Surge in prices pumps up net income for Anadarko

Anadarko Petroleum Corp., the second- largest independent U.S. oil producer, said net income surged as oil and natural-gas prices increased.

Net income rose to $2.2 billion, or $4.62 a share, from $480 million, or $1.03 a share, The company, based in the Woodlands, Texas, said in a statement. Excluding gains from contracts to lock in the prices of oil and gas, and other items, Anadarko earned $1.62 a share.

Anadarko and other oil and gas companies are benefiting from higher oil and gas prices in the third quarter. Oil prices surged 57 percent in the quarter and natural gas rose 44 percent. Anadarko said production gained 40 percent in the Greater Natural Buttes area of Utah and 55 percent in the Powder River Basin of Wyoming.