UPDATE 2-Anadarko qtrly profit lower, shares edge higher

* Q4 output 583,000 BOE per day, up 2.4 pct

* Adjusted Q4 EPS 4 cents vs. Wall Street 3 cents

* Shares edge up 1 pct post-market (Adds reserves, output details, updates share price)

HOUSTON, Feb 1 (Reuters) - Anadarko Petroleum Corp (APC.N) on Monday said its fourth-quarter profit fell sharply, hurt by a 35 percent drop in natural gas prices.

While crude prices have climbed more than 30 percent from a year-earlier in the quarter, U.S. natural gas prices came under pressure from hefty supplies.

Anadarko net profit in the quarter was $238 million, or 46 cents per share, compared with $794 million, or $1.69 per share in the year-ago period. Big one-time gains boosted results last year.

Excluding items, the Houston company earned $21 million or 4 cents per share. On that basis, Wall Street analysts had expected a profit of 3 cents per share.

Anadarko, the second largest U.S. independent oil and gas company behind Apache Corp (APA.N), said its production in the quarter was 583,000 barrels of oil equivalent (BOE) per day, up 2.4 percent from a year ago.

Anadarko added 314 million BOE of proved reserves in 2009, excluding price revisions and divestitures for a reserve replacement rate of 140 percent.

The company estimates its proved reserves at year-end 2009 totaled 2.3 billion BOE, up 1 percent from a year-ago.

Anadarko shares rose about 1 percent in post-market trading from a New York Stock Exchange close of $63.78. (Reporting by Anna Driver in Houston; Editing by Bernard Orr)