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News Releases

Anadarko Announces 2018 First-Quarter Results

HOUSTON, May 1, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 first‑quarter results, reporting net income attributable to common stockholders of $121 million, or $0.22 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $158 million, or $0.30 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the first quarter of 2018 was $1.43 billion.

FIRST-QUARTER 2018 HIGHLIGHTS

  • Achieved record divestiture-adjusted oil production of 367,000 barrels per day
  • Increased the company's oil production mix to 57 percent, while generating its highest per-barrel margins since 2014, when oil prices averaged more than $93 per barrel for WTI
  • Entered into accelerated share-repurchase agreements (ASRs) to complete the expanded $3.0 billion share-buyback program by the end of the second quarter, nine months from initial board authorization
  • Secured substantial long-term oil transportation capacity from the Delaware Basin to both Gulf Coast and U.S. export markets, while also locking in firm sales out of the basin for about 80 percent of its operated natural gas production
  • Received Mozambique government approval for the Golfinho/Atum Plan of Development for the company's LNG project with Area 1 participants

"The results we achieved over the second half of 2017 created strong momentum in the first quarter of 2018," said Al Walker, Anadarko Chairman, President and CEO. "Exceptional performance from our asset-management teams in the Delaware and DJ basins and the Deepwater Gulf of Mexico drove record quarterly oil production, matching the company's highest oil output to date. Additionally, we expect to complete our $3.0 billion share-repurchase program by mid-year and will consider expanding this program further should free cash flow from the current operating environment continue to increase.

"Looking ahead, our infrastructure buildout in West Texas is on track, with expectations of placing into service our first regional oil treating facility (ROTF) in Reeves County in the second quarter," added Walker. "This is expected to be followed by an additional ROTF in north Loving County and the first cryogenic train at the Mentone gas processing plant in the third quarter. As we have commented previously, these are key drivers for significant oil growth later this year and next. As the operator for approximately 70 percent of our Delaware Basin leasehold, we have significant size, scale, control and flexibility to be an anchor tenant on several pipeline projects to ensure hydrocarbon-takeaway from the basin and improve wellhead margins. Although we are increasing our expected capital investments by about $100 million for the full year, this is primarily a result of higher-than-expected non-operated plans in the Delaware Basin from our leasehold partners and does not represent an increase in operated activity. This durable strategy of providing capital-efficient growth, while generating free cash flow to drive the return of capital through share repurchases, increased dividends and debt retirement will continue to be one of our principal objectives in the years to come."

OPERATING HIGHLIGHTS
Anadarko's first-quarter sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 643,000 BOE per day, which was at the high end of the company's first-quarter guidance.

In the Delaware Basin, the company's oil sales volumes averaged 52,000 barrels per day for the quarter, representing a 70-percent increase over the first quarter of 2017. Importantly, Anadarko secured substantial long-term oil transportation capacity with commitments covering more than half of the company's expected 2018 operated production and nearly all of its projected operated production by late 2019. The company will be an anchor shipper on Enterprise's Midland pipeline to Houston and Plains' Cactus II pipeline to Corpus Christi, and Anadarko is also covered by firm transport or firm sales with reliable counterparties controlling basin export capacity for approximately 80 percent of its operated natural gas production. In addition, construction on the Reeves ROTF is complete and commissioning activities are underway. Anadarko currently operates seven drilling rigs and five completion crews in the Delaware Basin.

In the DJ Basin of northeast Colorado, Anadarko continued to achieve record sales volumes, averaging more than 260,000 BOE per day, an 8-percent increase over the first quarter of 2017. The company currently operates four drilling rigs in the basin along with three completion crews that feature equipment with noise-reduction technology.

In the Deepwater Gulf of Mexico, Anadarko achieved record oil sales volumes of 128,000 barrels per day. Volume growth was driven by a new tieback at the Marlin facility and increased production at Horn Mountain, which is producing at its highest rate since 2006.

Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 88,000 barrels of liquids per day during the first quarter of 2018. In March, the Mozambique Government approved the Anadarko-operated Area 1 Golfinho/Atum Plan of Development defining the integrated onshore LNG project from the reservoir to the market. The Mozambique LNG project also made good progress on marketing with the announcement of a long-term LNG Sale and Purchase Agreement (SPA) for 1.2 million tonnes per annum for a period of 15 years with one of the world's largest electric utilities, Électricité de France, S.A. (EDF). The near-term marketing objective has been met with non-binding key terms agreed with multiple buyers for more than 8.5 million tonnes per annum. Focus is now on converting these agreements to binding long-term SPAs.

OPERATIONS REPORT
For additional details on Anadarko's first-quarter 2018 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.

FINANCIAL HIGHLIGHTS
During the first quarter, Anadarko's capital investments, excluding Western Gas Partners, LP (WES), were $1.37 billion. The company also entered into two ASRs to complete its $3.0 billion share-repurchase program, which were funded by approximately $1.9 billion of cash on hand, with the final pricing and number of shares repurchased for the current outstanding ASR to be determined upon its completion in the second quarter. In the first quarter, Anadarko also announced a 400-percent increase to its quarterly dividend, increasing from 5 cents per share to 25 cents per share.

CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, May 2, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its first-quarter 2018 financial and operating results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 2709670. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast, 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
Ten pages of summary financial data follow, including updated financial and production guidance, current hedge positions, and a reconciliation of "divestiture-adjusted" or "same-store" sales.

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

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 2017, the company had 1.44 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; to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance; to timely complete and commercially operate the projects, infrastructure and drilling prospects identified in this news release; to finalize the necessary steps to secure operatorship; to successfully complete the share repurchase program and to enter into additional programs; to increase the dividend; to reduce debt; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2017 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, [email protected], 832.636.8736
Stephanie Moreland, [email protected], 832.636.2912

INVESTORS:
Robin Fielder, [email protected], 832.636.1462
Kate Sloan, [email protected], 832.636.2562
Andy Taylor, [email protected], 832.636.3089

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures

Below are reconciliations of certain GAAP to non-GAAP financial measures, 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 March 31, 2018



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

Net income (loss) attributable to common stockholders (GAAP)




$

121



$

0.22


Adjustments for certain items affecting comparability







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


$

27



21



0.04


Gains (losses) on divestitures, net


(24)



(17)



(0.03)


Impairments







Producing properties


(19)



(15)



(0.03)


Exploration assets


(53)



(41)



(0.08)


Contingency accruals


(132)



(101)



(0.19)


Change in uncertain tax positions




(5)



(0.01)


Certain items affecting comparability


$

(201)



(158)



(0.30)


Adjusted net income (loss) (Non-GAAP)




$

279



$

0.52




*  

Includes $127 million related to interest-rate derivatives, $(94) million related to commodity derivatives, and $(6) million related to gathering, processing, and marketing sales.

 



Quarter Ended March 31, 2017



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

Net income (loss) attributable to common stockholders (GAAP)




$

(318)



$

(0.58)


Adjustments for certain items affecting comparability







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


$

155



99



0.18


Gains (losses) on divestitures, net


804



509



0.92


Impairments







Producing and general properties


(373)



(237)



(0.43)


Exploration assets


(532)



(338)



(0.61)


Change in uncertain tax positions




(21)



(0.04)


Certain items affecting comparability


$

54



12



0.02


Adjusted net income (loss) (Non-GAAP)




$

(330)



$

(0.60)


*

Includes $12 million related to interest-rate derivatives, $141 million related to commodity derivatives, and $2 million related to gathering, processing, and marketing sales.

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Management believes that the presentation of Adjusted EBITDAX (Margin) provides information useful in assessing the Company's operating and financial performance across periods.


