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Quarterly Results

2015 Fourth Quarter and Year-End
Anadarko Announces 2015 Fourth-Quarter And Full-Year Results
EXPECTS TO REDUCE 2016 CAPITAL PROGRAM BY NEARLY 50 PERCENT

HOUSTON, Feb. 1, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.45 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $954 million, or $1.88 per share (diluted), on an after-tax basis.(1) Cash flow from operating activities in the fourth quarter of 2015 was $257 million, and discretionary cash flow totaled $810 million.(2)           

For the year ended Dec. 31, 2015, Anadarko reported a net loss attributable to common stockholders of $6.692 billion, or $13.18 per share (diluted). Full-year 2015 net cash used in operating activities was $1.877 billion. Discretionary cash flow for the year totaled $4.657 billion.(2)

2015 HIGHLIGHTS

  • Reduced year-over-year capital expenditures by almost 40 percent, while delivering 4-percent divestiture-adjusted(3) sales-volume growth over 2014
  • Achieved an organic reserve-replacement ratio of more than 130 percent before the effects of price revisions
  • Closed $2.0 billion of monetizations

"As discussed last year at this time, we did not expect oil prices to recover in 2015 and believed it could take well into 2016 before markets would stabilize on a sustained basis, costs would become more aligned with the new operating environment and investments in short-cycle assets would be more attractive. Therefore, value enhancement drove our capital-allocation philosophy," said Anadarko Chairman, President and CEO Al Walker. "As a result, we reduced our year-over-year spending in 2015 by more than $3 billion, down nearly 40 percent from the previous year, with the largest portion of this reduction coming from our short-cycle opportunities. Through the hard work and innovation of our employees, we exceeded our initial expectations on nearly every operating metric. We dramatically improved efficiencies and reduced controllable spending by approximately $500 million, while enhancing our base production, and delivering an incremental 25,000 barrels per day of higher-margin oil sales volumes. In addition, we closed $2 billion of monetizations, significantly in excess of our initial expectations.

"As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action," added Walker. "In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014. On March 1, we will host an investor conference call and look forward to going into greater detail at that time about our definitive 2016 capital plans and expectations.

"We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending, leverage our competitive advantages and protect our balance sheet, will serve our shareholders well. These actions should enable us to successfully manage through the current market volatility and position Anadarko for future success."

SALES VOLUMES AND PROVED RESERVES

Anadarko's full-year sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled 305 million barrels of oil equivalent (BOE), or an average of 836,000 BOE per day. Fourth-quarter 2015 sales volumes of crude oil, natural gas and NGLs averaged approximately 779,000 BOE per day.

Anadarko organically added 407 million BOE of proved reserves in 2015 before the effects of price revisions and incurred oil and natural gas exploration and development costs of approximately $5.8 billion.(2) The company estimates its proved reserves at year-end 2015 totaled approximately 2.06 billion BOE, with nearly 80 percent of its reserves categorized as proved developed. At year-end 2015, Anadarko's proved reserves were comprised of 52 percent liquids and 48 percent natural gas.

OPERATING HIGHLIGHTS

In 2015, Anadarko increased its percentage of capital investments in longer cash cycle opportunities, such as advancing its large-scale deepwater projects and exploration. The company's U.S. onshore investments were primarily allocated toward the Wattenberg field in northeastern Colorado and the Delaware Basin in West Texas, both of which demonstrated strong growth year over year. In the Wattenberg field, relative to 2014, Anadarko reduced drilling costs per foot by 50 percent and completion costs by 32 percent, while increasing oil sales volumes almost 30 percent. Anadarko also continued to successfully delineate its top-tier 600,000-gross-acre position with multiple stacked play opportunities in the Delaware Basin. With estimated ultimate recoveries (EURs) already approaching 1 million BOE per well in the Wolfcamp Shale, encouraging results from the Second Bone Spring formation, improved efficiencies, cost reductions, and expanded midstream infrastructure, the company expects to increase its identified drilling locations and recoverable-resource estimates in the basin beyond the current estimates of more than 1 billion BOE as the program continues to advance.

