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Anadarko Petroleum (APC) Beats Earnings Estimates in Q1

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Anadarko Petroleum Corporation’s generated first-quarter 2019 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 76.67%. Also, the bottom lime improved by a penny from the year-ago quarter's number.

On a GAAP basis, the company incurred a loss of 3 cents in the quarter.

Total Revenues

In the reported quarter, Anadarko Petroleum’s revenues amounted to $3,218 million, which surpassed the Zacks Consensus Estimate of $2,942 million by 7.58%. Also, the top line increased 5.7% year over year. The upside was primarily driven by higher oil, natural gas as well as gathering, processing and marketing sales.

Operational Highlights

In the quarter, the company’s average daily sales volume was 715,000 barrels of oil equivalent per day (BOE/d), up 11.2% year over year. U.S. Onshore assets generated sales volumes of 465,000 BOE/d, up 16.25% from the prior-year quarter’s figure.

The company’s total costs and expenses in the first quarter fell 4.4% year over year to $2,384 million, primarily on lower exploration, general and administrative as well as impairments expenses along with reduced other operating expenses.

Interest expenses totalled $253 million, up from $228 million in the year-earlier quarter.

Financial Condition

The company had cash and cash equivalents of $2,026 million as of Mar 31, 2019, up from $1,295 million as of Dec 31, 2018.

Long-term debt as of Mar 31, 2019 was $15,903 million, down from $15,470 million as of Dec 31, 2018.

The company’s net cash flow from operating activities was $1,129 million compared with $1,430 million in the prior-year quarter.

Zacks Rank

Anadarko Petroleum currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Oils-Energy Release

TOTAL S.A. delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90 per share), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%

Upcoming Release

EOG Resources Inc. (EOG - Free Report) is expected to release first-quarter 2019 earnings on May 2. The Zacks Consensus Estimate for earnings is pegged at $1.03 per share.

Occidental Petroleum Corporation (OXY - Free Report) is expected to release first-quarter 2019 earnings on May 6. The Zacks Consensus Estimate for earnings is pegged at 72 cents per share.

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