Anadarko Petroleum Corp. (NYSE: APC) posted a smaller-than-expected first-quarter loss on May 3 as it successfully slashed costs to offset the plunge in crude oil prices.

Like many of its peers, Anadarko has reacted swiftly to curb spending and weather the low-price storm. The company cut its capital budget this year by 50%, slashed its dividend, laid off workers and sold more than $1 billion in assets.

In all, the company cut costs 61% from the same quarter a year earlier.

Those actions "support our ability to enhance and preserve value in a volatile market environment," Anadarko Chief Executive Al Walker said in a press release.

The company posted a net loss of $1.03 billion, or $2.03 per share, compared with a net loss of $3.27 billion, or $6.45 per share, in the year-ago period.

Excluding losses on hedges and other one-time items, the company lost $1.12 per share.

By that measure, analysts expected a loss of $1.16 per share, according to Thomson Reuters.

The company posted a $2.78 billion impairment charge in the year-ago period.

Total quarterly revenue fell 28% to $1.67 billion.

Shares of Anadarko fell 2.7% to $50.50 in after-hours trading on May 2.

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