Anadarko Petroleum Corporation APC reported fourth-quarter 2016 adjusted loss of 50 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. Reported loss was, however, narrower than the year-ago quarter level of 57 cents.
On a GAAP basis, Anadarko Petroleum’s loss amounted to 94 cents per share in the fourth quarter of 2016, significantly narrower than the prior-year GAAP loss of $2.45.
The difference between the GAAP and adjusted figures was due to gain of 35 cents on derivatives, a gain of 3 cents on environmental reserves, loss of 28 cents on divestiture, impairment losses of 39 cents, restructuring charges of 3 cents, early termination charges of 6 cents, loss of 4 cents on early extinguishment of debt and a charge of 2 cents for uncertain tax positions.
Total Revenue
In the reported quarter, Anadarko Petroleum’s revenues of $2,387 million topped the Zacks Consensus Estimate of $2,237 million by 6.7%.Revenues were also up 16.3% year over year.
Full-year revenues came in at $7,869 million, down 9.5% from $8,698 million. However, yearly revenues topped the Zacks Consensus Estimate of $7,760 million by 1.4%.
Operational Highlights
In the reported quarter, Anadarko Petroleum's average daily sales volume dipped 0.6% to 774,000 barrels of oil equivalent per day (BOE/d).
Quarterly sales volume of natural gas was 1,881 million cubic feet per day (MMcf/d), down 9% from the year-ago quarter level of 2,068 MMcf/d. Crude oil and condensate, and NGL sales volumes were 336 thousand barrels per day (MBbls/d) (up 6.3%) and 124 MBbls/d (up 5.1%), respectively.
Anadarko Petroleum’s total costs and expenses declined 28.6% year over year to $2,997 million primarily due lower operating and transportation expenses, and impairments.
Interest expenses amounted to $233 million, up nearly 11.5% from $209 million incurred a year ago.
Financial Condition
Anadarko Petroleum had cash and cash equivalents of $3,184 million as of Dec 31, 2016, up substantially from $939 million as of Dec 31, 2015.
Long-term debt as of Dec 31, 2016 was $15,281 million, down from $15,636 as of Dec 31, 2015.
Anadarko Petroleum's net cash from operating activities during the quarter was $1,123 million, up from $257 million in the prior-year period.
In the reported quarter, the company’s capital expenditure was $993 million, down from $1,313 million in the year-ago quarter.
Upcoming Peer Releases
Energen Corp. EGN is slated to report fourth-quarter 2016 earnings on Feb 9. The Zacks Consensus Estimate stands at a loss of 25 cents.
Devon Energy Corporation DVN is scheduled to report fourth-quarter 2016 earnings on Feb 14. The Zacks Consensus Estimate is pegged at 19 cents.
Carrizo Oil & Gas Inc. CRZO is expected to report fourth-quarter 2016 earnings on Feb 27. The Zacks Consensus Estimate stands at 31 cents.
Zacks Rank
Anadarko Petroleum Corporation currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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