Quarter Ended

March 31,

millions

2018


2017

Net income (loss) attributable to common stockholders (GAAP)

$

121



$

(318)


Interest expense

228



223


Income tax expense (benefit)

126



97


DD&A

990



1,115


Exploration expense

168



1,084


(Gains) losses on divestitures, net

24



(804)


Impairments

19



373


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

(27)



(155)


Restructuring charges



(1)


Consolidated Adjusted EBITDAX (Margin) (Non-GAAP)

$

1,649



$

1,614


Total barrels of oil equivalent (BOE)

58



72


Consolidated Adjusted EBITDAX (Margin) per BOE

$

28.43



$

22.42


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.




March 31, 2018








Anadarko




Anadarko


WGP*


excluding

millions



Consolidated


Consolidated


WGP

Total debt (GAAP)



$

16,404



$

4,204



$

12,200


Less cash and cash equivalents



3,361



524



2,837


Net debt (Non-GAAP)



$

13,043



$

3,680



$

9,363

















Anadarko






Anadarko


excluding

millions





Consolidated


WGP

Net debt





$

13,043



$

9,363


Total equity





11,756



8,741


Adjusted capitalization





$

24,799



$

18,104














Net debt to adjusted capitalization ratio






53

%



52

%

*  

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

 

Anadarko Petroleum Corporation

Cash Flow Information

(Unaudited)




Quarter Ended


March 31,

millions

2018


2017

Cash Flows from Operating Activities




Net income (loss)

$

174



$

(275)


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




Depreciation, depletion, and amortization

990



1,115


Deferred income taxes

42



(660)


Dry hole expense and impairments of unproved properties

106



1,012


Impairments

19



373


(Gains) losses on divestitures, net

24



(804)


Total (gains) losses on derivatives, net

36



(147)


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

(63)



(8)


Other

74



83


Changes in assets and liabilities

28



434


Net Cash Provided by (Used in) Operating Activities

$

1,430



$

1,123


Net Cash Provided by (Used in) Investing Activities

$

(1,113)



$

1,723


Net Cash Provided by (Used in) Financing Activities

$

(1,507)



$

(198)






Capital Expenditures




Exploration and Production and other

$

1,115



$

945


WES Midstream

327



286


Other Midstream*

262



24


Total

$

1,704



$

1,255


*

    Excludes WES.

 

 

Anadarko Petroleum Corporation

(Unaudited)




Quarter Ended

Summary Financial Information

March 31,

millions except per-share amounts

2018


2017

Consolidated Statements of Income




Revenues and Other




Oil sales

$

2,127



$

1,663


Natural-gas sales

247



502


Natural-gas liquids sales

292



289


Gathering, processing, and marketing sales

360



444


Gains (losses) on divestitures and other, net

19



869


Total

3,045



3,767


Costs and Expenses




Oil and gas operating

276



256


Oil and gas transportation

196



249


Exploration

168



1,084


Gathering, processing, and marketing

237



350


General and administrative

278



263


Depreciation, depletion, and amortization

990



1,115


Production, property, and other taxes

190



155


Impairments

19



373


Other operating expense

140



22


Total

2,494



3,867


Operating Income (Loss)

551



(100)


Other (Income) Expense




Interest expense

228



223


(Gains) losses on derivatives, net

35



(147)


Other (income) expense, net

(12)



2


Total

251



78


Income (Loss) Before Income Taxes

300



(178)


Income tax expense (benefit)

126



97


Net Income (Loss)

174



(275)


Net income (loss) attributable to noncontrolling interests

53



43


Net Income (Loss) Attributable to Common Stockholders

$

121



$

(318)


Per Common Share




Net income (loss) attributable to common stockholders—basic

$

0.23



$

(0.58)


Net income (loss) attributable to common stockholders—diluted

$

0.22



$

(0.58)


Average Number of Common Shares Outstanding—Basic

518



551


Average Number of Common Shares Outstanding—Diluted

519



551






Exploration Expense




Dry hole expense

$

53



$

476


Impairments of unproved properties

53



537


Geological and geophysical, exploration overhead, and other expense

62



71


Total

$

168



$

1,084


 

