Anadarko Petroleum Corporation announced first-quarter 2011 net income attributable to common stockholders of $216 million, or $0.43 per share (diluted).
These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by approximately $147 million, or $0.29 per share (diluted) on an after-tax basis. Cash flow from operating activities in the first quarter of 2011 was $1.289 billion, and discretionary cash flow totaled $1.674 billion.
First-Quarter 2011 Highlights
— Achieved record sales volumes, comprised of 42 percent liquids
— Announced a $1.6 billion joint venture in the Eagleford Shale
— Announced six successful offshore discoveries and/or appraisal wells
— Reduced lease operating expense per unit by 13 percent over the fourth-quarter 2010
— Announced the $576 million acquisition of the Wattenberg Processing Plant
“ 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 ,” said Anadarko Chairman and CEO Jim Hackett . “ 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 .”
During the first quarter of 2011, sales volumes totaled 62 million barrels of oil equivalent (BOE), or 690,000 BOE per day, averaging approximately 2.4 billion cubic feet of natural gas per day, 212,000 barrels of oil per day (BOPD), and 76,000 barrels of natural gas liquids per day.
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Source: Anadarko Petroleum, May 4, 2011;