Anadarko fourth quarter beats Wall Street expectations

Posted: Sunday, February 02, 2003

HOUSTON (AP) -- Anadarko Petroleum Corp. beat Wall Street's expectations with fourth-quarter earnings boosted by higher commodity prices and higher oil sales volumes. Anadarko is a significant player on Alaska's North Slope, with a minority share of the Alpine field and significant exploration acreage.

The Houston-based company Friday posted fourth-quarter earnings of $309 million, or $1.21 per share, compared with $108 million, or 41 cents per share, for the October-December period in 2001. The company said increases in commodity prices and oil sales were partly offset by lower natural gas sales volumes.

Analysts surveyed by Thomson First Call expected fourth-quarter earnings of $1.07 per share.

Revenues for the fourth-quarter 2002 were $1.1 billion, compared to $798 million in the year-ago period.

For the full year 2002, Anadarko reported net income of $825 million, or $3.21 per share, on revenues of $3.86 billion, compared with a net loss of $188 million, or 75 cents per share, on revenues of $4.72 billion in 2001.

Results for 2001 included a $1.57 billion non-cash, after-tax impairment of the carrying value of oil and gas properties. Excluding that charge, 2001 earnings beat those of 2002 at $1.38 billion or $5.21 per share. The company said 2002 earnings were lower because natural gas prices in 2002 were 33 percent lower than they were 2001.

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