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News Releases

Anadarko Announces Third-Quarter 2016 Results

HOUSTON, Oct. 31, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the third quarter of 2016, including a net loss attributable to common stockholders of $830 million, or $1.61 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $371 million or $0.72 per share (diluted) on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2016 was $785 million.              

HIGHLIGHTS

  • Delivered strong sales volumes with oil volumes exceeding the midpoint of guidance by approximately 13,000 barrels per day
  • Further reduced costs, with both capital expenditures and lease operating expense (LOE) per barrel of oil equivalent (BOE) favorable to guidance
  • Closed nearly $3 billion of monetizations year to date
  • Announced $2 billion acquisition of Freeport McMoRan's deepwater Gulf of Mexico assets

"Anadarko delivered strong operating performance and generated net cash of $785 million during the quarter," said Al Walker, Anadarko Chairman, President and CEO. "We are increasing our 2016 full-year divestiture-adjusted(2) sales-volume guidance by 8 million BOE from the midpoint of our initial expectations and further enhancing our financial position with line of sight to more than $4 billion of monetizations for the year. We have accelerated activity with two additional rigs in both the Delaware Basin and the DJ Basin in conjunction with our $2 billion deepwater Gulf of Mexico property acquisition, which remains on track to close prior to year end. Collectively, these actions and results have streamlined our operations, strengthened our financial position and provide confidence in our ability to deliver a 10- to 12-percent compounded annual oil growth rate over the next five years."

OPERATIONS SUMMARY

Anadarko's third-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 780,000 BOE per day.

In the Delaware Basin of West Texas, Anadarko increased oil sales volumes by approximately 10,000 barrels per day to 27,000 barrels per day, a 60-percent increase relative to the third quarter of 2015 and a 22-percent increase over the second quarter of this year. Anadarko is currently running eight rigs in the basin as it continues to delineate the stacked-pay potential across its 580,000-gross-acre position. In the DJ Basin of northeast Colorado, the company increased sales volumes by 28,000 BOE per day over the third quarter of 2015, averaging 248,000 BOE per day.

In the Gulf of Mexico, the company increased oil sales volumes by 10,000 barrels per day to 65,000 barrels per day, an 18-percent increase over the third quarter of 2015. This increase was primarily driven by the company's low-cost development activity as it tied back newly completed wells to Lucius, K2 and Caesar/Tonga. The company also announced the acquisition of Freeport McMoRan's deepwater Gulf of Mexico assets, which will be immediately accretive upon closing. The transaction, which will double both Anadarko's total Gulf of Mexico production and its working interest in Lucius, is expected to close during the fourth quarter of this year and is subject to customary closing conditions.

Internationally, the TEN complex offshore Ghana achieved first oil on time and on budget and is currently producing approximately 40,000 gross barrels of oil per day as it continues to ramp up toward facility capacity. Additionally, the company conducted a successful drillstem test of its Paon field offshore Côte d'Ivoire as it continues to evaluate the potential commerciality of this discovery.

OPERATIONS REPORT

For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted(2) information, please refer to the comprehensive report on third-quarter 2016 activity. The report is available at www.anadarko.com.

FINANCIAL SUMMARY

Anadarko ended the third quarter with approximately $4 billion of cash on hand, which was significantly enhanced by the company's successful $2.16 billion equity offering during the quarter and its successful monetization program year to date. Anadarko plans to use approximately $1.8 billion of its cash on hand to fund the Gulf of Mexico acquisition and plans to redeem its remaining $750 million of senior notes due September 2017. During the third quarter, the company signed an agreement to divest its Carthage assets in East Texas for more than $1 billion, with the transaction expected to close by year end. As a result of these actions taken throughout the year to strengthen the company's financial position, both Moody's and S&P recently improved their ratings outlook to "stable."

CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT

Anadarko will host a conference call on Tuesday, Nov. 1, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss third-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 8528639. 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

Eleven pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, 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 "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 2015, the company had approximately 2.06 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 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, consummate the transactions described in this news release and identify and complete additional monetization transactions, reduce its debt, timely complete and commercially operate the projects and drilling prospects identified in this news release, and achieve production expectations on its projects. See "Risk Factors" in the company's 2015 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 Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912

INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727

Anadarko Petroleum Corporation
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) and total debt (GAAP) to net debt (non-GAAP), each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.

Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.

   

Quarter Ended September 30, 2016

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

     

$

(830)

   

$

(1.61)

 

Adjustments for certain items affecting comparability

           

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

 

$

(88)

   

(56)

   

(0.11)

 

Gains (losses) on divestitures, net

 

(414)

   

(261)

   

(0.51)

 

Impairments - producing properties

 

(27)

   

(17)

   

(0.03)

 

Restructuring charges

 

(112)

   

(71)

   

(0.14)

 

Tax indemnification

 

39

   

25

   

0.05

 

Change in uncertain tax positions (FIN 48)

 

   

9

   

0.02

 

Certain items affecting comparability

 

$

(602)

   

(371)

   

(0.72)

 

Adjusted net income (loss)

     

$

(459)

   

$

(0.89)

 
 

*    Includes $(84) million related to interest-rate derivatives and $(4) million related to commodity derivatives.  

 

   

Quarter Ended September 30, 2015

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

     

$

(2,235)

   

$

(4.41)

 

Adjustments for certain items affecting comparability

           

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

 

$

(360)

   

(227)

   

(0.45)

 

Gains (losses) on divestitures, net (after noncontrolling interest)

 

(613)

   

(388)

   

(0.76)

 

Impairments

           

Producing properties

 

(758)

   

(479)

   

(0.94)

 

Exploration assets

 

(787)

   

(698)

   

(1.38)

 

Inventory adjustments

 

(33)

   

(22)

   

(0.04)

 

Change in uncertain tax positions (FIN 48)

 

   

(28)

   

(0.05)

 

Other adjustments

 

(40)

   

(35)

   

(0.07)

 

Certain items affecting comparability

 

$

(2,591)

   

(1,877)

   

(3.69)

 

Adjusted net income (loss)

     

$

(358)

   

$

(0.72)

 
 

*    Includes $(407) million related to interest-rate derivatives, $46 million related to commodity derivatives, and $1 million related to gathering, processing, and marketing sales.

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko's net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.

     

September 30, 2016

             

Anadarko

     

Anadarko

 

WGP*

 

excluding

millions

   

Consolidated

 

Consolidated

 

WGP

Total debt

   

$

15,878

   

$

2,935

   

$

12,943

 

Less cash and cash equivalents

   

3,980

   

146

   

3,834

 

Net debt

   

$

11,898

   

$

2,789

   

$

9,109

 
               
             

Anadarko

         

Anadarko

 

excluding

millions

       

Consolidated

 

WGP

Net debt

       

$

11,898

   

$

9,109

 

Total equity

       

15,912

   

12,600

 

Adjusted capitalization

       

$

27,810

   

$

21,709

 
                       

Net debt to adjusted capitalization ratio

         

43

%

   

42

%

 

*    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

Cash Flow Information

(Unaudited)

 
 

Quarter Ended

 

Nine Months Ended

 

September 30,

 

September 30,

millions

2016

 

2015

 

2016

 

2015

Cash Flows from Operating Activities

             

Net income (loss)

$

(747)

   

$

(2,160)

   

$

(2,356)

   

$

(5,288)

 

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

             

Depreciation, depletion, and amortization

1,069

   

1,111

   

3,202

   

3,581

 

Deferred income taxes

(301)

   

(1,440)

   

(1,121)

   

(2,627)

 

Dry hole expense and impairments of unproved properties

255

   

953

   

300

   

1,993

 

Impairments

27

   

758

   

61

   

3,571

 

(Gains) losses on divestitures, net

414

   

578

   

516

   

1,003

 

Loss on early extinguishment of debt

   

   

124

   

 

Total (gains) losses on derivatives, net

24

   

281

   

634

   

123

 

Operating portion of net cash received (paid) in settlement of derivative instruments

