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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 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.
Anadarko is in the spotlight as the company faces a bidding war between Occidental and Chevron. Occidental went public 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.