HOUSTON, TX -- (Marketwire) -- 04/30/12 -- Anadarko Petroleum Corporation (NYSE: APC) today announced first-quarter 2012 net income attributable to common stockholders of $2.156 billion, or $4.28 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $1.681 billion, or $3.36 per share (diluted) on an after-tax basis.(1) Cash flow from operating activities in the first quarter of 2012 was $1.891 billion, and discretionary cash flow totaled $1.922 billion.(2)
First-Quarter 2012 Highlights
- Delivered record daily sales volumes of 704,000 barrels of oil equivalent per day (BOE/d), including record liquids volumes of 301,000 barrels per day, comprised of approximately 75 percent crude oil
- Announced positive resolution of the Algeria tax dispute
- Achieved first oil at Caesar/Tonga and ramped production to more than 45,000 BOE/d
- Announced deep-water drilling success in Mozambique, Ghana and the Gulf of Mexico
- Completed successful drill-stem tests in Mozambique and Ghana
"Anadarko delivered record operating results, generated more than $130 million of free cash flow and successfully appraised discoveries in Mozambique, the Gulf of Mexico and Ghana during the first quarter of 2012," said Anadarko Chairman and CEO Jim Hackett. "The operating results were highlighted by record sales volumes, a year-over-year increase of 27,000 barrels per day from our liquids-rich U.S. onshore growth properties, and the startup of oil production at Caesar/Tonga in the Gulf of Mexico. In addition, we resolved the Algeria tax dispute in a mutually beneficial manner that resulted in a $1.8 billion benefit in the first quarter, of which we expect to receive approximately $1 billion in cash during 2012 and the balance during the first half of 2013. The resolution also included amended contract terms, which are expected to result in approximately 1.6 million barrels of additional oil volumes during 2012. This is reflected in our increased sales-volumes guidance range of 258 to 262 million BOE, with no corresponding increase in capital."
Operations Summary
Sales volumes in the first quarter rose to 64 million BOE, or a record 704,000 BOE/d, averaging approximately 221,000 barrels of oil per day (BOPD), 80,000 barrels of natural gas liquids per day and 2.4 billion cubic feet of natural gas per day.
The company delivered a record 301,000 barrels of liquids per day, benefitting from a 50-percent year-over-year increase in liquids sales volumes from the five major liquids-rich plays highlighted during Anadarko's March 13 Investor Conference (the Wattenberg, Eagleford, Permian, East Texas HZ and Greater Natural Buttes plays). The Wattenberg field in Colorado accounted for a significant portion of this growth, by ramping up year-over-year liquids sales volumes by approximately 12,000 barrels per day.
As referenced in the highlights, Anadarko achieved first production at the Caesar/Tonga mega project in the Gulf of Mexico in early March, and is currently producing more than 45,000 BOE/d from three wells. The partnership plans to drill a fourth well in the third quarter of this year. At Independence Hub, the Cheyenne East well was brought on line.
Exploration Summary
Anadarko and its partners drilled six successful deep-water exploration/appraisal wells during the first quarter of 2012. In West Africa, the Ntomme-2A and Enyenra-4A appraisal wells offshore Ghana encountered significant oil pay, enhancing the value and expanding the areal extent of the TEN (Tweneboa, Enyenra and Ntomme) complex. The company also successfully completed a drill-stem test at its Owo discovery well, which flowed at facility-constrained rates exceeding 20,000 BOPD from multiple zones. Offshore Sierra Leone, Anadarko and its partners encountered hydrocarbon pay at the Jupiter-1 prospect, and evaluation of the area is ongoing.
Offshore Mozambique in the Prosperidade complex, the company announced successful appraisal wells at Lagosta-2 and Lagosta-3 during the quarter. Anadarko and its partners also successfully conducted a drill-stem test at the Barquentine-2 well during the quarter and another at the Barquentine-1 well subsequent to quarter's end. Both demonstrated outstanding reservoir characteristics, flowing at facility-constrained rates of approximately 100 million cubic feet per day (MMcf/d). The results of both drill-stem tests support well designs with potential flow rates of up to 200 MMcf/d. In April, following the successful Barquentine-4 appraisal well, Anadarko and its partners announced the completion of the appraisal drilling program in the complex. The company has now restarted its exploration program with the Golfinho prospect more than 15 miles northwest of Prosperidade.
In February, Anadarko announced that the Heidelberg-2 appraisal well in the Gulf of Mexico encountered more than 250 net feet of oil pay, and a recent down-dip sidetrack appraisal well at Heidelberg confirmed an extension of up to 1,500 acres in the field. Pre-FEED (front-end engineering and design) work has been initiated at Heidelberg to evaluate development solutions. The company also recently spud the Spartacus well that will target subsalt layers in the vicinity of Anadarko's Lucius mega project, which is currently under development.
