Two U.S. major energy companies report quarterly losses

Anadarko Petroleum and Valero Energy Corporation, two of the largest energy companies in the United States, reported on Tuesday huge losses in the second quarter of this year.

In a statement, Anadarko, Texas-based and one of America's largest independent oil exploration and production companies, said that it recorded a loss of 692 million U.S. dollars in the second quarter mainly due to a drastic fall in sales.

Anadarko reported the results after a loss of 1 billion dollars in the first quarter. It reduced expenses by 300 million dollars in the second quarter, or 12 percent from the same period of last year, to 2.2 billion dollars. But its revenue fell by 27 percent to 1.9 billion dollars from 2.6 billion dollars a year earlier.

Meanwhile, Valero, also a Texas-based refiner, posted a 40 percent loss in its second quarter profits.

It recorded a net income of 814 million dollars in the second quarter, down from 1.4 billion dollars a year earlier. The company's revenue fell by more than 20 percent to 19.6 billion dollars in the second quarter, compared to 25.1 billion dollars a year earlier.

Valero owns and runs 16 refineries in the United States, Canada, Britain, and the Caribbean region with a combined production capacity of about 3 million barrels per day. Endi