Anadarko Petroleum Corp. reported a bigger-than-expected quarterly loss this month, as expenses rose about 53%, failing to offset gains from higher crude prices.

North American oil producers faced prolonged weakness in crude prices after oil hit near-record lows in February 2016, which chewed into their profit margins and eroded cash flows.

Anadarko’s total costs and expenses surged to $3.88 billion in the first quarter ending March 31, from $2.54 billion in the same period a year ago.

Exploration expenses rose more than eight-fold to $1.09 billion, the company said.

However, average sales prices for oil were higher in the quarter at $50.34/bbl, from $29.65 a year ago.

Total oil and gas sales volumes averaged 795 Mboe/d, slightly lower when compared with 827 Mboe/d a year ago.

Net loss attributable to the company narrowed to $318 million, or 58 cents per share, from $1.03 billion, or $2.03 per share.

On an adjusted basis, Anadarko lost 60 cents per share, largely missing analysts’ average estimate of a loss of 24 cents per share, according to Thomson Reuters I/B/E/S.

The Texas-based company’s revenue more than doubled to $3.77 billion.

—Reuters

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