July 26, 2016 - 4:05 PM EDT
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Anadarko Announces Second-Quarter 2016 Results

HOUSTON, July 26, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the second quarter of 2016, including a net loss attributable to common stockholders of $692 million, or $1.36 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 $388 million or $0.76 per share (diluted) on an after-tax basis.(1) Cash flow from operating activities in the second quarter of 2016 was $1.229 billion. Discretionary cash flow from operations totaled $669 million.(2)     

HIGHLIGHTS

  • Achieved record production levels at three operated Gulf of Mexico facilities and in the U.S. onshore Delaware and DJ basins
  • Encountered more than 1,040 net feet of oil pay at the Shenandoah-5 appraisal well and increased working interest in this operated deepwater discovery
  • Closed $2.5 billion of monetizations year to date
  • Retired $3 billion of near-term maturities with proceeds from debt issued during the first quarter

"Our portfolio continues to perform exceptionally well, and we've continued to significantly reduce our cost structure throughout the year," said Al Walker, Anadarko Chairman, President and CEO. "As a result of the record sales volumes from our Lucius and Caesar/Tonga fields in the Gulf of Mexico, as well as the improving well performance in the Delaware and DJ basins, we are increasing the midpoint of our full-year divestiture-adjusted(3) sales-volume guidance by 2 million BOE (barrels of oil equivalent). Additionally, we've been very successful monetizing assets through the first six months of this year and have increased the high end of our target range to $3.5 billion in total proceeds expected by year end. As stated previously, we intend to use sales proceeds to retire debt, including the remaining $750 million of 2017 maturities. In addition, should the commodity-price outlook continue to improve, we will evaluate redeploying some of the additional cash generated via operations and asset sales toward our highest-quality U.S. onshore opportunities."

OPERATIONS SUMMARY

Anadarko's second-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 792,000 BOE per day.

In the Delaware Basin of West Texas, Anadarko averaged record net sales volumes of 41,000 BOE per day, and exited the quarter at approximately 45,000 BOE per day. The company has continued its delineation program, running six rigs to further its understanding of both the vertical and areal potential across its 600,000-gross-acre position in the heart of the play. In the DJ Basin of northeast Colorado, Anadarko continued to optimize the performance of its base production during the second quarter, achieving record net sales volumes of approximately 243,000 BOE per day.

In the Gulf of Mexico, the company achieved several production records. The Lucius platform achieved a 24-hour gross production record and averaged sales volumes above the facility's 80,000 barrels of oil per day (BOPD) nameplate capacity. In addition, the company's Constitution spar recently achieved a production record of 65,000 BOPD, and its K2 complex also achieved an eight-year-high production rate of 28,000 BOPD. During the quarter, Anadarko continued to advance its understanding of the Shenandoah discovery, as it encountered more than 1,040 net feet of oil pay in the Shenandoah-5 appraisal well, expanding the eastern extent of the field. Additionally, the company increased its working interest in Shenandoah to 33 percent and added several new exploration opportunities to the portfolio by participating in a preferential-right process.

Internationally, the TEN field offshore Ghana is 97-percent complete with installation, hook-up and commissioning on schedule and first oil expected in the third quarter of 2016. At the adjacent Jubilee field, following maintenance on the floating production, storage and offloading vessel (FPSO) and implementation of new production and offtake procedures, production has ramped back up and is expected to average approximately 85,000 BOPD during the second half of the year. The partnership determined a long-term solution to convert the FPSO to a permanently moored facility, with the work program expected to be completed in the first half of 2017. Until the work program is complete, shuttle tankers will continue to be utilized to deliver offtake. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program with the drilling of the Paon-3AR horizontal sidetrack, which will be followed by a drillstem and interference testing program in the third quarter. In advancing the Mozambique LNG project, Anadarko achieved a significant milestone by submitting the Resettlement Plan for government review.

OPERATIONS REPORT

For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted(3) information, please refer to the comprehensive report on second-quarter 2016 activity. The report is available at www.anadarko.com.

