Anadarko Petroleum Corp. on Monday posted weaker-than-expected sales for its latest quarter as the rout in the oil sector continued, though its quarterly loss wasn’t as bad as analysts had forecast.
Shares of Anadarko, down about 45 percent in the past year, fell 2.8 percent to $50.50 in after-hours trading.
The company, one of the largest independent oil and gas producers in the U.S. — and the largest in Colorado — has been pressured by collapsing energy prices. Some analysts expect oil prices to hover between $20 and $40 a barrel until the second half of the year, with crude prices remaining highly volatile.
The company, like many energy-related firms, has worked to cut costs amid the downturn. On Monday, Anadarko said it improved its cost structure by $800 million by reducing its dividend and staffing. . Total costs and expenses plunged 61 percent to $2.54 billion.
For the latest quarter, Anadarko posted a loss of $1.03 billion, or $2.03 a share, compared with a loss of $3.26 billion, or $6.45 a share, a year earlier. Excluding certain items, the company posted a loss of $1.12 a share, compared with a year-earlier loss of 72 cents a share.
Revenue fell 28 percent to $1.67 billion.
Analysts polled by Thomson Reuters expected a loss of $1.16 on revenue of $1.81 billion.