Earlier this month, Anadarko announced encouraging results from its exploration drilling program in the Utica Shale play of eastern Ohio. The company plans to continue evaluating the liquids-rich potential of its 390,000-acre (gross) position in the Utica throughout 2012.
Financial Summary
Anadarko ended the first quarter of 2012 with approximately $3.0 billion of cash on hand, and generated approximately $132 million of free cash flow(2) during the first quarter, which includes the impact of $98 million of capital expenditures incurred by Western Gas Partners, LP (NYSE: WES). Anadarko retired approximately $131 million of 6.125 percent senior notes due in 2012, and reduced its net-debt-to-capital
ratio(2) to 38 percent, compared to 41 percent at year-end 2011. Also, Moody's Investors Service returned Anadarko's senior unsecured rating to investment grade at Baa3, with a stable outlook. In addition, the company recently closed the divestiture of its South Texas assets, as well as finalized a $400 million joint-venture agreement at its enhanced oil recovery development in the Salt Creek field in Wyoming.
As described in the items affecting comparability on page 5 of the release, the company recorded an additional non-cash charge of $275 million related to the Tronox Adversary Proceeding. Also included in the items affecting comparability is the $1.8 billion benefit associated with the resolution of the Algeria tax dispute.
Operations Report
For more details on Anadarko's operations, please refer to the comprehensive report on first-quarter 2012 activity. The report is available at www.anadarko.com on the Investor Relations page.
Conference Call Tomorrow at 9 a.m. CDT, 10 a.m. EDT
Anadarko will host a conference call on Tuesday, May 1, at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2012. The dial-in number is 888.680.0890 in the United States or 617.213.4857 internationally. The confirmation number is 35225653. 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 also be available on the website for approximately 30 days following the conference call.
Financial Data
Eight pages of summary financial data follow, including current hedge positions 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.
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 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, 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 drill, develop and commercially operate the drilling prospects identified in this news release and successfully plan, build and operate an LNG project. See "Risk Factors" in the company's 2011 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 Petroleum Corporation
Certain Items Affecting Comparability
Quarter Ended March 31, 2012
-------------------------------------
Before After Per Share
millions except per-share amounts Tax Tax (diluted)
----------- ----------- -----------
Unrealized gains (losses) on
derivatives, net* $ 142 $ 90 $ 0.18
Gains (losses) on divestitures, net (17) (11) (0.02)
Impairments, including unproved
properties (53) (34) (0.07)
Change in uncertain tax positions
(FIN48) -- 12 0.03
Algeria exceptional profits tax
settlement 1,804 1,804 3.60
Tronox-related contingent loss (275) (175) (0.35)
Deepwater Horizon settlement and
related costs (8) (5) (0.01)
----------- ----------- -----------
$ 1,593 $ 1,681 $ 3.36
=========== =========== ===========
* For the quarter ended March 31, 2012, before-tax unrealized gains (losses) on derivatives, net includes $(89) million related to commodity derivatives, $236 million related to other derivatives, and $(5) million related to gathering, processing, and marketing sales.
Quarter Ended March 31, 2011
-------------------------------------
Before After Per Share
millions except per-share amounts Tax Tax (diluted)
----------- ----------- -----------
Unrealized gains (losses) on
derivatives, net* $ (253) $ (160) $ (0.32)
Tronox damage claim settlement 46 29 0.06
Impairments, including unproved
properties (2) (2) --
Deepwater Horizon settlement and
related costs (26) (17) (0.04)
----------- ----------- -----------
$ (235) $ (150) $ (0.30)
=========== =========== ===========
* For the quarter ended March 31, 2011, before-tax unrealized gains (losses) on derivatives, net includes $(313) million related to commodity derivatives, $59 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 cash provided by operating activities (GAAP) to discretionary cash flow from operations and free cash flow (non-GAAP), and net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses discretionary cash flow from operations and free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt. It is useful in comparisons of oil and gas exploration and production companies because it excludes fluctuations in assets and liabilities. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.
