Anadarko Profit Jumps

Revenue surges.
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Anadarko Petroleum

(APC) - Get 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.

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

Statoil ASA

(STO)

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.

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