Anadarko Petroleum Corp. (NYSE: APD) reported first-quarter 2015 results after the markets closed Monday. The oil and gas producer posted an adjusted net loss of $1.12 on revenues of $1.67 billion. In the first quarter of 2015, Anadarko reported an adjusted diluted loss per share of $0.72 on revenues of $2.32 billion. The Thomson Reuters estimates for the first quarter called for a net loss of $1.16 and $1.81 billion in revenue.On a GAAP basis Anadarko’s first-quarter loss totaled $2.03 per share. The company took a pre-tax impairment charge of $3.72 billion in the first quarter
CEO Al Walker said:
During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity. Year to date, we’ve closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures. We’ve also removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities. Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis.
In its guidance, Anadarko said it expects to pump 71 to 73 million barrels of oil equivalent in the second quarter and 282 to 286 million barrels for the year. The company expects negative second-quarter price differentials excluding hedges of $2.20 to $6.70 per barrel to the Nymex spot price. For the full year Anadarko expects a negative differential of $2.40 to $6.90 a barrel.
Second-quarter capital spending is forecast at $700 to $800 million and full-year capex is guided at $2.6 to $2.8 billion.
Anadarko’s shares closed at $51.95 today, down about 1.5%, and was unchanged in after-hours trading in a 52-week range of $28.16 to $95.75. Thomson Reuters had a consensus analyst price target of $58.60 before Monday’s report.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