FINANCIAL SUMMARY

Anadarko ended the second quarter with approximately $1.4 billion of cash on hand. Year to date, Anadarko has generated approximately $2.5 billion in monetizations, including proceeds received during the second quarter from the secondary offering of Western Gas Equity Partners (NYSE: WGP) common units and divestitures of the company's Wamsutter and non-core Permian assets.

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

Anadarko will host a conference call on Wednesday, July 27, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss second-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 0728576. 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) 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 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, identify and complete additional monetization transactions, reduce its debt, timely complete and commercially operate the projects and drilling prospects identified in this news release, and successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build and operate the necessary infrastructure and LNG park in Mozambique. 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.

ANADARKO CONTACTS

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

INVESTORS:
John Colglazier, [email protected], 832.636.2306
Brian Kuck, [email protected], 832.636.7135
Shandell Szabo, [email protected], 832.636.3977
Pete Zagrzecki, [email protected], 832.636.7727

Anadarko Petroleum Corporation
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) and free cash flow (non-GAAP), and total debt (GAAP) to net debt (non-GAAP), each as required under Regulation G of the Securities Exchange Act of 1934. The Company also provides non-GAAP definitions and reconciliations on its website located at www.anadarko.com/investor-kit. 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, 2016



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

Net income (loss) attributable to common stockholders




$

(692)



$

(1.36)


Adjustments for certain items affecting comparability







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


$

(371)



(234)



(0.46)


Gains (losses) on divestitures, net


(104)



(66)



(0.13)


Impairments


(18)



(11)



(0.02)


Restructuring charges


(48)



(30)



(0.06)


Loss on early extinguishment of debt


(124)



(78)



(0.15)


Third-party well and platform decommissioning obligation


56



35



0.07


Change in uncertain tax positions (FIN 48)




(4)



(0.01)


Certain items affecting comparability


$

(609)



(388)



(0.76)


Adjusted net income (loss)




$

(304)



$

(0.60)



* Includes $(213) million related to interest-rate derivatives, $(154) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales.         




Quarter Ended June 30, 2015



Before


After


Per Share

millions except per-share amounts


Tax


Tax


(diluted)

Net income (loss) attributable to common stockholders




$

61



$

0.12


Adjustments for certain items affecting comparability







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


$

229



145



0.28


Gains (losses) on divestitures, net


(91)



(77)



(0.15)


Impairments


(30)



(20)



(0.04)


Change in uncertain tax positions (FIN 48)




9



0.02


Certain items affecting comparability


$

108



57



0.11


Adjusted net income (loss)




$

4



$

0.01



* Includes $312 million related to interest-rate derivatives and $(83) million related to commodity derivatives.

 

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures

Management believes that discretionary cash flow from operations and free cash flow are useful to management and investors as a measure of a company's ability to internally fund its capital expenditures and to service or incur additional debt. These measures eliminate the impact of certain items that management does not consider to be indicative of the Company's performance from period to period.

 


Quarter Ended


Six Months Ended


June 30,


June 30,

millions

2016


2015


2016


2015

Net cash provided by (used in) operating activities

$

1,229



$

1,243



$

1,092



$

(3,261)


Add back








Increase (decrease) in accounts receivable

(876)



462



(922)



105


(Increase) decrease in accounts payable and accrued expenses

314



(81)



717



198


Other items, net

14



(339)



100



269


Tronox settlement payment







5,215


Certain nonoperating and other excluded items

(12)





168



26


Current taxes related to asset monetizations



88





316


Discretionary cash flow from operations

$

669



$

1,373



$

1,155



$

2,868


Less capital expenditures*

728



1,401



1,624



3,223


Free cash flow**

$

(59)



$

(28)



$

(469)



$

(355)



* Includes Western Gas Partners, LP (WES) capital expenditures of $120 million for the quarter ended June 30, 2016, and $122 million for the quarter ended June 30, 2015, $260 million for the six months ended June 30, 2016, and $278 million for the six months ended June 30, 2015.


** Free cash flow for the six months ended June 30, 2015, includes a $595 million current tax benefit associated with the Tronox settlement.

