Anadarko Petroleum Corp. (NYSE: APC) on July 31 missed Wall Street quarterly profit estimates but beat on revenue on increased production and improved margins in its U.S. shale operations.
Revenue rose to $3.29 billion in the second quarter from $1.4 billion a year ago, topping analysts' consensus estimate of $3.07 billion according to Thomson Reuters I/B/E/S.
U.S. onshore oil volumes rose by 54,000 barrels per day from a year ago, and per-barrel margins totaled around $31.60, CEO Al Walker said in a statement.
U.S. oil prices have climbed by about 40% in the past year to around $70 a barrel, as major oil producers agreed to cut output to stabilize prices and supply from certain countries were disrupted.
Anadarko earned 5 cents per share in the quarter, missing Wall Street estimates for 54 cents, according to Thomson Reuters I/B/E/S. The company reported $267 million in pretax losses on the settlement of commodity derivatives, which resulted in a 40-cent per share hit on earnings.
Adjusted earnings for the quarter were 54 cents per share, off 2 cents from analysts' expectations.
Anadarko shares were trading at $71.67 after closing at $73.15.
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