May 2, 2011
Anadarko (NYSE:APC) reported Q1 EPS of $0.43 and adjusted net income of $0.72 per share. Analysts, on average, estimated EPS of $0.58 per share. Revenues for the quarter rose 3.5% year-over-year to $3.25 billion, ahead of consensus estimates of $3.09 billion.
Anadarko Chairman and CEO Jim Hackett said, "Anadarko delivered record sales volumes in the first quarter, including a 15-percent quarter-over-quarter increase in daily liquids volumes, strong cash flow and improved margins. This record performance was highlighted by the rapid growth of our shale plays and our first lifting from the Jubilee field offshore Ghana. Our deepwater exploration program also achieved excellent results in the quarter with three discoveries and three successful offshore appraisal wells. Early in the second quarter, we closed the previously announced $1.6 billion joint venture with KNOC (Korea National Oil Corporation) in the Eagleford Shale, validating the tremendous embedded value of this resource."
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