Anadarko Petroleum Corporation APC reported a fourth-quarter 2015 loss of 57 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.05. In the fourth quarter of 2014, the company had reported earnings of 37 cents per share.
Anadarko Petroleum Corporation - Earnings Surprise | FindTheBest
On a GAAP basis, the company registered a loss per share of $2.45, wider than the year-ago loss of 78 cents per share.
Total Revenues
In the fourth quarter of 2015, Anadarko Petroleum’s total revenues of $2,053 million beat the Zacks Consensus Estimate of $1,967 million by 4.4%. Reported revenues slumped 35.4% from $3,177 million a year ago.
Full-year revenues were $8,698 million, declining 53% from $18,470 million last year. Revenues, however, beat the Zacks Consensus Estimate of $8,412 million by 3.4%.
Operational Highlights
In the quarter under review, Anadarko Petroleum's average daily sales volume declined 8.8% year over year to 779,000 barrels of oil equivalent per day (BOE/d). The decline was primarily due to lower natural gas sales volume.
The quarterly sales volume for natural gas was 2,068 million cubic feet per day (MMcf/d), down 18.9% year over year. Crude oil and condensate and NGL sales volume were 316 thousand barrels per day (MBbls/d), up 5.3% year over year and 118 MBbls/d, down 8.5% year over year, respectively.
Realized prices for natural gas, crude oil and condensate and NGL averaged $2.08 per thousand cubic feet (down 39.9%), $39.71 per barrel (down 44.6%) and $17.52 per barrel (down 40.8%), respectively, in the reported quarter.
Anadarko Petroleum’s total costs and expenses shot up 14.7% year over year to $4,195 million, primarily due to a 367% increase in impairments, offset by lower exploration expense and other taxes.
Interest expenses of $209 million increased 5% from $199 million in the prior-year quarter.
Financial Condition
Anadarko Petroleum had cash and cash equivalents of 939 million as of Dec 31, 2015, significantly down from $7.4 billion as of Dec 31, 2014.
Long-term debt as of Dec 31, 2015, was $15.7 billion compared with $15.1 billion as of Dec 31, 2014.
Anadarko Petroleum's discretionary cash flow from operating activities during the quarter was $810 million compared with $2.4 billion in the prior-year period.
In the reported quarter, the company’s capital expenditure was $1.3 billion, down from $2.2 billion in the year-ago quarter.
Guidance
The company expects capital expenditure to be $2.8 billion for 2016.
Upcoming Peer Releases
Noble Energy, Inc. NBL is scheduled to release fourth-quarter results on Feb 17, 2016. The Zacks Consensus Estimate is at a loss of 2 cents per share.
Devon Energy Corp. DVN is expected to release fourth-quarter results on Feb 16, 2016. The Zacks Consensus Estimate is at 81 cents per share.
Apache Corp. APA is slated to release fourth-quarter results on Feb 25, 2016. The Zacks Consensus Estimate is at a loss of 54 cents per share.
Zacks Rank
Anadarko Petroleum currently carries a Zacks Rank #3 (Hold).
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