Anadarko Petroleum

Anadarko Petroleum (APC 68.14) announced after yesterday's close its first quarter revenues rose almost 12% year-over-year to $2.98 billion, which is a bit behind the $3.13 billion consensus sales forecast.  The company reported that quarterly sales volumes of natural gas, crude oil and natural gas liquids totaled 53 million barrels of oil equivalent (BOE), or 585,000 BOE per day. 

First-quarter natural gas sales volumes averaged 2.14 billion cubic feet per day at an average price of $6.17 per thousand cubic feet, including a loss on derivatives of $1.41 per thousand cubic feet. Oil sales volumes in the first quarter averaged 190,000 barrels per day, at an average price of $78.21 per barrel, including a loss on derivatives of $14.80 per barrel. Natural gas liquids sales volumes averaged 39,000 barrels per day, at an average price of $56.42 per barrel

Excluding nonrecurring items, Anadarko's earnings totaled $1.44 per share for the quarter.  On average, analysts were expecting just $1.22 per share.  When compared with last year, Anadarko's quarterly profit per share surged more than 40%.

In March the company raised its full-year production guidance, saying it sees production volume between 207 million and 212 million BOE, from previous guidance that ranged from 205 million to 210 million BOE.  That revised outlook was reaffirmed yesterday. 

Particular to the second quarter, the company anticipates total sales will range from 50 million to 52 million BOE.  Daily production of crude is expected to range from 185,000 to 195,000, natural gas volume is expected to range from 1.95 billion to 2.0 billion cubic feet per day, and natural gas liquids volume is expected to range from 35,000 to 38,000 barrels per day.