Anadarko also continued to demonstrate its industry-leading project management expertise as its Lucius development in the Gulf of Mexico achieved first oil on budget and on schedule in January 2015. Subsequent to year-end, the Anadarko-operated Heidelberg spar successfully achieved first oil with excellent safety performance, three months ahead of schedule and under budget.

During 2015, Anadarko made significant progress advancing its Mozambique LNG project. Milestones included the signing of a Unitization and Unit Operating agreement with Eni for the development of the natural gas resources that straddle Offshore Area 1 and Offshore Area 4, signing a Memorandum of Understanding with the Government of Mozambique to provide natural gas from the development for domestic use, selecting a contractor for the initial onshore development, and progressing more than 8 million tonnes per annum of LNG offtake to long-term sales contracts. Offshore Ghana, the third-party operated TEN development was more than 80-percent complete at year-end and on track to achieve first oil in the third quarter of 2016.

OPERATIONS REPORT

For additional details on Anadarko's fourth-quarter 2015 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.

FINANCIAL HIGHLIGHTS

Anadarko ended 2015 with $939 million of cash on hand, which reflects remittance of the $5.2 billion final payment resolving the Tronox Adversary Proceeding. In December, the company extended the maturity of its $3 billion unsecured revolving credit facility to January 2021, and in January 2016, Anadarko renewed its $2 billion 364-day credit facility to a new maturity in 2017, further supporting the company's strong liquidity position.

During the year, the company generated approximately $4.7 billion of discretionary cash flow(2) and $2.0 billion from monetizations, which more than covered its capital investments of approximately $5.9 billion, including approximately $525 million of capital investments by its subsidiary Western Gas Partners, LP (NYSE: WES).

CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST

Anadarko will host a conference call on Tuesday, Feb. 2, 2016, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2015 results. The dial-in number is 844.836.8743 in the U.S. or 412.317.5438 internationally. Participants can register for the conference at http://dpregister.com/10077883. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.

FINANCIAL DATA

Nine pages of summary financial data follow, including costs incurred, proved reserves and current hedge positions.

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

(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.

(3) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.

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 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 in this challenging economic environment, finalize year-end reserves, and timely complete and commercially operate the projects and drilling prospects identified in this news release, receipt of final approval of the Unitization and Unit Operating agreement from the Government of Mozambique, the ability of Anadarko and the Government of Mozambique to finalize the legal and contractual framework relating to the Memorandum of Understanding, and Anadarko's ability to enter into a definitive agreement with the contractor for onshore development, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park in Mozambique, increase its recoverable-resource estimate in the Delaware Basin, and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2014 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their regulatory filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definition for such items. Anadarko uses terms in this news release such as "estimated ultimate recoveries," "recoverable-resource estimate," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2014, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.

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
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977

 

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

 
   

Quarter Ended December 31, 2015

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

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

 

$

139

   

$

88

   

$

0.17

 

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

 

(7)

   

(5)

   

(0.01)

 

Impairments

           

Producing properties (after noncontrolling interest)

 

(1,205)

   

(761)

   

(1.50)

 

Exploration assets

 

(144)

   

(93)

   

(0.18)

 

Clean Water Act penalty accrual

 

(70)

   

(70)

   

(0.14)

 

Settlement accrual

 

(74)

   

(47)

   

(0.09)

 

Inventory adjustments

 

(38)

   

(25)

   

(0.05)

 

Environmental reserves

 

(29)

   

(18)

   

(0.03)

 

Other adjustments

 

(13)

   

(10)

   

(0.02)

 

Change in uncertain tax positions (FIN 48)

 

   

(13)

   

(0.03)

 
   

$

(1,441)

   

$

(954)

   

$

(1.88)

 
 

*    Includes $106 million related to commodity derivatives, $32 million related to other derivatives, and $1 million related to gathering, processing, and marketing sales.

