Anadarko Petroleum Corp. lost $515 million in the fourth quarter as it wrote down the value of oil-producing properties and exploration assets.
The Woodlands-based oil explorer’s $515 million loss in the fourth quarter, or 94 cents a share, was smaller than the $1.3 billion loss, or $2.45 cents a share, it recorded in the same October-December period the year before. Its revenues increased from $2.1 billion to $2.4 billion.
Anadarko took $216 million in impairment charges on its oil-producing properties and its exploration assets in the fourth quarter. It also recorded a $16 million restructuring charge related to job cuts announced earlier in the year and a $32 million charge for terminating a rig contract early.
The company sold more than $4 billion in assets last year and expects another $3.5 billion in sales in the first quarter.
Anadarko chief executive Al Walker said the company has already begun putting more cash into its most lucrative regions, the Delaware Basin in West Texas and New Mexico, the DJ Basin in Colorado and its deep-water fields in the Gulf of Mexico. The company cut its capital spending in half last year, but it sent four additional drilling rigs to the Delaware Basin and three more to the DJ Basin over the course of the year.