Anadarko Petroleum Corp. on Monday reported disappointing fourth-quarter results as it coped with the fallout from sinking oil prices.
The Houston-based oil and natural gas company reported a loss of $395 million, or 78 cents per share, for the quarter versus a loss of $770 million, or $1.53 per share, last year. After adjusting for a number of items, it earned 37 cents per share versus 74 cents per share last year.
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That fell far short of market forecasts — analysts polled by FactSet were anticipating earnings of 80 cents per share.
Anadarko's oil and gas output improved year-over-year but, like many of its peers, it is dealing with sinking oil prices. The average price the company was paid for crude oil fell to $71.67 for the quarter, down 28 percent from last year. Its natural gas price sales prices held steady.
The quarter's revenue fell to $3.18 billion from $3.34 billion; analysts were anticipating $3.76 billion.
Shares of Anadarko closed at $82.77 and slipped 62 cents to $82.15 in extended trading. Its shares have increased roughly 3 percent in the past 12 months.