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Quarterly Results

2016 First Quarter
Anadarko Announces First-Quarter 2016 Results

 

HOUSTON, May 2, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million.(2)

FIRST-QUARTER 2016 HIGHLIGHTS

  • Announced year-over-year capital reduction of approximately 50 percent(3)
  • Improved cost structure by $800 million by reducing the dividend and staffing
  • Closed monetizations totaling $1.3 billion
  • Issued $3.0 billion of new bonds to refinance debt maturing in 2016 and 2017

"During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko Chairman, President and CEO. "Year to date, we've closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures. We've also removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities. Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis. These actions combined with our continued focus on financial discipline, operational excellence and best-in-class capital allocation, support our ability to enhance and preserve value in a volatile market environment."

OPERATIONS HIGHLIGHTS

  • Increased Delaware Basin net resource estimate to more than 2 billion barrels of oil equivalent (BOE)
  • Achieved first oil at the Heidelberg development in the deepwater Gulf of Mexico
  • Advanced the TEN development with the arrival of the FPSO offshore Ghana
  • Successfully drilled the company's first horizontal deepwater well offshore Côte d'Ivoire

Anadarko's first-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 75 million BOE, or an average of 823,000 BOE per day, on a divestiture-adjusted basis.(4)

Anadarko's 2016 U.S. onshore capital investments are primarily focused in the Delaware and DJ basins. In the Delaware Basin of West Texas, Anadarko delivered a year-over-year increase in sales volumes of approximately 47 percent, or about 12,000 BOE per day. As previously announced, the company's successful appraisal and delineation program also resulted in an increase to its net recoverable resource estimate in the basin to more than 2 billion BOE from its previous estimate of more than 1 billion BOE. In the DJ Basin of northeast Colorado, the company achieved a year-over-year sales-volume increase of approximately 11 percent, or about 24,000 BOE per day.

In the Gulf of Mexico, the company increased year-over-year liquids sales volumes in the first quarter by 25 percent, largely driven by achieving first oil at Heidelberg ahead of schedule, continued outperformance at Lucius, and the contributions from our capital-efficient tieback program. Also during the first quarter, the floating production, storage and offloading (FPSO) vessel arrived at the TEN field offshore Ghana. The TEN development is more than 90-percent complete and remains on schedule for first oil in the third quarter of this year. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program, encountering approximately 100 net feet of vertical pay in the company's first horizontal deepwater well at Paon-5A. The company plans to drill the Paon-3AR sidetrack well in the second quarter, followed by a drillstem and interference testing program, as it works to advance the Paon discovery toward commerciality.

OPERATIONS REPORT

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

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

Anadarko will host a conference call on Tuesday, May 3, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 1750264. 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 current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.

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

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

(3) Does not include capital investments associated with Western Gas Partners, LP (NYSE: WES).

(4) 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 and meet financial and operating guidance, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resource estimate," "net 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, 2015, 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
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135

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 March 31, 2016

   

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*

 

$

(404)

   

$

(255)

   

$

(0.50)

 

Gains (losses) on divestitures, net

 

2

   

1

   

 

Impairments

 

(16)

   

(10)

   

(0.02)

 

Restructuring charges

 

(203)

   

(128)

   

(0.25)

 

Change in uncertain tax positions (FIN 48)

 

   

(73)

   

(0.14)

 
   

$

(621)

   

$

(465)

   

$

(0.91)

 
 

*    Includes $(325) million related to interest-rate derivatives, $(75) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales. 

 

   

Quarter Ended March 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*

 

$

(243)

   

$

(153)

   

$

(0.30)

 

Gains (losses) on divestitures, net

 

(334)

   

(252)

   

(0.50)

 

Impairments, including unproved properties

 

(3,718)

   

(2,353)

   

(4.64)

 

Early termination of rig

 

(50)

   

(50)

   

(0.10)

 

Third-party well and platform decommissioning obligation

 

(22)

   

(14)

   

(0.03)

 

Interest expense related to Tronox settlement

 

(5)

   

(3)

   

(0.01)

 

Change in uncertain tax positions (FIN 48)

 

   

(78)

   

(0.15)

 
   

$

(4,372)

   

$

(2,903)

   

$

(5.73)

 
 

