|
HOUSTON (AP) - Anadarko Petroleum Corp. said Tuesday a new windfall tax in Algeria could cost it $450 million this year, but the independent oil and gas producer disputes the assessment and will try to get back the money.
"This is not an issue we expect to be resolved in 2007, but we're working toward as early a resolution as possible," Anadarko Chairman and Chief Executive Jim Hackett said in a conference call with analysts, a day after the company reported sharply lower first-quarter earnings from a year ago.
Like others in the industry, The Woodlands, Texas-based company said earnings for the first three months of 2007 were hurt by lower oil and gas prices versus the start of 2006 and higher costs. It also incurred charges related to its ongoing restructuring and the unresolved tax issue in Algeria.
|