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News Releases

Anadarko Announces First-Quarter 2015 Results
Increases Midpoint of Full-Year Sales-Volume Guidance by 5 Million BOE

HOUSTON, May 4, 2015 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the first quarter of 2015, including a first-quarter net loss attributable to common stockholders of $3.268 billion, or $6.45 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in aggregate decreased net income by $2.903 billion or $5.73 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2015 was $4.504 billion, which included the $5.2 billion Tronox settlement payment. Discretionary cash flow from operations totaled $1.495 billion.(2)             

FIRST-QUARTER 2015 HIGHLIGHTS

  • Delivered record sales volumes, highlighted by year-over-year growth of more than 130,000 barrels of oil equivalent (BOE) per day on a divestiture-adjusted basis(3)
  • Reduced operating expense per BOE by 17 percent over the first quarter of 2014
  • Ramped production rates toward capacity at the Lucius facility in the Gulf of Mexico
  • Discovered significant oil accumulation at the Yeti prospect in the Gulf of Mexico
  • Announced divestiture of enhanced oil recovery (EOR) assets in Wyoming

"The significant cost savings, outstanding well performance and ongoing efficiency gains we achieved during the first quarter enabled Anadarko to deliver higher sales volumes for lower costs," said Al Walker, Anadarko Chairman, President and CEO. "Our teams did an exceptional job of moderating our base production decline, while reducing our lease operating expense and working with our service providers to further drive down costs during the quarter. These actions have enhanced the overall efficiency of the portfolio, further lowered our 2015 maintenance capital requirements, and enabled us to increase our full-year sales-volume guidance and lower our capital expectations. I believe the results to date demonstrate we are taking the appropriate actions to preserve value, maintain flexibility and deliver differentiating success."

OPERATIONS SUMMARY
Anadarko's first-quarter sales volumes of natural gas, crude oil and natural gas liquids (NGLs) totaled a record 83 million BOE, or an average of 920,000 BOE per day, on a divestiture-adjusted basis.(3)

Anadarko's U.S. onshore activities continued to achieve strong results and deliver additional cost savings, while enhancing efficiencies in its primary operating areas. In the Wattenberg field, Anadarko delivered a sales-volume increase of more than 85,000 BOE per day year over year and an increase of more than 20,000 BOE per day sequentially over the fourth quarter of 2014, while lowering drilling and completion costs to approximately $3.4 million from $4.0 million per well. In the Eagleford Shale, Anadarko continued to realize strong performance from new wells, which contributed to a new gross processed production record of more than 275,000 BOE per day, while reducing average drilling costs per well by 14 percent from the fourth quarter of 2014. In the Wolfcamp Shale, the company announced its successful delineation activities established a net resource estimate of more than 1 billion BOE in the play with more than 5,000 identified drilling locations. Activities in the Wolfcamp Shale continued to be focused on applying Anadarko's proven integrated midstream approach to build the foundation for future growth.

Anadarko continued to successfully ramp up production at the Lucius spar in the deepwater Gulf of Mexicotoward its design rate of 80,000 barrels of oil per day. Progress also continued on the Heidelberg project, which remains on schedule for first oil in mid-2016. Topsides fabrication is almost 85-percent complete, and the spar hull is expected to sail to location in the second quarter of this year. Also in the Gulf of Mexico, and subsequent to quarter end, an oil discovery was announced at the non-operated Yeti prospect in Walker Ridge block 160. Anadarko owns a 37.5 percent working interest in the discovery.

OPERATIONS REPORT
For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted information, please refer to the comprehensive report on first-quarter 2015 activity. The report is available at www.anadarko.com.

CONFERENCE CALL TOMORROW AT 8 A.M. CDT9 A.M. EDT
Anadarko will host a conference call on Tuesday, May 5, 2015, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2015. The dial-in number is 877.299.4454 in the United States or 617.597.5447 internationally. The confirmation number is 54679117. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.

FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge positions and updated financial and production guidance.

(1) See the accompanying table for details of certain items affecting comparability.

(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.

(3) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.

Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2014, the company had approximately 2.86 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance, timely complete and commercially operate the projects and drilling prospects identified in this news release, and achieve production and budget expectations. See "Risk Factors" in the company's 2014 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resource estimate," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2014, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation1201 Lake Robbins DriveThe Woodlands, Texas77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.