Quarter Ended March 31,
------------------------
millions 2012 2011
----------- -----------
Net cash provided by operating activities $ 1,891 $ 1,289
Add back:
Deepwater Horizon settlement and related costs (22) 26
Change in accounts receivable 27 251
Change in accounts payable and accrued expenses 258 177
Change in other items--net (232) (43)
----------- -----------
Discretionary cash flow from operations $ 1,922 $ 1,700
=========== ===========
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Quarter Ended
March 31,
-----------------------
millions 2012 2011
----------- -----------
Discretionary cash flow from operations $ 1,922 $ 1,700
Less: Capital expenditures* 1,790 1,587
----------- -----------
Free cash flow $ 132 $ 113
=========== ===========
* Includes Western Gas Partners, LP (WES) capital expenditures of $98 million and $317 million for the quarter ended March 31, 2012 and 2011, respectively.
Quarter Ended Quarter Ended
March 31, 2012 March 31, 2011
------------------- --------------------
After Per Share After Per Share
millions except per-share amounts Tax (diluted) Tax (diluted)
--------- --------- --------- ---------
Net income (loss) attributable to
common stockholders $ 2,156 $ 4.28 $ 216 $ 0.43
Less: Certain items affecting
comparability 1,681 3.36 (150) (0.30)
--------- --------- --------- ---------
Adjusted net income (loss) $ 475 $ 0.92 $ 366 $ 0.73
========= ========= ========= =========
Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.
millions March 31, 2012
--------------
Total debt $ 15,386
Less: Cash and cash equivalents 2,957
--------------
Net debt $ 12,429
==============
Net debt $ 12,429
Stockholders' equity 20,279
--------------
Adjusted capitalization $ 32,708
==============
--------------
Net debt to adjusted capitalization ratio 38%
==============
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Summary Financial Information March 31,
--------------------
millions except per-share amounts 2012 2011
--------- ---------
Consolidated Statements of Income
--------- ---------
Revenues and Other
--------- ---------
Natural-gas sales $ 573 $ 854
Oil and condensate sales 2,244 1,807
Natural-gas liquids sales 342 333
Gathering, processing, and marketing sales 253 230
Gains (losses) on divestitures and other, net 35 29
--------- ---------
Total 3,447 3,253
========= =========
Costs and Expenses
--------- ---------
Oil and gas operating 242 232
Oil and gas transportation and other 240 209
Exploration 244 179
Gathering, processing, and marketing 189 171
General and administrative 269 209
Depreciation, depletion, and amortization 930 985
Other taxes 377 344
Impairments 50 2
Algeria exceptional profits tax settlement (1,804) --
Deepwater Horizon settlement and related costs 8 26
--------- ---------
Total 745 2,357
========= =========
Operating Income (Loss) 2,702 896
========= =========
Other (Income) Expense
--------- ---------
Interest expense 186 220
(Gains) losses on commodity derivatives, net (48) 256
(Gains) losses on other derivatives, net (236) (59)
Other (income) expense, net 265 (24)
--------- ---------
Total 167 393
========= =========
Income (Loss) Before Income Taxes 2,535 503
========= =========
Income Tax Expense (Benefit) 352 266
========= =========
Net Income (Loss) $ 2,183 $ 237
========= =========
Net Income Attributable to Noncontrolling Interests 27 21
========= =========
Net Income (Loss) Attributable to Common Stockholders $ 2,156 $ 216
========= =========
Per Common Share:
========= =========
Net income (loss) attributable to common stockholders-
-basic $ 4.30 $ 0.43
Net income (loss) attributable to common stockholders-
-diluted $ 4.28 $ 0.43
========= =========
Average Number of Common Shares Outstanding--Basic 499 497
========= =========
Average Number of Common Shares Outstanding--Diluted 501 499
========= =========
========= =========
Exploration Expense
--------- ---------
Dry hole expense $ 89 $ 16
Impairments of unproved properties 60 74
Geological and geophysical expense 35 48
Exploration overhead and other 60 41
--------- ---------
Total $ 244 $ 179
========= =========
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Summary Financial Information March 31,
--------------------
millions 2012 2011
--------- ---------
Cash Flows from Operating Activities
--------- ---------
Net income (loss) $ 2,183 $ 237
Depreciation, depletion, and amortization 930 985
Deferred income taxes 210 73
Dry hole expense and impairments of unproved
properties 149 90
Impairments 50 2
(Gains) losses on divestitures, net 17 --
Unrealized (gains) losses on derivatives, net (142) 253
Deepwater Horizon settlement and related costs* 8 26
Algeria exceptional profits tax settlement (1,804) --
Tronox-related contingent loss 275 --
Other 46 34
--------- ---------
Discretionary Cash Flow from Operations 1,922 1,700
Deepwater Horizon settlement and related costs 22 (26)
(Increase) decrease in accounts receivable (27) (251)
Increase (decrease) in accounts payable and accrued
expenses (258) (177)
Other items--net 232 43
--------- ---------
Net Cash Provided by Operating Activities $ 1,891 $ 1,289
========= =========
========= =========
Capital Expenditures $ 1,790 $ 1,587
--------- ---------
* Deepwater Horizon settlement and related costs are excluded from discretionary cash flow from operations.
