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|Anadarko Announces Settlement of Tronox Adversary Proceeding|
"This settlement agreement with the
In exchange for a complete release of all claims asserted against Kerr-McGee, Anadarko has agreed to pay a total of
The settlement agreement is subject to recommendation by the
"As we highlighted during our recent investor conference, Anadarko's employees have continued to deliver remarkable results that have not been fully recognized by the equity markets due to the potential implications of this case. Together with our efficient allocation of capital and active portfolio management, the company's industry-leading exploration success and strong, transparent, and sustainable growth metrics uniquely position Anadarko amongst its peers. We look forward to having our exceptional results become the foundation for even greater operating and share-price performance through the balance of this decade and beyond," added Walker.
The Company expects the Tronox Adversary Proceeding to be stayed pending final approval of the settlement agreement. The settlement payment is to be made after the District Court's approval of the settlement agreement and issuance of the injunction are final and non-appealable. The claims asserted in the Tronox Adversary Proceeding will be dismissed with prejudice after the settlement payment is made. This process is currently expected to be completed prior to the end of the third quarter of 2014. The Company's significant cash position and available
The Company expects the impact of the settlement agreement to be reflected in its first-quarter 2014 financial statements. The Company estimates it will record a gross tax benefit of approximately
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 Court approval of the settlement agreement, issuance of the injunction and dismissal with prejudice of the claims asserted in the Tronox Adversary Proceeding, the timing of payment of the settlement amount, the company's future operating and share-price performance, the company's ability to successfully defend itself against claims for matters not covered by the settlement agreement, the Company's ability to successfully draw on its secured credit facility, and the company's estimates of the impact of the settlement agreement on the company's financial statements, including anticipated tax impacts. See "Risk Factors" in the company's 2013 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.