THE WOODLANDS, Texas (AP) — Anadarko Petroleum Corp. on Monday posted a fourth-quarter profit, as rising production helped offset lower prices for natural gas and oil.
The oil and gas company based in The Woodlands, Texas, earned $203 million, or 40 cents per share, for the quarter that ended Dec. 31. During the same period a year ago it lost $358 million, or 72 cents per share.
Excluding special items, its profit would have been $457 million or 91 cents per share. Analysts surveyed by FactSet expected a profit of 72 cents per share. The special items included a gain of $102 million, or 20 cents per share, for unrealized hedging gains, and a charge of $143 million, or 28 cents per share, for write-downs.
Revenue fell 11.2 percent to $3.41 billion — a little more than analysts had expected — from $3.84 billion a year ago. The year-ago quarter included $299 million for a divestiture. Also, revenue fell in the most recent quarter because prices declined for crude oil and natural gas.
Production rose 8.5 percent to 741,000 barrels of oil equivalent per day, making up for some of the lower prices.
Anadarko said it will release its 2013 guidance on Feb. 20.
For the full year, Anadarko earned $2.39 billion, or $4.74 per share, compared with a 2011 loss of $2.65 billion, or $5.32 per share. Revenue for 2012 fell almost 4 percent to $13.41 billion.
Anadarko shares fell 68 cents to close at $80.50 before results were released, amid a broad market decline. They added 39 cents in after-hours trading.