Anadarko Petroleum Corp. (NYSE: APC) reported a smaller-than-expected quarterly loss as it cut costs to counter a prolonged slump in crude prices.
The company, which has cut this year's capital budget by half, said costs were lower by 11.8% in the quarter, which ended June 30.
The company said early this year that it laid off about 1,000 workers and sold more than $1 billion in assets.
Houston-based Anadarko raised the midpoint of its full-year sales volume forecast by 2 million barrels of oil equivalent (MMboe) on increased sales from the Gulf of Mexico, and the Delaware and D-J basins. In March, the company estimated sales volumes of 282 MMboe to 286 MMboe after adjusting for divestitures.
Net loss attributable to Anadarko was $692 million, or $1.36 per share, in the second quarter, compared with a profit of $61 million, or 12 cents per share, one year earlier.
Excluding items, the company lost 60 cents per share, compared with analysts' average estimate of 80 cents, according to Thomson Reuters I/B/E/S.
Revenue fell 27% to about $1.92 billion, above analysts' estimate of about $1.89 billion.
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