Anadarko Petroleum Corp. reported $929 million in second-quarter profit, compared with a loss of $89 million for the same quarter last year, as improvements in its drilling performance led to five deep-water discoveries.
Revenue for the quarter rose to $3.5 billion from $3.2 billion the year before.
The company’s reported spending on unproductive exploration fell by almost $1 billion during the second quarter, meaning it spent less on wells that did not yield discoveries.
Anadarko, based in The Woodlands, said its expenses for dry wells in the three months ending June 30 were $178 million, down from $1.1 billion in the same period a year ago.
Anadarko made five discoveries in deep waters during the second quarter. They included three in the Gulf of Mexico and two off the coast of Mozambique, where Anadarko is developing a liquefied natural gas export facility with Italian oil and gas company Eni.
Though Anadarko’s overall oil output in the United States and worldwide fell slightly, the company’s numbers included a gain of 20,000 barrels per day in production from onshore wells in the United States.
“Our U.S. onshore activities delivered year-over-year oil growth of 25 percent, averaging approximately 97,000 barrels per day during the quarter,” Anadarko CEO Al Walker said in a statement. “We continued to drive significant improvements into our drilling and completions programs.”