64

   

79

   

229

   

251

 

Other

53

   

145

   

256

   

219

 

Changes in assets and liabilities*

(73)

   

822

   

32

   

(4,960)

 

Net Cash Provided by (Used in) Operating Activities**

$

785

   

$

1,127

   

$

1,877

   

$

(2,134)

 

Net Cash Provided by (Used in) Investing Activities

$

(291)

   

$

(911)

   

$

(1,256)

   

$

(3,696)

 

Net Cash Provided by (Used in) Financing Activities

$

2,092

   

$

(315)

   

$

2,421

   

$

534

 
               

Capital Expenditures***

$

697

   

$

1,352

   

$

2,321

   

$

4,575

 
   

*

The nine months ended September 30, 2015, includes a $5,210 million decrease for the Tronox-related contingent liability.

**

Restructuring charges (excluding stock-based compensation) were $110 million for the quarter ended September 30, 2016, and $334 million for the nine months ended September 30, 2016. Cash payments for restructuring charges were $35 million for the quarter ended September 30, 2016, and $217 million for the nine months ended September 30, 2016.

***

Includes Western Gas Partners, LP (WES) capital expenditures of $95 million for the quarter ended September 30, 2016, and $127 million for the quarter ended September 30, 2015, $355 million for the nine months ended September 30, 2016, and $405 million for the nine months ended September 30, 2015.

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

 

Nine Months Ended

Summary Financial Information

September 30,

 

September 30,

millions except per-share amounts

2016

 

2015

 

2016

 

2015

Consolidated Statements of Income

             

Revenues and Other

             

Oil and condensate sales

$

1,239

   

$

1,229

   

$

3,214

   

$

4,264

 

Natural-gas sales

435

   

484

   

1,121

   

1,612

 

Natural-gas liquids sales

227

   

183

   

640

   

644

 

Gathering, processing, and marketing sales

350

   

334

   

895

   

932

 

Gains (losses) on divestitures and other, net

(358)

   

(542)

   

(388)

   

(807)

 

Total

1,893

   

1,688

   

5,482

   

6,645

 

Costs and Expenses

             

Oil and gas operating

198

   

262

   

608

   

784

 

Oil and gas transportation

256

   

265

   

744

   

853

 

Exploration

304

   

1,074

   

506

   

2,260

 

Gathering, processing, and marketing

291

   

289

   

758

   

798

 

General and administrative

362

   

303

   

1,116

   

888

 

Depreciation, depletion, and amortization

1,069

   

1,111

   

3,202

   

3,581

 

Other taxes

148

   

127

   

422

   

460

 

Impairments

27

   

758

   

61

   

3,571

 

Other operating expense

31

   

48

   

54

   

117

 

Total

2,686

   

4,237

   

7,471

   

13,312

 

Operating Income (Loss)

(793)

   

(2,549)

   

(1,989)

   

(6,667)

 

Other (Income) Expense

             

Interest expense

220

   

199

   

657

   

616

 

Loss on early extinguishment of debt

   

   

124

   

 

(Gains) losses on derivatives, net

25

   

282

   

629

   

123

 

Other (income) expense, net

(31)

   

47

   

(86)

   

109

 

Tronox-related contingent loss

   

   

   

5

 

Total

214

   

528

   

1,324

   

853

 

Income (Loss) Before Income Taxes

(1,007)

   

(3,077)

   

(3,313)

   

(7,520)

 

Income tax expense (benefit)

(260)

   

(917)

   

(957)

   

(2,232)

 

Net Income (Loss)

(747)

   

(2,160)

   

(2,356)

   

(5,288)

 

Net income (loss) attributable to noncontrolling interests

83

   

75

   

200

   

154

 

Net Income (Loss) Attributable to Common Stockholders

$

(830)

   

$

(2,235)

   

$

(2,556)

   

$

(5,442)

 

Per Common Share

             

Net income (loss) attributable to common stockholders—basic

$

(1.61)

   

$

(4.41)

   

$

(5.00)

   

$

(10.73)

 

