Anadarko 1Q profit fell 79% amid year earlier gain
BY TESS STYNES
WASHINGTON -- Anadarko Petroleum's 1Q earnings fell 79% as the year earlier period included a $1.8 billion benefit related to the resolution of an Algeria tax dispute.
However excluding the gain and other one-time items, adjusted earnings improved thanks to stronger production and revenue.
Anadarko's operations in shale fields such as the Eagle Ford in south Texas and the Wattenberg in northeast Colorado have driven higher production in recent quarters.
The company also had a string of recent offshore exploration successes including a major discovery in March in the deepwater Gulf of Mexico that Anadarko and its partners heralded as one of the largest in the Gulf.
Daily sales volume grew 13% to 793 Mboepd from 704 Mboepd a year earlier.
Anadarko increased 2013 sales volume guidance to 279 MMboepd to 287 MMboepd from its previous view for 279 MMboepd to 285 MMboepd.
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