Business Services Industry
Two Oil Firms Surpass Earnings Expectations, Credit Production Increases.
Knight Ridder/Tribune Business News, July, 2001
By Michael Davis, Houston Chronicle Knight Ridder/Tribune Business News
Jul. 27--Anadarko Petroleum Corp. and Apache Corp. both posted better-than-expected second-quarter earnings Thursday, crediting increased oil and gas production, both from successful drilling programs and acquisitions.
Anadarko said it will shift part of its spending from some onshore natural gas projects in the lower 48 states to more profitable opportunities in the Gulf of Mexico and in Canada. The company is currently the most active driller in North America with 93 company-operated rigs and working interests in 22 others.
It reported net income of $401 million, or $1.50 per share, on revenues of $2.2 billion. That compared to net income of $64 million, or 48...
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