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Anadarko Q1 net loss $3.268 billion

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Staff writer ▼ | May 6, 2015
Anadarko Petroleum Corporation announced its financial and operating results for the first quarter of 2015, including a first-quarter net loss attributable to common stockholders of $3.268 billion, or $6.45 per share (diluted).
Anadarko Petroleum   Loss was $6.45 per share
The net loss includes certain items typically excluded by the investment community in published estimates, which in aggregate decreased net income by $2.903 billion or $5.73 per share (diluted) on an after-tax basis.

Net cash used in operating activities in the first quarter of 2015 was $4.504 billion, which included the $5.2 billion Tronox settlement payment. Discretionary cash flow from operations totaled $1.495 billion.

Anadarko's first-quarter sales volumes of natural gas, crude oil and natural gas liquids (NGLs) totaled a record 83 million BOE, or an average of 920,000 BOE per day, on a divestiture-adjusted basis.

Anadarko's U.S. onshore activities continued to achieve strong results and deliver additional cost savings, while enhancing efficiencies in its primary operating areas. In the Wattenberg field, Anadarko delivered a sales-volume increase of more than 85,000 BOE per day year over year and an increase of more than 20,000 BOE per day sequentially over the fourth quarter of 2014, while lowering drilling and completion costs to approximately $3.4 million from $4 million per well.

In the Eagleford Shale, Anadarko continued to realize strong performance from new wells, which contributed to a new gross processed production record of more than 275,000 BOE per day, while reducing average drilling costs per well by 14 percent from the fourth quarter of 2014.

In the Wolfcamp Shale, the company announced its successful delineation activities established a net resource estimate of more than 1 billion BOE in the play with more than 5,000 identified drilling locations. Activities in the Wolfcamp Shale continued to be focused on applying Anadarko's proven integrated midstream approach to build the foundation for future growth.

Anadarko continued to successfully ramp up production at the Lucius spar in the deepwater Gulf of Mexico toward its design rate of 80,000 barrels of oil per day. Progress also continued on the Heidelberg project, which remains on schedule for first oil in mid-2016. Topsides fabrication is almost 85-percent complete, and the spar hull is expected to sail to location in the second quarter of this year.

Also in the Gulf of Mexico, and subsequent to quarter end, an oil discovery was announced at the non-operated Yeti prospect in Walker Ridge block 160. Anadarko owns a 37.5 percent working interest in the discovery.