Monday, December 16, 2013

Anadarko Petroleum Sell Thesis

Anadarko Petroleum Corporation reported their third quarter earnings which climbed 50% due to higher oil sales boosting its sales results. The company’s oil and condensate sales rose by 10% to $2.39B because volume grew to 775k which is up from 739k a year earlier. The company also saw that its Quarter three onshore sales volumes rose by 61k a day and also is because of a 16% rise in liquid volumes. The company initiated well completion activities at 80k a day in the deep-water Gulf of Mexico. The project remains on schedule, with the first oil production expected during 2014. The company did lower its full-year sales volume guidance, now expecting 281M-284M. Though all this positive Quarter three news, The Company is still undergoing some serious financial troubles due to a pending lawsuit.
Andarko Petroleum Corporation (APC) and its Kerr-McGee Unit, Acted improperly in its spinoff of Tronox Inc., in 2005. This improper dispensing of Tronox may lead Andarko to have to pay as much as 14.12B Dollars in Damages for environmental clean up as well as health claims. Last night (12/13) the stock plunged 9.3% and reduced its Market Value down to 38 Billion. This case became a threat to the company when yesterday when the judge was trying to decide how much money can be recovered from the successor to a polluting company even after bankruptcy has cleaned up whatever obligations the company may have as far as debt. This case originally stems from Kerr-McGee’s spinoff of its chemical business and environmental liabilities as Tronox in the beginning of 2005. Just over three months after the transaction took place, Anadarko offered to buy Kerr-McGee’s oil and Natural Gas Assets.  Because of this pending lawsuit, I believe the time is right to sell the company because the company does not have the assets to sufficiently pay off this lawsuit without it impacting its stockholders.
 -Andrew O’Brien, Junior Energy Analyst

1 comment:

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