Anadarko rallies on outlookadmin
Anadarko Petroleum Corp. shares hit a new all-time high after the independent oil and gas producer reaffirmed its 2008 production target.
The Houston company said it expects to produce the equivalent of 207 million and 212 million barrels of oil this year. Anadarko has said it expects to grow annual production of 5 to 9 percent for the next several years.
The stock rally came one day after Anadarko said its first-quarter profit fell 83 percent, in part because of a large asset sale gain a year earlier.