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News Releases

Anadarko Announces Second-Quarter 2015 Results
Increases Midpoint of Full-Year Oil Sales-Volume Guidance by 15,000 Barrels per Day

HOUSTON, July 28, 2015 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the second quarter of 2015, including net income attributable to common stockholders of $61 million, or $0.12 per share (diluted). These results include certain items typically excluded by the investment community in published estimates, which in the aggregate increased net income by $57 million or $0.11 per share (diluted).(1) Net cash flow from operating activities in the second quarter of 2015 was $1.243 billion, and discretionary cash flow from operations totaled $1.373 billion.(2)               

HIGHLIGHTS

  • Increased year-over-year oil sales volumes by 42,000 barrels per day, adjusted for divestitures(3)
  • Achieved large-scale project milestones in the Gulf of Mexico and Mozambique
  • Announced deepwater exploration success in a frontier basin offshore Colombia
  • Announced more than $1.7 billion of monetizations year to date

"During the second quarter, we delivered more than 18,000 barrels per day of higher-margin oil sales volumes above our guidance, driven by continued improvements in productivity and ongoing operating efficiencies," said Anadarko Chairman, President and CEO Al Walker. "The operating improvements achieved to date are contributing to an expected full-year increase over 2014 of 13 percent, or about 35,000 barrels of oil per day, enhancing our relative cash margins and enabling us to drill more than 100 additional wells this year – all while staying within our capital guidance. In addition, we've created significant option value through our exploration success offshore Colombia and in the Gulf of Mexico, and accelerated value through active portfolio management. We believe these actions and differentiating achievements, the depth and strength of our portfolio, and the commitment of our employees, position us well for continued success."

OPERATIONS SUMMARY

During the second quarter, Anadarko's sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 77 million barrels of oil equivalent (BOE), or an average of 846,000 BOE per day. The company also updated its full-year 2015 sales-volume guidance to a range of 298 million to 302 million BOE, which excludes 2015 sales volumes associated with the divestitures of EOR and Bossier.

In the U.S. onshore, Anadarko increased oil sales volumes by approximately 30 percent year over year on a divestiture-adjusted basis,(3) driven by the Wattenberg field, Eagleford Shale and Delaware Basin, while natural-gas sales volumes were lower, reflecting third-party infrastructure downtime and curtailments, as well as the company's storage program.

During the quarter, Anadarko achieved a significant production milestone, averaging 101,000 barrels of oil per day (BOPD) in the Wattenberg field in Colorado, while also achieving exceptional efficiency improvements. The company has realized a significant reduction in drilling cost per foot over a two-year period and is currently drilling new Wattenberg horizontal wells for approximately $1 million per well. During the second quarter, Anadarko also achieved startup at its 300-million-cubic-feet-per-day (MMcf/d) Lancaster II cryogenic expansion, providing additional growth capacity for the Wattenberg field.

Anadarko expects to achieve its objective of drilling more than 200 wells in the Eagleford Shale this year with fewer rigs than initially anticipated. Efficiency gains are enabling Anadarko to re-allocate rigs from the Eagleford Shale to the Wolfcamp Shale oil play in the Delaware Basin of West Texas. During the quarter, the Delaware Basin increased year-over-year oil sales volumes by almost 30 percent and achieved startup at the 200-MMcf/d Mi Vida cryogenic gas plant.

In the deepwater Gulf of Mexico, Anadarko's Lucius facility achieved name-plate capacity of 80,000 BOPD with production stabilizing during the quarter. The company also continued to advance the 80,000-BOPD Heidelberg spar on schedule with the successful installation of the hull and completion of the topsides.

The Mozambique liquefied natural gas (LNG) project also continues to advance with the selection of a consortium consisting of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park. The scope of the work includes two 6-million-tonnes-per-annum (MMTPA) LNG trains, which is a 20-percent increase in the original capacity expectations with no change to estimated costs.

Anadarko continues an active deepwater exploration program. The company's first well, Kronos, in the frontier basin offshore Colombia, encountered 130 to 230 net feet of natural gas pay in the upper objective, proving the presence of a working petroleum system and validating the company's geologic and seismic interpretations. Drilling is ongoing toward the deeper objective before mobilizing the rig to drill the Calasu prospect, which is also located in the 4.5-million-acre Grand Fuerte Block, approximately 100 miles northeast of the Kronos well. In the Gulf of Mexico, Anadarko spud its third appraisal well in the Shenandoah field and plans to commence drilling on an appraisal well to the previously announced Yeti discovery, which encountered more than 270 net feet of oil pay.

