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News Releases

Anadarko Announces 2018 Third-Quarter Results

HOUSTON, Oct. 30, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 third‑quarter results, reporting net income attributable to common stockholders of $363 million, or $0.72 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 $48 million, or $0.10 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2018 was $1.65 billion.

THIRD-QUARTER 2018 HIGHLIGHTS

  • Achieved record U.S. onshore oil sales volume of 175,000 barrels of oil per day (BOPD), representing a 37-percent increase over third quarter of 2017 on a divestiture-adjusted basis
  • Expanded Delaware Basin oil processing capacity by 120,000 BOPD in 2018 including the successful startup of the Loving Regional Oil Treating Facility (ROTF) in the third quarter
  • Improved margins per barrel(2) by 58 percent over the third quarter of 2017 to $33.68 per barrel of oil equivalent (BOE)
  • Returned $625 million of cash to shareholders, including $500 million of additional share repurchases and $125 million of dividends, which is 38 percent of third-quarter cash flow from operations

"We delivered a very strong quarter with improving and attractive per-barrel margins, which helped drive cash flow from operations to more than $1.6 billion," said Al Walker, Anadarko Chairman, President and CEO. "Our cash flows were bolstered by the startup of an additional oil gathering and treating system in the Delaware Basin, where this year we have added 120,000 barrels per day of operated oil processing capacity with the Reeves and Loving ROTFs. This integrated upstream and midstream development approach provides a competitive advantage as we realize improved netback pricing for our product while also driving significant oil growth in the basin.

"As we look ahead to 2019, our focus will continue to be on delivering healthy oil growth within a capital-efficient framework," added Walker. "We have built a portfolio focused on properties with higher-margin oil and liquids that aligns well with our durable strategy of delivering attractive per-debt-adjusted-share growth metrics and returns to shareholders. We continue to have a high degree of confidence in our ability to deliver double-digit oil growth in a $50 oil-price environment, and look forward to communicating the details of the 2019 program later this quarter. Our disciplined growth approach, to be achieved while investing within a conservative cash-flow estimate and using cash and incremental free cash flow to fund share buybacks, debt reduction and potential dividend increases over time, is a differentiating strategy."

OPERATING HIGHLIGHTS
Anadarko's third-quarter 2018 sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 63 million barrels of oil equivalent (BOE), or an average of 682,000 BOE per day.

Anadarko increased its oil production to a record 70,000 BOPD in the Delaware Basin during the third quarter, an increase of 83 percent over the third quarter of 2017. This strong oil-volume growth continues to be facilitated by the company's successful infrastructure expansions, which included startup of its Loving ROTF during the quarter. Anadarko operated seven drilling rigs and five completion crews in the basin during the quarter.

In the DJ Basin of northeast Colorado, Anadarko increased oil sales volumes by approximately 16 percent over the third quarter of 2017, with oil volumes averaging 96,000 BOPD. The company continued to enhance efficiency in the basin by setting new cycle-time records on short, long and extra-long lateral wells during the quarter. Additionally, the company placed its sixth train in service during the quarter at its Centralized Oil Stabilization Facility (COSF), bringing total oil-processing capacity in the basin to 155,000 BOPD. Anadarko operated four drilling rigs and two completion crews during the quarter.

In the Deepwater Gulf of Mexico, Anadarko achieved a monthly record oil rate of more than 140,000 BOPD in August. The company achieved record production during the quarter at its Caesar/Tonga development, largely supported by its eighth well coming on line. Anadarko also brought new wells on production during the quarter at its Marlin and Holstein platforms, and finished drilling at the first Hadrian North expansion well, which will be tied back to the Lucius platform. The second Hadrian North well is expected to be completed by year-end 2018 with first production from the development anticipated in 2019.

Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 107,000 barrels per day during the third quarter of 2018, an 18-percent increase over the third quarter of 2017 on a divestiture-adjusted basis. Anadarko and its co-venturers in the Mozambique LNG project continue to make progress converting non-binding LNG off-take agreements to fully termed Sale and Purchase Agreements, which is necessary to secure financing and reach an expected Final Investment Decision in the first half of 2019.

