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
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