 

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, 2016








Anadarko




Anadarko


WGP*


excluding

millions



Consolidated


Consolidated


WGP

Total debt



$

15,673



$

2,960



$

12,713


Less cash and cash equivalents



1,394



160



1,234


Net debt



$

14,279



$

2,800



$

11,479

















Anadarko






Anadarko


excluding

millions





Consolidated


WGP

Net debt





$

14,279



$

11,479


Total equity





14,600



11,281


Adjusted capitalization





$

28,879



$

22,760














Net debt to adjusted capitalization ratio






49

%



50

%


* 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


Six Months Ended

Summary Financial Information

June 30,


June 30,

millions except per-share amounts

2016


2015


2016


2015

Consolidated Statements of Income








Revenues and Other








Oil and condensate sales

$

1,125



$

1,616



$

1,975



$

3,035


Natural-gas sales

320



487



$

686



1,128


Natural-gas liquids sales

235



229



413



461


Gathering, processing, and marketing sales

305



305



545



598


Gains (losses) on divestitures and other, net

(70)



(1)



(30)



(265)


Total

1,915



2,636



3,589



4,957


Costs and Expenses








Oil and gas operating

202



226



410



522


Oil and gas transportation

246



283



488



588


Exploration

76



103



202



1,186


Gathering, processing, and marketing

252



255



467



509


General and administrative

305



278



754



585


Depreciation, depletion, and amortization

984



1,214



2,133



2,470


Other taxes

157



151



274



333


Impairments

18



30



34



2,813


Other operating expense

7



6



23



69


Total

2,247



2,546



4,785



9,075


Operating Income (Loss)

(332)



90



(1,196)



(4,118)


Other (Income) Expense








Interest expense

217



201



437



417


Loss on early extinguishment of debt

124





124




(Gains) losses on derivatives, net

307



(311)



604



(159)


Other (income) expense, net

(55)



15



(55)



62


Tronox-related contingent loss







5


Total

593



(95)



1,110



325


Income (Loss) Before Income Taxes

(925)



185



(2,306)



(4,443)


Income tax expense (benefit)

(314)



77



(697)



(1,315)


Net Income (Loss)

(611)



108



(1,609)



(3,128)


Net income (loss) attributable to noncontrolling interests

81



47



117



79


Net Income (Loss) Attributable to Common Stockholders

$

(692)



$

61



$

(1,726)



$

(3,207)


Per Common Share








Net income (loss) attributable to common stockholders—basic

$

(1.36)



$

0.12



$

(3.39)



$

(6.32)


Net income (loss) attributable to common stockholders—diluted

$

(1.36)



$

0.12



$

(3.39)



$

(6.32)


Average Number of Common Shares Outstanding—Basic

510



508



510



507


Average Number of Common Shares Outstanding—Diluted

510



509



510



507










Exploration Expense








Dry hole expense

$

(5)



$

13



$

6



$

42


Impairments of unproved properties

15



18



39



998


Geological and geophysical expense

32



16



69



38


Exploration overhead and other

34



56



88



108


Total

$

76



$

103



$

202



$

1,186


 

Anadarko Petroleum Corporation

(Unaudited)



Quarter Ended


Six Months Ended

Summary Financial Information

June 30,


June 30,

millions

2016


2015


2016


2015

Cash Flows from Operating Activities








Net income (loss)

$

(611)



$

108



$

(1,609)



$

(3,128)


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








Depreciation, depletion, and amortization

984



1,214



2,133



2,470


Deferred income taxes

(407)



11



(820)



(1,187)


Dry hole expense and impairments of unproved properties

10



31



45



1,040


Impairments

18



30



34



2,813


(Gains) losses on divestitures, net

104



91



102



425


Loss on early extinguishment of debt

124





124




Total (gains) losses on derivatives, net

311



(310)



610



(158)


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

60



81



165



172


Other

88



29



203



74


Changes in assets and liabilities








  Tronox-related contingent liability







(5,210)


  (Increase) decrease in accounts receivable

876



(462)



922



(105)


  Increase (decrease) in accounts payable and accrued expenses

(314)



