Anadarko Petroleum Falls Behind

Anadarko Petroleum Corp., one of the world’s largest independent oil and gas exploration and production companies, announced late Monday first-quarter net income fell to $286 million, or 61 cents a share, compared with $1.72 billion, or $3.70 a share, a year ago. Excluding $440 million of one-time items, first-quarter income from continuing operations totaled $237 million, or 50 cents a share.

Results from the year-ago quarter were inflated by nearly $1.7 billion in gains from asset sales. Revenue for the three months ended March 31 fell to $2.98 billion from $5.25 billion. Analysts polled by FactSet had predicted the Houston-based oil and gas producer would earn $1.20 a share on $3.08 billion in revenue. Anadarko shares rose 1.6% to close at $68.14 ahead of the report.