* Shares edge up in post market trade
* Record output for 2012
Feb 4 Anadarko Petroleum Corp on Monday
reported a quarterly profit that topped analyst estimates as the
company pumped more higher-priced oil from U.S. shale basins and
the Gulf of Mexico.
Sustained low natural gas prices caused energy companies
like Anadarko to spend more to produce pricier crude oil.
Anadarko has active exploration and production programs in
places like the Eagle Ford formation in South Texas and offshore
in the Gulf of Mexico and Africa.
The Houston-based company reported a fourth-quarter profit
of $203 million, or 40 cents per share. A year ago, Anadarko
lost $358 million, or 72 cents per share.
Excluding one-time items, Anadarko earned 91 cents per
share. Wall Street analysts on average had expected a profit of
72 cents per share, according to Thomson Reuters I/B/E/S.
Total sales of oil and gas came to 68 million barrels of oil
equivalent (boe), up from the 63 million boe in the fourth
quarter a year earlier.
John Gerdes, a Canaccord Genuity oil analyst who recommended
investors buy Anadarko shares before the earnings report, had
expected Anadarko to report fourth-quarter production of 68
million boe, slightly above the company's own forecast.
Output from Anadarko's onshore U.S. wells rose 37 percent
from a year ago, driven by increased horizontal drilling
activity in the Eagle Ford and Permian formations in Texas and
the Wattenberg field in Colorado, Anadarko said.
For the full year, Anadarko said its sales volumes reached a
record 268 million boe. Proved reserves at year-end were
estimated at 2.56 billion boe, up from 2.54 billion boe in 2011.
Shares of Anadarko rose to $80.88 in after-hours trading, up
from a New York Stock Exchange close of $80.50.