81



(717)



(198)


  Other items, net

(14)



339



(100)



(269)


Net Cash Provided by (Used in) Operating Activities

$

1,229



$

1,243



$

1,092



$

(3,261)










Capital Expenditures

$

728



$

1,401



$

1,624



$

3,223


 






June 30,


December 31,

millions





2016


2015

Condensed Balance Sheets








Cash and cash equivalents





$

1,394



$

939


Accounts receivable, net of allowance





1,500



2,469


Other current assets





318



573


Net properties and equipment





32,345



33,751


Other assets





2,239



2,268


Goodwill and other intangible assets





6,237



6,331


Total Assets





$

44,033



$

46,331


Short-term debt





32



32


Other current liabilities





3,212



4,148


Long-term debt





15,641



15,636


Deferred income taxes





4,686



5,400


Other long-term liabilities





5,862



5,658


Stockholders' equity





11,281



12,819


Noncontrolling interests





3,319



2,638


Total Equity





$

14,600



$

15,457


Total Liabilities and Equity





$

44,033



$

46,331


Capitalization








Total debt





$

15,673



$

15,668


Total equity





14,600



15,457


Total





$

30,273



$

31,125














Capitalization Ratios












Total debt






52

%



50

%

Total equity






48

%



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 June 30, 2016


















United States

227



2,188



126



20



199



12



$

40.25



$

1.61



$

19.42


Algeria

59





5



5





1



46.65





24.13


Other International

10







1







47.37






Total

296



2,188



131



26



199



13



$

41.77



$

1.61



$

19.60




















Quarter Ended June 30, 2015


















United States

240



2,354



130



21



215



12



$

54.14



$

2.28



$

17.98


Algeria

50





6



5







60.24





31.11


Other International

28







3







61.82






Total

318



2,354



136



29



215



12



$

55.78



$

2.28



$

18.50




















Six Months Ended June 30, 2016


















United States

229



2,245



125



41



409



23



$

34.07



$

1.68



$

17.24


Algeria

62





5



11





1



40.35





23.43


Other International

14







3







37.55






Total

305



2,245



130



55



409



24



$

35.51



$

1.68



$

17.49




















Six Months Ended June 30, 2015


















United States

238



2,545



134



43



461



24



$

49.23



$

2.45



$

17.63


Algeria

60





6



11





1



57.80





32.01


Other International

28







5







55.69






Total

326



2,545



140



59



461



25



$

51.37



$

2.45



$

18.24







































Average Daily Sales Volumes

MBOE/d


Sales Volumes

MMBOE





























Quarter Ended June 30, 2016

792


72











Quarter Ended June 30, 2015

846


77





























Six Months Ended June 30, 2016

809


147











Six Months Ended June 30, 2015

890


161





























 

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 June 30, 2016













United States

$

830



$

320



$

223




$

60



$

2



$

(2)


Algeria

252





12









Other International

43













Total

$

1,125



$

320



$

235




$

60



$

2



$

(2)















Quarter Ended June 30, 2015













United States

$

1,181



$

487



$

213




$

3



$

77



$

2


Algeria

277





16









Other International

158













Total

$

1,616



$

487



$

229




$

3



$

77



$

2















Six Months Ended June 30, 2016











United States

$

1,421



$

686



$

390




$

148



$

15



$


Algeria

458





23









Other International

96













Total

$

1,975



$

686



$

413




$

148



$

15



$















Six Months Ended June 30, 2015











United States

$

2,121



$

1,128



$

426




$

5



$

150



$

17


Algeria

629





35









Other International

285













Total

$

3,035



$

1,128



$

461




$

5



$

150



$

17


 


Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 26, 2016






Note: Guidance excludes 2016 sales volumes associated with the East Chalk and Wamsutter divestitures.