FINANCIAL SUMMARY

Anadarko ended the second quarter with approximately $2.2 billion of cash on hand. Year to date, Anadarko has reached agreements to divest more than $1.1 billion in assets, including the recently announced $440 million divestiture of its Bossier natural gas field and associated midstream infrastructure. In addition, Anadarko accelerated more than $575 million of value from the secondary sale of Western Gas Equity Partners, LP (NYSE: WGP) units and a WGP-linked tangible equity unit offering.

OPERATIONS REPORT

For details on Anadarko's operating areas and exploration program, including tables illustrating same-store sales information,(3) please refer to the comprehensive report on second-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 Wednesday, July 29, 2015, at 8 a.m. Central Daylight Time(9 a.m. Eastern Daylight Time) to discuss second-quarter results, current operations and the company's outlook for the remainder of 2015. The dial-in number is 866.777.2509 in the United States or 412.317.5413 internationally. Participants can register for the conference at

http://dpregister.com/10068168. 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.

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.

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

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, consummate the transaction described in this release, enter into a definitive agreement with CCS JV, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park, 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.

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 June 30, 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*

 

$

229

   

$

145

   

$

0.28

 

Gains (losses) on divestitures, net

 

(91)

   

(77)

   

(0.15)

 

Impairments

 

(30)

   

(20)

   

(0.04)

 

Change in uncertain tax positions (FIN 48)

 

   

9

   

0.02

 
   

$

108

   

$

57

   

$

0.11

 
 

*    Includes $(83) million related to commodity derivatives and $312 million related to interest-rate derivatives.             

     
   

Quarter Ended June 30, 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*

 

$

(237)

   

$

(151)

   

$

(0.30)

 

Gains (losses) on divestitures, net

 

9

   

8

   

0.02

 

Impairments

 

(117)

   

(75)

   

(0.15)

 

Change in uncertain tax positions (FIN 48)

 

   

(115)

   

(0.23)

 

Contingent Clean Water Act penalty accrual

 

(90)

   

(90)

   

(0.17)

 

Interest expense related to Tronox settlement

 

(19)

   

(19)

   

(0.04)

 
   

$

(454)

   

$

(442)

   

$

(0.87)

 
 

*    Includes $(76) million related to commodity derivatives, $(159) million related to interest-rate 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

 

June 30, 2015

 

June 30, 2014

 

After

 

Per Share

 

After

 

Per Share

millions except per-share amounts

Tax

 

(diluted)

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

$

61

   

$

0.12

   

$

227

   

$

0.45

 

Less certain items affecting comparability

57

   

0.11

   

(442)

   

(0.87)

 

Adjusted net income (loss)

$

4

   

$

0.01

   

$

669

   

$

1.32

 

 

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

 

Six Months Ended

 

June 30,

 

June 30,

millions

2015

 

2014

 

2015

 

2014

Net cash provided by (used in) operating activities

$

1,243

   

$

2,462

   

$

(3,261)

   

$

4,191

 

Add back

             

Increase (decrease) in accounts receivable

462

   

(83)

   

105

   

183

 

(Increase) decrease in accounts payable and accrued expenses

(84)

   

(84)

   

199

   

(21)

 

Other items—net

(339)

   

82

   

269

   

27

 

Tronox settlement payment

   

   

5,215

   

 

Certain nonoperating and other excluded items

3

   

1

   

25

   

1

 

Current taxes related to asset monetizations

88

   

56

   

316

   

576

 

Discretionary cash flow from operations

$

1,373

   

$

2,434

   

$

2,868

   

$

4,957

 
       
 

Quarter Ended

 

Six Months Ended

 

June 30,

 

June 30,

millions

2015

 

2014

 

2015

 

2014

Discretionary cash flow from operations

$

1,373

   

$

2,434

   

$

2,868

   

$

4,957

 

Less capital expenditures*

1,401

   

2,402

   

3,223

   

4,970

 

Free cash flow**

$

(28)

   

$

32

   

$

(355)

   

$

(13)

 
 

*    Includes Western Gas Partners, LP (WES) capital expenditures of $122 million for the quarter ended June 30, 2015, and $173 million for the quarter ended June 30, 2014, $278 million for the six months ended June 30, 2015, and $343 million for the six months ended June 30, 2014.

