Anadarko Petroleum Corporation (NYSE:APC) reported its latest quarterly earnings results late Tuesday, which came in ahead of the mark, but sent shares dipping slightly.
The petroleum and natural gas exploration company unveiled net income of $121 million, or 22 cents per diluted share. These numbers excluded certain items that decreased net income by $158 million, or 30 cents per share, while net cash provided by operating activities was $1.43 billion.
Anadarko Petroleum’s first-quarter profit of 22 cents per share was considerably better than its year-ago losses of 58 cents per share. In total, net income was at $121 million, better than its year-ago loss of $318 million.
The company achieved record divestiture-adjusted oil production of 367,000 barrels per day and increased its oil production mix to 57%. The exploration company generated its highest per-barrel margins since 2014, when oil prices were averaging more than $93 per barrel for WTI.
Anadarko Petroleum also entered into accelerated share-repurchase agreements to complete the expansion of a $3 billion share-buyback program by the end of the second quarter, nine months from the initial board authorization.
APC shares fell a fraction of a percentage after the bell despite the earnings beat.