Anadarko Petroleum Corp. earned $203 million for the fourth quarter of 2012, a sharp rebound from a year ago when asset write-downs and a $4 billion payout to BP to settle claims related to the 2010 Gulf of Mexico oil spill resulted in a $358 million loss for the quarter.
Earnings per share for the quarter came in at 40 cents. But the company reported that excluding special items, including writedowns, profit would have been $457 million and earnings 91 cents per share.
Analysts expectations had averaged 72 cents per share.
The independent oil and gas exploration company based in The Woodlands reported net income of $2.4 billion for all of 2012.
President and CEO Al Walker said the company is on track to meet a goal of three billion barrels of oil equivalent of proved reserves by the end of 2014.
“We achieved record production, highlighted by a 25,000 barrel-per-day increase in higher-margin liquids sales volumes over 2011,” he said in a statement.
Oil and gas sales reached 68 million barrels of oil equivalent per day during the fourth quarter, up from 63 million barrels in the fourth quarter a year earlier.
The company reported that cash flow from operating activities in the fourth quarter was $2.2 billion.
The company has operations across the North America and in the Gulf of Mexico, as well as in South America, China, New Zealand and Africa.
Among its biggest projects is a collaboration with Italian oil and gas company Eni to build a liquefied natural gas export facility off the coast of Mozambique, site of two natural gas discoveries made during 2012.
Stock traded down all day, ending down 68 cents at $80.50 a share, although it moved up slightly in after-market trading.