Anadarko narrows quarterly loss
Texas-based Anadarko Petroleum Corp., which has operations in the Wattenberg Field in Weld County, on Monday posted a loss of $1 billion, or $2.03 per share for its first quarter that ended March 31 compared with a loss of $3.3 billion, or $6.45 per share, in the year-ago period.
Anadarko said its quarterly loss narrowed due to the absence of a $2.8 billion year-ago impairment charge, though low oil prices still dented revenue. Impairment charge is a relatively new term for writing off worthless goodwill as an expense.
Revenue for the quarter fell 28 percent to $1.67 billion, compared with the same quarter a year ago.
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Sales volumes for the quarter in the Rockies decreased by 174 million cubic feet per day, primarily due to the September 2015 sale of certain coalbed-methane properties and a natural production decline at Greater Natural Buttes in Utah, partially offset by higher sales volumes in the Wattenberg field as a result of well optimization, according to documents filed with the Securities and Exchange Commission.