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

FINANCIAL HIGHLIGHTS
Anadarko generated approximately $1.65 billion of cash flow from operations during the quarter. Capital investments totaled approximately $1.075 billion, excluding Western Gas Partners, LP (WES) and acquisitions in the Powder River Basin. The company ended the quarter with $1.9 billion of cash on hand after completing the repurchase of an additional $500 million of outstanding shares on the open market during the quarter. Anadarko has now executed $3.5 billion of its expanded $4 billion share-repurchase program, representing more than 10 percent of the shares outstanding at inception of the program one year ago. Using cash and anticipated free cash flows, Anadarko expects to complete the remaining $500 million of share repurchases by mid-2019 and to retire an additional $1.4 billion of debt, including the senior notes due in 2019.

CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, Oct. 31, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its third-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 3294324. 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 current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance, which has been narrowed to reflect the limited number of days left in the year and the impact of hurricane-related downtime and previous capital-allocation adjustments.

(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.

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 successfully execute upon its capital program; to efficiently identify and deploy capital resources; to finalize its capital program for 2019; to meet financial and operating guidance and achieve production and cash-flow growth identified in this news release; to successfully drill, complete, test, and produce the wells identified in this report; to successfully complete the share-repurchase program and debt-reduction expectations; to increase the dividend; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, achieve expected cost savings, 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, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912

INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 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 September 30, 2018



Before

Tax


After

Tax


Per Share

(diluted)

millions except per-share amounts




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




$

363



$

0.72


Adjustments for certain items affecting comparability







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


$

167



127



0.25


Gains (losses) on divestitures, net


3



2




Impairments







Hard-minerals - Coal


(145)



(111)



(0.22)


Exploration assets


(64)



(49)



(0.10)


Producing properties (after noncontrolling interest)


(15)



(12)



(0.02)


Contingency adjustments


26



20



0.04


Restructuring charges


(33)



(25)



(0.05)


Impact of tax reform legislation




5



0.01


Change in uncertain tax positions




(5)



(0.01)


Certain items affecting comparability


$

(61)



(48)



(0.10)


Adjusted net income (loss) (Non-GAAP)




$

411



$

0.82




*

Includes $72 million related to interest-rate derivatives and $95 million related to commodity derivatives.

 



Quarter Ended September 30, 2017



Before

Tax


After

Tax


Per Share

(diluted)

millions except per-share amounts




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




$

(699)



$

(1.27)


Adjustments for certain items affecting comparability







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


$

(98)



(62)



(0.11)


Gains (losses) on divestitures, net


(194)



(123)



(0.23)


Impairments - exploration assets


(106)



(82)



(0.15)


Change in uncertain tax positions




(5)



(0.01)


Certain items affecting comparability


$

(398)



(272)



(0.50)


Adjusted net income (loss) (Non-GAAP)




$

(427)



$

(0.77)




Includes $(39) million related to interest-rate derivatives and $(59) million related to commodity derivatives.

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.


Three Months Ended
September 30,


Nine Months Ended
September 30,

millions

2018


2017


2018


2017

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

$

363



$

(699)



$

513



$

(1,432)


Interest expense

240



230



705



682


Income tax expense (benefit)

256



(425)



507



(366)


Depreciation, depletion, and amortization

1,130



1,083



3,123



3,235


Exploration expense (1)

118



750



380



2,366


(Gains) losses on divestitures, net

(3)



194



(31)



(815)


Impairments

172





319



383


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

(167)



98



73



(12)


Restructuring charges

13



3



13



20


Consolidated Adjusted EBITDAX (Margin) (Non-GAAP)

$

2,122



$

1,234



$

5,602



$

4,061


Total barrels of oil equivalent (MMBOE)

63



58



179



187


Consolidated Adjusted EBITDAX (Margin) per BOE

$

33.68



$

21.28



$

31.30



$

21.72




(1) 

Includes restructuring charges of $20 million for the three and nine months ended September 30, 2018.

