On a GAAP basis, the company registered a loss per share of $4.41 as against year-ago earnings of $2.12 per share. Shares of the company gained a marginal 0.4% to close at $65.55 yesterday. Total Revenues In the third quarter of 2015, Anadarko Petroleum’s total revenues of $1,688 million missed the Zacks Consensus Estimate of $2,267 million by 25.5%. Reported revenues also slumped 66.3% from $5,010 million a year ago. Operational Highlights In the quarter under review, Anadarko Petroleum's average daily sales volume declined 7.3% year over year to 787,000 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 2,186 million cubic feet per day (MMcf/d), down 12.3% year over year. Crude oil and condensate and NGL sales volume were 301 thousand barrels per day (MBbls/d), almost flat year over year and 122 MBbls/d, down 6.1% year over year, respectively. Realized prices for natural gas, crude oil and condensate and NGL averaged $2.41 per thousand cubic feet (down 33.4%), $44.45 per barrel (down 53%) and $16.26 per barrel (down 54%), respectively, in the reported quarter. Anadarko Petroleum’s total costs and expenses shot up 28% year over year to $4,237 million, primarily due to a 439% increase in exploration expense. Interest expenses of $199 million decreased 2.4% from $204 million in the prior-year quarter. Financial Condition Anadarko Petroleum had cash and cash equivalents of $2.1 billion as of Sep 30, 2015, significantly down from $7.4 billion as of Dec 31, 2014. Long-term debt as of Sep 30, 2015, was $15.9 billion compared with $15.1 billion as of Dec 31, 2014. Anadarko Petroleum's net cash from operating activities during the quarter was $1.1 billion compared with $2.3 billion in the prior-year period. In the reported quarter, the company’s capital expenditure was $1.4 billion, down from $2.1 billion in the year-ago quarter. Guidance The company provided fourth-quarter and full year total sales volume guidance in the range of 68–70 million BOE and 290–292 million BOE, respectively. The guidance excludes sales volumes associated with the divestitures of enhanced oil recovery, Bossier and Powder River Basin. The company expects capital expenditure to be in the range of $1.2–1.4 billion for the fourth quarter and in the range of $5.4-5.6 billion for the full year. Upcoming Peer Releases Noble Energy, Inc. NBL is expected to release third-quarter results on Nov 2, 2015. The Zacks Consensus Estimate is at a loss of 15 cents per share. Devon Energy Corporation DVN is expected to release third-quarter results on Nov 3, 2015. The Zacks Consensus Estimate is at 57 cents per share. Apache Corp. APA is slated to release third-quarter results on Nov 5, 2015. The Zacks Consensus Estimate is at a loss of 38 cents per share. Zacks Rank Anadarko Petroleum currently carries a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DEVON ENERGY (DVN): Free Stock Analysis Report APACHE CORP (APA): Free Stock Analysis Report NOBLE ENERGY (NBL): Free Stock Analysis Report ANADARKO PETROL (APC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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