Anadarko Swings To 2Q Loss On Lower Prices; Output Up 12%

   DOW JONES NEWSWIRES 
 

Anadarko Petroleum Corp. (APC) swung to a second-quarter loss as revenue slumped on sharply lower commodity prices, leading the oil-and-gas producer to post its second loss in a row. But the red ink was less than expected.

As commodity prices have fallen from record highs a year ago, Anadarko has cut costs. The company also has sold $900 million in notes and $1.3 billion in stock in the past few months to repay debt and boost liquidity.

In the latest quarter, Anadarko reported a loss of $216 million, or 48 cents a share, compared with a profit of $28 million, or 5 cents a share, a year earlier. The latest results included a net 9 cents in derivatives and other impacts.

Revenue dropped 37%, to $1.75 billion, despite a 13% rise in output, as average sales prices sunk.

Analysts' estimates were for a 68 cent loss on revenue of $1.76 billion, according to a poll by Thomson Reuters.

Anadarko's shares were flat after-hours at $49.64. The stock is up 29% this year.

-By Kathy Shwiff and John Kell, Dow Jones Newswires; 212-416-2357; [e-mail]