USA: Anadarko Reports 2Q Net Loss

Anadarko Petroleum Corporation announced a second-quarter 2012 net loss attributable to common stockholders of $380 million.

These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by approximately $804 million on an after-tax basis. Cash flow from operating activities in the second quarter of 2012 was approximately $2 billion, and discretionary cash flow totaled $1.951 billion.

Second-Quarter 2012 Highlights

• Delivered record daily sales volumes of 742,000 barrels of oil equivalent (BOE)
• Increased oil sales volumes by approximately 20,000 barrels per day over first-quarter 2012
• Generated more than $1.9 billion of discretionary cash flow from operating activities
• Discovered second major natural gas complex offshore Mozambique
• Increased estimated recoverable resources at the Gulf of Mexico Vito field to more than 300 million BOE

“Anadarko’s positive momentum continued through the second quarter of 2012 with strong operating performance, delivering record sales volumes and enabling us to increase the midpoint of our full-year sales-volumes guidance by 3 million BOE without increasing capital,” Anadarko President and CEO Al Walker said. “With record sales volumes and significant free cash flow during the first half of the year, our deep portfolio and efficient capital allocation continues to deliver growth and value in the current price environment. We are committed to operating within cash flow and selectively accelerating the value of longer-dated projects, as we did at the Gulf of Mexico Lucius development and the Salt Creek field in Wyoming during the quarter. The execution of our strategy is expected to continue to deliver industry-leading operating performance and exploration success, offering very competitive value-creation opportunities.”

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LNG World News Staff, July 31, 2012; Image: Anadarko