Anadarko Petroleum

(APC) - Get Report

reported fourth-quarter earnings of $824 million, or $1.79 a share, vs. $264 million, or 56 cents a share, a year ago.

But excluding one-time gains, Anadarko made $69 million, or 15 cents a share, below Wall Street forecasts. Analysts polled by Thomson Reuters expected 17 cents a share.

Fourth-quarter revenue rose 24% to $3.8 billion.

Anadarko said one-time items in the quarter increased net income by about $750 million. It sold the Peregrino field off the Brazilian coast for $1.4 billion.

For all of 2008, Anadarko said its net income fell 13% to $3.3 billion, or $7.05 a share, from $3.8 billion, or $8.08 a share, in 2007.

Full-year revenue was $15.7 billion, compared with $15.9 billion in 2007.

Anadarko's shares were up 77 cents, or 2.15, at $36.86 in after-hours trading after ending the regular session down 65 cents, or 1.8 percent, at $36.09.

New energy production added 290 million barrels of oil equivalent to Anadarko's proven reserves for 2008. The figure easily compensated for the 137 million barrels of oil equivalent that Anadarko lost during 2008 because of property divestitures.

Anadarko waited until Monday morning to unveil its most substantial operating achievement for the period. The firm announced that it made a significant new deepwater oil discovery in the Gulf of Mexico. The discovery will add "200 feet of net oil pay in several high-quality Miocene sands" to Anadarko's ongoing Heidelberg prospect. Anadarko owns a 45% working interest in the prospect.

Mariner Energy

( ME),

ENI SpA

(E) - Get Report

,

StatoilHydro ASA

(STO)

,

Exxon Mobil

(XOM) - Get Report

and

Cobalt Energy

are partners with Anadarko in the deal.

This article was written by a staff member of TheStreet.com. Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.