U.S. oil company Anadarko Petroleum Corporation returned to profit in the fourth quarter of 2017 and slightly decreased its capital spending outlook for 2018.
Anadarko on Tuesday reported net income attributable to common stockholders of $976 million, compared to a loss of $515 million in the same period of 2016.
These results include certain items typically excluded by the investment community, like early rig termination fees, commodity derivatives and impairments. In total, these items increased Anadarko’s net income by $870 million on an after-tax basis which means that Anadarko’s adjusted profit for 4Q 2017 was $106 million compared to adjusted net loss of $272 million in 4Q 2016.
For the year ended Dec. 31, 2017, Anadarko reported a net loss attributable to common stockholders of $456 million compared to a loss of $3.1 billion in 2016.
Fourth-quarter 2017 sales volumes of oil, natural gas and NGLs averaged approximately 637,000 boe per day, a decrease from 774,000 boe/d in the same period of 2016.
Gulf of Mexico sales volumes averaged 143,000 boe per day in the fourth quarter, representing a 35-percent increase over the fourth quarter of 2016. Oil sales volumes for the quarter averaged 120,000 bopd, a 48-percent increase over the fourth quarter of 2016, while also reflecting the impact of Hurricane Nate and the prolonged shutdown at the third-party-operated Enchilada platform.
The company’s oil and natural gas exploration and development costs for 2017 were $4.2 billion.
Anadarko’s 2018 guidance has been adjusted from its November 2017 guidance for the divestiture of its Alaska assets and anticipated production impacts related to non-operated downtime in the Gulf of Mexico. The company expects full-year capital investments in the range of $4.1 to $4.5 billion, which is a decrease compared to previous estimate of $4.2 billion to $4.6 billion.
Offshore Energy Today Staff