*    Includes $(205) million related to interest-rate derivatives, $(37) million related to commodity 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 to 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

 

March 31, 2016

 

March 31, 2015

 

After

 

Per Share

 

After

 

Per Share

millions except per-share amounts

Tax

 

(diluted)

 

Tax

 

(diluted)

Net income (loss) attributable to common stockholders

$

(1,034)

   

$

(2.03)

   

$

(3,268)

   

$

(6.45)

 

Less certain items affecting comparability

(465)

   

(0.91)

   

(2,903)

   

(5.73)

 

Adjusted net income (loss)

$

(569)

   

$

(1.12)

   

$

(365)

   

$

(0.72)

 

 

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

 

March 31,

millions

2016

 

2015

Net cash provided by (used in) operating activities

$

(137)

   

$

(4,504)

 

Add back

     

Increase (decrease) in accounts receivable

(46)

   

(357)

 

(Increase) decrease in accounts payable and accrued expenses

403

   

279

 

Other items, net

86

   

608

 

Tronox settlement payment

   

5,215

 

Certain nonoperating and other excluded items

180

   

26

 

Current taxes related to asset monetizations and Tronox tax position

   

228

 

Discretionary cash flow from operations

$

486

   

$

1,495

 

 

 

Quarter Ended

 

March 31,

millions

2016

 

2015

Discretionary cash flow from operations

$

486

   

$

1,495

 

Less capital expenditures*

896

   

1,822

 

Free cash flow**

$

(410)

   

$

(327)

 
 

*    Includes Western Gas Partners, LP (WES) capital expenditures of $140 million for the quarter ended March 31, 2016, and $156 million for the quarter ended March 31, 2015.

 

**  Free cash flow for the quarter ended March 31, 2015, includes a $561 million current tax benefit associated with the Tronox settlement.

 

Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). 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.

     

March 31, 2016

             

Anadarko

     

Anadarko

 

WGP*

 

excluding

millions

   

Consolidated

 

Consolidated

 

WGP

Total debt

   

$

18,751

   

$

3,049

   

$

15,702

 

Less cash and cash equivalents

   

2,947

   

111

   

2,836

 

Net debt

   

$

15,804

   

$

2,938

   

$

12,866

 
               
             

Anadarko

         

Anadarko

 

excluding

millions

       

Consolidated

 

WGP

Net debt

       

$

15,804

   

$

12,866

 

Total equity

       

14,701

   

11,686

 

Adjusted capitalization

       

$

30,505

   

$

24,552

 
                           

Net debt to adjusted capitalization ratio

             

52

%

   

52

%

 

*    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

Summary Financial Information

March 31,

millions except per-share amounts

2016

 

2015

Consolidated Statements of Income

     

Revenues and Other

     

Oil and condensate sales

$

850

   

$

1,419

 

Natural-gas sales

366

   

641

 

Natural-gas liquids sales

178

   

232

 

Gathering, processing, and marketing sales

240

   

293

 

Gains (losses) on divestitures and other, net

40

   

(264)

 

Total

1,674

   

2,321

 

Costs and Expenses

     

Oil and gas operating

208

   

296

 

Oil and gas transportation

242

   

305

 

Exploration

126

   

1,083

 

Gathering, processing, and marketing

215

   

254

 

General and administrative

449

   

307

 

Depreciation, depletion, and amortization

1,149

   

1,256

 

Other taxes

117

   

182

 

Impairments

16

   

2,783

 

Other operating expense

16

   

63

 

Total

2,538

   

6,529

 

Operating Income (Loss)

(864)

   

(4,208)

 

Other (Income) Expense

     

Interest expense

220

   

216

 

(Gains) losses on derivatives, net

297

   

152

 

Other (income) expense, net

   

47

 

Tronox-related contingent loss

   

5

 

Total

517

   

420

 

Income (Loss) Before Income Taxes

(1,381)

   

(4,628)

 

Income tax expense (benefit)

(383)

   

(1,392)

 

Net Income (Loss)

(998)

   

(3,236)

 

Net income (loss) attributable to noncontrolling interests

36

   

32

 

Net Income (Loss) Attributable to Common Stockholders

$

(1,034)

   

$

(3,268)

 

Per Common Share

     

Net income (loss) attributable to common stockholders—basic

$

(2.03)

   

$

(6.45)