ANADARKO CONTACTS

MEDIA:
John Christiansenjohn.christiansen@anadarko.com, 832.636.8736
Stephanie Morelandstephanie.moreland@anadarko.com, 832.636.2912
Christina Ramirezchristina.ramirez@anadarko.com, 832.636.8687

INVESTORS:
John Colglazierjohn.colglazier@anadarko.com, 832.636.2306
Robin Fielderrobin.fielder@anadarko.com, 832.636.1462
Jeremy Smithjeremy.smith@anadarko.com, 832.636.1544

 

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

 
   

Quarter Ended March 31, 2015

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*

 

$

(243)

   

$

(153)

   

$

(0.30)

 

Gains (losses) on divestitures, net

 

(334)

   

(252)

   

(0.50)

 

Impairments, including unproved properties

 

(3,718)

   

(2,353)

   

(4.64)

 

Early termination of rig

 

(50)

   

(50)

   

(0.10)

 

Third-party well and platform decommissioning obligation

 

(22)

   

(14)

   

(0.03)

 

Interest expense related to Tronox settlement

 

(5)

   

(3)

   

(0.01)

 

Change in uncertain tax positions (FIN 48)

 

   

(78)

   

(0.15)

 
   

$

(4,372)

   

$

(2,903)

   

$

(5.73)

 
 

 

*

For the quarter ended March 31, 2015, this includes $(37) million related to commodity derivatives, $(205) million related to other derivatives, and $(1) million related to gathering, processing, and marketing sales.      

   
 
   

Quarter Ended March 31, 2014

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*

 

$

(363)

   

$

(230)

   

$

(0.46)

 

Gains (losses) on divestitures, net

 

1,459

   

942

   

1.87

 

Impairments

 

(3)

   

(2)

   

 

Tronox-related contingent loss

 

(4,300)

   

(4,018)

   

(7.97)

 
   

$

(3,207)

   

$

(3,308)

   

$

(6.56)

 
 
   

*

For the quarter ended March 31, 2014, this includes $(123) million related to commodity derivatives, $(238) million related to other derivatives, and $(2) million related to gathering, processing, and marketing sales.

 
 

Reconciliation of GAAP to Non-GAAP Measures

 

Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), as well as free cash flow (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.

 
 
 

Quarter Ended

 

Quarter Ended

 

March 31, 2015

 

March 31, 2014

 

After

 

Per Share

 

After

 

Per Share

millions except per-share amounts

Tax

 

(diluted)

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

$

(3,268)

   

$

(6.45)

   

$

(2,669)

   

$

(5.30)

 

Less certain items affecting comparability

(2,903)

   

(5.73)

   

(3,308)

   

(6.56)

 

Adjusted net income (loss)

$

(365)

   

$

(0.72)

   

$

639

   

$

1.26

 
 

 

Anadarko Petroleum Corporation

Reconciliation of GAAP to Non-GAAP Measures

 

Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt.

 
 
 

Quarter Ended

 

March 31,

millions

2015

 

2014

Net cash provided by (used in) operating activities

$

(4,504)

   

$

1,729

 

Add back

     

Increase (decrease) in accounts receivable

(357)

   

266

 

(Increase) decrease in accounts payable and accrued expenses

283

   

63

 

Other items—net

608

   

(55)

 

Tronox settlement payment

5,215

   

 

Certain nonoperating and other excluded items

22

   

 

Current taxes related to asset monetizations

228

   

520

 

Discretionary cash flow from operations

$

1,495

   

$

2,523

 
 
 

Quarter Ended

 

March 31,

millions

2015

 

2014

Discretionary cash flow from operations

$

1,495

   

$

2,523

 

Less capital expenditures*

1,822

   

2,568

 

Free cash flow**

$

(327)

   

$

(45)

 
 
   

Includes Western Gas Partners, LP (WES) capital expenditures of $156 million for the quarter ended March 31, 2015, and $170 million for the quarter ended March 31, 2014.

**

Free cash flow for the quarter ended March 31, 2015, includes a $561 million current tax benefit associated with the Tronox settlement.

   
 

Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

 
     

March 31, 2015

             

Anadarko

     

Anadarko

 

WGP*

 

excluding

millions

   

Consolidated

 

Consolidated

 

WGP

Total debt

   

$

16,865

   

$

2,533

   

$

14,332

 

Less cash and cash equivalents

   

2,308

   

60

   

2,248

 

Net debt

   

$

14,557

   

$

2,473

   

$

12,084

 
               
             

Anadarko

         

Anadarko

 

excluding

millions

       

Consolidated

 

WGP

Net debt

       

$

14,557

   

$

12,084

 

Total equity

       

18,934

   

16,332

 

Adjusted capitalization

       

$

33,491

   

$

28,416

 
                           

Net debt to adjusted capitalization ratio

             

43%

     

43%

 
 
   

*

Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP.

