Anadarko Petroleum Corp. swung to a profit in the second quarter as higher oil prices and increased oil and natural gas production boosted the bottom line.
The Woodlands-based independent oil and gas company said net income was $544 million, or $1.08 per share, which included $28 million in one-time items. In the same quarter a year ago, the firm reported a $40 million loss.
Revenue jumped 41 percent to $3.7 billion, from $2.6 billion in the April-to-June period in 2010.
Excluding special items, Anadarko earned $572 million, or $1.14 a share. A survey of Wall Street analysts had predicted earnings of 95 cents a share, according to Thomson Financial Network.
Anadarko’s oil and gas production rose to 685,000 barrels of oil equivalent per day, from 651,000 barrels of oil equivalent per day in the same period a year ago. Anadarko also benefited from higher commodity prices. During the quarter, the average sales price for oil and condensate was $108.99 a barrel, up from $74.49 a barrel in the second quarter of 2010.
In its earnings release Monday evening, the company made no mention of its 25 percent ownership stake in BP’s Macondo well, where a blowout in April 2010 killed 11 workers and launched the nation’s worst oil spill in the Gulf of Mexico.
Anadarko has accused BP of gross negligence in the accident and has refused to pay spill cleanup costs BP says it still owes.
In May, however, Anadarko CEO James Hackett suggested for the first time that the company might come to the table on settlement talks under the right circumstances. Another well partner,Japan’s Mitsui, recently settled claims against BP.
Anadarko executives plan to discuss the second-quarter results during a conference call with investors today.
