Anadarko posts $700 million loss in 2nd quarter

July 26, 2016 9:07 PM

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Anadarko Petroleum, one of the country's largest independent oil exploration and production companies, on Tuesday said it lost $692 million in the second quarter thanks to a precipitous drop in sales.

The loss, about $1.36 per share, was a big turn from the $61 million profit, or 12 cents a share, the company posted a year earlier. The company lost $1 billion in the first quarter of 2016.

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