 

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

Summary Financial Information

March 31,

millions except per-share amounts

2015

 

2014

Consolidated Statements of Income

     

Revenues and Other

     

Natural-gas sales

$

641

   

$

1,217

 

Oil and condensate sales

1,419

   

2,424

 

Natural-gas liquids sales

232

   

386

 

Gathering, processing, and marketing sales

293

   

311

 

Gains (losses) on divestitures and other, net

(264)

   

1,506

 

Total

2,321

   

5,844

 

Costs and Expenses

     

Oil and gas operating

296

   

313

 

Oil and gas transportation and other

361

   

266

 

Exploration

1,083

   

299

 

Gathering, processing, and marketing

254

   

252

 

General and administrative

310

   

298

 

Depreciation, depletion, and amortization

1,256

   

1,124

 

Other taxes

182

   

314

 

Impairments

2,783

   

3

 

Deepwater Horizon settlement and related costs

4

   

 

Total

6,529

   

2,869

 

Operating Income (Loss)

(4,208)

   

2,975

 

Other (Income) Expense

     

Interest expense

216

   

183

 

(Gains) losses on derivatives, net

152

   

453

 

Other (income) expense, net

47

   

1

 

Tronox-related contingent loss

5

   

4,300

 

Total

420

   

4,937

 

Income (Loss) Before Income Taxes

(4,628)

   

(1,962)

 

Income Tax Expense (Benefit)

(1,392)

   

664

 

Net Income (Loss)

(3,236)

   

(2,626)

 

Net Income (Loss) Attributable to Noncontrolling Interests

32

   

43

 

Net Income (Loss) Attributable to Common Stockholders

$

(3,268)

   

$

(2,669)

 

Per Common Share

     

Net income (loss) attributable to common stockholders—basic

$

(6.45)

   

$

(5.30)

 

Net income (loss) attributable to common stockholders—diluted

$

(6.45)

   

$

(5.30)

 

Average Number of Common Shares Outstanding—Basic

507

   

504

 

Average Number of Common Shares Outstanding—Diluted

507

   

504

 
       

Exploration Expense

     

Dry hole expense

$

29

   

$

121

 

Impairments of unproved properties

980

   

77

 

Geological and geophysical expense

22

   

43

 

Exploration overhead and other

52

   

58

 

Total

$

1,083

   

$

299

 
 

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

Summary Financial Information

March 31,

millions

2015

 

2014

Cash Flows from Operating Activities

     

Net income (loss)

$

(3,236)

   

$

(2,626)

 

Adjustments to reconcile net income (loss) to net cash

   provided by (used in) operating activities

     

Depreciation, depletion, and amortization

1,256

   

1,124

 

Deferred income taxes

(1,198)

   

46

 

Dry hole expense and impairments of unproved properties

1,009

   

198

 

Impairments

2,783

   

3

 

(Gains) losses on divestitures, net

334

   

(1,459)

 

Total (gains) losses on derivatives, net

152

   

461

 

Operating portion of net cash received (paid) in settlement

   of derivative instruments

91

   

(98)

 

Other

45

   

54

 

Changes in assets and liabilities

     

Deepwater Horizon settlement and related costs

4

   

 

Tronox-related contingent liability

(5,210)

   

4,300

 

(Increase) decrease in accounts receivable

357

   

(266)

 

Increase (decrease) in accounts payable and accrued

   expenses

(283)

   

(63)

 

Other items—net

(608)

   

55

 

Net Cash Provided by (Used in) Operating Activities

$

(4,504)

   

$

1,729

 
       

Capital Expenditures

$

1,822

   

$

2,568

 
 
 

March 31,

 

December 31,

millions

2015

 

2014

Condensed Balance Sheets

     

Cash and cash equivalents

$

2,308

   

$

7,369

 

Accounts receivable, net of allowance

2,174

   

2,527

 

Other current assets

683

   

1,325

 

Net properties and equipment

38,270

   

41,589

 

Other assets

2,998

   

2,310

 

Goodwill and other intangible assets

6,540

   

6,569

 

Total Assets

$

52,973

   

$

61,689

 

Other current liabilities

5,134

   

4,934

 

Deepwater Horizon settlement and related costs

94

   

90

 

Tronox-related contingent liability

   

5,210

 

Long-term debt

16,365

   

15,092

 

Deferred income taxes

7,521

   

9,249

 

Other long-term liabilities

4,925

   

4,796

 

Stockholders' equity

16,332

   

19,725

 

Noncontrolling interests

2,602

   

2,593

 

Total Equity

$

18,934

   

$

22,318

 

Total Liabilities and Equity

$

52,973

   

$

61,689

 