Anadarko Petroleum Corporation

(Unaudited)














March 31,


December 31,

millions





2018


2017

Condensed Balance Sheets








Cash and cash equivalents





$

3,361



$

4,553


Accounts receivable, net of allowance





1,795



1,829


Other current assets





374



380


Net properties and equipment





27,758



27,451


Other assets





2,134



2,211


Goodwill and other intangible assets





5,654



5,662


Total Assets





$

41,076



$

42,086


Short-term debt - Anadarko*





733



142


Short-term debt - WGP/WES





28




Other current liabilities





3,973



3,764


Long-term debt - Anadarko*





11,467



12,054


Long-term debt - WGP/WES





4,176



3,493


Deferred income taxes





2,267



2,234


Asset retirement obligations





2,510



2,500


Other long-term liabilities





4,166



4,109


Common stock





57



57


Paid-in capital





11,701



12,000


Retained earnings





1,152



1,109


Treasury stock





(3,759)



(2,132)


Accumulated other comprehensive income (loss)





(410)



(338)


Total stockholders' equity





8,741



10,696


Noncontrolling interests





3,015



3,094


Total Equity





11,756



13,790


Total Liabilities and Equity





$

41,076



$

42,086


Capitalization








Total debt





$

16,404



$

15,689


Total equity





11,756



13,790


Total





$

28,160



$

29,479














Capitalization Ratios












Total debt






58

%



53

%

Total equity






42

%



47

%



*  

Excludes WES and WGP

 

Anadarko Petroleum Corporation





(Unaudited)























Sales Volumes and Prices



















Average Daily Sales Volumes


Sales Volumes


Average Sales Price


Oil


Natural Gas


NGLs


Oil


Natural Gas


NGLs


Oil


Natural Gas


NGLs


MBbls/d


MMcf/d


MBbls/d


MMBbls


Bcf


MMBbls


Per Bbl


Per Mcf


Per Bbl

Quarter Ended March 31, 2018


















United States

288



1,051



92



25



95



9



$

62.58



$

2.61



$

33.24


Algeria

55





5



5







67.24





40.76


Other International

28







3







67.68






Total

371



1,051



97



33



95



9



$

63.66



$

2.61



$

33.63




















Quarter Ended March 31, 2017


















United States

269



1,859



112



24



167



10



$

49.23



$

3.00



$

26.57


Algeria

70





6



6





1



53.20





37.57


Other International

28







3







53.77






Total

367



1,859



118



33



167



11



$

50.34



$

3.00



$

27.17







































Average Daily Sales Volumes

MBOE/d


Sales Volumes

MMBOE





























Quarter Ended March 31, 2018

643


58











Quarter Ended March 31, 2017

795


72





























 

Sales Revenue and Commodity Derivatives









Sales



Net Cash Received (Paid) from Settlement of Commodity
Derivatives

millions

Oil


Natural Gas


NGLs



Oil


Natural Gas


NGLs

Quarter Ended March 31, 2018













United States

$

1,623



$

247



$

274




$

(67)



$

(1)



$


Algeria

331





18









Other International

173













Total

$

2,127



$

247



$

292




$

(67)



$

(1)



$















Quarter Ended March 31, 2017













United States

$

1,191



$

502



$

267




$

1



$

(4)



$

(3)


Algeria

334





22









Other International

138













Total

$

1,663



$

502



$

289




$

1



$

(4)



$

(3)


 


Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 1, 2018






Note: Guidance excludes sales volumes for Alaska due to divestiture.








