US OIL firm Anadarko recorded a net loss of $3.27bn (£2.16bn) in the three months to 31 March, widening the loss of $2.63bn during the same period of last year despite increasing sales and cutting costs.
Revenue was more than halved, from $5.84bn to $2.32bn, with oil and condensate sales taking a massive hit and falling from $2.42bn in the first quarter of last year to $1.42bn. The oil price has halved over the past year.
Sales volumes of natural gas, crude oil and natural gas liquids totalled 84m barrels of oil, up from 74m barrels of oil in the first three months of 2014.
Meanwhile, operating expenses fell by 17 per cent.
The first quarter also saw the group post a $4.3bn contingent loss related to its ongoing Tronox legal settlement.
Anadarko bought energy firm Kerr-McGee in 2006. In 2013 a US court found that, ahead of the deal, Kerr-McGee had spun off its chemicals unit into Tronox, to evade creditors and avoid environmental liabilities.
Its new parent company agreed to pay $5.15bn to settle the fraudulent conveyance allegations, the bulk of which is to be used for clean up of contaminated sites in the US.
Andarko boss Al Walker said: “The significant cost savings, outstanding well performance and ongoing efficiency gains we achieved during the first quarter enabled Anadarko to deliver higher sales volumes for lower costs.”