 

** Free cash flow for the six months ended June 30, 2015, includes a $595 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.

     

June 30, 2015

             

Anadarko

     

Anadarko

 

WGP*

 

excluding

millions

   

Consolidated

 

Consolidated

 

WGP

Total debt

   

$

16,058

   

$

2,677

   

$

13,381

 

Less cash and cash equivalents

   

2,173

   

89

   

2,084

 

Net debt

   

$

13,885

   

$

2,588

   

$

11,297

 
               
             

Anadarko

         

Anadarko

 

excluding

millions

       

Consolidated

 

WGP

Net debt

       

$

13,885

   

$

11,297

 

Total equity

       

19,359

   

16,389

 

Adjusted capitalization

       

$

33,244

   

$

27,686

 
                       

Net debt to adjusted capitalization ratio

       

42

%

   

41

%

 

*    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

 

Six Months Ended

Summary Financial Information

June 30,

 

June 30,

millions except per-share amounts

2015

 

2014

 

2015

 

2014

Consolidated Statements of Income

             

Revenues and Other

             

Natural-gas sales

$

487

   

$

991

   

$

1,128

   

$

2,208

 

Oil and condensate sales

1,616

   

2,705

   

3,035

   

5,129

 

Natural-gas liquids sales

229

   

411

   

461

   

797

 

Gathering, processing, and marketing sales

305

   

278

   

598

   

589

 

Gains (losses) on divestitures and other, net

(1)

   

54

   

(265)

   

1,560

 

Total

2,636

   

4,439

   

4,957

   

10,283

 

Costs and Expenses

             

Oil and gas operating

226

   

273

   

522

   

586

 

Oil and gas transportation and other

289

   

281

   

650

   

547

 

Exploration

103

   

502

   

1,186

   

801

 

Gathering, processing, and marketing

255

   

250

   

509

   

502

 

General and administrative

278

   

305

   

588

   

603

 

Depreciation, depletion, and amortization

1,214

   

1,048

   

2,470

   

2,172

 

Other taxes

151

   

361

   

333

   

675

 

Impairments

30

   

117

   

2,813

   

120

 

Deepwater Horizon settlement and related costs

   

93

   

4

   

93

 

Total

2,546

   

3,230

   

9,075

   

6,099

 

Operating Income (Loss)

90

   

1,209

   

(4,118)

   

4,184

 

Other (Income) Expense

             

Interest expense

201

   

186

   

417

   

369

 

(Gains) losses on derivatives, net

(311)

   

323

   

(159)

   

776

 

Other (income) expense, net

15

   

(13)

   

62

   

(12)

 

Tronox-related contingent loss

   

19

   

5

   

4,319

 

Total

(95)

   

515

   

325

   

5,452

 

Income (Loss) Before Income Taxes

185

   

694

   

(4,443)

   

(1,268)

 

Income Tax Expense (Benefit)

77

   

428

   

(1,315)

   

1,092

 

Net Income (Loss)

108

   

266

   

(3,128)

   

(2,360)

 

Net Income (Loss) Attributable to Noncontrolling Interests

47

   

39

   

79

   

82

 

Net Income (Loss) Attributable to Common Stockholders

$

61

   

$

227

   

$

(3,207)

   

$

(2,442)

 

Per Common Share

             

Net income (loss) attributable to common stockholders—basic

$

0.12

   

$

0.45

   

$

(6.32)

   

$

(4.84)

 

Net income (loss) attributable to common stockholders—diluted

$

0.12

   

$

0.45

   

$

(6.32)

   

$

(4.84)

 

Average Number of Common Shares Outstanding—Basic

508

   

505

   

507

   

505

 

Average Number of Common Shares Outstanding—Diluted

509

   

507

   

507

   

505

 
               

Exploration Expense

             

Dry hole expense

$

13

   

$

302

   

$

42

   

$

423

 

Impairments of unproved properties

18

   

109

   

998

   

186

 

Geological and geophysical expense

16

   

37

   

38

   

80

 

Exploration overhead and other

56

   

