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Anadarko posts Q1 2018 profit

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Anadarko Petroleum Corp reported a quarterly profit on Tuesday as higher crude prices helped the oil and gas producer earn more per barrel.

The company, which had its vessel seized by Venezuela while conducting a seismic study off the Guyana coast in 2013, posted net income attributable to shareholders of $121 million, or 22 cents per share, in the first quarter ended March 31, 2018, compared with a net loss of $318 million, or 58 cents per share, a year earlier.

Anadarko said it sold per barrel of oil at $63.66, higher than the $50.34 a year earlier. Oil production fell 19 percent to 643,000 barrels per day (bbl/d).

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