HOUSTON May 6 Anadarko Petroleum Corp
on Tuesday said it expects to end its long-running legal saga
surrounding Tronox Ltd sometime during the second half
of this year, closure that will allow it to focus more intently
on its oil and gas operations.
Al Walker, Anadarko's chief executive officer, told
investors on a conference call that he believes the matter is
"in the rearview mirror," enabling Anadarko to focus more on
exploration, development and project management.
The matter is expected to be finalized in the third or
fourth quarter, the company said.
"Investor focus can now shift back to the company's
impressive portfolio of assets and operations," Raymond James
analyst Andrew Coleman wrote in a note to clients late Monday.
After the close on Monday, Anadarko reported a first-quarter
loss of $2.7 billion, as a previously announced $5.15 billion
settlement hurt results. In April, said it would pay to resolve
a lawsuit over environmental liabilities it inherited in a 2006
acquisition that included titanium dioxide producer Tronox.
Still, the Houston company reported record oil and gas
output that pushed its profit excluding one-time items above
Wall Street estimates.
Anadarko peer EOG Resources Inc also reported
earnings that topped analysts' views on Monday on
better-than-expected output of crude oil from the Eagle Ford
field in south Texas.
On a conference call on Tuesday, EOG said it has identified
a decade's worth of new locations to drill for oil in parts of
Colorado and Wyoming located in the DJ Basin.
CEO Bill Thomas also said stronger crude oil prices for the
balance of the year. Natural gas prices are likely to rise
during the storage withdrawal season, but not high enough to
encourage EOG to drill new dry gas wells, the executive said.
Shares of Houston-based EOG rose $4.05, or 4 percent, to
$103.30 in midday New York Stock Exchange trading. Anadarko
shares climbed $2.76, or nearly 3 percent, to $102.25.
(Reporting by Anna Driver; Editing by Sofina Mirza-Reid)