54

   

108

   

112

 

Total

$

103

   

$

502

   

$

1,186

   

$

801

 

 

Anadarko Petroleum Corporation

(Unaudited)

       
 

Quarter Ended

 

Six Months Ended

Summary Financial Information

June 30,

 

June 30,

millions

2015

 

2014

 

2015

 

2014

Cash Flows from Operating Activities

             

Net income (loss)

$

108

   

$

266

   

$

(3,128)

   

$

(2,360)

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

             

Depreciation, depletion, and amortization

1,214

   

1,048

   

2,470

   

2,172

 

Deferred income taxes

11

   

142

   

(1,187)

   

188

 

Dry hole expense and impairments of unproved properties

31

   

411

   

1,040

   

609

 

Impairments

30

   

117

   

2,813

   

120

 

(Gains) losses on divestitures, net

91

   

(9)

   

425

   

(1,468)

 

Total (gains) losses on derivatives, net

(310)

   

325

   

(158)

   

786

 

Operating portion of net cash received (paid) in settlement

   of derivative instruments

81

   

(88)

   

172

   

(186)

 

Other

29

   

54

   

74

   

108

 

Changes in assets and liabilities

             

Deepwater Horizon settlement and related costs

(3)

   

92

   

1

   

92

 

Tronox-related contingent liability

   

19

   

(5,210)

   

4,319

 

(Increase) decrease in accounts receivable

(462)

   

83

   

(105)

   

(183)

 

Increase (decrease) in accounts payable and accrued expenses

84

   

84

   

(199)

   

21

 

Other items—net

339

   

(82)

   

(269)

   

(27)

 

Net Cash Provided by (Used in) Operating Activities

$

1,243

   

$

2,462

   

$

(3,261)

   

$

4,191

 
               

Capital Expenditures

$

1,401

   

$

2,402

   

$

3,223

   

$

4,970

 
               
         

June 30,

 

December 31,

millions

       

2015

 

2014

Condensed Balance Sheets

             

Cash and cash equivalents

       

$

2,173

   

$

7,369

 

Accounts receivable, net of allowance

       

2,602

   

2,527

 

Other current assets

       

635

   

1,325

 

Net properties and equipment

       

37,820

   

41,589

 

Other assets

       

2,474

   

2,310

 

Goodwill and other intangible assets

       

6,420

   

6,569

 

Total Assets

       

$

52,124

   

$

61,689

 

Other current liabilities

       

4,578

   

4,934

 

Deepwater Horizon settlement and related costs

       

91

   

90

 

Tronox-related contingent liability

       

   

5,210

 

Long-term debt

       

16,025

   

15,092

 

Deferred income taxes

       

7,594

   

9,249

 

Other long-term liabilities

       

4,477

   

4,796

 

Stockholders' equity

       

16,389

   

19,725

 

Noncontrolling interests

       

2,970

   

2,593

 

Total Equity

       

$

19,359

   

$

22,318

 

Total Liabilities and Equity

       

$

52,124

   

$

61,689

 

Capitalization

             

Total debt

       

$

16,058

   

$

15,092

 

Total equity

       

19,359

   

22,318

 

Total

       

$

35,417

   

$

37,410

 
                       

Capitalization Ratios

                     

Total debt

         

45

%

   

40

%

Total equity

         

55

%

   

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 June 30, 2015

                                 

United States

2,354

   

240

   

130

   

215

   

21

   

12

   

$

2.28

   

$

54.14

   

$

17.98

 

Algeria

   

50

   

6

   

   

5

   

   

   

60.24

   

31.11

 

Other International

   

28

   

   

   

3

   

   

   

61.82

   

 

Total

2,354

   

318

   

136

   

215

   

29

   

12

   

$

2.28

   

$

55.78

   

$

18.50

 
                                   

Quarter Ended June 30, 2014

                                 

United States

2,620

   

196

   

119

   

238

   

18

   

11

   

$

4.16

   

$

98.69

   

$

37.39

 

Algeria

   

72

   

1

   

   

7

   

   

   

108.64

   

66.69

 

Other International

   

23

   

   

   

2

   

   

   

110.16

   

 

Total

2,620

   

291

   

120

   

238

   

27

   

11

   

$

4.16

   

$

102.04

   

$

37.66

 
                                   