Net income (loss) attributable to common stockholders—diluted

$

(1.61)

   

$

(4.41)

   

$

(5.00)

   

$

(10.73)

 

Average Number of Common Shares Outstanding—Basic

517

   

508

   

512

   

508

 

Average Number of Common Shares Outstanding—Diluted

517

   

508

   

512

   

508

 
               

Exploration Expense

             

Dry hole expense

$

203

   

$

817

   

$

209

   

$

859

 

Impairments of unproved properties

52

   

136

   

91

   

1,134

 

Geological and geophysical expense

12

   

67

   

81

   

105

 

Exploration overhead and other

37

   

54

   

125

   

162

 

Total

$

304

   

$

1,074

   

$

506

   

$

2,260

 

 

Anadarko Petroleum Corporation

(Unaudited)

 
         

September 30,

 

December 31,

millions

       

2016

 

2015

Condensed Balance Sheets

             

Cash and cash equivalents

       

$

3,980

   

$

939

 

Accounts receivable, net of allowance

       

1,591

   

2,469

 

Other current assets

       

347

   

573

 

Net properties and equipment

       

31,099

   

33,751

 

Other assets

       

2,203

   

2,268

 

Goodwill and other intangible assets

       

6,197

   

6,331

 

Total Assets

       

$

45,417

   

$

46,331

 

Short-term debt

       

788

   

32

 

Other current liabilities

       

2,974

   

4,148

 

Long-term debt

       

15,090

   

15,636

 

Deferred income taxes

       

4,343

   

5,400

 

Other long-term liabilities

       

6,310

   

5,658

 

Stockholders' equity

       

12,600

   

12,819

 

Noncontrolling interests

       

3,312

   

2,638

 

Total Equity

       

$

15,912

   

$

15,457

 

Total Liabilities and Equity

       

$

45,417

   

$

46,331

 

Capitalization

             

Total debt

       

$

15,878

   

$

15,668

 

Total equity

       

15,912

   

15,457

 

Total

       

$

31,790

   

$

31,125

 
                       

Capitalization Ratios

                     

Total debt

         

50

%

   

50

%

Total equity

         

50

%

   

50

%

 

Anadarko Petroleum Corporation

(Unaudited)

 

Sales Volumes and Prices

                                 
 

Average Daily Sales Volumes

 

Sales Volumes

 

Average Sales Price

 

Oil &

         

Oil &

         

Oil &

       
 

Condensate

 

Natural Gas

 

NGLs

 

Condensate

 

Natural Gas

 

NGLs

 

Condensate

 

Natural Gas

 

NGLs

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MMBbls

 

Bcf

 

MMBbls

 

Per Bbl

 

Per Mcf

 

Per Bbl

Quarter Ended September 30, 2016

                                 

United States

233

   

2,003

   

122

   

22

   

184

   

11

   

$

41.29

   

$

2.36

   

$

18.87

 

Algeria

65

   

   

7

   

7

   

   

   

45.88

   

   

23.74

 

Other International

19

   

   

   

1

   

   

   

45.61

   

   

 

Total

317

   

2,003

   

129

   

30

   

184

   

11

   

$

42.49

   

$

2.36

   

$

19.13

 
                                   

Quarter Ended September 30, 2015

                                 

United States

224

   

2,186

   

117

   

21

   

201

   

11

   

$

43.48

   

$

2.41

   

$

15.83

 

Algeria

49

   

   

5

   

4

   

   

1

   

47.86

   

   

25.18

 

Other International

28

   

   

   

3

   

   

   

46.30

   

   

 

Total

301

   

2,186

   

122

   

28

   

201

   

12

   

$

44.45

   

$

2.41

   

$

16.26

 
                                   

Nine Months Ended September 30, 2016

                                 

United States

230

   

2,164

   

124

   

63

   

593

   

34

   

$

36.52

   

$

1.89

   

$

17.78

 

Algeria

63

   

   

6

   

18

   

   

1

   

42.27

   

   

23.55

 

Other International

16

   

   

   

4

   

   

   

40.80

   