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, 2018








Anadarko




Anadarko


WGP*


excluding

millions



Consolidated


Consolidated


WGP

Total debt (GAAP)



$

16,693



$

4,594



$

12,099


Less cash and cash equivalents



1,883



133



1,750


Net debt (Non-GAAP)



$

14,810



$

4,461



$

10,349

















Anadarko






Anadarko


excluding

millions





Consolidated


WGP

Net debt





$

14,810



$

10,349


Total equity





11,237



8,701


Adjusted capitalization





$

26,047



$

19,050














Net debt to adjusted capitalization ratio






57

%



54

%



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)



Three Months Ended


Nine Months Ended


September 30,


September 30,

millions

2018


2017


2018


2017

Cash Flows from Operating Activities








Net income (loss)

$

427



$

(641)



$

618



$

(1,250)


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








Depreciation, depletion, and amortization

1,130



1,083



3,123



3,235


Deferred income taxes

114



(854)



141



(1,026)


Dry hole expense and impairments of unproved properties

63



678



212



2,144


Impairments

172





319



383


(Gains) losses on divestitures, net

(3)



194



(31)



(815)


Total (gains) losses on derivatives, net

33



82



506



(33)


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

(199)



16



(433)



21


Other

85



68



224



227


Changes in assets and liabilities

(175)



13



(377)



(267)


Net Cash Provided by (Used in) Operating Activities

$

1,647



$

639



$

4,302



$

2,619


Net Cash Provided by (Used in) Investing Activities

$

(1,603)



$

(1,247)



$

(4,659)



$

(28)


Net Cash Provided by (Used in) Financing Activities

$

(480)



$

(155)



$

(2,306)



$

(527)










Capital Expenditures








Exploration and Production and other*

$

996



$

976



$

3,367



$

2,876


WES Midstream

292



224



920



662


Other Midstream**

155



131



658



258


Total

$

1,443



$

1,331



$

4,945



$

3,796




Includes $76 million for the three months ended September 30, 2018, and $176 million for the nine months ended September 30, 2018, related to Powder River Basin acquisitions.    

** 

Excludes WES.

 

Anadarko Petroleum Corporation

(Unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,

Summary Financial Information


millions except per-share amounts

2018


2017


2018


2017

Consolidated Statements of Income








Revenues and Other








Oil sales

$

2,572



$

1,567



$

6,964



$

4,652


Natural-gas sales

232



269



682



1,090


Natural-gas liquids sales

382



265



992



768


Gathering, processing, and marketing sales

421



509



1,163



1,417


Gains (losses) on divestitures and other, net

90



(114)



232



1,052


Total

3,697



2,496



10,033



8,979


Costs and Expenses








Oil and gas operating

294



253



845



738


Oil and gas transportation

228



220



633



698


Exploration

118



750



380



2,366


Gathering, processing, and marketing

256



396



745



1,101


General and administrative

248



261



814



768


Depreciation, depletion, and amortization

1,130



1,083



3,123



3,235


Production, property, and other taxes

246



159



637



449


Impairments

172





319



383


Other operating expense

26



123



188



157


Total

2,718



3,245



7,684



9,895


Operating Income (Loss)

979



(749)



2,349



(916)


Other (Income) Expense








Interest expense

240



230



705



682


(Gains) losses on derivatives, net

32



82



503



(33)


Other (income) expense, net

24



5



16



51


Total

296



317



1,224



700


Income (Loss) Before Income Taxes

683



(1,066)



1,125



(1,616)


Income tax expense (benefit)

256



(425)



507



(366)


Net Income (Loss)

427



(641)



618



(1,250)


Net income (loss) attributable to noncontrolling interests

64



58



105



182


Net Income (Loss) Attributable to Common Stockholders

$

363



$

(699)



$

513



$

(1,432)


Per Common Share








Net income (loss) attributable to common stockholders—basic

$

0.72



$

(1.27)



$

0.99



$

(2.60)


Net income (loss) attributable to common stockholders—diluted

$

0.72



$

(1.27)



$

0.99



$

(2.61)


