Anadarko's Earnings Better-Than-Expected

reuters.com Fri January 31, 2003 08:51 AM ET

HOUSTON (Reuters) - Anadarko Petroleum Corp. APC.N on Friday reported a better-than-expected rise in fourth-quarter earnings, helped by higher oil prices, but said profit in 2003 would be hurt by an ongoing oil industry strike in Venezuela.

Anadarko, the No. 1 U.S. independent oil and gas company, forecast first-quarter earnings of $1.15 a share, below Wall Street analysts' average estimate of $1.20, according to research firm Thomson First Call.

Besides the turmoil in Venezuela, first-quarter results will also suffer from a two-month shutdown of a Qatar oilfield for installation of new production facilities.

For 2003, the company expects to earn $3.90 a share. The First Call estimate is $3.99.

For the fourth quarter, Anadarko reported net income of $309 million, or $1.21 cents per share, compared with $108 million, or 41 cents a share, last year.

Last month, Anadarko raised its earnings guidance for 2002, citing increased volumes from U.S. onshore and Algeria made up for the impact of turmoil in Venezuela. At that time, the company forecast earnings per share of $1.05 for the fourth quarter.

Wall Street analysts had expected the company to report earnings of between 96 cents and $1.29 per share with an average view of $1.07 per share, according to First Call.

Shares of Anadarko closed at $45.25 Thursday on the New York Stock Exchange. The stock gained 7.5 percent during the quarter, slightly outperforming the 7.1 percent rise in the Dow Jones energy index .DJUSEN , of which it is a component.