There were two distinct ways to view Anadarko Petroleum's (NYSE:APC) latest results. To the business scribes, it was a rough quarter year over year. But factor out the one-time items, and adjusted net income from continuing operations essentially doubled in that period, to $831 million. And personally, I found the company's noteworthy operating accomplishments even more impressive.

Anadarko, which joins BP (NYSE:BP) and Chesapeake Energy (NYSE:CHK) in the boss trio of U.S. natural gas producers, managed to hoist a daily production record in the Greater Natural Buttes area and the Powder River Basin. Not to be outdone, the company's Gulf of Mexico properties performed well enough to help push total production 1 million barrels above expectations for the quarter.

But in the face of this stellar operating and financial performance, Anadarko's shares have slid by about one-third just since mid-June. Other independent producers such as Chesapeake, Devon (NYSE:DVN), and XTO (NYSE:XTO) have experienced a similar pattern.

Of course, I realize that a protracted pullback in commodities prices will knock the companies off-stride in the coming quarters. But I find it hard to believe that the slide will linger, and that it hasn't already hit the share prices too hard. That's largely why I'm suggesting that Fools redouble their attention to Anadarko.

Four-star Anadarko gets a bullish thumbs-up from 97% of the Foolish CAPS players who have rated it. Why not join in with your opinion

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Fool contributor David Lee Smith doesn't own shares in any of the companies mentioned. He does welcome your questions, comments, or kibitzes. The Fool's disclosure policy stands tall.