July 29, 2013

Anadarko Turns 2012 Loss Into Q2 2013 Profit

Anadarko Petroleum Corp (APC.N) reports a quarterly profit compared with a year-earlier loss, as the U.S. oil and gas company's results were helped by higher natural gas prices, according to Reuters.

Anadarko has big offshore oil and gas prospects, but like many other exploration and production companies, the Houston-based Anadarko is also working to increase output of crude from less expensive onshore shale wells in North America.

The average sales price Anadarko received for natural gas in the quarter was $3.88 per thousand cubic feet equivalent, up 80 percent from a year ago, as inventories have fallen from record highs.

Citing the company, Reuters add that Anarko had encountered oil at two of its Gulf of Mexico prospects, Raptor and Yucatan. At Espadarte offshore Mozambique, the company said it encountered gas-bearing sands.

Source: Reuters
 

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