Anadarko beats second-quarter estimates

Anadarko Petroleum Corp., one of the major oil and gas producers in Weld County, rebounded from first-quarter losses, posting second-quarter earnings and revenue figures Tuesday that exceeded analysts’ forecasts.

Anadarko (NYSE: APC), based in The Woodlands, Texas, reported earnings of 1 cent per share and revenue of $2.64 billion for the period, beating analysts’ predictions of a 53-cent-per-share loss and revenue of $2.57 billion respectively.

Anadarko reported second-quarter profit of $61 million. Its shares, which have fallen 12 percent from the beginning of 2015 while the Standard & Poor’s 500 index has gained about 2 percent, closed at $72.85 at the end of trading Tuesday — down 32 percent from where they were a year ago.

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Net cash flow from operating activities in the second quarter was $1.243 billion, and discretionary cash flow from operations totaled $1.373 billion.

During the quarter, Anadarko averaged 101,000 barrels of oil per day in the Wattenberg field in northeastern Colorado. It reported that it has realized a significant reduction in drilling cost per foot over a two-year period and is drilling new Wattenberg horizontal wells for approximately $1 million per well. It also started a 300-million-cubic-feet-per-day Lancaster II cryogenic expansion, providing additional growth capacity for the Wattenberg field.

“During the second quarter, we delivered more than 18,000 barrels per day of higher-margin oil sales volumes above our guidance, driven by continued improvements in productivity and ongoing operating efficiencies,” said Al Walker, Anadarko’s chairman, president and chief executive, in a media statement. “The operating improvements achieved to date are contributing to an expected full-year increase over 2014 of 13 percent, or about 35,000 barrels of oil per day, enhancing our relative cash margins and enabling us to drill more than 100 additional wells this year — all while staying within our capital guidance.”