Anadarko swings to loss in second quarter

U.S.-based oil and natural gas exploration and production company Anadarko Petroleum Corporation swung to a loss in the second quarter of 2016 compared to a profit in the prior-year second quarter. 

The company on Tuesday reported a loss of $692 million for the second quarter 2016, as opposed to a profit of $61 million in the corresponding quarter of 2015.

Anadarko’s revenues for the quarter dropped to $1.92 billion, compared to $2.64 billion in the same period last year.

Further, the company’s second-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 792,000 BOE per day.

During the second quarter, Anadarko’s Gulf of Mexico region averaged sales volumes of approximately 74,000 BOE/d.

Oil volumes were 56,000 BOPD. Oil volumes from operated facilities increased 7% from second quarter of 2015 with Lucius and Caesar/Tonga reaching record production levels. Anadarko said that K2 reached an eight-year-high production rate during the quarter.

Al Walker, Anadarko Chairman, President and CEO, said: “As a result of the record sales volumes from our Lucius and Caesar/Tonga fields in the Gulf of Mexico, as well as the improving well performance in the Delaware and DJ basins, we are increasing the midpoint of our full-year divestiture-adjusted sales-volume guidance by 2 million BOE (barrels of oil equivalent).” 

Offshore Energy Today Staff

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