   

 

Total

309

   

2,164

   

130

   

85

   

593

   

35

   

$

37.91

   

$

1.89

   

$

18.04

 
                                   

Nine Months Ended September 30, 2015

                                 

United States

233

   

2,424

   

128

   

64

   

662

   

35

   

$

47.37

   

$

2.44

   

$

17.08

 

Algeria

56

   

   

6

   

15

   

   

2

   

54.90

   

   

29.79

 

Other International

28

   

   

   

8

   

   

   

52.58

   

   

 

Total

317

   

2,424

   

134

   

87

   

662

   

37

   

$

49.16

   

$

2.44

   

$

17.63

 
                                   
                                   
 

Average Daily Sales Volumes
MBOE/d

 

Sales Volumes
MMBOE

                   
                                   

Quarter Ended September 30, 2016

780

 

72

                   

Quarter Ended September 30, 2015

787

 

73

                   
                                   

Nine Months Ended September 30, 2016

800

 

219

                   

Nine Months Ended September 30, 2015

855

 

234

                   
                                   
               

Sales Revenue and Commodity Derivatives

             
 

Sales

   

Net Cash Received (Paid) from Settlement of Commodity Derivatives

millions

Oil & Condensate

 

Natural Gas

 

NGLs

   

Oil & Condensate

 

Natural Gas

 

NGLs

Quarter Ended September 30, 2016

                       

United States

$

884

   

$

435

   

$

212

     

$

66

   

$

(2)

   

$

(1)

 

Algeria

276

   

   

15

     

   

   

 

Other International

79

   

   

     

   

   

 

Total

$

1,239

   

$

435

   

$

227

     

$

66

   

$

(2)

   

$

(1)

 
                         

Quarter Ended September 30, 2015

                       

United States

$

897

   

$

484

   

$

170

     

$

1

   

$

78

   

$

 

Algeria

214

   

   

13

     

   

   

 

Other International

118

   

   

     

   

   

 

Total

$

1,229

   

$

484

   

$

183

     

$

1

   

$

78

   

$

 
                         

Nine Months Ended September 30, 2016

                   

United States

$

2,305

   

$

1,121

   

$

602

     

$

214

   

$

13

   

$

(1)

 

Algeria

734

   

   

38

     

   

   

 

Other International

175

   

   

     

   

   

 

Total

$

3,214

   

$

1,121

   

$

640

     

$

214

   

$

13

   

$

(1)

 
                         

Nine Months Ended September 30, 2015

                   

United States

$

3,018

   

$

1,612

   

$

596

     

$

6

   

$

228

   

$

17

 

Algeria

843

   

   

48

     

   

   

 

Other International

403

   

   

     

   

   

 

Total

$

4,264

   

$

1,612

   

$

644

     

$

6

   

$

228

   

$

17

 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of October 31, 2016

         

Note: Guidance excludes 2016 sales volumes associated with the East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage* divestitures.

         
   

4th-Qtr

 

Full-Year

   

Guidance (see Note)

 

Guidance (see Note)

 

 Units

 

 Units

                 

Total Sales Volumes (MMBOE)

 

64

 

 

66

   

262

 

 

264

 

Total Sales Volumes (MBOE/d)

 

696

 

 

717

   

716

 

 

721

 
                 

Oil (MBbl/d)

 

307

 

 

314

   

304

 

 

308

 
                 

United States

 

223

 

 

227

   

225

 

 

227

 

Algeria

 

57

 

 

59

   

61

 

 

62

 

Ghana

 

27

 

 

28

   

18

 

 

19

 
                 

Natural Gas (MMcf/d)

               
                 

United States

 

1,685

 

 

1,725

   

1,785

 

 

1,800

 
                 

Natural Gas Liquids (MBbl/d)

               
                 

United States

 

101

 

 

105

   

104

 

 

106

 

Algeria

 

6

 

 

8

   

5

 

 

6

 
                 
                 
   

$ / Unit

 

$ / Unit

Price Differentials vs NYMEX (w/o hedges)

               
                 

