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Anadarko Petroleum swings to profit in Q2

Anadarko Petroleum Corp. said its normalized net income for the second quarter amounted to 18 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 52 cents per share.

The per-share result swung to a profit from the prior-year loss of $2.77.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $90.5 million, compared with a loss of $1.40 billion in the year-earlier period.

The normalized profit margin increased to 3.3% from negative 31.9% in the year-earlier period.

Total revenue decreased 39.9% on an annual basis to $2.64 billion from $4.38 billion, and total operating expenses declined 22.8% year over year to $2.55 billion from $3.30 billion.

Reported net income declined 74.1% year over year to $61.1 million, or 12 cents per share, from $235.8 million, or 46 cents per share.