Anadarko’s 1Q loss widens despite increased production

The oil-price crash of the past year led to Anadarko Petroleum Corp. (NYSE: APC) seeing its net loss widen to $3.3 billion for the first quarter of 2015 despite the company pumping out record volumes of oil and natural gas.

Houston-based Anadarko, one of the major oil and gas producers in Weld County, reported revenue of $2.3 billion, also missing analyst estimates and down considerably from $5.8 billion for the same period a year ago.

The net loss came out to $6.45 per share, up from a loss of $2.7 billion, or $5.30 per share last year. The company finished the quarter with $2.3 billion in cash and cash equivalents on hand, down $5 billion from a year ago.

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The rough financials came even as the company said it increased production in Northern Colorado’s Wattenburg field by 85,000 barrels per day versus a year ago and 20,000 barrels per day over the fourth quarter of 2014. It also lowered drilling and completion costs there from $4 million to $3.4 million per well.

Overall, the company increased production to a record 920,000 barrels per day.

Anadarko released its results after markets closed Monday. The company’s shares closed at a price of $93.73 per share, but dropped another 23 cents in after-hours trading following the earnings report.