March 31, December 31,
millions 2012 2011
------------ ------------
Condensed Balance Sheets
------------ ------------
Cash and cash equivalents $ 2,957 $ 2,697
Algeria exceptional profits tax settlement 1,458 --
Other current assets 4,299 4,234
Net properties and equipment 38,166 37,501
Other assets 1,816 1,516
Goodwill and other intangible assets 5,825 5,831
------------ ------------
Total Assets $ 54,521 $ 51,779
------------ ------------
Current debt $ 39 $ 170
Other current liabilities 4,858 4,729
Long-term debt 15,347 15,060
Other long-term liabilities 13,113 12,837
Stockholders' equity 20,279 18,105
Noncontrolling interests 885 878
------------ ------------
Total Liabilities and Equity $ 54,521 $ 51,779
============ ============
Capitalization
------------ ------------
Total debt $ 15,386 $ 15,230
Stockholders' equity 20,279 18,105
------------ ------------
Total $ 35,665 $ 33,335
============ ============
Capitalization Ratios
------------ ------------
Total debt 43% 46%
Stockholders' equity 57% 54%
============ ============
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and
Prices
Average Daily Volumes Sales Volumes
-------------------------- --------------------------
Crude Oil Crude Oil
Natural & Natural &
Gas Condensate NGLs Gas Condensate NGLs
MMcf/d MBbls/d MBbls/d Bcf MMBbls MMBbls
------- ---------- ------- ------- ---------- -------
Quarter Ended March
31, 2012
United States 2,416 138 80 220 12 7
Algeria -- 50 -- -- 5 --
Other International -- 33 -- -- 3 --
------- ---------- ------- ------- ---------- -------
Total 2,416 221 80 220 20 7
------- ---------- ------- ------- ---------- -------
Quarter Ended March
31, 2011
United States 2,412 131 76 217 12 7
Algeria -- 55 -- -- 5 --
Other International -- 26 -- -- 2 --
------- ---------- ------- ------- ---------- -------
Total 2,412 212 76 217 19 7
------- ---------- ------- ------- ---------- -------
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and
Prices
Average Sales Price
-----------------------------
Natural Crude Oil &
Gas Condensate NGLs
Per Mcf Per Bbl Per Bbl
-------- ----------- --------
Quarter Ended March
31, 2012
United States $ 2.60 $ 105.75 $ 47.09
Algeria -- 119.57 --
Other International -- 120.64 --
-------- ----------- --------
Total $ 2.60 $ 111.07 $ 47.09
-------- ----------- --------
Quarter Ended March
31, 2011
United States $ 3.93 $ 91.56 $ 48.86
Algeria -- 98.45 --
Other International -- 101.66 --
-------- ----------- --------
Total $ 3.93 $ 94.58 $ 48.86
-------- ----------- --------
===================================
Average Daily Sales Volumes
Volumes MBOE/d MMBOE
------------------- ---------------
Quarter Ended March 31, 2012 704 64
Quarter Ended March 31, 2011 690 62
===================================
Sales Revenue
and
Commodity
Derivatives
Sales
-----------------------------
Natural Crude Oil &
millions Gas Condensate NGLs
-------- ----------- --------
Quarter Ended
March 31,
2012
United States $ 573 $ 1,339 $ 342
Algeria -- 538 --
Other
International -- 367 --
-------- ----------- --------
Total $ 573 $ 2,244 $ 342
-------- ----------- --------
Quarter Ended
March 31,
2011
United States $ 854 $ 1,080 $ 333
Algeria -- 491 --
Other
International -- 236 --
-------- ----------- --------
Total $ 854 $ 1,807 $ 333
-------- ----------- --------
Sales Revenue
and
Commodity
Derivatives
Commodity Derivatives Gain (Loss)
--------------------------------------------------------------
Crude Oil &
Natural Gas Condensate NGLs
------------------- -------------------- -------------------
millions Realized Unrealized Realized Unrealized Realized Unrealized
-------- ---------- -------- ---------- -------- ----------
Quarter Ended
March 31,
2012
United States$ 170 $ 86 $ (5) $ (173) $ -- $ (2)
Algeria -- -- (28) -- -- --
Other
International -- -- -- -- -- --
-------- ---------- -------- ---------- -------- ----------
