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    Ahead of the Bell: Anadarko Petroleum

    Associated Press – Tue, Feb 7, 2012

    HOUSTON (AP) — A sharp rise in oil prices and production is making Anadarko's share of cleanup costs in the Gulf of Mexico from the massive oil spill seem more manageable.

    The Houston oil company, which owned a part of the BP well that spewed 200 million gallons of oil into the sea, increased oil production 13.4 percent in the final three months of 2011 and sold crude at a 28.4 percent markup from the same period in 2010. The company also increased its proven reserves by 4.8 percent by the end of the year.

    Anadarko is on the hook for $4 billion due to its ownership of the well that it shared with BP.

    Anadarko reported a fourth-quarter loss of $358 million, or 72 cents per share, after the market closed Monday. That compares with a profit of $111 million, or 22 cents per share, for the same part of 2010. But excluding payments to BP, Anadarko said it earned 85 cents per share. Quarterly revenue increased 42.7 percent to $3.84 billion.

    Its financial results beat Wall Street estimates. Analysts, who typically exclude special items, had expected earnings of 60 cents per share on revenue of $3.29 billion, according to FactSet.

    For the full year, Anadarko said it lost $2.65 billion, or $5.32 per share, compared with earnings of $761 million, or $1.52 per share, in 2010.

    Shares of Anadarko Petroleum Corp. rose 49 cents to $83.36 in premarket trading.

     

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