Anadarko Tries Clawing In (APC)

Energy

Published: February 3, 2009 9:09 am

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

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