Anadarko Petroleum, Colorado's biggest…
Anadarko Petroleum, Colorado's biggest producer of oil and gas, swings to loss
Anadarko's results were better than feared thanks to more-stable energy prices
RJ Sangosti, The Denver Post
A member of a fracking crew watches over water tanks at an Anadarko Petroleum Corporation site near Brighton on May 19, 2014.
By Dow Jones Newswires
PUBLISHED: July 27, 2016 at 1:10 am | UPDATED: August 15, 2016 at 2:49 pm
Anadarko Petroleum Corp., Colorado's largest oil and gas producer, swung to a loss in the second quarter, although the company's results were better than analysts feared thanks to more-stable energy prices and ongoing cost cuts.
Prolonged weakness in energy prices has punished companies across the sector, forcing them to shore up capital and make cuts to investment, head count and dividends.
Anadarko, based in Woodlands, Texas, reported a loss of $692 million, down from a profit of $61 million a year earlier. On a per-share basis, the company booked a loss of $1.36 compared with a year-earlier profit of 12 cents. Excluding losses from early extinguishments of debt, losses on divestitures and other items, the company's loss per share was 60 cents versus a profit of a penny per share in the year-ago quarter.
Revenue dropped 27 percent to $1.92 billion. Analysts projected an adjusted loss of 80 cents a share on $1.9 billion in revenue.
The company earlier this year said it would lay off about 1,000 workers. It also said spending this year would be about half of last year's amount, and it slashed its dividend by 80 percent.
While the price of oil remains below the level many energy companies require to steady their businesses, its stabilization has offered a bit of a reprieve to energy companies.
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