Anadarko posts $544m profits

ANADARKO Petroleum Corporation swung to a second-quarter profit yesterday, as the US exploration company produced and sold more oil than expected following higher crude prices.

Anadarko’s profit was $544m ($334m), or $1.08 per share.

The company owns a 25 per cent stake in Macondo well, which exploded in the Gulf of Mexico in April 2010, but has so far disputed BP’s claim that it should foot the bill for damages.

Anadarko was tight-lipped on the spat, throwing focus onto BP, which reports quarterly figures today.