 
   

Quarter Ended December 31, 2014

   

Before

 

After

 

Per Share

millions except per-share amounts

 

Tax

 

Tax

 

(diluted)

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

 

$

(254)

   

$

(162)

   

$

(0.32)

 

Gains (losses) on divestitures, net

 

(303)

   

(192)

   

(0.38)

 

Impairments, including unproved properties

 

(548)

   

(346)

   

(0.68)

 

Inventory adjustments

 

(60)

   

(38)

   

(0.07)

 

Cash received in early settlement of oil derivatives

 

126

   

80

   

0.16

 

Litigation settlement

 

50

   

32

   

0.06

 

Interest expense related to Tronox settlement

 

(22)

   

(14)

   

(0.03)

 

Change in uncertain tax positions (FIN 48)

 

   

58

   

0.11

 
   

$

(1,011)

   

$

(582)

   

$

(1.15)

 
 

*    Includes $40 million related to commodity derivatives, $(293) million related to other derivatives, and $(1) million related to gathering, processing, and marketing sales.

Reconciliation of GAAP to Non-GAAP Measures

Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), as well as free cash flow (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.

 

Quarter Ended

 

Quarter Ended

 

December 31, 2015

 

December 31, 2014

 

After

 

Per Share

 

After

 

Per Share

millions except per-share amounts

Tax

 

(diluted)

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

$

(1,250)

   

$

(2.45)

   

$

(395)

   

$

(0.78)

 

Less certain items affecting comparability

(954)

   

(1.88)

   

(582)

   

(1.15)

 

Adjusted net income (loss)

$

(296)

   

$

(0.57)

   

$

187

   

$

0.37

 

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt.

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

millions

2015

 

2014

 

2015

 

2014

Net cash provided by (used in) operating activities

$

257

   

$

1,952

   

$

(1,877)

   

$

8,466

 

Add back

             

Increase (decrease) in accounts receivable

25

   

1

   

2

   

(103)

 

(Increase) decrease in accounts payable and accrued expenses

422

   

706

   

995

   

(97)

 

Other items, net

28

   

(163)

   

(772)

   

71

 

Tronox settlement payment

   

   

5,215

   

 

Certain nonoperating and other excluded items

70

   

1

   

96

   

119

 

Current taxes related to asset monetizations and Tronox tax position

8

   

(95)

   

998

   

938

 

Discretionary cash flow from operations

$

810

   

$

2,402

   

$

4,657

   

$

9,394

 

 

 

Quarter Ended

 

Year Ended

 

December 31,

 

December 31,

millions

2015

 

2014

 

2015

 

2014

Discretionary cash flow from operations

$

810

   

$

2,402

   

$

4,657

   

$

9,394

 

Less capital expenditures*

1,313

   

2,169

   

5,888

   

9,256

 

Free cash flow

$

(503)

   

$

233

   

$

(1,231)

   

$

138

 
 

*    Includes Western Gas Partners, LP (WES) capital expenditures of $120 million for the quarter ended December 31, 2015, $206 million for the quarter ended December 31, 2014, $525 million for the year ended December 31, 2015, and $696 million for the year ended December 31, 2014.

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Presented below are reconciliations of costs incurred (GAAP) to oil and natural gas exploration and development costs (non-GAAP) and total debt (GAAP) to net debt (non-GAAP). Management believes oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year, excluding certain obligations to be paid in future periods. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

                   

Year Ended

                   

December 31,

millions

                 

2015

Costs incurred

                   

$

5,753

 

Asset retirement obligation liabilities incurred

                   

(207)

 

Cash expenditures for asset retirement obligations

                   

298

 

Oil and natural gas exploration and development costs

                   

$

5,844

 
     

December 31, 2015

             

Anadarko

     