Capitalization

     

Total debt

$

16,865

   

$

15,092

 

Total equity

18,934

   

22,318

 

Total

$

35,799

   

$

37,410

 

Capitalization Ratios

         

Total debt

 

47%

     

40%

 

Total equity

 

53%

     

60%

 
 

 

Anadarko Petroleum Corporation

(Unaudited)

 

Sales Volumes and Prices

                               
 

Average Daily Sales Volumes

 

Sales Volumes

 

Average Sales Price

     

Oil &

         

Oil &

         

Oil &

   
 

Natural Gas

 

Condensate

 

NGLs

 

Natural Gas

 

Condensate

 

NGLs

 

Natural Gas

 

Condensate

 

NGLs

 

MMcf/d

 

MBbls/d

 

MBbls/d

 

Bcf

 

MMBbls

 

MMBbls

 

Per Mcf

 

Per Bbl

 

Per Bbl

Quarter Ended March 31, 2015

                                 

United States

2,738

   

237

   

136

   

246

   

22

   

12

   

$

2.60

   

$

44.19

   

$

17.29

 

Algeria

   

70

   

7

   

   

6

   

1

   

   

56.02

   

32.75

 

Other International

   

28

   

   

   

2

   

   

   

49.55

   

 

Total

2,738

   

335

   

143

   

246

   

30

   

13

   

$

2.60

   

$

47.12

   

$

18.00

 
                                   

Quarter Ended March 31, 2014

                                 

United States

2,697

   

180

   

99

   

243

   

16

   

9

   

$

5.01

   

$

94.84

   

$

43.35

 

Algeria

   

60

   

   

   

5

   

   

   

108.55

   

 

Other International

   

30

   

   

   

3

   

   

   

108.14

   

 

Total

2,697

   

270

   

99

   

243

   

24

   

9

   

$

5.01

   

$

99.37

   

$

43.35

 
                                   
                                   
 

Average Daily Sales Volumes

MBOE/d

 

Sales Volumes

MMBOE

                   
                                   

Quarter Ended March 31, 2015

934

 

84

                   

Quarter Ended March 31, 2014

819

 

74

                   
                                   
 
               

Sales Revenue and Commodity Derivatives

             
 

Sales

   

Net Cash Received (Paid) from Settlement of Commodity Derivatives

millions

Natural Gas

 

Oil & Condensate

 

NGLs

   

Natural Gas

 

Oil & Condensate

 

NGLs

Quarter Ended March 31, 2015

                       

United States

$

641

   

$

940

   

$

213

     

$

73

   

$

2

   

$

15

 

Algeria

   

352

   

19

     

   

   

 

Other International

   

127

   

     

   

   

 

Total

$

641

   

$

1,419

   

$

232

     

$

73

   

$

2

   

$

15

 
                         

Quarter Ended March 31, 2014

                       

United States

$

1,217

   

$

1,540

   

$

386

     

$

(81)

   

$

(16)

   

$

 

Algeria

   

582

   

     

   

5

   

 

Other International

   

302

   

     

   

   

 

Total

$

1,217

   

$

2,424

   

$

386

     

$

(81)

   

$

(11)

   

$

 
 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 4, 2015

         
   

2nd-Qtr

 

Full-Year

   

Guidance *

 

Guidance *

                 
   

 Units

 

 Units

                 

Total Sales Volumes (MMBOE)

 

77

 

 

79

   

300

 

 

306

 

Total Sales Volumes (MBOE/d)

 

846

 

 

868

   

822

 

 

838

 
                 

Crude Oil (MBbl/d)

 

296

 

 

303

   

290

 

 

297

 
                 

United States

 

222

 

 

225

   

207

 

 

211

 

Algeria

 

46

 

 

48

   

61

 

 

62

 

Ghana

 

28

 

 

30

   

22

 

 

24

 
                 

Natural Gas (MMcf/d)

               
                 

United States

 

2,530

 

 

2,580

   

2,455

 

 

2,480

 
                 

Natural Gas Liquids (MBbl/d)

               
                 

United States

 

120

 

 

130

   

119

 

 

123

 

Algeria

 

5

 

 

7

   

4

 

 

6

 
                 
                 
   

$ / Unit

 

$ / Unit

Price Differentials vs NYMEX (w/o hedges)

               
                 

Crude Oil ($/Bbl)

 

(3.30)

 

 

2.10

   

(3.80)

 

 

1.40

 
                 

United States

 

(5.00)

 

 

   

(6.00)

 

 

(1.00)

 

Algeria

 

2.00

 

 

8.00

   

2.00

 

 

8.00

 

Ghana

 

2.00

 

 

8.00

   

1.00

 

 

6.00

 
                 

Natural Gas ($/Mcf)

               
                 

United States

 

(0.55)

 

 

(0.40)

   

(0.55)

 

 

(0.35)

 
                 

* All volumes and prices exclude the impact from EOR.

