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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.

Dow Jones Newswires

05/07/2013

 

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