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Anadarko Tops Expectations, but Shares Move Lower

Anadarkoon Monday reported fourth-quarter earnings and revenue that topped analysts expectations, but its shares moved lower in after-hours trading.

off shore oil rig
off shore oil rig

Anadarko net profit in the quarter was $238 million, or 46 cents per share, compared with $794 million, or $1.69 per share in the year-ago period. Big one-time gains boosted results last year.

Excluding items, the Houston company earned $21 million or 4 cents per share. On that basis, Wall Street analysts had expected a profit of 3 cents per share.

Anadarko, the second largest U.S. independent oil and gas company behind Apache, said its production in the quarter was 583,000 barrels of oil equivalent (BOE) per day, up 2.4 percent from a year ago.

Anadarko added 314 million BOE of proved reserves in 2009, excluding price revisions and divestitures for a reserve replacement rate of 140 percent.

The company estimates its proved reserves at year-end 2009 totaled 2.3 billion BOE, up 1 percent from a year-ago.

Anadarko shares edged lower in extended trading, after ending the regular session $1.38 higher at $65.16 . Get real-time quotes for Anadarko here.

Earlier Monday, Anadarko agreed to sell some of its natural gas assets to Western Gas Partners for $254.4 million.

AP contributed to this report