Anadarko Petroleum Q4 Results Miss View

(RTTNews) - Oil and natural gas producer Anadarko Petroleum Corp. (APC) on Monday reported a loss for the fourth quarter that narrowed from last year as lower revenues were more than offset by fewer one-time charges.

However, both revenues and adjusted earnings per share for the quarter missed analysts' expectations as the company's higher oil and gas production was offset by lower selling prices amid the fall in crude oil prices.

The company's fourth-quarter net loss was $395 million or $0.78 per share, narrower than net loss of $770 million or $1.53 per share in the same period last year.

The latest quarter's results include certain items that decreased net income by $582 million, or $1.15 per share, on an after-tax basis. The year-ago period's results include items that decreased net income by $1.14 billion or $2.27 per share on an after-tax basis.

Excluding items, adjusted earnings for the latest quarter were $0.37 per share, compared with adjusted earnings of $0.74 per share a year ago. On average, twenty nine analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined 5 percent to $3.18 billion from $3.34 billion in the prior-year period. Analysts had a consensus revenue estimate of $3.79 billion for the quarter.

Total costs and expenses for the quarter rose 17 percent from last year to $3.66 billion.

The company's sales volumes of natural gas, crude oil and NGLs for the quarter totaled 79 million BOE, or an average of 854,000 BOE per day, up 6.8 percent from the year-ago period. However, the average sales price for crude oil and condensate declined 28 percent from last year to $71.67 per barrel.

For fiscal 2014, Anadarko Petroleum's net loss available to common stockholders was $1.75 billion or $3.47 per share, compared to net income of $801 million or $1.58 per share in the prior year.

The latest year's results include a net loss of $4.05 billion associated with the settlement of the Tronox Adversary Proceeding, after tax.

However, total revenues and other income for the year grew 27 percent to $18.47 billion from $14.58 billion last year.

Street expected the company to earn $4.64 per share for the year on revenues of $17.76 billion.

The company's full-year sales volumes of natural gas, crude oil and NGLs for the year totaled 308 million BOE, or an average of 843,000 BOE per day on a divestiture-adjusted basis. This represents an increase of 8 percent from last year.

APC closed Monday's regular trading at $82.77, up $1.02 or 1.25 percent on a volume of 7.75 million shares. However, in after-hours, the sock declined $0.02 or 0.02 percent to $82.75.