 

Net income (loss) attributable to common stockholders—diluted

$

(2.03)

   

$

(6.45)

 

Average Number of Common Shares Outstanding—Basic

509

   

507

 

Average Number of Common Shares Outstanding—Diluted

509

   

507

 
       

Exploration Expense

     

Dry hole expense

$

11

   

$

29

 

Impairments of unproved properties

24

   

980

 

Geological and geophysical expense

37

   

22

 

Exploration overhead and other

54

   

52

 

Total

$

126

   

$

1,083

 

 

Anadarko Petroleum Corporation

(Unaudited)

 
 

Quarter Ended

Summary Financial Information

March 31,

millions

2016

 

2015

Cash Flows from Operating Activities

     

Net income (loss)

$

(998)

   

$

(3,236)

 

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

     

Depreciation, depletion, and amortization

1,149

   

1,256

 

Deferred income taxes

(413)

   

(1,198)

 

Dry hole expense and impairments of unproved properties

35

   

1,009

 

Impairments

16

   

2,783

 

(Gains) losses on divestitures, net

(2)

   

334

 

Total (gains) losses on derivatives, net

299

   

152

 

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

105

   

91

 

Other

115

   

45

 

Changes in assets and liabilities

     

  Tronox-related contingent liability

   

(5,210)

 

  (Increase) decrease in accounts receivable

46

   

357

 

  Increase (decrease) in accounts payable and accrued expenses

(403)

   

(279)

 

  Other items, net

(86)

   

(608)

 

Net Cash Provided by (Used in) Operating Activities

$

(137)

   

$

(4,504)

 
       

Capital Expenditures

$

896

   

$

1,822

 

 

         

March 31,

 

December 31,

millions

       

2016

 

2015

Condensed Balance Sheets

             

Cash and cash equivalents

       

$

2,947

   

$

939

 

Accounts receivable, net of allowance

       

2,392

   

2,469

 

Other current assets

       

428

   

573

 

Net properties and equipment

       

33,526

   

33,751

 

Other assets

       

2,304

   

2,268

 

Goodwill and other intangible assets

       

6,325

   

6,331

 

Total Assets

       

$

47,922

   

$

46,331

 

Short-term debt

       

3,025

   

32

 

Other current liabilities

       

3,632

   

4,148

 

Long-term debt

       

15,726

   

15,636

 

Deferred income taxes

       

4,940

   

5,400

 

Other long-term liabilities

       

5,898

   

5,658

 

Stockholders' equity

       

11,686

   

12,819

 

Noncontrolling interests

       

3,015

   

2,638

 

Total Equity

       

$

14,701

   

$

15,457

 

Total Liabilities and Equity

       

$

47,922

   

$

46,331

 

Capitalization

             

Total debt

       

$

18,751

   

$

15,668

 

Total equity

       

14,701

   

15,457

 

Total

       

$

33,452

   

$

31,125

 
                   

Capitalization Ratios

                 

Total debt

         

56

%

   

50

%

Total equity

         

44

%

   

50

%

 

Anadarko Petroleum Corporation

(Unaudited)

 

Sales Volumes and Prices

 

Average Daily Sales Volumes

 

Sales Volumes

 

Average Sales Price

 

Oil &

         

Oil &

         

Oil &

       
 

Condensate

 

Natural Gas

 

NGLs

 

Condensate

 

Natural Gas

 

NGLs

 

Condensate

 

Natural Gas

 

NGLs

 

MBbls/d

 

MMcf/d

 

MBbls/d

 

MMBbls

 

Bcf

 

MMBbls

 

Per Bbl

 

Per Mcf

 

Per Bbl

Quarter Ended March 31, 2016

                                 

United States

232

   

2,303

   

122

   

21

   

210

   

11

   

$

28.04

   

$

1.75

   

$

14.98

 

Algeria

65

   

   

6

   

6

   

   

   

34.62

   

   

22.78

 

Other International

18

   

   

   

2

   

   

   

32.27

   

   

 

Total

315

   

2,303

   

128

   

29

   

210

   

11

   

$

29.65

   

$

1.75

   

$

15.32

 
 

 

 

                       

Quarter Ended March 31, 2015

                                 

United States

237

   

2,738

   

136

   

22

   

246

   

12

   

