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Anadarko restates 3Q loss
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January 30, 2002: 7:46 a.m. ET
Oil firm says it miscalculated charges, resulting in wider shortfall.
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NEW YORK (CNN/Money) - Anadarko Petroleum Corp. restated its third-quarter 2001 results Tuesday, resulting in a far wider loss, after the oil services firm said it incorrectly calculated an impairment charge for low natural gas and oil prices.
Houston-based Anadarko's restated loss was $1.35 billion, or $5.41 a share, for the quarter ended Sept. 30. It previously reported a third-quarter loss of $270 million, or $1.08 per share.
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News of the error comes on the heels of energy trader Enron's collapse due to accounting irregularities, and newly surfaced accounting issues concerning conglomerate Tyco International (TYC: Research, Estimates) and energy trader Williams Cos. (WMB: Research, Estimates).
Investors punished Anadarko (APC: Research, Estimates) shares in before-hours trading Wednesday, as they shed $3.60 to trade at $43.80.
"We made an isolated error, and we corrected it as promptly and forthrightly as possible," said the company's chief financial officer, Mike Rose. "We have reviewed the miscalculation with our outside auditing firm and with our board of directors."
Anadarko said it notified its accountant KPMG LLP.
The company said the restatement will result in a loss for all of 2001 as well. 
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