       
 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 4, 2015

         
   

2nd-Qtr

 

Full-Year

   

Guidance *

 

Guidance *

                 
   

 $ MM

 

 $ MM

Other Revenues

               

Marketing and Gathering Margin

 

15

 

 

35

   

130

 

 

150

 

Minerals and Other

 

85

 

 

95

   

290

 

 

310

 
                 
                 
   

$ / BOE

 

$ / BOE

Costs and Expenses

               

Oil & Gas Direct Operating

 

3.60

 

 

3.80

   

3.50

 

 

3.90

 

Oil & Gas Transportation/Other

 

3.65

 

 

3.85

   

3.70

 

 

3.90

 

Depreciation, Depletion, and Amortization

 

14.60

 

 

15.10

   

14.80

 

 

15.30

 

Production Taxes (% of Product Revenue)

 

8.0%

 

 

9.0%

   

8.5%

 

 

9.5%

 
                 
   

$ MM

 

$ MM

                 

General and Administrative

 

320

 

 

340

   

1,250

 

 

1,300

 

Exploration Expense

               

   Non-Cash

 

130

 

 

150

   

550

 

 

600

 

   Cash

 

90

 

 

110

   

375

 

 

400

 

Interest Expense (net)

 

205

 

 

215

   

815

 

 

835

 

Other (Income) Expense

 

45

 

 

55

   

165

 

 

215

 
                 

Taxes

               

Algeria  (All current)

 

55%

 

 

60%

   

55%

 

 

60%

 

Rest of Company  (50% Current / 50% Deferred for Q2 and Expect Significant Current Tax-Benefit for FY)

 

25%

 

 

35%

   

25%

 

 

30%

 
                 
                 

Avg. Shares Outstanding (MM)

               

Basic

 

507

 

 

508

   

507

 

 

509

 

Diluted

 

508

 

 

510

   

508

 

 

510

 
                 
                 

Capital Investment (Excluding Western Gas Partners, LP)

$ MM

 

$ MM

                 

APC Capital Expenditures

 

1,425

 

 

1,625

   

5,400

 

 

5,700

 
                 

* Excludes items affecting comparability

     
 

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of May 4, 2015

                   
     

Volume

 

Weighted Average Price per MMBtu

     

(thousand

           
     

MMBtu/d)

 

Floor Sold

 

Floor Purchased

 

Ceiling Sold

Natural Gas

               

Three-Way Collars

             

2015

   

635

$

2.75

$

3.75

$

4.76

                   

Extendable Fixed Price -

   Financial

             

2015*

170

$

4.17

       
 

__________________________________

* Includes an option for the counterparty to extend the contract term to December 2016 at the same price.

 
 
               

Interest Rate Derivatives

As of May 4, 2015

               
 

Instrument

Notional Amt.

Start Date

Maturity

Rate Paid

Rate Received

 
 

Swap

$50 Million

Sept. 2016

Sept. 2026

5.91%

3M LIBOR

 
 

Swap

$1,850 Million

Sept. 2016

Sept. 2046

6.06%

3M LIBOR

 
               
 

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

 

Average Daily Sales Volumes

 

Quarter Ended March 31, 2015

 

Quarter Ended March 31, 2014

     

Oil &

             

Oil &

       
 

Natural Gas

 

Condensate

 

NGLs

 

Total

 

Natural Gas

 

Condensate

 

NGLs

 

Total

 

MMcf/d

 

MBbls/d

 

MBbls/d

 

MBOE/d

 

MMcf/d

 

MBbls/d

 

MBbls/d

 

MBOE/d

U.S. Onshore

2,517

   

168

   

130

   

717

   

2,396

   

112

   

92

   

604

 

Deepwater Gulf of Mexico

221

   

46

   

6

   

89

   

275

   

46

   

6

   

98

 

International and Alaska

   

107

   

7

   

114

   

   

87

   

   

87

 

Same-Store Sales

2,738

   

321

   

143

   

920

   

2,671

   

245

   

98

   

789

 

China, Pinedale/Jonah, and EOR

   

14

   

   

14

   

26

   

25

   

1

   

30

 

Total

2,738

   

335

   

143

   

934

   

2,697

   

270

   

99

   

819

 
                               
 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/213715-Anadarko-Petroleum-Corporation.pdf

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-first-quarter-2015-results-300076925.html

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