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Anadarko (APC) Surpasses Q1 Earnings and Revenue Estimates
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Anadarko Petroleum Corporation reported first-quarter 2018 earnings of 52 cents per share, beating the Zacks Consensus Estimate of 43 cents by 20.9%. In the year-ago quarter, the company had incurred a loss of 60 cents.
On a GAAP basis, Anadarko Petroleum’s earnings were 22 cents per share, rebounding from the prior-year quarter loss of 58 cents.
Total Revenues
In the reported quarter, Anadarko Petroleum’s revenues of $3,045 million surpassed the Zacks Consensus Estimate of $2,979 million by 2.9%. However, revenues were down 19.2% year over year.
Anadarko Petroleum Corporation Price, Consensus and EPS Surprise
In the quarter, the company’s average daily sales volume was 643,000 barrels of oil equivalent per day (BOE/d). U.S. Onshore assets delivered sales volumes of 400,000 BOE/d on a divestiture-adjusted basis, an increase of 6.4% from the prior-year quarter.
The company’s total costs and expenses in the first quarter dropped 35.5% year over year to $2,494 million, primarily due to lower exploration and Oil and gas transportation expenses.
Interest expenses came in at $228 million, increasing 2.2% from $223 million a year ago quarter.
Financial Condition
Anadarko Petroleum had cash and cash equivalents of $3,361 million as of Mar 31, 2018, down substantially from $4,553 million as of Dec 31, 2017.
Long-term debt as of Mar 31, 2018 was $15,643 million, reflecting an increase from $15,547 million as of Dec 31, 2017.
Its net cash flow from operating activities during the quarter was $1,430 million compared with $1,123 million recorded in the year-ago quarter.
Guidance
Anadarko Petroleum expects average daily oil sales volume in the range of 615,000-640,000 BOE/d for second-quarter 2018.The company projects its total sales volume in the range of 56-58 million BOE/d for the quarter.
It expects capital expenditure in the range of $1,300-$1,500 million for the second quarter.
Anadarko Petroleum expects average daily oil sales volume in the range of 658,000-685,000 BOE/d for 2018.The company projects its total sales volume in the range of 240-250 million BOE/d for the year.
It expects 2018 capital expenditure in the range of $4,200-$4,600 million.
Upcoming Releases
Energen Corporation is expected to report first-quarter earnings on May 8. The Zacks Consensus Estimate is pegged at 77 cents.
Evolution Petroleum Corporation, Inc. (EPM - Free Report) is expected to report first-quarter earnings on May 14. The Zacks Consensus Estimate is pegged at 13 cents.
Wildhorse Resource Development Corporation is expected to report first-quarter earnings on May 9. The Zacks Consensus Estimate is pegged at a loss of 34 cents.
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Anadarko (APC) Surpasses Q1 Earnings and Revenue Estimates
Anadarko Petroleum Corporation reported first-quarter 2018 earnings of 52 cents per share, beating the Zacks Consensus Estimate of 43 cents by 20.9%. In the year-ago quarter, the company had incurred a loss of 60 cents.
On a GAAP basis, Anadarko Petroleum’s earnings were 22 cents per share, rebounding from the prior-year quarter loss of 58 cents.
Total Revenues
In the reported quarter, Anadarko Petroleum’s revenues of $3,045 million surpassed the Zacks Consensus Estimate of $2,979 million by 2.9%. However, revenues were down 19.2% year over year.
Anadarko Petroleum Corporation Price, Consensus and EPS Surprise
Anadarko Petroleum Corporation Price, Consensus and EPS Surprise | Anadarko Petroleum Corporation Quote
Operational Highlights
In the quarter, the company’s average daily sales volume was 643,000 barrels of oil equivalent per day (BOE/d). U.S. Onshore assets delivered sales volumes of 400,000 BOE/d on a divestiture-adjusted basis, an increase of 6.4% from the prior-year quarter.
The company’s total costs and expenses in the first quarter dropped 35.5% year over year to $2,494 million, primarily due to lower exploration and Oil and gas transportation expenses.
Interest expenses came in at $228 million, increasing 2.2% from $223 million a year ago quarter.
Financial Condition
Anadarko Petroleum had cash and cash equivalents of $3,361 million as of Mar 31, 2018, down substantially from $4,553 million as of Dec 31, 2017.
Long-term debt as of Mar 31, 2018 was $15,643 million, reflecting an increase from $15,547 million as of Dec 31, 2017.
Its net cash flow from operating activities during the quarter was $1,430 million compared with $1,123 million recorded in the year-ago quarter.
Guidance
Anadarko Petroleum expects average daily oil sales volume in the range of 615,000-640,000 BOE/d for second-quarter 2018.The company projects its total sales volume in the range of 56-58 million BOE/d for the quarter.
It expects capital expenditure in the range of $1,300-$1,500 million for the second quarter.
Anadarko Petroleum expects average daily oil sales volume in the range of 658,000-685,000 BOE/d for 2018.The company projects its total sales volume in the range of 240-250 million BOE/d for the year.
It expects 2018 capital expenditure in the range of $4,200-$4,600 million.
Upcoming Releases
Energen Corporation is expected to report first-quarter earnings on May 8. The Zacks Consensus Estimate is pegged at 77 cents.
Evolution Petroleum Corporation, Inc. (EPM - Free Report) is expected to report first-quarter earnings on May 14. The Zacks Consensus Estimate is pegged at 13 cents.
Wildhorse Resource Development Corporation is expected to report first-quarter earnings on May 9. The Zacks Consensus Estimate is pegged at a loss of 34 cents.
Zacks Rank
Anadarko Petroleum currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>