Average Number of Common Shares Outstanding—Basic

499



553



507



552


Average Number of Common Shares Outstanding—Diluted

500



553



508



552










Exploration Expense








Dry hole expense

$



$

565



$

55



$

1,408


Impairments of unproved properties

64



113



158



736


Geological and geophysical, exploration overhead, and other expense

54



72



167



222


Total

$

118



$

750



$

380



$

2,366


 

Anadarko Petroleum Corporation

(Unaudited)







September 30,


December 31,

millions





2018


2017

Condensed Balance Sheets








Cash and cash equivalents





$

1,883



$

4,553


Accounts receivable, net of allowance





2,191



1,829


Other current assets





397



380


Net properties and equipment





28,744



27,451


Other assets





2,292



2,211


Goodwill and other intangible assets





5,638



5,662


Total Assets





$

41,145



$

42,086


Short-term debt - Anadarko*





910



142


Short-term debt - WGP/WES





28




Other current liabilities





4,179



3,764


Long-term debt - Anadarko*





11,189



12,054


Long-term debt - WGP/WES





4,566



3,493


Deferred income taxes





2,455



2,234


Asset retirement obligations





2,538



2,500


Other long-term liabilities





4,043



4,109


Common stock





57



57


Paid-in capital





12,344



12,000


Retained earnings





1,291



1,109


Treasury stock





(4,608)



(2,132)


Accumulated other comprehensive income (loss)





(383)



(338)


Total stockholders' equity





8,701



10,696


Noncontrolling interests





2,536



3,094


Total Equity





11,237



13,790


Total Liabilities and Equity





$

41,145



$

42,086


Capitalization








Total debt





$

16,693



$

15,689


Total equity





11,237



13,790


Total





$

27,930



$

29,479


Capitalization Ratios











Total debt





60

%


53

%

Total equity





40

%


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 September 30, 2018


















United States

296



1,071



100



26



98



10



$

68.25



$

2.35



$

38.66


Algeria

66





6



6







76.62





47.51


Other International

35







4







76.44






Total

397



1,071



106



36



98



10



$

70.37



$

2.35



$

39.16




















Quarter Ended September 30, 2017


















United States

266



1,086



88



25



100



9



$

46.89



$

2.69



$

31.07


Algeria

60





4



6







52.91





32.98


Other International

27







2







51.95






Total

353



1,086



92



33



100



9



$

48.31



$

2.69



$

31.15




















Nine Months Ended September 30, 2018


















United States

288



1,053



96



78



287



27



$

65.96



$

2.37



$

35.62


Algeria

58





5



16





1



73.11





42.96


Other International

31







9







72.36






Total

377



1,053



101



103



287



28



$

67.57



$

2.37



$

36.00




















Nine Months Ended September 30, 2017


















United States

259



1,392



96



71



380



27



$

47.63



$

2.87



$

27.43


Algeria

63





5



18





1



51.54





34.02


Other International

28







7







51.70






Total

350



1,392



101



96



380



28



$

48.66



$

2.87



$

27.77







































Average Daily Sales
Volumes
MBOE/d


Sales Volumes

MMBOE





























Quarter Ended September 30, 2018

682


63











Quarter Ended September 30, 2017

626


58





























Nine Months Ended September 30, 2018

654


179











Nine Months Ended September 30, 2017

683


187





























 

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 September 30, 2018













United States

$

1,858



$

232



$

356




$

(202)



$

3



$


Algeria

462





26









Other International

252













Total

$

2,572



$

232



$

382




$

(202)



$

3



$















Quarter Ended September 30, 2017













United States

$

1,145



$

269



$

253




$

12



$

4



$


Algeria

291





12









Other International

131













Total

$

1,567



$

269



$

265




$

12



$

4



$















Nine Months Ended September 30, 2018















United States

$

5,207



$

682



$

931




$

(445)



$

8



$


Algeria

1,152





61









Other International

605













Total

$

6,964



$

682



$

992




$

(445)



$

8



$















Nine Months Ended September 30, 2017















United States

$

3,368



$

1,090



$

720




$

27



$

(1)



$

(3)


Algeria

885





48









Other International

399













Total

$

4,652



$

1,090



$

768




$

27



$

(1)