Total $ 170 $ 86 $ (33) $ (173) $ -- $ (2)
-------- ---------- -------- ---------- -------- ----------
Quarter Ended
March 31,
2011
United States$ 72 $ (47) $ (12) $ (275) $ -- $ --
Algeria -- -- (3) 9 -- --
Other
International -- -- -- -- -- --
-------- ---------- -------- ---------- -------- ----------
Total $ 72 $ (47) $ (15) $ (266) $ -- $ --
-------- ---------- -------- ---------- -------- ----------
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of April 30, 2012
2nd Qtr Total Year
Guidance Guidance
----------------- -----------------
Units Units
----------------- -----------------
Total Sales (MMBOE) 64 - 66 258 - 262
Crude Oil (MBbl/d): 235 - 243 237 - 243
United States 154 - 158 155 - 157
Algeria 57 - 58 56 - 58
Other International 24 - 27 26 - 28
Natural Gas (MMcf/d):
United States 2,375 - 2,400 2,320 - 2,340
Natural Gas Liquids (MBbl/d):
United States 77 - 79 80 - 83
-----------------------------------
$ / Unit $ / Unit
----------------- -----------------
Price Differentials vs NYMEX (w/o
hedges)
Crude Oil ($/Bbl): 6.00 - 10.00 5.00 - 8.00
United States 2.00 - 4.00 1.00 - 3.00
Algeria 15.00 - 18.00 12.00 - 15.00
Other International 16.00 - 19.00 12.00 - 15.00
Natural Gas ($/Mcf):
United States (0.10) - (0.15) (0.10) - (0.20)
-----------------------------------
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of April 30, 2012
2nd Qtr Total Year
Guidance Guidance
----------------- -----------------
$ MM $ MM
----------------- -----------------
Other Revenues:
Marketing and Gathering Margin 55 - 75 240 - 280
Minerals and Other 35 - 45 155 - 180
-------------------------------------
Costs and Expenses:
$ / BOE $ / BOE
----------------- -----------------
Oil & Gas Direct Operating 3.95 - 4.15 4.00 - 4.25
Oil & Gas Transportation/Other 3.70 - 3.95 3.65 - 3.90
Depreciation, Depletion and
Amortization 14.50 - 14.80 14.50 - 15.00
Production Taxes (% of Revenue) 11.0% - 12.0% 10.0% - 11.0%
$ MM $ MM
----------------- -----------------
General and Administrative 290 - 310 1,100 - 1,200
Exploration Expense
Non-Cash 125 - 150 650 - 750
Cash 100 - 120 400 - 450
Interest Expense (net) 195 - 200 770 - 795
Other (Income) Expense - - (20) 195 - 275
Tax Rate:
Algeria (All current) 55% - 60% 50% - 55%
Rest of Company (20% Current, 80%
Deferred) 40% - 45% 45% - 50%
-------------------------------------
Avg. Shares Outstanding (MM):
Basic 498 - 500 498 - 500
Diluted 502 - 503 501 - 503
$ MM $ MM
----------------- -----------------
Capital Investment*
Capital Expenditures 1,600 - 1,750 6,400 - 6,700
Capitalized Interest 45 - 55 195 - 215
*Excludes Western Gas Partners, LP
(WES)
Anadarko Petroleum Corporation
Commodity Hedge Positions (Excluding Natural Gas Basis)
As of April 30, 2012
Weighted Average Price per MMBtu
--------------------------------
Volume
(thousand Floor Ceiling
MMBtu/d) Floor Sold Purchased Sold
--------- ---------- ---------- ----------
Natural Gas
Fixed Price - Financial
2012 1,000 $ 4.69
Three-Way Collars
2013 450 $ 4.00 $ 5.00 $ 6.57
Weighted Average Price per
barrel
--------------------------------
Volume Floor Floor Ceiling
(MBbls/d) Sold Purchased Sold
--------- ---------- ---------- ----------
Crude Oil
Three-Way Collars
2012
Brent 45 $ 85.00 $ 105.00 $ 125.60
WTI 17 $ 71.36 $ 90.91 $ 113.30
--------- ---------- ---------- ----------
62 $ 81.34 $ 101.22 $ 122.30
Fixed Price - Financial
2012
Brent 40 $ 110.10
WTI 20 $ 101.39
--------- ----------
60 $ 107.19
Interest Rate Derivatives
As of April 30, 2012
Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received
---------- -------------- ------------ ------------ --------- --------------
Swap $250 Million October 2012 October 2022 4.91% 3M LIBOR
Swap $750 Million October 2012 October 2042 4.80% 3M LIBOR
Swap $750 Million June 2014 June 2024 6.00% 3M LIBOR
Swap $1,100 Million June 2014 June 2044 5.57% 3M LIBOR
