July 31, 2018 - 4:10 PM EDT
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Anadarko Announces 2018 Second-Quarter Results

HOUSTON, July 31, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 second‑quarter results, reporting net income attributable to common stockholders of $29 million, or $0.05 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $249 million, or $0.49 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the second quarter of 2018 was $1.23 billion.

SECOND-QUARTER 2018 HIGHLIGHTS

  • Increased U.S. onshore oil volumes by 47 percent on a divestiture-adjusted basis and improved per-barrel margins by almost 50 percent year-over-year
  • Expanded West Texas infrastructure with the successful startup of the Reeves Regional Oil Treating Facility (ROTF) during the quarter and commissioning of the North Loving ROTF subsequent to quarter end
  • Achieved significant advancements on the Mozambique LNG project, including new heads of agreements and expected cost reductions, with an anticipated Final Investment Decision (FID) during the first half of 2019
  • Completed $3.0 billion of the share-repurchase program

"During the second quarter, we delivered a 54,000 barrel-per-day increase in our U.S. onshore oil volumes over the second quarter of 2017 on a divestiture-adjusted basis, while improving our per-barrel margins(2) to nearly $31.60," said Al Walker, Anadarko Chairman, President and CEO. "Our project-management and midstream teams have done exceptional work to safely achieve the on-time startup of our initial ROTF in West Texas. This is a major accomplishment as the Reeves ROTF and newly commissioned North Loving ROTF are catalysts for production and cash-flow growth in the second half of this year and beyond. Our Mozambique LNG project has made excellent progress, and we expect a Final Investment Decision in the first half of 2019.

"The strong operational results and actions we have taken to enhance shareholder value reinforces our strategy to deliver capital-efficient growth and generate improved returns. While we have not increased our operated activity level, the current commodity-price environment has resulted in some modest service-cost inflation, as well as an increase in non-operated activity and non-consents, which present very high-return opportunities for Anadarko," added Walker. "We have also continued to core up acreage in the Delaware and DJ basins, which has enabled us to drill longer laterals with higher working interest for enhanced returns. Accordingly, we are increasing our anticipated full-year capital-investment expectations by $250 million from previous guidance. The updated guidance excludes approximately $100 million of leasehold acquisitions in an emerging oil play in Wyoming's Powder River Basin."

OPERATING HIGHLIGHTS
Anadarko's second-quarter 2018 sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 637,000 BOE per day, which was at the high end of the company's second-quarter guidance.

In the Delaware Basin of West Texas, the company's oil production achieved record levels averaging 62,000 barrels of oil per day (BOPD) for the quarter, representing an 88-percent increase over the second quarter of 2017. The quarter was highlighted by the successful startup of the Reeves ROTF in May, as well as a record number of wells turned to sales. The company also advanced its first full pad development at the Silvertip-A location in Loving County, where it has completed 12 extended-reach lateral wells targeting multiple intervals in the Wolfcamp-A formation. These wells are expected to begin producing in the second half of 2018 and will flow to the recently commissioned North Loving ROTF.

In the DJ Basin of northeast Colorado, Anadarko continues its horizontal drilling campaign featuring natural-gas powered rigs and noise-reduction technology, two enhancements that improve the compatibility of operations with local communities. During the quarter, the DJ Basin averaged net production of 261,000 BOE per day.

In the Deepwater Gulf of Mexico, Anadarko averaged 115,000 BOPD in the second quarter as it leveraged its unmatched infrastructure, including the third successful tieback to the 100-percent-owned Horn Mountain facility. Development drilling is also underway in the North Hadrian field, which will be tied back to Anadarko's Lucius spar.

Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 85,000 barrels per day during the second quarter of 2018. The Anadarko-operated Mozambique LNG project continued to make significant progress in the second quarter as the company announced it anticipates being in position to take FID in the first half of 2019 for the Golfinho/Atum development within the Anadarko-operated Offshore Area 1. Additionally, the company and its contractors expect to realize substantial cost savings, with Anadarko now expecting to deliver the first two onshore liquefaction trains with 12.88 million tonnes per annum (MTPA) capacity for less than $600 per tonne.

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

FINANCIAL HIGHLIGHTS
Anadarko's second-quarter capital investments, excluding Western Gas Partners, LP (WES), were approximately $1.5 billion, and the company closed the quarter with $2.3 billion of cash on hand. After completing the $3.0 billion share-repurchase program at the end of the second quarter, Anadarko announced a $1.0 billion expansion of the share-repurchase program, as well as a $500 million expansion of its debt-reduction program to be funded by future free cash flow. These expansions raise the aggregate equity and debt-buyback programs to $5.5 billion, with the board authorization for the share repurchases extended through the end of June 2019.

CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, Aug. 1, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its second-quarter 2018 financial and operating results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4427245. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.

FINANCIAL DATA
Ten pages of summary financial data follow, including updated financial and production guidance, current hedge positions, and a reconciliation of "divestiture-adjusted" or "same-store" sales.

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

Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2017, the company had 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance and achieve production and cash-flow growth identified in this news release; to timely complete and commercially operate the projects, infrastructure and drilling prospects identified in this news release; to successfully drill, complete, test, and produce the wells identified in this report; to successfully complete the share-repurchase and debt-reduction programs; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, achieve expected cost savings, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2017 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Anadarko Contacts

MEDIA:
John Christiansen, [email protected], 832.636.8736
Stephanie Moreland, [email protected], 832.636.2912

INVESTORS:

Robin Fielder, [email protected], 832.636.1462
Kate Sloan, [email protected], 832.636.2562
Andy Taylor, [email protected], 832.636.3089

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures

Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.

Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.



Quarter Ended June 30, 2018



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

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




$

29



$

0.05


Adjustments for certain items affecting comparability







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


$

(267)



(205)



(0.40)


Gains (losses) on divestitures, net


52



39



0.07


Impairments







   Producing properties (after noncontrolling interest)


(45)



(35)



(0.07)


   Exploration assets


(41)



(31)



(0.06)


Contingency accrual


(13)



(10)



(0.02)


Change in uncertain tax positions




(7)



(0.01)


Certain items affecting comparability


$

(314)



(249)



(0.49)


Adjusted net income (loss) (Non-GAAP)




$

278



$

0.54



*    Includes $32 million related to interest-rate derivatives, $(298) million related to commodity derivatives, and $(1) million related to gathering, processing, and marketing sales.

 



Quarter Ended June 30, 2017



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

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




$

(415)



$

(0.76)


Adjustments for certain items affecting comparability







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


$

(45)



(29)



(0.05)


Gains (losses) on divestitures, net


205



130



0.24


Impairments







   Producing and general properties


(10)



(7)



(0.02)


   Exploration assets


(82)



(65)



(0.12)


Restructuring charges


(18)



(11)



(0.02)


Change in uncertain tax positions




(10)



(0.02)


Certain items affecting comparability


$

50



8



0.01


Adjusted net income (loss) (Non-GAAP)




$

(423)



$

(0.77)



*    Includes $(104) million related to interest-rate derivatives and $59 million related to commodity derivatives.

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Management believes that the presentation of Adjusted EBITDAX (Margin) provides information useful in assessing the Company's operating and financial performance across periods.


Three Months Ended
June 30,


Six Months Ended
June 30,

millions

2018


2017


2018


2017

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

$

29



$

(415)



$

150



$

(733)


Interest expense

237



229



465



452


Income tax expense (benefit)

125



(38)



251



59


Depreciation, depletion, and amortization

1,003



1,037



1,993



2,152


Exploration expense

94



532



262



1,616


(Gains) losses on divestitures, net

(52)



(205)



(28)



(1,009)


Impairments

128



10



147



383


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

267



45



240



(110)


Restructuring charges



18





17


Consolidated Adjusted EBITDAX (Margin) (Non-GAAP)

$

1,831



$

1,213



$

3,480



$

2,827


Total barrels of oil equivalent (BOE)

58



57



116



129


Consolidated Adjusted EBITDAX (Margin) per BOE

$

31.57



$

21.28



$

30.00



$

21.91


Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko's net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.




June 30, 2018








Anadarko




Anadarko


WGP*


excluding

millions



Consolidated


Consolidated


WGP

Total debt (GAAP)



$

16,293



$

4,205



$

12,088


Less cash and cash equivalents



2,321



55



2,266


Net debt (Non-GAAP)



$

13,972



$

4,150



$

9,822

















Anadarko






Anadarko


excluding

millions





Consolidated


WGP

Net debt





$

13,972



$

9,822


Total equity





11,495



8,902


Adjusted capitalization





$

25,467



$

18,724














Net debt to adjusted capitalization ratio






55

%



52

%


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

 

Anadarko Petroleum Corporation

Cash Flow Information

(Unaudited)



