Anadarko Petroleum, the second-largest U.S. independent oil and natural gas producer, said its second-quarter profit jumped to $544 million, or $1.08 a share, reversing a loss of $40 million or 8 cents a share, in the year-earlier period. Revenue rose 46% to $3.5 billion.
''We expect the next six to nine months to be the most active period of deepwater exploration and appraisal drilling in our company's history,'' said CEO Jim Hackett in a statement. ''Our exploration program is designed to deliver upon our goal of discovering more than 500 million BOE of net risked resources this year. We are continuing to advance our deep inventory of high-impact prospects, and the new rig agreements reinforce our long-term commitment to the safety and success of our global exploration program.''
Anadarko's (APC) earnings release did not contain any updates regarding settlement talks with BP (BP). BP saddled Anadarko with a $1 billion cleanup bill following the Gulf of Mexico oil spill last year due to Anadarko's 25% non-operating interest in the Macondo well project. Anadarko has thus far refused to pay though Hackett said in May his company may open to talking with BP under the right circumstances.
Anadarko realized an average petroleum price of $108.99 per barrel in the second quarter, while natural gas prices reached $4.11 per million cubic feet, according to Forbes. Apache (APA) is the largest U.S. independent oil and gas producer.