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Anadarko Profit Jumps

Revenue surges.

Anadarko Petroleum

(APC) - Get Anadarko Petroleum Corporation Report

said Monday its third-quarter earnings more than doubled.

The company earned $1.5 billion, or $3.15 a share, in the quarter, compared with $598 million, or $1.25 a share, a year ago. Third quarter includes the results of Kerr-McGee and Western Gas Resources, which were acquired in August, and a gain of $567 million in unrealized gains on derivatives. The company earned $1.4 billion, or $2.98 a share, from its continuing operations, excluding its divested Canadian subsidiary. Analysts polled by Thomson First Call were expecting earnings of $1.35 a share in the most recent quarter.

Third-quarter revenue rose to $3.5 billion, compared with $1.5 billion a year ago. Analysts were expecting revenue of $2.3 billion.

The company said it expected total fourth-quarter sales of 59 million to 62 million barrels of oil equivalent and full-year sales of 176 million to 179 million barrels of oil equivalent.

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The company also agreed to sell its interests in two deepwater Gulf of Mexico discoveries and one prospect to oil company

Statoil ASA


for $901 million.

The agreement relates to Anadarko's holdings of 25% working interest in the Knotty Head and 15% working interest in Big Foot, oil discoveries, as well as 15% working interest in the Big Foot North prospect. The transaction is expected to close in the first quarter of 2007, the company added.

This story was created through a joint venture between and IRIS.