(Bloomberg) -- Anadarko Petroleum Corp., the oil producer at the center of a bidding war, posted adjusted earnings for the first quarter that beat analysts' estimates as oil and gas sales rose versus last year.
The Woodlands, Texas-based driller said it earned 53 cents a share, excluding one-time items that included a $316 million loss attributed to the settlement of commodity derivatives. The year-earlier profit was 52 cents.
The report was released earlier than expected as the independent oil producer navigates an unsolicited takeout offer from Occidental Petroleum Corp. less than two weeks after agreeing to a deal with Chevron Corp. Anadarko won't hold its regularly scheduled earnings call.
Key Takeaways
- Anadarko is in the spotlight as the company faces a bidding war between Occidental and Chevron. Occidental went public Wednesday with a bid to buy Anadarko for $76 per share in cash and stock, a jump from Chevron's April 12 offer of $65 a share.
- Anadarko has said that it will review Occidental's proposal but reaffirmed its recommendation of Chevron's offer. Though Occidental's bid was higher, the company's smaller size and balance sheet compared with Chevron have raised uncertainty about its ability to complete a deal.
- In addition to questions about the takeout offers, Anadarko executives were likely to have faced inquiries about a #MeToo scandal in their Denver office and favorable changes to management's payout structure the day before the Chevron agreement was announced.
Market Reaction
- Anadarko shares were little changed after-hours trading in New York. The company's stock is up more than 16 percent since Chevron announced its offer.
Get More
- Click here for more details on Anadarko's earnings.
To contact the reporter on this story: Rachel Adams-Heard in Houston at radamsheard@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Christine Buurma, Patrick McKiernan
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