$

(3)


 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of October 30, 2018






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








4th-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)


 Units


 Units










Total Sales Volumes (MMBOE)


62



67



240



245


Total Sales Volumes (MBOE/d)


674



728



658



671











Oil (MBbl/d)


394



427



380



389











United States


300



325



290



297


Algeria


58



63



58



59


Ghana


36



39



32



33











Natural Gas (MMcf/d)


















United States


1,040



1,110



1,040



1,070











Natural Gas Liquids (MBbl/d)


















United States


102



110



97



100


Algeria


6



7



5



6






















$ / Unit


$ / Unit

Price Differentials vs NYMEX (w/o hedges)


















Oil ($/Bbl)


(0.50)



3.40



(0.50)



2.50











United States


(2.00)



2.00



(2.00)



1.00


Algeria


4.00



8.00



4.00



7.00


Ghana


4.00



8.00



4.00



7.00











Natural Gas ($/Mcf)


















United States


(0.80)



(0.55)



(0.65)



(0.50)











 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of October 30, 2018






Note: Guidance excludes items affecting comparability.








4th-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)



 $ MM


 $ MM

Other Revenues









Marketing and Gathering Margin


170



190



595



615


Minerals and Other


70



90



270



290






















$ / BOE


$ / BOE

Costs and Expenses









Oil & Gas Direct Operating


4.50



4.90



4.60



4.80


Oil & Gas Transportation and Other


3.30



3.70



3.45



3.65


Depreciation, Depletion, and Amortization


17.25



18.00



17.25



17.75


Production Taxes (% of Product Revenue)


7.0

%


8.0

%


7.0

%


7.5

%












$ MM


$ MM










General and Administrative


245



275



1,050



1,080


Other Operating Expense


50



70



120



140


Exploration Expense









Non-Cash




20



60



80


Cash


45



55



190



200


Interest Expense (net)


235



245



940



950


Other (Income) Expense




20



10



30











Taxes









Algeria  (100% Current)


60

%


70

%


60

%


70

%

Rest of Company  (55% Current/45% Deferred for Q4 and 30% Current/70% Deferred for Total Year)


30

%


40

%


25

%


35

%










Noncontrolling Interest


80



100



185



205




















Avg. Shares Outstanding (MM)









Basic


493



495



504



505


Diluted


494



496



504



505




















Capital Investment (Excluding Western Gas Partners, LP)

$ MM


$ MM*










APC Capital Expenditures


650



950



4,500



4,800











* Excludes $176 million of Powder River Basin acquisitions

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of October 30, 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 October 30, 2018







Instrument

Notional Amt.

Reference Period

Mandatory

Termination Date

Rate Paid

Rate Received

Swap

$550 Million

September 2016 - 2046

September 2020

6.418%

3M LIBOR

Swap

$250 Million

September 2016 - 2046

September 2022

6.809%

3M LIBOR

Swap

$100 Million

September 2017 - 2047

September 2020

6.891%

3M LIBOR

Swap

$250 Million

September 2017 - 2047

September 2021

6.570%

3M LIBOR

Swap

$450 Million

September 2017 - 2047

September 2023

6.445%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales


Average Daily Sales Volumes


Quarter Ended September 30, 2018


Quarter Ended September 30, 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

175



989



91



431



128



907



75



354


Gulf of Mexico

121



82



9



144



125



100



10



152


International

101





6



107



87





4



91


Same-Store Sales

397



1,071



106



682



340



1,007



89



597


Divestitures*









13



79



3



29


Total

397



1,071



106



682



353



1,086



92



626







Nine Months Ended September 30, 2018


Nine Months Ended September 30, 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

166



976



87



416



119



974



79



360


Gulf of Mexico

120



75



9



142



120



113



10



149


International

89





5



94



91





5



96


Same-Store Sales

375



1,051



101



652



330



1,087



94



605


Divestitures*

2



2





2



20



305



7



78


Total

377



1,053



101



654



350



1,392



101



683




















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

 

SOURCE Anadarko Petroleum Corporation

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