Anadarko 3Q Profit Tumbles; Volume Increases

SANDY SHORE

DENVER (AP) — Anadarko Petroleum Corp. said Monday its profit plunged during the third quarter, but that sales volume will jump this year even though spending has declined.

All oil and gas companies saw profit and revenue plunge from July to September because they are being compared to one of the most lucrative periods in industry history a year ago.

Still, The Woodlands, Texas-based Anadarko was among a number of oil companies that made what could be sizable finds in the third quarter. Last month, Anadarko said it struck oil in deep waters off West Africa.

The company reported net income of $200 million, or 40 cents a share, which included $251 million in special items that tacked on 51 cents per share. Excluding those items, Anadarko posted a loss of $51 million, or 11 cents a share.

A year ago, Anadarko had net income of $2.16 billion, or $4.62 a share, in large part due to non-cash hedging gains.

Revenue tumbled to $2.7 billion from $6.15 billion a year ago during the same period, the company said.