Anadarko Petroleum Corp, an independent gas and oil company in the United States, released reports on Tuesday regarding a quarterly profit that is sharply higher, which was carried by increased output from the Colorado-based Wattenberg field, as well as proceeds on asset sales.
Gas and oil companies, which include Anadarko, are selling their assets with less-valued returns to have heavier investments in the oil wells of U.S. shale. Anadarko was able to close 2.2 billion dollars worth of deals on gas and oil property during that quarter and this includes its unit in China in August.
According to Al Walker, the chief executive officer of Anadarko, they will be continuing the active management of their deep asset portfolio, as well as the evaluation of opportunities to have their embedded value brought forward for their stakeholders.
Furthermore, Anadarko said that it is now expecting to have its long-running legal battle settled, the one which is surrounding its liabilities related to the environment which is linked to Tronox Ltd during early 2015. In addition, the just recently, Anadarko said that it is expecting to have the concern closed during this year’s second half.
The company’s profit for the third quarter is 2.12 dollars per share, a real increase compared to last year’s 36 cents for every share.