Anadarko Petroleum has reported net income of $287 million for the first quarter of 2008, compared to $1.72 billion for the first quarter of 2007.
The company reported that net income available to common stockholders totaled $286 million, or $0.61 per diluted share, for the first quarter of 2008, compared to net income available to common stockholders of $1.72 billion, or $3.70 per diluted share, for the same period of 2007.
The company reported an 8% increase in production over first quarter of 2007 from retained properties.
First quarter 2008 sales volumes of natural gas, crude oil and natural gas liquids totaled 53 million barrels of oil equivalent (boe), or 585,000boe per day. First quarter 2008 natural gas sales volumes averaged 2.14 billion cubic feet per day at an average price of $6.17 per thousand cubic feet, including a loss on derivatives of $1.41 per thousand cubic feet.
Oil sales volumes in the first quarter averaged 190,000 barrels per day, at an average price of $78.21 per barrel, including a loss on derivatives of $14.80 per barrel. Natural gas liquids sales volumes averaged 39,000 barrels per day, at an average price of $56.42 per barrel.
Jim Hackett, chairman, president and CEO of Anadarko, said: As evidenced throughout 2007 and by the first quarter 2008 operational highlights, our balanced portfolio of properties continues to deliver significant organic growth and positive financial results. I am pleased with our operating performance through the first three months of 2008, which again exceeded the high end of our production expectations.