Quarter Ended


Six Months Ended


June 30,


June 30,

millions

2018


2017


2018


2017

Cash Flows from Operating Activities








Net income (loss)

$

17



$

(334)



$

191



$

(609)


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








Depreciation, depletion, and amortization

1,003



1,037



1,993



2,152


Deferred income taxes

(15)



488



27



(172)


Dry hole expense and impairments of unproved properties

43



454



149



1,466


Impairments

128



10



147



383


(Gains) losses on divestitures, net

(52)



(205)



(28)



(1,009)


Total (gains) losses on derivatives, net

437



32



473



(115)


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

(171)



13



(234)



5


Other

65



76



139



159


Changes in assets and liabilities

(230)



(714)



(202)



(280)


Net Cash Provided by (Used in) Operating Activities

$

1,225



$

857



$

2,655



$

1,980


Net Cash Provided by (Used in) Investing Activities

$

(1,943)



$

(504)



$

(3,056)



$

1,219


Net Cash Provided by (Used in) Financing Activities

$

(319)



$

(174)



$

(1,826)



$

(372)










Capital Expenditures








Exploration and Production and other

$

1,257



$

955



$

2,371



$

1,900


WES Midstream

301



151



628



437


Other Midstream*

240



104



503



128


Total

$

1,798



$

1,210



$

3,502



$

2,465



*    Excludes WES.

 

Anadarko Petroleum Corporation

(Unaudited)



Quarter Ended


Six Months Ended

Summary Financial Information

June 30,


June 30,

millions except per-share amounts

2018


2017


2018


2017

Consolidated Statements of Income








Revenues and Other








Oil sales

$

2,265



$

1,422



$

4,392



$

3,085


Natural-gas sales

203



319



450



821


Natural-gas liquids sales

318



214



610



503


Gathering, processing, and marketing sales

382



464



742



908


Gains (losses) on divestitures and other, net

123



297



142



1,166


Total

3,291



2,716



6,336



6,483


Costs and Expenses








Oil and gas operating

275



229



551



485


Oil and gas transportation

209



229



405



478


Exploration

94



532



262



1,616


Gathering, processing, and marketing

252



355



489



705


General and administrative

288



244



566



507


Depreciation, depletion, and amortization

1,003



1,037



1,993



2,152


Production, property, and other taxes

201



135



391



290


Impairments

128



10



147



383


Other operating expense

22



12



162



34


Total

2,472



2,783



4,966



6,650


Operating Income (Loss)

819



(67)



1,370



(167)


Other (Income) Expense








Interest expense

237



229



465



452


(Gains) losses on derivatives, net

436



32



471



(115)


Other (income) expense, net

4



44



(8)



46


Total

677



305



928



383


Income (Loss) Before Income Taxes

142



(372)



442



(550)


Income tax expense (benefit)

125



(38)



251



59


Net Income (Loss)

17



(334)



191



(609)


Net income (loss) attributable to noncontrolling interests

(12)



81



41



124


Net Income (Loss) Attributable to Common Stockholders

$

29



$

(415)



$

150



$

(733)


Per Common Share








Net income (loss) attributable to common stockholders—basic

$

0.05



$

(0.76)



$

0.28



$

(1.34)


Net income (loss) attributable to common stockholders—diluted

$

0.05



$

(0.76)



$

0.28



$

(1.34)


Average Number of Common Shares Outstanding—Basic

504



552



511



552


Average Number of Common Shares Outstanding—Diluted

505



552



512



552










Exploration Expense








Dry hole expense

$

2



$

367



$

55



$

843


Impairments of unproved properties

41



87



94



623


Geological and geophysical, exploration overhead, and other expense

51



78



113



150


Total

$

94



$

532



$

262



$

1,616


 

Anadarko Petroleum Corporation

(Unaudited)







June 30,


December 31,

millions





2018


2017

Condensed Balance Sheets








Cash and cash equivalents





$

2,321



$

4,553


Accounts receivable, net of allowance





1,909



1,829


Other current assets





402



380


Net properties and equipment





28,502



27,451


Other assets





2,301



2,211


Goodwill and other intangible assets





5,646



5,662


Total Assets





$

41,081



$

42,086


Short-term debt - Anadarko*





910



142


Short-term debt - WGP/WES





28




Other current liabilities





4,489



3,764


Long-term debt - Anadarko*





11,178



12,054


Long-term debt - WGP/WES





4,177



3,493


Deferred income taxes





2,317



2,234


Asset retirement obligations





2,456



2,500


Other long-term liabilities





4,031



4,109


Common stock





57



57


Paid-in capital





12,306



12,000


Retained earnings





1,054



1,109


Treasury stock





(4,105)



