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 February 1, 2016 - 4:05 PM EST
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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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-2015-fourth-quarter-and-full-year-results-300213087.html

SOURCE Anadarko Petroleum Corporation


Source: PR Newswire (February 1, 2016 - 4:05 PM EST)

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