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Acquisitions Help Two Houston-Based Energy Companies Report Record Earnings.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, February, 2001 by Davis, Michael
Feb. 2--Anadarko Petroleum Corp. and Apache Corp. posted record earnings Thursday, crediting acquisitions that helped them capitalize on higher oil and gas prices by increasing their output.
The Houston companies beat Wall Street's expectations and their executives predicted that they will continue to grow in the first quarter of this year.
Despite the fact that the companies' quarterly and annual earnings were the best ever, the stock prices of both declined.
Analysts said the shares were driven down by concern that recent declines in oil and natural gas prices will slow earnings growth in coming months. Oil and gas prices were up Thursday on a forecast of a cold snap in the upper Midwest, but they had trended down in the past week or so as...
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