Anadarko Petroleum Corporation (APC) saw its loss narrow to $830 million, or $1.61 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2,235 million, or $4.41 a share. On the other hand, adjusted net loss for the quarter widened to $459 million, or $0.89 a share from a loss of $358 million or $0.72 a share, a year ago.
Revenue during the quarter grew 12.14 percent to $1,893 million from $1,688 million in the previous year period. Gross margin for the quarter expanded 681 basis points over the previous year period to 74.17 percent.
Operating loss for the quarter was $793 million, compared with an operating loss of $2,549 million in the previous year period.
“Anadarko delivered strong operating performance and generated net cash of $785 million during the quarter,” said Al Walker, Anadarko chairman, president and chief executive officer. “We are increasing our 2016 full-year divestiture-adjusted(2) sales-volume guidance by 8 million BOE from the midpoint of our initial expectations and further enhancing our financial position with line of sight to more than $4 billion of monetizations for the year. We have accelerated activity with two additional rigs in both the Delaware Basin and the DJ Basin in conjunction with our $2 billion deepwater Gulf of Mexico property acquisition, which remains on track to close prior to year end. Collectively, these actions and results have streamlined our operations, strengthened our financial position and provide confidence in our ability to deliver a 10- to 12-percent compounded annual oil growth rate over the next five years.”
Debt remains almost stable
Total debt of Anadarko Petroleum Corporation remained almost stable for the quarter at $15,878 million, when compared with the last year period. Total debt was 34.96 percent of total assets as on Sep. 30, 2016, compared with 32.38 percent on Sep. 30, 2015. Debt to equity ratio was at 1 as on Sep. 30, 2016, up from 0.93 as on Sep. 30, 2015.
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