Anadarko Petroleum More Than Doubles Fourth-Quarter Earnings
POST WAR TIME "UNREST" Surges profits to $874 Million IN A SINGLE QUARTER


Houston, TX.

High oil and gas prices led Anadarko Petroleum Corp. to more than double its fourth-quarter profit as sales surged, surpassing Wall Street's expectations.

Separately, Anadarko also announced a $4 billion capital budget for 2006, which is expected to deliver production growth of 4 percent to 8 percent. Earnings ballooned to $874 million, or $3.73 per share, from $405 million, or $1.64 per share, in the prior-year period. Quarterly revenue rose to $2.25 billion from $1.62 billion.

Analysts polled by Thomson Financial forecast earnings of $3.35 on sales of $2.09 billion. "The strength in oil and natural gas prices, along with operational improvements and an accretive share repurchase program, combined to make 2005 a very successful year," said Chairman, President and Chief Executive Jim Hackett in a statement. Natural gas fetched $9.94 per thousand cubic feet, up from $5.63 a year ago. The company's realized price for crude oil and condensate jumped to $52.16 per barrel from $35.55 in the 2004 quarter.

The price-per-barrel on natural gas liquids increased to $39.16 from $33.15, as well. Overall sales volumes were up slightly from the third quarter, Anadarko said, but declined year over year due to sales of certain assets during the year. For the full year, net income expanded to $2.47 billion, or $10.39 per share, from $1.6 billion, or $6.36 per share, in 2004. Annual revenue increased to $7.1 billion from $6.08 billion in the prior year. Anadarko ended the year with proved reserves of 2.45 billion barrels of oil equivalent. The company's shares rose $1.89 to close at $105.59 on the New York Stock Exchange.

RELATED TOPIC : Gasoline Price Chart 1970 - 2005

 

High Oil, Gas Prices Push Occidental Petroleum Fourth-Quarter Profit
Up 55 Percent to $1.15B


LOS ANGELES (AP)

Occidental Petroleum Corp. on Tuesday said high oil and gas prices drove its fourth-quarter profit up 55 percent. Quarterly earnings totaled $1.15 billion, or $2.80 per share, up from $742 million, or $1.83 per share, in the prior-year period.

Total sales rose to $4.33 billion from $3.08 billion in the year-earlier quarter. Occidental's largest oil and gas segment reported $3.03 billion in sales, up from $2.07 billion a year ago, while its chemicals segment increased sales to $1.26 billion from $985 million at the same time.

Analysts expected profit of $2.76 per share and sales of $4.27 billion, according to a Thomson Financial poll. Worldwide production in the fourth quarter averaged 589,000 barrels of oil equivalent per day versus 558,000 barrels in the 2004 quarter. Full-year profit expanded to $5.28 billion, or $12.91 per share, from $2.57 billion, or $6.40 per share, in 2004. Sales for the year jumped to $15.21 billion from $11.37 billion in 2004.



 
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