Oil ($/Bbl)

 

(5.20)

 

 

(1.40)

   

(5.50)

 

 

(2.50)

 
                 

United States

 

(6.00)

 

 

(2.00)

   

(6.00)

 

 

(3.00)

 

Algeria

 

(3.00)

 

 

   

(4.00)

 

 

(1.00)

 

Ghana

 

(3.00)

 

 

   

(4.00)

 

 

(1.00)

 
                 

Natural Gas ($/Mcf)

               
                 

United States

 

(0.45)

 

 

(0.35)

   

(0.45)

 

 

(0.35)

 
                 
 

* Pending

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of October 31, 2016

         

Note: Guidance excludes items affecting comparability.

         
   

4th-Qtr

 

Full-Year

   

Guidance (see Note)

 

Guidance (see Note)

   

 $ MM

 

 $ MM

Other Revenues

               

Marketing and Gathering Margin

 

45

 

 

65

   

185

 

 

195

 

Minerals and Other

 

35

 

 

55

   

170

 

 

180

 
                 
                 
   

$ / BOE

 

$ / BOE

Costs and Expenses

               

Oil & Gas Direct Operating

 

3.60

 

 

3.90

   

2.95

 

 

3.05

 

Oil & Gas Transportation

 

3.35

 

 

3.55

   

3.35

 

 

3.45

 

Depreciation, Depletion, and Amortization

 

15.25

 

 

15.75

   

14.80

 

 

15.00

 

Production Taxes (% of Product Revenue)

 

7.5

%

 

8.5

%

 

8.0

%

 

9.0

%

                 
   

$ MM

 

$ MM

                 

General and Administrative (excludes restructuring charges)

 

245

 

 

265

   

980

 

 

1,005

 

Other Operating Expense

 

20

 

 

30

   

75

 

 

85

 

Exploration Expense

               

  Non-Cash

 

165

 

 

185

   

450

 

 

550

 

  Cash

 

50

 

 

70

   

250

 

 

270

 

Interest Expense (net)

 

220

 

 

235

   

875

 

 

890

 

Other (Income) Expense

 

 

 

5

   

 

 

10

 
                 

Taxes

               

Algeria  (100% current)

 

60

%

 

70

%

 

65

%

 

75

%

Rest of Company  (60% Current/40% Deferred for Q4 and 30% Current/70% Deferred for Total Year)

 

25

%

 

35

%

 

25

%

 

35

%

                 

Noncontrolling Interest

 

65

 

 

70

   

265

 

 

270

 
                 
                 

Avg. Shares Outstanding (MM)

               

Basic

 

550

 

 

552

   

521

 

 

522

 

Diluted

 

550

 

 

552

   

522

 

 

523

 
                 
                 

Capital Investment (Excluding Western Gas Partners, LP)

$ MM

 

$ MM

                 

APC Capital Expenditures

 

885

 

 

985

   

2,850

 

 

2,950

 
                 

 

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of October 31, 2016

                   
         

Weighted Average Price per barrel

     

Volume

(MBbls/d)

 

Floor Sold

 

Floor Purchased

 

Ceiling Sold

Oil

               

Three-Way Collars

             

2016

             
 

WTI

 

65

$

41.54

$

53.08

$

62.25

 

Brent

 

18

$

47.22

$

59.44

$

69.47

     

83

$

42.77

$

54.46

$

63.82

           
     

Volume

 

Weighted Average Price per MMBtu

     

(thousand

           
     

MMBtu/d)

 

Floor Sold

 

Floor Purchased

 

Ceiling Sold

Natural Gas

               

Three-Way Collars

             

2017

 

682

$

2.00

$

2.75

$

3.60

                   

2018

 

250

$

2.00

$

2.75

$

3.54

 

           

Interest-Rate Derivatives

As of October 31, 2016

           

Instrument

Notional Amt.

