Anadarko Petroleum Corporation (NYSE: APC) reported Monday that it swung to a second-quarter profit of $544 million, or $1.08 a share, from a loss of $40 million loss, or $0.08 per share, in the year-earlier quarter. On an adjusted basis, the company earned $1.14 per share in the latest quarter. Revenue rose to $3.7 billion from $2.6 billion in the year-ago quarter. Analysts, on average, expected the company to report earnings of 91 cents per share on revenue of $3.47 billion.
"We achieved record liquids sales volumes during the quarter, enhancing margins and generating excellent cash flows," said Anadarko Chairman and CEO Jim Hackett. "Nearly all of the year-over-year volume growth was attributable to a 34,000 barrel-per-day increase in liquids volumes. These results contributed to strong discretionary cash flows of more than $1.8 billion -- approximately $117 million above our capital expenditures, which included a one-time cash investment of $518 million associated with the acquisition of the Wattenberg plant."
Full Disclosure: None.
"We achieved record liquids sales volumes during the quarter, enhancing margins and generating excellent cash flows," said Anadarko Chairman and CEO Jim Hackett. "Nearly all of the year-over-year volume growth was attributable to a 34,000 barrel-per-day increase in liquids volumes. These results contributed to strong discretionary cash flows of more than $1.8 billion -- approximately $117 million above our capital expenditures, which included a one-time cash investment of $518 million associated with the acquisition of the Wattenberg plant."
Full Disclosure: None.
