Anadarko Shares Down 3% After Company Posts Wider-than-expected Loss

By Claudia Assis Markets MarketWatch Pulse

Shares of Anadarko Petroleum Corp. fell more than 3% late Monday after the oil and gas exploration and production company reported a larger-than-expected second-quarter loss. Anadarko said it lost $415 million, or 76 cents a share, in the quarter, compared with a loss of $1.36 a share in the second quarter of 2016. Adjusted for certain items, the company lost $423 million, or 77 cents a share, in the quarter. Revenue reached $2.7 billion in the quarter, compared with $1.92 billion a year ago. Sales Analysts polled by FactSet had expected the company to report an adjusted loss of 36 cents a share on sales of $2.2 billion. Anadarko also cut its investments by $300 million for the full year and adjusted full-year sales-volume guidance to reflect recent asset sales and deferred production connected with the company's response earlier this year to a fatal home explosion in Colorado linked to one of the company's wells. "We feel this is a prudent move," the company said in a statement. Shares ended the regular trading session up 0.3%.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.