by higher sales volume and lower costs. Occidental
made a counterbid for Anadarko's vast shale holdings in the prolific Permian
Basin of West Texas and New Mexico on Wednesday, offering $57 billion compared
with Chevron's $50 billion bid, both including debt.
If Anadarko's board accepts Occidental's offer, it may lead
Chevron to raise its bid or the second-largest U.S. oil producer could walk
away from the deal with a $1 billion breakup fee. Average sales volumes of oil,
natural gas and natural gas liquids rose 11.2 percent to 715,000 barrels of oil
equivalent per day (boe/d) in the first quarter, while total expenses fell 4.4
percent to $2.38 billion. This helped the Woodlands, Texas-based company
cushion an 11.2 percent fall in average sales price of oil to $56.51 per
barrel. Anadarko said adjusted net income fell to $259 million in the three
months ended March 31 from $279 million. On a per share basis, the company
earned 53 cents per share and beat expectation of 25 cents, according to IBES
data from Refinitiv. Shares of the company, which have risen 16.2 percent since
Chevron's bid, were trading flat at $71.80 after the bell. Anadarko has not
scheduled an investor conference call to discuss the results.
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