Anadarko Petroleum Q1 Results Top Estimates

(RTTNews) - Anadarko Petroleum Corp. (APC) reported a net loss of $2.7 billion or $5.30 per share, compared to net income of $460 million or $0.91 per share for the year-ago quarter.

The latest quarter results include a contingent loss of $4.018 billion associated with the Tronox Adversary Proceeding settlement agreement and a $946 million gain associated with the sale of a portion of Anadarko's interest in Offshore Area 1 in Mozambique.

Excluding items, adjusted net income for the first quarter was $639 million or $1.26 per share, compared to $545 million or $1.08 per share in the prior year quarter.

Total revenues for the first quarter rose to $5.84 billion from $3.89 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $1.16 per share on revenue of $3.87 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it was raising the midpoint of its full-year sales-volume guidance by 3.5 million BOE.