Anadarko

 

WGP*

 

excluding

millions

   

Consolidated

 

Consolidated

 

WGP

Total debt

   

$

15,751

   

$

2,707

   

$

13,044

 

Less cash and cash equivalents

   

939

   

100

   

839

 

Net debt

   

$

14,812

   

$

2,607

   

$

12,205

 
               
             

Anadarko

         

Anadarko

 

excluding

millions

       

Consolidated

 

WGP

Net debt

       

$

14,812

   

$

12,205

 

Total equity

       

15,457

   

12,819

 

Adjusted capitalization

       

$

30,269

   

$

25,024

 
                       

Net debt to adjusted capitalization ratio

         

49

%

   

49

%

 

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

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

 

Year Ended

Summary Financial Information

December 31,

 

December 31,

millions except per-share amounts

2015

 

2014

 

2015

 

2014

Consolidated Statements of Income

             

Revenues and Other

             

Oil and condensate sales

$

1,156

   

$

1,982

   

$

5,420

   

$

9,748

 

Natural-gas sales

395

   

811

   

2,007

   

3,849

 

Natural-gas liquids sales

189

   

351

   

833

   

1,572

 

Gathering, processing, and marketing sales

294

   

278

   

1,226

   

1,206

 

Gains (losses) on divestitures and other, net

19

   

(245)

   

(788)

   

2,095

 

Total

2,053

   

3,177

   

8,698

   

18,470

 

Costs and Expenses

             

Oil and gas operating

230

   

310

   

1,014

   

1,171

 

Oil and gas transportation

264

   

287

   

1,117

   

1,116

 

Exploration

384

   

639

   

2,644

   

1,639

 

Gathering, processing, and marketing

256

   

259

   

1,054

   

1,030

 

General and administrative

288

   

332

   

1,176

   

1,316

 

Depreciation, depletion, and amortization

1,022

   

1,215

   

4,603

   

4,550

 

Other taxes

93

   

263

   

553

   

1,244

 

Impairments

1,504

   

322

   

5,075

   

836

 

Other operating expense

154

   

29

   

271

   

165

 

Total

4,195

   

3,656

   

17,507

   

13,067

 

Operating Income (Loss)

(2,142)

   

(479)

   

(8,809)

   

5,403

 

Other (Income) Expense

             

Interest expense

209

   

199

   

825

   

772

 

(Gains) losses on derivatives, net

(222)

   

(256)

   

(99)

   

197

 

Other (income) expense, net

40

   

8

   

149

   

20

 

Tronox-related contingent loss

   

22

   

5

   

4,360

 

Total

27

   

(27)

   

880

   

5,349

 

Income (Loss) Before Income Taxes

(2,169)

   

(452)

   

(9,689)

   

54

 

Income Tax Expense (Benefit)

(645)

   

(102)

   

(2,877)

   

1,617

 

Net Income (Loss)

(1,524)

   

(350)

   

(6,812)

   

(1,563)

 

Net Income (Loss) Attributable to Noncontrolling Interests

(274)

   

45

   

(120)

   

187

 

Net Income (Loss) Attributable to Common Stockholders

$

(1,250)

   

$

(395)

   

$

(6,692)

   

$

(1,750)

 

Per Common Share

             

Net income (loss) attributable to common stockholders—basic

$

(2.45)

   

$

(0.78)

   

$

(13.18)

   

$

(3.47)

 

Net income (loss) attributable to common stockholders—diluted

$

(2.45)

   

$

(0.78)

   

$

(13.18)

   

$

(3.47)

 

Average Number of Common Shares Outstanding—Basic

508

   

507

   

508

   

506

 

Average Number of Common Shares Outstanding—Diluted

508

   

507

   

508

   

506

 
               

Exploration Expense

             

Dry hole expense

$

193

   

$

235

   

$

1,052

   

$

762

 

Impairments of unproved properties

81

   

