Anadarko +2.3% as Q1 beats estimates, production jumps

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

Anadarko Petroleum (APC) +2.3% AH after it swung to a Q1 loss due to a $4.3B contingent loss related to its settlement of litigation involving the 2006 acquisition of Kerr-McGee, but excluding settlement impacts and other items, adjusted earnings rose to $1.26 from $1.08 a year ago, and revenue easily beat expectations in soaring 50% to $5.84B.

Delivered record daily sales volumes of 819K boe/day, up 3.2% Y/Y, boosted by a ~10K boe jump in output from wells in fields including the Eagle Ford in south Texas and the Wattenberg in Colorado.

Raises the midpoint of FY 2014 sales-volume guidance by 3.5M boe.

Says successful appraisal drilling activities in the Orca field increased total estimated recoverable resources in Mozambique's Offshore Area 1 to 50T-70T cf or more of natural gas.