(Source: Associated Press/AP Online)

THE WOODLANDS, Texas - Anadarko Petroleum Corp. said Monday its profit plunged during the third quarter, but that sales volume would jump next year despite spending decreases.
All oil and gas companies saw profit and revenues plunge over the past three months because they are being compared to one of the most lucrative periods in industry history last year.
Still, Anadarko was among a number of oil companies that made what could be sizable finds in this year. Last month, Anadarko said it struck oil in deep waters off of West Africa.
The company reported net income of $200 million, or 40 cents a share, which included $251 million in special items that tacked on 51 cents per share.
Excluding those items, Anadarko posted a net loss of $51 million or 11 cents a share.
A year ago, Anadarko had net income of $2.16 billion, or $4.62 a share, in large part due to non-cash hedging gains.
Revenue tumbled to $2.7 billion from $6.15 billion a year ago during the same period, the company said.
For the quarter, Anadarko produced 57 million barrels of oil equivalent, up from 51 million barrels of oil equivalent a year ago.
The results were released after the markets closed.
For the year, Anadarko forecast sales volume of about 220 million barrels of oil equivalent, up from a previous estimate of 210 million barrels of oil equivalent.
The rise in volume is due both to less violent weather in the Gulf of Mexico this year and better operating performance, said CEO Jim Hackett.
Shares of Anadarko closed up 91 cents to $61.84. The price was up an additional 86 cents to $62.70 in after-hours trading.
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