Anadarko Petroleum narrowed its fourth quarter and full year losses as the company cut its spending and boosted fourth quarter revenues.
Houston-based Anadarko reported a fourth quarter net loss attributable to common stockholders of $515 million, or $0.94 per diluted share, compared to a $1.25 billion loss in the prior-year quarter.
Anadarko reported a full year 2016 net loss attributable to common stockholders of $3.07 billion, or $5.90 per diluted share, compared to a net loss of $6.69 billion in the prior year.
Anadarko said that certain items increased its fourth quarter net loss by $243 million on an after-tax basis.
The company posted a $272 fourth quarter adjusted net loss, compared to a loss of $296 million in the fourth quarter of 2015.
Net cash provided by operating activities in the fourth quarter of 2016 was $1.12 billion, up from $257 million in the year-ago quarter.
Full year net cash provided by operating activities climbed to $3 billion in 2016, up from $1.87 billion in 2015.
Total fourth quarter 2016 revenues rose to $2.38 billion from $2.05 billion in the prior-year quarter.
Total full year 2016 revenues declined to $7.86 billion from $8.69 billion in 2015.
The company booked a $610 million fourth quarter operating loss, an improvement from a loss of $2.14 billion in the prior-year quarter.
Anadarko reported a full year operating loss of $2.59 billion for 2016 compared to an $8.8 billion loss for 2015.
Anadarko’s full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 290 million barrels of oil equivalent, or an average of 793,000 boe per day.
Fourth quarter 2016 sales volumes of oil, natural gas and NGLs averaged about 774,000 boe per day.
The company said it surpassed initial sales-volume expectations by 11 million barrels of oil equivalent on a same-store-sales basis, while keeping capital investments within its initial guidance.
In 2016, Anadarko organically added 30 million boe of proved reserves before the effects of price revisions.
Capital expenditures for the fourth quarter 2016 declined to $993 million, down from $1.31 billion in the fourth quarter of 2015.
Full year capital expenditures fell to $3.31 billion compared to $5.88 billion for the full year 2015.
Anadarko increased its expected five-year compounded annual oil growth rate to 12 to 14 percent.
The company closed more than $4 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures.
The announced divestitures are expected to close in the first quarter of 2017.
Anadarko ended 2016 with $3.2 billion of cash on hand.
“Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company’s competitive focus going forward,” Anadarko CEO, chairman and president Al Walker said.