Reference Period

Mandatory
Termination Date

Rate Paid

Rate Received

Swap

$500 Million

Sept. 2016 – 2046

Sept. 2018

6.559%

3M LIBOR

Swap

$300 Million

Sept. 2016 – 2046

Sept. 2020

6.509%

3M LIBOR

Swap

$450 Million

Sept. 2017 – 2047

Sept. 2018

6.445%

3M LIBOR

Swap

$100 Million

Sept. 2017 – 2047

Sept. 2020

6.891%

3M LIBOR

Swap

$250 Million

Sept. 2017 – 2047

Sept. 2021

6.570%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

 

Average Daily Sales Volumes

 

Quarter Ended March 31, 2016

 

Quarter Ended March 31, 2015

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

160

   

2,017

   

102

   

598

   

164

   

2,007

   

117

   

615

 

Deepwater Gulf of Mexico

58

   

85

   

7

   

79

   

46

   

221

   

6

   

89

 

International and Alaska

93

   

   

6

   

99

   

107

   

   

7

   

114

 

Same-Store Sales

311

   

2,102

   

115

   

776

   

317

   

2,228

   

130

   

818

 

Divestitures*

4

   

201

   

13

   

51

   

18

   

510

   

13

   

116

 

Total

315

   

2,303

   

128

   

827

   

335

   

2,738

   

143

   

934

 
       
 

Quarter Ended June 30, 2016

 

Quarter Ended June 30, 2015

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

156

   

1,925

   

109

   

586

   

170

   

1,771

   

110

   

575

 

Deepwater Gulf of Mexico

56

   

73

   

6

   

74

   

57

   

113

   

7

   

83

 

International and Alaska

81

   

   

5

   

86

   

87

   

   

6

   

93

 

Same-Store Sales

293

   

1,998

   

120

   

746

   

314

   

1,884

   

123

   

751

 

Divestitures*

3

   

190

   

11

   

46

   

4

   

470

   

13

   

95

 

Total

296

   

2,188

   

131

   

792

   

318

   

2,354

   

136

   

846

 
                               
 

Quarter Ended September 30, 2016

 

Quarter Ended September 30, 2015

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

158

   

1,824

   

109

   

571

   

155

   

1,648

   

96

   

526

 

Deepwater Gulf of Mexico

65

   

77

   

6

   

84

   

55

   

158

   

7

   

88

 

International and Alaska

93

   

   

7

   

100

   

85

   

   

5

   

90

 

Same-Store Sales

316

   

1,901

   

122

   

755

   

295

   

1,806

   

108

   

704

 

Divestitures*

1

   

102

   

7

   

25

   

6

   

380

   

14

   

83

 

Total

317

   

2,003

   

129

   

780

   

301

   

2,186

   

122

   

787

 
                               
 

*    Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage (pending), EOR, Bossier, and Powder River Basin CBM.

 

Average Daily Sales Volumes

 
 

Nine Months Ended September 30, 2016

 

Nine Months Ended September 30, 2015

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

158

   

1,922

   

108

   

587

   

163

   

1,807

   

107

   

572

 

Deepwater Gulf of Mexico

59

   

78

   

6

   

78

   

53

   

164

   

7

   

87

 

International and Alaska

89

   

   

6

   

95

   

92

   

   

6

   

98

 

Same-Store Sales

306

   

2,000

   

120

   

760

   

308

   

1,971

   

120

   

757

 

Divestitures*

3

   

164

   

10

   

40

   

9

   

453

   

14

   

98

 

Total

309

   

2,164

   

130

   

800

   

317

   

2,424

   

134

   

855

 
       
     

Year Ended December 31, 2015

                 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

               

163

   

1,788

   

105

   

566

 

Deepwater Gulf of Mexico

               

53

   

152

   

7

   

85

 

International and Alaska

               

94

   

   

6

   

100

 

Same-Store Sales

               

310

   

1,940

   

118

   

751

 

Divestitures*

               

7

   

394

   

12

   

85

 

Total

               

317

   

2,334

   

130

   

836

 
                               
 

*    Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage (pending), EOR, Bossier, and Powder River Basin CBM.

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/3Q16-OpsReport-10-31-16.pdf

 

SOURCE Anadarko Petroleum Corporation

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