(2,132)


Accumulated other comprehensive income (loss)





(410)



(338)


Total stockholders' equity





8,902



10,696


Noncontrolling interests





2,593



3,094


Total Equity





11,495



13,790


Total Liabilities and Equity





$

41,081



$

42,086


Capitalization








Total debt





$

16,293



$

15,689


Total equity





11,495



13,790


Total





$

27,788



$

29,479














Capitalization Ratios












Total debt






59

%



53

%

Total equity






41

%



47

%


*    Excludes WES and WGP

 

Anadarko Petroleum Corporation

(Unaudited)


Sales Volumes and Prices



















Average Daily Sales Volumes


Sales Volumes


Average Sales Price


Oil


Natural Gas


NGLs


Oil


Natural Gas


NGLs


Oil


Natural Gas


NGLs


MBbls/d


MMcf/d


MBbls/d


MMBbls


Bcf


MMBbls


Per Bbl


Per Mcf


Per Bbl

Quarter Ended June 30, 2018


















United States

284



1,037



95



27



94



8



$

66.94



$

2.15



$

34.66


Algeria

52





5



5





1



74.73





39.34


Other International

28







2







71.76






Total

364



1,037



100



34



94



9



$

68.43



$

2.15



$

34.88




















Quarter Ended June 30, 2017


















United States

243



1,238



89



22



113



8



$

46.68



$

2.84



$

24.82


Algeria

59





5



6







48.20





30.48


Other International

29







2







49.44






Total

331



1,238



94



30



113



8



$

47.19



$

2.84



$

25.14




















Six Months Ended June 30, 2018


















United States

286



1,044



93



52



189



17



$

64.75



$

2.38



$

33.97


Algeria

54





5



10





1



70.93





40.06


Other International

28







5







69.70






Total

368



1,044



98



67



189



18



$

66.03



$

2.38



$

34.27




















Six Months Ended June 30, 2017


















United States

256



1,547



100



46



280



18



$

48.01



$

2.93



$

25.79


Algeria

64





6



12





1



50.89





34.36


Other International

29







5







51.57






Total

349



1,547



106



63



280



19



$

48.84



$

2.93



$

26.27







































Average Daily Sales
Volumes

MBOE/d


Sales Volumes

MMBOE





























Quarter Ended June 30, 2018

637


58











Quarter Ended June 30, 2017

631


57





























Six Months Ended June 30, 2018

640


116











Six Months Ended June 30, 2017

713


129





























 

Sales Revenue and Commodity Derivatives









Sales



Net Cash Received (Paid) from Settlement of Commodity
Derivatives

millions

Oil


Natural Gas


NGLs



Oil


Natural Gas


NGLs

Quarter Ended June 30, 2018













United States

$

1,726



$

203



$

301




$

(176)



$

6



$


Algeria

359





17









Other International

180













Total

$

2,265



$

203



$

318




$

(176)



$

6



$















Quarter Ended June 30, 2017













United States

$

1,032



$

319



$

200




$

14



$

(1)



$


Algeria

260





14









Other International

130













Total

$

1,422



$

319



$

214




$

14



$

(1)



$















Six Months Ended June 30, 2018











United States

$

3,349



$

450



$

575




$

(243)



$

5



$


Algeria

690





35









Other International

353













Total

$

4,392



$

450



$

610




$

(243)



$

5



$















Six Months Ended June 30, 2017











United States

$

2,223



$

821



$

467




$

15



$

(5)



$

(3)


Algeria

594





36









Other International

268













Total

$

3,085



$

821



$

503




$

15



$

(5)



$

(3)


 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 31, 2018






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








3rd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)


 Units


 Units










Total Sales Volumes (MMBOE)


60



65



240



250


Total Sales Volumes (MBOE/d)


652



707



658



685











Oil (MBbl/d)


374



409



377



397











United States


275



300



288



305


Algeria


65



71



60



62


Ghana


34



38



29



30











Natural Gas (MMcf/d)


















United States


1,020



1,110



1,040



1,100











Natural Gas Liquids (MBbl/d)


















United States


99



107



97



102


Algeria


5



6



5



6






















$ / Unit


$ / Unit

Price Differentials vs NYMEX (w/o hedges)


















Oil ($/Bbl)


(0.80)



3.20



(1.90)



2.00











United States


(3.00)



1.00



(3.00)



1.00


Algeria


3.00



7.00



3.00



7.00


Ghana


3.00



7.00



3.00



7.00











Natural Gas ($/Mcf)


















United States


(0.75)



(0.50)



(0.70)



(0.45)











 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 31, 2018






Note: Guidance excludes items affecting comparability.