$

44.19

   

$

2.60

   

$

17.29

 

Algeria

70

   

   

7

   

6

   

   

1

   

56.02

   

   

32.75

 

Other International

28

   

   

   

2

   

   

   

49.55

   

   

 

Total

335

   

2,738

   

143

   

30

   

246

   

13

   

$

47.12

   

$

2.60

   

$

18.00

 
                                   
                                   
 

Average Daily Sales Volumes
MBOE/d

 

Sales Volumes
MMBOE

                   
                                   

Quarter Ended March 31, 2016

827

 

75

                   

Quarter Ended March 31, 2015

934

 

84

                   
                                   

 

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 March 31, 2016

                       

United States

$

591

   

$

366

   

$

167

     

$

88

   

$

13

   

$

2

 

Algeria

206

   

   

11

     

   

   

 

Other International

53

   

   

     

   

   

 

Total

$

850

   

$

366

   

$

178

     

$

88

   

$

13

   

$

2

 
                         

Quarter Ended March 31, 2015

                       

United States

$

940

   

$

641

   

$

213

     

$

2

   

$

73

   

$

15

 

Algeria

352

   

   

19

     

   

   

 

Other International

127

   

   

     

   

   

 

Total

$

1,419

   

$

641

   

$

232

     

$

2

   

$

73

   

$

15

 

 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 2, 2016

         

Note: Guidance excludes 2016 sales volumes associated with the East Chalk divestiture.

         
   

2nd-Qtr

 

Full-Year

   

Guidance (see Note)

 

Guidance (see Note)

 

 Units

 

 Units

                 

Total Sales Volumes (MMBOE)

 

71

 

 

73

   

282

 

 

286

 

Total Sales Volumes (MBOE/d)

 

780

 

 

802

   

770

 

 

781

 
                 

Oil (MBbl/d)

 

296

 

 

302

   

306

 

 

311

 
                 

United States

 

219

 

 

222

   

222

 

 

225

 

Algeria

 

59

 

 

61

   

59

 

 

60

 

Ghana

 

18

 

 

19

   

25

 

 

26

 
                 

Natural Gas (MMcf/d)

               
                 

United States

 

2,140

 

 

2,180

   

2,060

 

 

2,080

 
                 

Natural Gas Liquids (MBbl/d)

               
                 

United States

 

123

 

 

127

   

117

 

 

120

 

Algeria

 

4

 

 

6

   

5

 

 

7

 
                 
                 
   

$ / Unit

 

$ / Unit

Price Differentials vs NYMEX (w/o hedges)

               
                 

Oil ($/Bbl)

 

(6.70)

 

 

(2.20)

   

(6.90)

 

 

(2.40)

 
                 

United States

 

(8.00)

 

 

(3.00)

   

(8.00)

 

 

(3.00)

 

Algeria

 

(3.00)

 

 

   

(4.00)

 

 

(1.00)

 

Ghana

 

(3.00)

 

 

   

(4.00)

 

 

(1.00)

 
                 

Natural Gas ($/Mcf)

               
                 

United States

 

(0.40)

 

 

(0.15)

   

(0.40)

 

 

(0.20)

 
                 

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of May 2, 2016

         

Note: Guidance excludes items affecting comparability

         
   

2nd-Qtr

 

Full-Year

   

Guidance (see Note)

 

Guidance (see Note)

   

 $ MM

 

 $ MM

Other Revenues

               

Marketing and Gathering Margin

 

10

 

 

30

   

110

 

 

130

 

Minerals and Other

 

35

 

 

55

   

165

 

 

185

 
                 
                 
   

$ / BOE

 

$ / BOE

Costs and Expenses

               

Oil & Gas Direct Operating

 

3.05

 

 

3.20

   

3.10

 

 

3.30

 

Oil & Gas Transportation

 

3.30

 

 

3.50

   

3.40

 

 

3.60

 

Depreciation, Depletion, and Amortization

 

14.90

 

 

15.25

   

15.80

 

 

16.00

 

Production Taxes (% of Product Revenue)

 

8.0

%

 

9.0

%

 

8.0

%

 

9.0

%

                 
   

$ MM

 

$ MM

                 

General and Administrative (excludes restructuring charges)

 

245

 

 

265

   

950

 

 

1,000

 

