Oil and gas producer Anadarko Petroleum Corp. reported a bigger-than-expected quarterly loss on Jan. 31 as cost cuts failed to offset the impact of weak oil prices.
Crude prices have crossed the $50 barrier as a global glut eases, but are still a long way off from their 2014 high of over $100 a barrel.
The company said total costs and expenses were lower by about 29% in the quarter ended Dec. 31.
Anadarko's oil and gas sales volumes averaged 774,000 barrels oil equivalent per day (boe/d), compared with 779,000 boe/d a year ago.
The net loss attributable to Anadarko halved to $515 million, or 94 cents per share, in the quarter ended Dec. 31, from $1.25 billion, or $2.45 per share, a year earlier.
The year ago quarter included $954 million in one-time charges.
Excluding items, Anadarko posted a loss of 50 cents per share in the latest fourth quarter, compared with analysts' average estimate of a loss of 45 cents per share.
Texas-based Anadarko’s revenue rose 16 percent to about $2.39 billion.
The company’s shares were up 1% at $69.53 in after-hours trading. Up to the Jan. 31 close, the stock had risen 76% in the past 12 months, compared with a 23% rise in the S&P 500 Energy index.
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