Exploration giant Anadarko Petroleum ( APC) said second-quarter earnings shot up 35% from last year, reflecting higher prices for natural gas and crude. 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.