Other Operating Expense

 

5

 

 

15

   

55

 

 

65

 

Exploration Expense

               

  Non-Cash

 

40

 

 

60

   

350

 

 

450

 

  Cash

 

65

 

 

85

   

280

 

 

300

 

Interest Expense (net)

 

215

 

 

230

   

880

 

 

900

 

Other (Income) Expense

 

35

 

 

45

   

150

 

 

175

 
                 

Taxes

               

Algeria  (100% current)

 

70

%

 

75

%

 

70

%

 

75

%

Rest of Company  (10% Current for Q2 and Total Year)

 

35

%

 

45

%

 

30

%

 

40

%

                 
                 

Avg. Shares Outstanding (MM)

               

Basic

 

509

 

 

510

   

509

 

 

510

 

Diluted

 

509

 

 

510

   

510

 

 

511

 
                 
                 

Capital Investment (Excluding Western Gas Partners, LP)

$ MM

 

$ MM

                 

APC Capital Expenditures

 

700

 

 

800

   

2,600

 

 

2,800

 
                 

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of May 2, 2016

                   
         

Weighted Average Price per barrel

     

Volume
(MBbls/d)

 

Floor Sold

 

Floor Purchased

 

Ceiling Sold

Oil

               

Three-Way Collars

             

2016

             
 

WTI

 

65

$

41.54

$

53.08

$

62.25

 

Brent

 

18

$

47.22

$

59.44

$

69.47

     

83

$

42.77

$

54.46

$

63.82

 

           

Interest-Rate Derivatives

 

As of May 2, 2016

           

Instrument

Notional Amt.

Reference Period

Mandatory
Termination Date

Rate Paid

Rate Received

Swap

$50 Million

Sept. 2016 2026

Sept. 2016

5.910%

3M LIBOR

Swap

$50 Million

Sept. 2016 2046

Sept. 2016

6.290%

3M LIBOR

Swap

$500 Million

Sept. 2016 2046

Sept. 2018

6.559%

3M LIBOR

Swap

$300 Million

Sept. 2016 2046

Sept. 2020

6.509%

3M LIBOR

Swap

$450 Million

Sept. 2017 2047

Sept. 2018

6.445%

3M LIBOR

Swap

$100 Million

Sept. 2017 2047

Sept. 2020

6.891%

3M LIBOR

Swap

$250 Million

Sept. 2017 2047

Sept. 2021

6.570%

3M LIBOR

 

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

 

Average Daily Sales Volumes

 

Quarter Ended March 31, 2016

 

Quarter Ended March 31, 2015

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

163

   

2,206

   

114

   

645

   

167

   

2,232

   

129

   

668

 

Deepwater Gulf of Mexico

58

   

85

   

7

   

79

   

46

   

221

   

6

   

89

 

International and Alaska

93

   

   

6

   

99

   

107

   

   

7

   

114

 

Same-Store Sales

314

   

2,291

   

127

   

823

   

320

   

2,453

   

142

   

871

 

Divestitures*

1

   

12

   

1

   

4

   

15

   

285

   

1

   

63

 

Total

315

   

2,303

   

128

   

827

   

335

   

2,738

   

143

   

934

 
                               
 

*    Includes East Chalk, EOR, Bossier, and Powder River Basin CBM. East Chalk was classified as held for sale at March 31, 2016, and closed in April 2016.

 

Average Daily Sales Volumes

     

Year Ended December 31, 2015

                 

Oil &
Condensate
MBbls/d

 

Natural Gas
MMcf/d

 

NGLs
MBbls/d

 

Total
MBOE/d

U.S. Onshore

               

165

   

2,003

   

116

   

615

 

Deepwater Gulf of Mexico

               

53

   

152

   

7

   

85

 

International and Alaska

               

94

   

   

6

   

100

 

Same-Store Sales

               

312

   

2,155

   

129

   

800

 

Divestitures*

               

5

   

179

   

1

   

36

 

Total

               

317

   

2,334

   

130

   

836

 
                               
 

*    Includes East Chalk, EOR, Bossier, and Powder River Basin CBM. East Chalk was classified as held for sale at March 31, 2016, and closed in April 2016.

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/362450-apc-1q16-operations-report-5-2-16.pdf

 

SOURCE Anadarko Petroleum Corporation

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