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Shares of Anadarko Petroleum (APC) - Get Free Report  were little changed in extended trading Tuesday after the independent exploration and production company reporting a bottom-line miss for the fiscal fourth quarter.

The company posted a net loss of $515 million for the fourth quarter. Excluding one-time items, the loss came to 50 cents per diluted share, which missed analysts' expectations of a loss of 44 cents a share. The quarter included a charge of $243 million.

Revenue of $2.39 billion barely beat forecasts of $2.36 billion for the period. Fourth-quarter sales volumes of oil, natural gas and NGLs averaged approximately 774,000 barrels of oil-equivalent per day.

"We have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico," Anadarko CEO Al Walker said in a statement.

The Woodlands, Texas-based company adjusted its focus this year, selling Marcellus assets for $1.24 billion and Eagle Ford assets for $2.3 billion in the past few months. The deals totaling more than $3.5 billion are expected to close during the first quarter of 2017.

"While some industry commentators suggest the Eagle Ford transaction was low, we think it prudent that APC has reduced net debt significantly which should settle around $6 billion after proceeds are received," Credit Suisse Analyst Edward Westlake in a Jan. 24 research note.

Westlake notes that Anadarko plans to run 14 operated rigs in the Delaware basin in west Texas and six operated rigs in eastern Colorado's DJ basin by the end of the first quarter of 2017.

The company also acquired Freeport-McMoRan's (FCX) - Get Free Report deepwater Gulf of Mexico properties for $1.8 billion in December. Anadarko expects to spud an appraisal well at the Warrior prospect in the second quarter of 2017.

For the full year, Anadarko reported a net loss of $3.07 billion, or $5.90 on a per share basis. Full-year revenue declined to $7.87 billion, compared to revenue of $8.7 billion in 2015. Sales volumes of oil, natural gas and natural gas liquids totaled 290 million barrels of oil-equivalent, an average of 793,000 barrels of oil-equivalent per day.

Anadarko Petroleum will hold a conference call to discuss the fourth-quarter and year-end results on Wednesday, Feb. 1 at 9 a.m. EST.

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