3rd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)



 $ MM


 $ MM

Other Revenues









Marketing and Gathering Margin


145



165



600



650


Minerals and Other


60



80



250



270






















$ / BOE


$ / BOE

Costs and Expenses









Oil & Gas Direct Operating


4.50



4.75



4.40



4.75


Oil & Gas Transportation and Other


3.20



3.45



3.20



3.55


Depreciation, Depletion, and Amortization


17.50



18.00



17.00



17.50


Production Taxes (% of Product Revenue)


7.0

%


8.0

%


7.0

%


7.5

%












$ MM


$ MM










General and Administrative


245



265



1,040



1,090


Other Operating Expense


35



45



110



130


Exploration Expense









   Non-Cash




20



75



100


   Cash


45



55



200



220


Interest Expense (net)


235



245



930



960


Other (Income) Expense


(5)



5



(20)



20











Taxes









Algeria  (100% Current)


60

%


70

%


60

%


70

%

Rest of Company  (25% Current/75% Deferred for Q3 and 25% Current/75% Deferred for Total Year)


20

%


30

%


20

%


30

%










Noncontrolling Interest


65



85



200



250




















Avg. Shares Outstanding (MM)









Basic


498



502



503



507


Diluted


499



503



503



507




















Capital Investment (Excluding Western Gas Partners, LP)

$ MM


$ MM*










APC Capital Expenditures


1,050



1,250



4,500



4,800











* Excludes $100 million Powder River Basin lease acquisition

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of July 31, 2018
















Weighted Average Price per barrel




Volume

(MBbls/d)


Floor Sold


Floor Purchased


Ceiling Sold

Oil









Two-Way Collars








    2018 









WTI


108



$

50.00

$

60.48









Fixed Price - Financial








    2018 









Brent


84

$

61.45















Three-Way Collars








    2019 









WTI


57

$

45.00

$

55.00

$

70.22


Brent


30

$

50.00

$

60.00

$

78.22




87




















Volume


Weighted Average Price per MMBtu




(thousand










MMBtu/d)


Floor Sold


Floor Purchased


Ceiling Sold

Natural Gas









Three-Way Collars








    2018 

250

$

2.00

$

2.75

$

3.54











Fixed Price - Financial








    2018 

280

$

3.02





 







Interest-Rate Derivatives

As of July 31, 2018







Instrument

Notional Amt.

Reference Period

Mandatory

Termination Date

Rate Paid

Rate Received

Swap

$550 Million

Sept. 2016 – 2046

Sept. 2020

6.418%

3M LIBOR

Swap

$250 Million

Sept. 2016 – 2046

Sept. 2022

6.809%

3M LIBOR

Swap

$200 Million

Sept. 2017 – 2047

Sept. 2018

6.049%

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

Swap

$250 Million

Sept. 2017 – 2047

Sept. 2023

6.761%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales


Average Daily Sales Volumes


Quarter Ended June 30, 2018


Quarter Ended June 30, 2017


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d

U.S. Onshore

169



969



86



417



115



968



76



352


Gulf of Mexico

114



66



9



134



112



102



9



138


International

80





5



85



88





5



93


Same-Store Sales

363



1,035



100



636



315



1,070



90



583


Divestitures*

1



2





1



16



168



4



48


Total

364



1,037



100



637



331



1,238



94



631







Six Months Ended June 30, 2018


Six Months Ended June 30, 2017


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d


Oil

MBbls/d


Natural Gas

MMcf/d


NGLs

MBbls/d


Total

MBOE/d

U.S. Onshore

163



968



84



408



115



1,013



80



364


Gulf of Mexico

120



72



9



141



118



114



10



147


International

82





5



87



93





6



99


Same-Store Sales

365



1,040



98



636



326



1,127



96



610


Divestitures*

3



4





4



23



420



10



103


Total

368



1,044



98



640



349



1,547



106



713



















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

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2018-second-quarter-results-300689634.html

SOURCE Anadarko Petroleum Corporation


Source: PR Newswire (July 31, 2018 - 4:10 PM EDT)

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