Anadarko Petroleum earnings (NYSE:APC) were released late in the day on Tuesday and the company posted results that were below what analysts were calling for in the Wall Street consensus estimate, which sent APC stock on the decline after hours.
The petroleum and natural gas exploration company, based out of The Woodlands, Texas, said that for its fourth quarter of its fiscal 2018, it brought in an adjusted net income of $184 million, or 38 cents per share. The figure was stronger than the $106 million, or 18 cents per share from its year-ago quarter.
The Wall Street guidance saw analysts projecting that Anadarko Petroleum would bring in a profit of 60 cents per share, according to data compiled by Refinitiv. The miss can be partially attributed to a decline in oil prices of roughly 40% for the three months ended Dec. 31.
The company’ sales volume of oil, natural gas and natural gas liquids reached an average of about 701,000 barrels of oil equivalent per day (boe/d), which is an increase from the 637,000 boe/d it had produced during the year-ago quarter. Anadarko Petroleum also experienced a 19% increases in expenses due to a ramping up of investments in the Delaware basin of West Texas, as well as the DJ basin of northeast Colorado.
APC stock was down roughly 2.2% after hours following the company’s quarterly earnings results, which missed expectations. Shares had been sliding a bit during regular trading hours Tuesday, falling roughly 0.1% in anticipation of the company’s quarterly results.