Anadarko Swings to Loss in Q1

Anadarko Petroleum reported a first-quarter net loss of $2.669 billion.

“The net loss includes certain items typically excluded by the investment community in published estimates, which in aggregate decreased net income by $3.308 billion or $6.56 per share (diluted) on an after-tax basis, including both a contingent loss of $4.018 billion associated with the Tronox Adversary Proceeding settlement agreement and a $946 million gain associated with the sale of a portion of Anadarko’s interest in Offshore Area 1 in Mozambique,” the company said in a statement.

The company’s cash flow from operating activities in the first quarter of 2014 was $1.729 billion, and discretionary cash flow totaled $2.523 billion.

“Our operating performance during the first quarter was outstanding, delivering record sales volumes that were above the high end of the guidance,” said Al Walker, Anadarko Chairman, President and CEO. “Our people and portfolio continue to demonstrate the ability to deliver sustained growth and, with the uncertainty associated with the Tronox litigation largely behind us, we have the confidence and flexibility to further accelerate growth. We are raising the midpoint of our full-year sales-volume guidance by 3.5 million BOE, with only a modest increase in our capital program. We also continue to actively manage our portfolio and evaluate other means to drive shareholder value.”