WASHINGTON (dpa-AFX) - Independent oil and natural gas producer Anadarko Petroleum Corp. (APC) said Monday after the markets closed that it swung to a fourth quarter profit, helped by lower impairments even as revenue fell due to lower energy prices.
The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenues.
Anadarko shares are currently gaining 0.87% in after hours trading after closing the day's regular trading session at $80.50, down 68 cents. The shares trade in a 52-week range of $56.42 to $88.70.
The Houston, Texas-based company reported net income for the fourth quarter of $203 million or $0.40 per share, compared to a net loss of $358 million or $0.72 per share for the year-ago quarter.
Excluding unrealized gains/ losses on derivatives, impairments and other items, adjusted net income for the fourth quarter was $457 million or $0.91 per share, compared to $423 million or $0.85 per share in the prior year quarter.
On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.72 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Total revenues for the fourth quarter fell 11% to $3.41 billion from $3.84 billion in the same quarter last year. Seventeen analysts had a consensus revenue estimate of $3.38 billion for the fourth quarter.
Fourth quarter sales volumes of natural gas, crude oil and NGLs totaled 68 million barrels of oil equivalent, or 741,000 BOE per day, up from 63 million barrels of oil equivalent, or 683,000 BOE per day in the fourth quarter of 2011.
However, revenue from oil and natural-gas liquids sales fell from a year earlier due to lower selling prices.
The company estimates its proved reserves at year-end 2012 totaled 2.56 billion BOE, with 74% of its reserves in the proved developed category and 26% categorized as proved undeveloped. At year-end 2012, Anadarko's proved reserves were comprised of 46% liquids and 54% natural gas.
Another U.S. independent oil and natural gas producer ConocoPhillips (COP) last week reported a 58% drop in fourth quarter profit, as higher revenues were offset by the impact of asset sales and lower commodity prices. However, the company's production for the quarter rose slightly from last year.
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