267

   

1,215

   

483

 

Geological and geophysical expense

63

   

75

   

168

   

168

 

Exploration overhead and other

47

   

62

   

209

   

226

 

Total

$

384

   

$

639

   

$

2,644

   

$

1,639

 

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

 

Year Ended

Summary Financial Information

December 31,

 

December 31,

millions

2015

 

2014

 

2015

 

2014

Cash Flows from Operating Activities

             

Net income (loss)

$

(1,524)

   

$

(350)

   

$

(6,812)

   

$

(1,563)

 

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

             

Depreciation, depletion, and amortization

1,022

   

1,215

   

4,603

   

4,550

 

Deferred income taxes

(525)

   

105

   

(3,152)

   

(105)

 

Dry hole expense and impairments of unproved properties

274

   

502

   

2,267

   

1,245

 

Impairments

1,504

   

322

   

5,075

   

836

 

(Gains) losses on divestitures, net

19

   

303

   

1,022

   

(1,891)

 

Total (gains) losses on derivatives, net

(223)

   

(255)

   

(100)

   

207

 

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

84

   

509

   

335

   

371

 

Other

101

   

123

   

320

   

327

 

Changes in assets and liabilities

             

  Tronox-related contingent liability

   

22

   

(5,210)

   

4,360

 

  (Increase) decrease in accounts receivable

(25)

   

(1)

   

(2)

   

103

 

  Increase (decrease) in accounts payable and accrued expenses

(422)

   

(706)

   

(995)

   

97

 

  Other items, net

(28)

   

163

   

772

   

(71)

 

Net Cash Provided by (Used in) Operating Activities

$

257

   

$

1,952

   

$

(1,877)

   

$

8,466

 
               

Capital Expenditures

$

1,313

   

$

2,169

   

$

5,888

   

$

9,256

 

 

 

         

December 31,

 

December 31,

millions

       

2015

 

2014

Condensed Balance Sheets

             

Cash and cash equivalents

       

$

939

   

$

7,369

 

Accounts receivable, net of allowance

       

2,469

   

2,527

 

Other current assets

       

574

   

603

 

Net properties and equipment

       

33,751

   

41,589

 

Other assets

       

2,350

   

2,310

 

Goodwill and other intangible assets

       

6,331

   

6,569

 

Total Assets

       

$

46,414

   

$

60,967

 

Short-term debt

       

33

   

 

Other current liabilities

       

4,148

   

5,024

 

Tronox-related contingent liability

       

   

5,210

 

Long-term debt

       

15,718

   

15,092

 

Deferred income taxes

       

5,400

   

8,527

 

Other long-term liabilities

       

5,658

   

4,796

 

Stockholders' equity

       

12,819

   

19,725

 

Noncontrolling interests

       

2,638

   

2,593

 

Total Equity

       

$

15,457

   

$

22,318

 

Total Liabilities and Equity

       

$

46,414

   

$

60,967

 

Capitalization

             

Total debt

       

$

15,751

   

$

15,092

 

Total equity

       

15,457

   

22,318

 

Total

       

$

31,208

   

$

37,410

 
                   

Capitalization Ratios

                 

Total debt

         

50

%

   

40

%

Total equity

         

50

%

   

60

%

 

 

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 December 31, 2015

                                 

United States

229

   

2,068

   

112

   

21

   

190

   

10

   

$

37.83

   

$

2.08

   

$

16.86

 

Algeria

68

   

   

6

   

7

   

   

   

44.69

   

   

30.04

 

Other International

19

   

   

   

1

   

   

   

44.42

   

   

 

Total

316

   

2,068

   

118

   

29

   

190

   

10

   

$

39.71

   

$

2.08

   

$

17.52

 
                                   

Quarter Ended December 31, 2014

                                 

United States

220

   

2,549

   

119

   

20

   

234

   

12

   

$

68.66

   

$

3.46

   

$

27.57

 

