Anadarko reports loss as it braces for Tronox payment

|About: Anadarko Petroleum Corporation (APC)|By:, SA News Editor

Anadarko Petroleum (APC) -0.2% AH after unadjusted earnings swung to a Q4 loss on contingent losses linked to a legal dispute related to the company's 2006 acquisition of Kerr-McGee.

APC believes the costs of claims related to its Kerr-McGee subsidiary - which eventually was spun off into Tronox - could range from $850M-$5.2B, although its reported Q4 loss accounted for a payment of just $850M; a federal judge has ruled APC could be liable for more than $14B.

APC's loss came as it reported a record level of oil and gas sales volumes for 2013, hitting an average of 781K boe/day, up 7% Y/Y, but Q4 revenue from oil and gas slipped to $3.34B from $3.41B a year earlier on softer prices.