Anadarko Petroleum (APC) reported
non-GAAP earnings of $1.13 per diluted share on revenues of $3.9B in quarter 3
of 2013. Earnings were up 34.5%
compared to 2012 numbers, however the company missed estimates by $.03. The increase in revenue was driven by a
31.3% increase in natural gas sales and a 10.7% increase in liquids sales.
We witnessed increased sales
volumes amounting to 71 million barrels of equivalent, which was 3 million more
than in 2012. A staggering of
production from their Wattenberg, Eagleford, and East Texas horizontal assets
caused this increase. Anadarko realized
higher crude prices than anticipated as the average barrel went for $106.05,
while natural gas prices were still low at $3.33 per thousand cubic feet.
Operating costs rose substantially to
$3.16 billion, which was a rise of 25.8% because of increases in oil and gas
operating expenses and marketing expenses. Due to this enormous increase in expenses, operating profit
was down 15.6% to $689 million.
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