3rd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)


 Units


 Units










Total Sales Volumes (MMBOE)


68



70



277



281


Total Sales Volumes (MBOE/d)


739



761



757



768











Oil (MBbl/d)


301



307



303



308











United States


222



225



223



226


Algeria


62



64



63



64


Ghana


17



18



17



18











Natural Gas (MMcf/d)


















United States


1,895



1,935



2,000



2,020











Natural Gas Liquids (MBbl/d)


















United States


114



118



114



117


Algeria


5



7



5



7






















$ / Unit


$ / Unit

Price Differentials vs NYMEX (w/o hedges)


















Oil ($/Bbl)


(6.70)



(2.20)



(6.90)



(2.50)











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


(0.55)



(0.40)



(0.45)



(0.35)











 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 26, 2016






Note: Guidance excludes items affecting comparability.








3rd-Qtr


Full-Year



Guidance (see Note)


Guidance (see Note)



 $ MM


 $ MM

Other Revenues









Marketing and Gathering Margin


20



40



120



140


Minerals and Other


35



55



155



175






















$ / BOE


$ / BOE

Costs and Expenses









Oil & Gas Direct Operating


3.15



3.30



3.05



3.25


Oil & Gas Transportation


3.20



3.40



3.25



3.45


Depreciation, Depletion, and Amortization


14.90



15.35



14.80



15.00


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


25



35



75



85


Exploration Expense









  Non-Cash


40



60



350



450


  Cash


50



70



260



280


Interest Expense (net)


210



225



865



885


Other (Income) Expense (includes noncontrolling interest)


70



80



250



275











Taxes









Algeria  (100% current)


60

%


70

%


65

%


75

%

Rest of Company (10% Current/90% Deferred for Q3 and Total Year)


35

%


45

%


30

%


40

%



















Avg. Shares Outstanding (MM)









Basic


510



511



510



511


Diluted


510



511



511



512




















Capital Investment (Excluding Western Gas Partners, LP)

$ MM


$ MM










APC Capital Expenditures


650



750



2,600



2,800











 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of July 26, 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










Volume


Weighted Average Price per MMBtu




(thousand










MMBtu/d)


Floor Sold


Floor Purchased


Ceiling Sold

Natural Gas









Three-Way Collars








2017



682

$

2.00

$

2.75

$

3.60











2018



250

$

2.00

$

2.75

$

3.54

 







Interest-Rate Derivatives

 

As of July 26, 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

162



2,125



110



626



166



2,138



125



647


Deepwater Gulf of Mexico

58



85



7



79



46



221



6



89


International and Alaska

93





6



99



107





7



114


Same-Store Sales

313



2,210



123



804



319



2,359



138



850


Divestitures*

2



93



5



23



16



379



5



84


Total

315



2,303



128



827



335



2,738



143



934







Quarter Ended June 30, 2016


Quarter Ended June 30, 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

157



2,033



116



612



172



1,889



117



604


Deepwater Gulf of Mexico

56



73



6



74



57



113



7



83


International and Alaska

81





5



86



87





6



93


Same-Store Sales

294



2,106



127



772



316



2,002



130



780


Divestitures*

2



82



4



20



2



352



6



66


Total

296



2,188



131



792



318



2,354



136



846



















Six Months Ended June 30, 2016


Six Months Ended June 30, 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

159



2,079



113



618



169



2,013



122



626


Deepwater Gulf of Mexico

57



78



7



77



51



167



7



86


International and Alaska

87





5



92



97





6



103


Same-Store Sales

303



2,157



125



787



317



2,180



135



815


Divestitures*

2



88



5



22



9



365



5



75


Total

305



2,245



130



809



326



2,545



140



890


















* Includes Wamsutter, East Chalk, EOR, Bossier, and Powder River Basin CBM.

 

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









163



1,909



111



593


Deepwater Gulf of Mexico









53



152



7



85


International and Alaska









94





6



100


Same-Store Sales









310



2,061



124



778


Divestitures*









7



273



6



58


Total









317



2,334



130



836


















* Includes Wamsutter, East Chalk, EOR, Bossier, and Powder River Basin CBM.

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/APC-2Q16-OpsReport.pdf   

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-second-quarter-2016-results-300304309.html

SOURCE Anadarko Petroleum Corporation


Source: PR Newswire (July 26, 2016 - 4:05 PM EDT)

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