Anadarko shows 87 percent lower profit; low oil and gas price offsets production gainLast summer company began scaling back natural gas development drilling and focusing more on exploration, higher-margin oil projects Allen Baker PNA Contributing Writer
Anadarko Petroleum Corp. reported sharply lower profits for the first quarter as gas prices slid compared with the lofty levels a year earlier.
Net income after preferred dividends was $88 million, down 87 percent from $656 million in the same quarter of 2001. Profits were $109 million in the fourth....
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