Anadarko Petroleum Corp. (NYSE:APC) is reacting to bits of news, one in discovery and one in earnings. The company just yesterday reported a "substantial oil discovery" in the deepwater Gulf of Mexico. The company did not give an estimate of total barrels, but did say that the find is similar to six other exploration wells "targeting resources of more than 100 million barrels."
After the markets closed yesterday, Anadarko reported fourth quarterand full year earnings. The company said fourth quarter revenuetotaled $3.8 billion, with net income of $824 million and EPSof $1.79. A year ago, the company earned $265 million (EPS of $0.56).
One-time items added $750 million to Anadarko’s earnings. Without theseitems, the company’s earnings were $74 million and EPS would have been$0.16. Analysts had expected EPS of $0.17.
Earnings and revenue expectations for the current quarter are way down.Analysts anticipate an EPS loss of -$0.05 on revenuesof $2.24 billion.That’s ugly.
So far shares are up about 1% before the open at $36.50. That is stilldown by more than half as its 52-week trading range is $24.57 to $81.37.
Paul Ausick
February 3, 2009
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.