Anadarko Petroleum Corporation (NYSE:APC) released its fourth-quarter and full-year results after the markets closed. The company reported a net loss of $700 million, or $1.53 per share in the fourth quarter. The company took $1.145 billion in charges, or $2.27 per share on the quarter including an accrual relating to its potential liabilities from Tronox Ltd. (NYSE:TROX). Even after adjusting for these charges, the company reported earnings of $0.74 per share, which was well below the $0.89 the analysts were expecting.

While Anadarko Petroleum's earnings were affected by the charges it took on the quarter, overall, the company's core oil and gas business reported solid results. The company's oil and gas production grew to an average of 781,000 barrels of oil equivalent per day on the year, which was a 7% increase from 2012. Production growth was especially strong in the U.S. Overall, Anadarko Petroleum's U.S. onshore business achieved a 25% increase in production this year as strong performance in the Eagle Ford Shale in Texas as well as the Wattenberg field in Colorado led the way.

In addition to its strength onshore in the U.S., the company achieved industry leading success in its exploration program. Last year, Anadarko discovered commercial quantities of oil and gas on two-thirds of its deepwater wells. Among the highlights is what could turn out to be one of the largest oil discoveries in the Gulf of Mexico. That's in addition to the company's continued success in Mozambique.

The Tronox-related potential loss liabilities will continue to overshadow Anadarko's oil and gas results in the near-term. However, once those claims are settled, Anadarko investors will again be able to focus on the company's strong oil and gas growth opportunities around the world. 

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