Oct. 31–Anadarko reported a growing net profit of $363 million for the third quarter courtesy of revenues that surged nearly 50 percent from a year prior.
Led by growth in West Texas’ Permian Basin and in the Gulf of Mexico, The Woodlands-based oil and gas producer improved from a big $700 million loss during the same quarter in 2017.
The company’s $3.7 billion in quarterly revenues jumped from $2.5 billion last year.
Anadarko Chief Executive Al Walker also touted the company’s new oil processing system, called the Loving Regional Oil Treating Facility, in the Permian that’s bringing in additional profits beyond oil and gas sales.
“As we look ahead to 2019, our focus will continue to be on delivering healthy oil growth within a capital-efficient framework,” Walker said.
Analysts described Anadarko’s earnings as mixed but mostly positive, while also noting that capital spending ticked up a bit and that the firm’s Colorado assets fell short of expectations.
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