Anadarko Petroleum Corp. (NYSE: APC) reported fourth-quarter 2015 results after the markets closed Monday. The oil and gas producer posted a net loss of $2.45 on revenues of $2.05 billion for the quarter. In the fourth quarter of 2014, Anadarko reported diluted earnings per share (EPS) of $0.37 on revenues of $3.18 billion. The Thomson Reuters estimates for the first quarter called for a net loss of $1.09 and $2.09 billion in revenue.

For the full year, Anadarko posted a net loss of $13.18 and revenues of $8.7 billion, compared with 2014 EPS of $4.11 and revenues of $18.47 billion. Analysts expected a net loss of $2.52 and revenues of $9.52 billion.

Included in the quarterly net loss were items typically excluded from adjusted earnings totaling $1.88 per share, the largest of which was an impairment charge of $1.50 per share on producing properties.

The company’s CEO, Al Walker, said:

[W]e reduced our year-over-year spending in 2015 by more than $3 billion, down nearly 40 percent from the previous year, with the largest portion of this reduction coming from our short-cycle opportunities. … We dramatically improved efficiencies and reduced controllable spending by approximately $500 million, while enhancing our base production, and delivering an incremental 25,000 barrels per day of higher-margin oil sales volumes. In addition, we closed $2 billion of monetizations, significantly in excess of our initial expectations.

As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action. In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014.

The company did not provide guidance, but analysts are expecting a net loss of $1.04 and revenues of $2.04 in the first quarter. For the year, analysts are looking for a net loss per share of $3.05 on revenues of $8.9 billion.

Anadarko’s shares closed at $38.25 Monday, down about 2.2%, and rose about 4.3% in after-hours trading to $39.88, in a 52-week range of $28.16 to $95.94. Thomson Reuters had a consensus analyst price target of around $60.83 before the report.

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