Six Months Ended June 30, 2015

                                 

United States

2,545

   

238

   

134

   

461

   

43

   

24

   

$

2.45

   

$

49.23

   

$

17.63

 

Algeria

   

60

   

6

   

   

11

   

1

   

   

57.80

   

32.01

 

Other International

   

28

   

   

   

5

   

   

   

55.69

   

 

Total

2,545

   

326

   

140

   

461

   

59

   

25

   

$

2.45

   

$

51.37

   

$

18.24

 
                                   

Six Months Ended June 30, 2014

                                 

United States

2,658

   

189

   

109

   

481

   

34

   

20

   

$

4.59

   

$

96.86

   

$

40.08

 

Algeria

   

65

   

1

   

   

12

   

   

   

108.60

   

66.69

 

Other International

   

27

   

   

   

5

   

   

   

109.00

   

 

Total

2,658

   

281

   

110

   

481

   

51

   

20

   

$

4.59

   

$

100.76

   

$

40.22

 
                                   
                                   
 

Average Daily Sales Volumes

MBOE/d

 

Sales Volumes

MMBOE

                   
                                   

Quarter Ended June 30, 2015

846

 

77

                   

Quarter Ended June 30, 2014

848

 

77

                   
                                   

Six Months Ended June 30, 2015

890

 

161

                   

Six Months Ended June 30, 2014

834

 

151

                   
                                   

 

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 June 30, 2015

                       

United States

$

487

   

$

1,181

   

$

213

     

$

77

   

$

3

   

$

2

 

Algeria

   

277

   

16

     

   

   

 

Other International

   

158

   

     

   

   

 

Total

$

487

   

$

1,616

   

$

229

     

$

77

   

$

3

   

$

2

 
                         

Quarter Ended June 30, 2014

                       

United States

$

991

   

$

1,768

   

$

404

     

$

(41)

   

$

(44)

   

$

2

 

Algeria

   

711

   

7

     

   

(5)

   

 

Other International

   

226

   

     

   

   

 

Total

$

991

   

$

2,705

   

$

411

     

$

(41)

   

$

(49)

   

$

2

 
                         

Six Months Ended June 30, 2015

                       

United States

$

1,128

   

$

2,121

   

$

426

     

$

150

   

$

5

   

$

17

 

Algeria

   

629

   

35

     

   

   

 

Other International

   

285

   

     

   

   

 

Total

$

1,128

   

$

3,035

   

$

461

     

$

150

   

$

5

   

$

17

 
                         

Six Months Ended June 30, 2014

                       

United States

$

2,208

   

$

3,308

   

$

790

     

$

(122)

   

$

(60)

   

$

2

 

Algeria

   

1,293

   

7

     

   

   

 

Other International

   

528

   

     

   

   

 

Total

$

2,208

   

$

5,129

   

$

797

     

$

(122)

   

$

(60)

   

$

2

 

 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 28, 2015

         

Note: Guidance excludes 2015 sales volumes associated with EOR and Bossier

         
   

3rd-Qtr

 

Full-Year

   

Guidance (see Note)

 

Guidance (see Note)

                 
 

 Units

 

 Units

                 

Total Sales Volumes (MMBOE)

 

71

 

 

73

   

298

 

 

302

 

Total Sales Volumes (MBOE/d)

 

772

 

 

793

   

816

 

 

827

 
                 

Oil (MBbl/d)

 

301

 

 

310

   

306

 

 

312

 
                 

United States

 

216

 

 

220

   

221

 

 

225

 

Algeria

 

58

 

 

61

   

62

 

 

63

 

Ghana

 

27

 

 

29

   

23

 

 

24

 
                 

Natural Gas (MMcf/d)

               
                 

United States

 

2,135

 

 

2,180

   

2,305

 

 

2,325

 
                 

Natural Gas Liquids (MBbl/d)

               
                 

United States

 

108

 

 

115

   

119

 

 

122

 

Algeria

 

6

 

 

8

   

5

 

 

6

 
                 
                 
   

$ / Unit

 

$ / Unit

Price Differentials vs NYMEX (w/o hedges)

               
                 

Oil ($/Bbl)

 

(3.70)

 

 

1.60

 

(3.90)

 

 

1.40

 
                 

United States

 

(6.00)

 

 

(1.00)

   

(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)