Algeria

70

   

   

10

   

6

   

   

1

   

79.80

   

   

54.02

 

Other International

10

   

   

   

1

   

   

   

81.64

   

   

 

Total

300

   

2,549

   

129

   

27

   

234

   

13

   

$

71.67

   

$

3.46

   

$

29.63

 
                                   

Year Ended December 31, 2015

                                 

United States

232

   

2,334

   

124

   

85

   

852

   

45

   

$

45.00

   

$

2.36

   

$

17.03

 

Algeria

59

   

   

6

   

22

   

   

2

   

51.93

   

   

29.85

 

Other International

26

   

   

   

9

   

   

   

51.09

   

   

 

Total

317

   

2,334

   

130

   

116

   

852

   

47

   

$

46.79

   

$

2.36

   

$

17.61

 
                                   

Year Ended December 31, 2014

                                 

United States

203

   

2,589

   

116

   

74

   

945

   

43

   

$

87.99

   

$

4.07

   

$

35.48

 

Algeria

66

   

   

3

   

24

   

   

1

   

98.53

   

   

56.16

 

Other International

23

   

   

   

8

   

   

   

103.42

   

   

 

Total

292

   

2,589

   

119

   

106

   

945

   

44

   

$

91.58

   

$

4.07

   

$

36.01

 
                                   
                                   
 

Average Daily Sales Volumes
MBOE/d

 

Sales Volumes
MMBOE

                   
                                   

Quarter Ended December 31, 2015

779

 

71

                   

Quarter Ended December 31, 2014

854

 

79

                   
                                   

Year Ended December 31, 2015

836

 

305

                   

Year Ended December 31, 2014

843

 

308

                   
                                   

 

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 December 31, 2015

                       

United States

$

799

   

$

395

   

$

173

     

$

   

$

84

   

$

 

Algeria

282

   

   

16

     

   

   

 

Other International

75

   

   

     

   

   

 

Total

$

1,156

   

$

395

   

$

189

     

$

   

$

84

   

$

 
                         

Quarter Ended December 31, 2014

                       

United States

$

1,394

   

$

811

   

$

301

     

$

149

   

$

22

   

$

3

 

Algeria

514

   

   

50

     

335

   

   

 

Other International

74

   

   

     

   

   

 

Total

$

1,982

   

$

811

   

$

351

     

$

484

   

$

22

   

$

3

 
                         

Year Ended December 31, 2015

                       

United States

$

3,817

   

$

2,007

   

$

769

     

$

6

   

$

312

   

$

17

 

Algeria

1,125

   

   

64

     

   

   

 

Other International

478

   

   

     

   

   

 

Total

$

5,420

   

$

2,007

   

$

833

     

$

6

   

$

312

   

$

17

 
                         

Year Ended December 31, 2014

                       

United States

$

6,519

   

$

3,849

   

$

1,509

     

$

81

   

$

(85)

   

$

6

 

Algeria

2,372

   

   

63

     

375

   

   

 

Other International

857

   

   

     

   

   

 

Total

$

9,748

   

$

3,849

   

$

1,572

     

$

456

   

$

(85)

   

$

6

 

 

 

Anadarko Petroleum Corporation

Estimated Year-End Proved Reserves 2013 - 2015

             
             

MMBOE

 

2015

 

2014

 

2013

Proved Reserves

           

Beginning of year

 

2,858

   

2,792

   

2,560

 

Reserves additions and revisions

           

Discoveries and extensions

 

29

   

63

   

145

 

Infill-drilling additions

 

89

   

577

   

410

 

Drilling-related reserves additions and revisions

 

118

   

640

   

555

 

Other non-price-related revisions

 

289

   

(137)

   

(40)

 

Net organic reserves additions

 

407

   

503

   

515

 

Acquisition of proved reserves in place

 

1

   

   

36

 

Price-related revisions

 

(624)

   

(1)

   

