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Anadarko +2.3% as Q1 beats estimates, production jumps

  • 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.
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