Anadarko Posts a More Than $1 Billion Loss, Cites Chevron Merger Termination Fee

By Aisha Al-Muslim

Anadarko Petroleum Corp. (APC) swung to a loss of more than $1 billion in the latest quarter as the oil and gas company paid out a fee in connection with turning down a proposed merger with Chevron Corp.

The Houston-based company on Friday posted a second-quarter net loss of $1.03 billion, or $2.09 a share, compared with a profit of $29 million, or 5 cents a share, a year earlier.

Excluding deal-termination costs and other items, Anadarko said it posted a profit of 51 cents a share, higher than the 49 cents a share analysts polled by FactSet were expecting.

Revenue rose 4.6% to $3.44 billion, above the consensus forecast of $3.16 billion.

Occidental Petroleum Corp. struck a $38 billion deal to buy Anadarko in May, topping Chevron's offer in a bidding war. In winning the contest for Anadarko, Occidental landed assets in the heart of the Permian Basin in West Texas and New Mexico, the country's most active drilling region.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

July 26, 2019 17:16 ET (21:16 GMT)

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