(23)

 

Total reserves additions and revisions

 

(216)

   

502

   

528

 

Sales in place

 

(279)

   

(124)

   

(12)

 

Production

 

(306)

   

(312)

   

(284)

 

End of year

 

2,057

   

2,858

   

2,792

 

Proved Developed Reserves

           

Beginning of year

 

1,969

   

2,003

   

1,883

 

End of year

 

1,632

   

1,969

   

2,003

 

 

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of February 1, 2016

                   
         

Weighted Average Price per barrel

     

Volume
(MBbls/d)

 

Floor Sold

 

Floor Purchased

 

Ceiling Sold

Crude 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

 

 

           

Interest-Rate Derivatives

 

As of February 1, 2016

           

Instrument

Notional Amt.

Reference Period

Mandatory
Termination Date

Rate Paid

Rate Received

Swap

$50 Million

Sept. 2016 - Sept. 2026

Sept. 2016

5.910%

3M LIBOR

Swap

$50 Million

Sept. 2016 - Sept. 2046

Sept. 2016

6.290%

3M LIBOR

Swap

$250 Million

Sept. 2016 - Sept. 2046

Sept. 2018

6.310%

3M LIBOR

Swap

$300 Million

Sept. 2016 - Sept. 2046

Sept. 2020

6.509%

3M LIBOR

Swap

$250 Million

Sept. 2016 - Sept. 2046

Sept. 2021

6.724%

3M LIBOR

Swap

$200 Million

Sept. 2017 - Sept. 2047

Sept. 2018

6.049%

3M LIBOR

Swap

$300 Million

Sept. 2017 - Sept. 2047

Sept. 2020

6.569%

3M LIBOR

Swap

$500 Million

Sept. 2017 - Sept. 2047

Sept. 2021

6.654%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

 

Average Daily Sales Volumes

 

Quarter Ended December 31, 2015

 

Quarter Ended December 31, 2014

 

Oil &

             

Oil &

           
 

Condensate

 

Natural Gas

 

NGLs

 

Total

 

Condensate

 

Natural Gas

 

NGLs

 

Total

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MBOE/d

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MBOE/d

U.S. Onshore

166

   

1,958

   

106

   

598

   

152

   

2,088

   

113

   

613

 

Deepwater Gulf of Mexico

54

   

115

   

6

   

80

   

47

   

179

   

6

   

83

 

International and Alaska

96

   

   

6

   

102

   

88

   

   

10

   

98

 

Same-Store Sales

316

   

2,073

   

118

   

780

   

287

   

2,267

   

129

   

794

 

Divestitures*

   

(5)

   

   

(1)

   

13

   

282

   

   

60

 

Total

316

   

2,068

   

118

   

779

   

300

   

2,549

   

129

   

854

 
                               
 

Year Ended December 31, 2015

 

Year Ended December 31, 2014

 

Oil &

             

Oil &

           
 

Condensate

 

Natural Gas

 

NGLs

 

Total

 

Condensate

 

Natural Gas

 

NGLs

 

Total

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MBOE/d

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MBOE/d

U.S. Onshore

167

   

2,017

   

117

   

620

   

136

   

2,092

   

110

   

595

 

Deepwater Gulf of Mexico

53

   

152

   

7

   

85

   

45

   

195

   

6

   

83

 

International and Alaska

94

   

   

6

   

100

   

94

   

   

3

   

97

 

Same-Store Sales

314

   

2,169

   

130

   

805

   

275

   

2,287

   

119

   

775

 

Divestitures*

3

   

165

   

   

31

   

17

   

302

   

   

68

 

Total

317

   

2,334

   

130

   

836

   

292

   

2,589

   

119

   

843

 
                               
 

*    Includes China, Pinedale/Jonah, EOR, Bossier, and Powder River Basin CBM.

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/328123-4q15-operations.pdf

 

SOURCE Anadarko Petroleum Corporation

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