Anadarko Petroleum Corporation (APC) saw its loss narrow to $515 million, or $0.94 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1,250 million, or $2.45 a share. On the other hand, adjusted net loss for the quarter narrowed to $272 million, or $0.50 a share from a loss of $296 million or $0.57 a share, a year ago. Revenue during the quarter grew 16.27 percent to $2,387 million from $2,053 million in the previous year period. Gross margin for the quarter expanded 139 basis points over the previous year period to 77.71 percent.
Operating loss for the quarter was $610 million, compared with an operating loss of $2,142 million in the previous year period.
"Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company’s competitive focus going forward," said Al Walker, Anadarko chairman, president and chief executive officer. "As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRans Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three ‘Ds’ to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company."
Operating cash flow turns positiveAnadarko Petroleum Corporation has generated cash of $3,000 million from operating activities during the year as against cash outgo of $1,877 million in the last year. The company has spent $2,762 million cash to meet investing activities during the year as against cash outgo of $4,771 million in the last year.
Cash flow from financing activities was $2,008 million for the year, up 812.73 percent or $1,788 million, when compared with the last year.
Cash and cash equivalents stood at $3,184 million as on Dec. 31, 2016, up 239.08 percent or $2,245 million from $939 million on Dec. 31, 2015.
Working capital turns positive
Working capital of Anadarko Petroleum Corporation has turned positive to $1,938 million on Dec. 31, 2016 from negative $199 million on Dec. 31, 2015. Current ratio was at 1.58 as on Dec. 31, 2016, up from 0.95 on Dec. 31, 2015.
Debt comes down marginally
Anadarko Petroleum Corporation has recorded a decline in total debt over the last one year. It stood at $15,323 million as on Dec. 31, 2016, down 2.20 percent or $345 million from $15,668 million on Dec. 31, 2015. Total debt was 33.63 percent of total assets as on Dec. 31, 2016, compared with 33.76 percent on Dec. 31, 2015. Debt to equity ratio was at 0.99 as on Dec. 31, 2016, down from 1.01 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
