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Exploration giant

Anadarko Petroleum

(APC) - Get Anadarko Petroleum Corporation Report

said second-quarter earnings shot up 35% from last year, reflecting higher prices for natural gas and crude.

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Houston-based Anadarko earned $405 million, or $1.95 a share, in the three months to June 30, compared with earnings of $301 million, or $1.20 a share, last year. Revenue rose 15% to $1.44 billion. Analysts had been forecasting earnings of $1.59 a share on revenue of $1.38 billion in the most recent quarter.

The company received an average price of $31.71 a barrel in the second quarter, up from $25.11 a barrel a year ago. It sold somewhat less oil in the 2004 period: 173,000 barrels a day compared with 190,000 a year ago, reflecting volume declines in South Louisiana and the Gulf of Mexico.

Anadarko expects 2004 capital expenditures to total $2.8 billion to $3 billion and lowered its estimate of full-year production growth, reflecting higher prices.

The stock closed Friday at $59.15, just below its 52-week high of $61.22.