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The Woodlands, Texas oil and gas development company Andarko Petroleum reported Mixed third quarter earnings after the close Tuesday. $APC's sales volumes of oil, natural gas and natural gas liquids were at high end of guidance.


Anadarko Paltform

Anandarko Petroleum Corp $APC Reported Earnings After Close Tuesday

$0.82 Missed $0.87 EPS BUT $3.7B Beat $3.44 Billion Revenue Forecast

Earnings

Anadarko (APC) reported third quarter earnings of $0.82 per share, missing the consensus estimate of $0.87 per share. This compares to loss of $0.77 per share a year ago. These figures are adjusted for non-recurring items. APC posted revenues of $3.70 billion for the quarter ended surpassing the Zacks consensus  $3.44 billion.

Anadarko Petroleum Corp NYSE: $APC

Market Reaction Pre Market $57.33 +0.88 (+1.56%)

Highlights

  • APC achieved record onshore oil sales volumes of 175K bbl/day of oil during Q3, up 37% Y/Y on a divestiture adjusted basis, and margins of $33.68/boe jumped 58% from a year ago.
  • Q3 total volumes rose 9% Y/Y to 682K boe/day, including a 70% increase to a record 70K boe/day in the Delaware Basin and a monthly record oil rate of more than 140K boe/day in August from the deepwater Gulf of Mexico, where it achieved record production at the Caesar/Tonga development.
  • APC capital spending for the quarter totaled $1.4B, exceeding its previous guidance of $1.05B-$1.25B, but the company expects annual capex to come in unchanged at $4.5B-$4.8B.

What to watch with APC is the debt load, cost and oil and gas revenue. In the first six months of the year, Anadarko has spent more cash on capital expenditures than it generated from its operations. The obvious risk is if oil prices fall significantly, Anadarko may have to lower CapEx. That would impact dividend payments. 

Anadarko Petroleum Corporation will host an investor conference call on Wednesday, Oct. 31, 2018, at 8 a.m. CDT (9 a.m. EDT) to discuss its third-quarter 2018 financial and operating results.

Earnings will be released after close of market on Tuesday, Oct. 30. The full text of the release will be available on the company's website at www.anadarko.com. Wednesday, Oct. 31, 2018.

 

Anandarko Petroleum Q2 Earnings Recap

$0.54 Missed $0.60 EPS and $3.29 billion Beat $3.08 billion forecast in revenue 

Earnings

Adjusted earnings of $0.54 per share missing analyst consensus of $0.60 but was up from a loss of $0.77 from the same period last year. Revenue was $3.29 billion ahead of analysts' estimates of $3.08 billion. 

Anadarko Petroleum Corp NYSE: $APC

Market Reaction > After-Hours $72.40  -$0.75 (-1.03%)

Highlights

  • Increased U.S. onshore oil volumes by 47 percent on a divestiture-adjusted basis and improved per-barrel margins by almost 50 percent year-over-year
  • Anadarko grew its Delaware Basin production in West Texas by 88 percent from the previous year, averaging a record 62,000 barrels per day during the second quarter.
  • Total sales volumes for the quarter, including crude, natural gas and natural gas liquids, averaged 637,000 barrels of oil equivalent per day, up only slightly from the prior year
  • Expanded West Texas infrastructure with the successful startup of the Reeves Regional Oil Treating Facility (ROTF) during the quarter and commissioning of the North Loving ROTF subsequent to quarter end
  • Achieved significant advancements on the Mozambique LNG project, including new heads of agreements and expected cost reductions, with an anticipated Final Investment Decision (FID) during the first half of 2019
  • Completed $3.0 billion of the share-repurchase program

About Anadarko

Anadarko Petroleum Corporation is an independent exploration and production company. The Company’s segments include Oil and Gas Exploration & Production; Midstream, and Marketing. The Oil and Gas Exploration & Production segment explores for and produces oil, condensate, natural gas and natural gas liquids (NGLs), and focuses on the development and operation of the Company’s liquefied natural gas (LNG) project in Mozambique.

The company’s asset portfolio includes U.S. onshore resource plays in the Rocky Mountains, the southern United States, the Appalachian basin and Alaska; the deepwater Gulf of Mexico; and in Mozambique, Algeria, Ghana, Brazil, Colombia, Côte d’Ivoire, Kenya, Liberia, New Zealand and other countries.

Source: Anadarko

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