2nd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)


 Units


 Units










Total Sales Volumes (MMBOE)


56



58



240



250


Total Sales Volumes (MBOE/d)


615



640



658



685











Oil (MBbl/d)


346



362



376



396











United States


270



280



288



305


Algeria


50



54



59



61


Ghana


26



28



29



30











Natural Gas (MMcf/d)


















United States


1,025



1,075



1,085



1,125











Natural Gas Liquids (MBbl/d)


















United States


93



98



94



97


Algeria


5



6



5



6






















$ / Unit


$ / Unit

Price Differentials vs NYMEX (w/o hedges)


















Oil ($/Bbl)


(0.80)



3.20



(1.90)



2.00











United States


(2.00)



2.00



(3.00)



1.00


Algeria


3.00



7.00



2.00



7.00


Ghana


3.00



7.00



2.00



7.00











Natural Gas ($/Mcf)


















United States


(0.90)



(0.60)



(0.70)



(0.40)











 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 1, 2018






Note: Guidance excludes items affecting comparability.








2nd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)



 $ MM


 $ MM

Other Revenues









Marketing and Gathering Margin


130



155



700



780


Minerals and Other


35



55



190



230






















$ / BOE


$ / BOE

Costs and Expenses









Oil & Gas Direct Operating


4.75



4.95



4.25



4.75


Oil & Gas Transportation and Other


3.55



3.75



3.50



3.75


Depreciation, Depletion, and Amortization


17.00



17.75



17.00



17.75


Production Taxes (% of Product Revenue)


6.5

%


7.5

%


6.5

%


7.5

%












$ MM


$ MM










General and Administrative


265



285



1,025



1,075


Other Operating Expense


5



15



40



50


Exploration Expense









   Non-Cash




20



75



100


   Cash


50



60



200



220


Interest Expense (net)


230



240



925



975


Other (Income) Expense


(5)



5



(20)



20











Taxes









Algeria  (100% Current)


60

%


70

%


60

%


70

%

Rest of Company  (60% Current/40% Deferred for Q2 and

30% Current/70% Deferred for Total Year)


20

%


30

%


15

%


25

%










Noncontrolling Interest


55



75



300



350




















Avg. Shares Outstanding (MM)









Basic


499



503



503



507


Diluted


499



503



503



507




















Capital Investment (Excluding Western Gas Partners, LP)

$ MM


$ MM










APC Capital Expenditures


1,300



1,500



4,200



4,600












 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of May 1, 2018
















Weighted Average Price per barrel




Volume

(MBbls/d)


Floor Sold


Floor Purchased


Ceiling Sold

Oil









Two-Way Collars








    2018  









WTI


108



$

50.00

$

60.48









Fixed Price - Financial








    2018  









Brent


84

$

61.45















Three-Way Collars








    2019  









WTI


57

$

45.00

$

55.00

$

70.22


Brent


30

$

50.00

$

60.00

$

78.22




87




















Volume


Weighted Average Price per MMBtu




(thousand










MMBtu/d)


Floor Sold


Floor Purchased


Ceiling Sold

Natural Gas









Three-Way Collars








    2018   



250

$

2.00

$

2.75

$

3.54











Fixed Price - Financial








    2018   



280

$

3.02





 

 







Interest-Rate Derivatives

As of May 1, 2018







Instrument

Notional Amt.

Reference Period

Mandatory

Termination Date

Rate Paid

Rate Received

Swap

$550 Million

Sept. 2016 – 2046

Sept. 2020

6.418%

3M LIBOR

Swap

$250 Million

Sept. 2016 – 2046

Sept. 2022

6.809%

3M LIBOR

Swap

$200 Million

Sept. 2017 – 2047

Sept. 2018

6.049%

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

Swap

$250 Million

Sept. 2017 – 2047

Sept. 2023

6.761%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales


Average Daily Sales Volumes






Quarter Ended March 31, 2018


Quarter Ended March 31, 2017


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d

U.S. Onshore

156



967



83



400



115



1,058



85



376


Gulf of Mexico

128



84



9



151



125



129



12



159


International

83





5



88



98





6



104


Same-Store Sales

367



1,051



97



639



338



1,187



103



639


Divestitures*

4







4



29



672



15



156


Total

371



1,051



97



643



367



1,859



118



795






*  

  Includes Alaska, Eagleford, Marcellus, Eaglebine, Utah CBM, and Moxa.

 

SOURCE Anadarko Petroleum Corporation

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