U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the third quarter of this year.
Anadarko on Tuesday reported a net loss attributable to common stockholders of $699 million for the third quarter of 2017. This compares to a $830 million net loss in the third quarter of 2016.
The results from 3Q 2017 include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $272 million on an after-tax basis, Anadarko said.
The oil company’s adjusted net loss for the period in 2017 totaled $427 million, compared to $459 million in the prior-year period.
The company recorded revenues of $2.5 billion during 3Q 2017, an increase compared to revenues of $1.9 billion in the corresponding period of 2016.
Net cash provided by operating activities in the third quarter of 2017 was $639 million.
Al Walker, Anadarko Chairman, President and CEO, said: “We have made significant progress in shifting our production mix toward higher-value oil, which has improved our margins per barrel by about 34 percent year over year.
“Looking to 2018, we will continue to demonstrate financial discipline as a foundational principle,” added Walker.
Anadarko’s third-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 626,000 BOE per day, a decrease from 780,000 BOE per day in 3Q 2016.
In the deepwater Gulf of Mexico, the company increased oil production by more than 10 percent relative to the second quarter of 2017, averaging 126,000 BOPD during the quarter. Production of approximately 840,000 BOE was deferred during the quarter as a result of hurricanes Harvey and Irma.
Anadarko ended the third quarter of 2017 with $5.25 billion of cash on hand.
Offshore Energy Today Staff