Independent oil and gas producer Anadarko Petroleum Corp. on Friday posted a 35 percent increase in second-quarter profit on higher energy prices and lower costs.
The Houston company reported net income of $405 million, or $1.59 per share, up from $301 million, or $1.20 per share, a year earlier. Analysts on average had expected $1.57 a share, according to Reuters Estimates.
Revenue climbed to $1.44 billion from $1.25 billion, driven by higher prices for crude oil and natural gas, offset by lower output as the company divests less productive fields.
Last month, the company announced plans to sell about $2.5 billion in assets, using proceeds to strengthen the balance sheet and repurchase stock.
Second-quarter oil and gas sales volumes fell 2.8 percent to the equivalent of 512,000 barrels per day, in line with the company’s target and down from 527,000 bpd last year.
Anadarko was among the worst performers in the oil sector in 2003 and was widely seen as a takeover target before it recruited Devon Energy executive James Hackett as its chief executive and president to turn the company around.
Its shares have risen nearly 18 percent so far this year, closing at $59.15 on Thursday on the New York Stock Exchange.
