Anadarko Loss Narrower Than Expected as Driller Cuts Costs

Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn.

The loss was $692 million, or $1.36 per share, compared with a profit of $61 million, or 12 cents, a year earlier, the Woodlands, Texas-based company said in a statement. Excluding one-time items, the per-share loss was 60 cents, better than the 79-cent average of 32 analysts’ estimates compiled by Bloomberg.

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