HOUSTON, TX -- (Marketwired) -- 07/29/14 -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the second quarter of 2014, including net income attributable to common stockholders of $227 million, or $0.45 per share (diluted). These results include certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $442 million or $0.87 per share (diluted).(1) Cash flow from operating activities in the second quarter of 2014 was $2.462 billion, and discretionary cash flow totaled $2.434 billion.(2)
SECOND-QUARTER 2014 HIGHLIGHTS
- Delivered record average daily sales volumes of 848,000 barrels of oil equivalent (BOE) per day, including a 50,000-barrels-per-day increase in oil sales volumes over the second quarter of 2013 from the U.S. onshore
- Achieved oil production milestones in Algeria and Ghana, and advanced the Gulf of Mexico Lucius project on schedule
- Reached a settlement agreement on the Tronox Adversary Proceeding
- Announced a 50-percent increase in the company's quarterly dividend to 27 cents per share
"Anadarko delivered exceptional operating performance during the second quarter, with an increase of 65,000 barrels of oil per day over the second quarter of 2013 led by our U.S. onshore assets and the El Merk development in Algeria," said Al Walker, Anadarko Chairman, President and CEO. "We are increasing our full-year sales-volume guidance by 5 million BOE, reflecting our confidence in the portfolio's capability to continue delivering strong results. To further enhance performance, we will continue to be an active portfolio manager and pursue additional opportunities to accelerate value as appropriate."
OPERATIONS SUMMARY
During the second quarter, Anadarko's sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled a record 77 million BOE, or an average of 848,000 BOE per day, representing an increase of almost 100,000 BOE per day over the second quarter of 2013.
Anadarko's U.S. onshore liquids sales volumes increased by more than 86,000 barrels per day over the second quarter of 2013, led by outstanding growth in the company's liquids-rich assets in the Wattenberg field, Eagleford Shale, Wolfcamp Shale and the East Texas/North Louisiana area. The Wattenberg field averaged a record 169,000 BOE per day in the second quarter, a 63,000-BOE-per-day increase over the second quarter of 2013. Wattenberg's growth was highlighted by an increase of 52,000 barrels per day of higher-margin liquids volumes relative to the second-quarter 2013, resulting from the continued strong performance of the company's horizontal program, higher NGL recoveries through the startup of the Lancaster cryogenic plant and lower line pressures in the field.
Anadarko achieved oil production milestones at the El Merk development in Algeria, which recently achieved a gross-daily production record of more than 150,000 barrels per day, and at the Jubilee field offshore Ghana, where cumulative gross oil production surpassed 100 million barrels during the quarter.
In the Gulf of Mexico, Anadarko completed all major construction and installation projects at its Lucius development. The 80,000-barrels-of-oil-per-day Lucius spar is expected to achieve first oil on schedule around the beginning of the fourth quarter of 2014. In addition, construction on the hull of the Heidelberg spar is nearly complete, and it remains on schedule to achieve first oil in 2016.
OPERATIONS REPORT
For details on Anadarko's operating areas and exploration program, including tables illustrating same-store sales information,(3) please refer to the comprehensive report on second-quarter 2014 activity. The report is available at www.anadarko.com.
FINANCIAL SUMMARY
During the quarter, the company generated more than $2.4 billion of discretionary cash flow and ended the quarter with approximately $5.4 billion of cash on hand, while increasing the quarterly dividend by 50 percent. In addition, Anadarko entered into a settlement agreement with the plaintiffs in the Tronox Adversary Proceeding. The settlement agreement is subject to approval by the District Court, which the company expects to occur during the second half of 2014.
Anadarko also enhanced its liquidity position by issuing $1.25 billion of senior notes, and by entering into new unsecured credit facilities, which are available upon the satisfaction of certain conditions. Additionally, the company successfully completed a secondary sale of WGP common units, which resulted in cash proceeds of approximately $335 million to Anadarko.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Wednesday, July 30, 2014, 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 2014. The dial-in number is 855.812.0464 in the United States or 970.300.2271 internationally. The confirmation number is 53684166. 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 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 same-store sales. "Same-store" sales volumes are intended to present performance of Anadarko's continuing asset base, giving effect to recently announced or closed divestitures.
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 2013, the company had approximately 2.79 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 court approval of the settlement agreement related to the Tronox Adversary Proceeding, issuance of the injunction and dismissal with prejudice of the claims asserted in the Adversary Proceeding, Anadarko's ability to achieve its production targets, successfully manage its capital expenditures, and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2013 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 June 30, 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* $ (237) $ (151) $ (0.30) Gains (losses) on divestitures, net 9 8 0.02 Impairments (117) (75) (0.15) Change in uncertain tax positions (FIN 48) -- (115) (0.23) Contingent Clean Water Act penalty accrual (90) (90) (0.17) Interest expense related to Tronox settlement (19) (19) (0.04) --------- --------- --------- $ (454) $ (442) $ (0.87) --------- --------- ---------
* For the quarter ended June 30, 2014, this includes $(76) million related to commodity derivatives, $(159) million related to other derivatives, and $(2) million related to gathering, processing, and marketing sales.
Quarter Ended June 30, 2013 ------------------------------- 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* $ 641 $ 407 $ 0.81 Gains (losses) on divestitures, net 13 9 0.02 Impairments (10) (4) (0.01) Third-party well and platform decommissioning obligation (141) (89) (0.18) Reversal of Canadian indemnification liability 56 35 0.07 Change in uncertain tax positions (FIN 48) -- 37 0.07 --------- --------- --------- $ 559 $ 395 $ 0.78 --------- --------- ---------
* For the quarter ended June 30, 2013, this includes $373 million related to commodity derivatives, $262 million related to other derivatives, and $6 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 (non-GAAP), free cash flow (non-GAAP), as well as 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 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. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.
Quarter Ended Six Months Ended June 30, June 30, ------------------- ------------------- millions 2014 2013 2014 2013 --------- --------- --------- --------- Net cash provided by operating activities $ 2,462 $ 2,502 $ 4,191 $ 5,005 Add back Algeria exceptional profits tax settlement -- (248) -- (698) Increase (decrease) in accounts receivable (83) (217) 183 (257) (Increase) decrease in accounts payable and accrued expenses (84) (346) (21) (221) Other items--net 82 129 27 11 Certain nonoperating and other excluded items 1 88 1 124 Current taxes related to asset monetization 56 -- 576 -- --------- --------- --------- --------- Discretionary cash flow from operations $ 2,434 $ 1,908 $ 4,957 $ 3,964 --------- --------- --------- --------- Anadarko Petroleum Corporation Reconciliation of GAAP to Non-GAAP Measures Quarter Ended Six Months Ended June 30, June 30, ------------------- -------------------- millions 2014 2013 2014 2013 --------- --------- --------- --------- Discretionary cash flow from operations $ 2,434 $ 1,908 $ 4,957 $ 3,964 Less capital expenditures* 2,402 1,866 4,970 3,613 --------- --------- --------- --------- Free cash flow $ 32 $ 42 $ (13) $ 351 --------- --------- --------- ---------
* Includes Western Gas Partners, LP (WES) capital expenditures of $173 million for the quarter ended June 30, 2014, $138 million for the quarter ended June 30, 2013, $343 million for the six months ended June 30, 2014, and $437 million for the six months ended June 30, 2013.
Quarter Ended Quarter Ended June 30, 2014 June 30, 2013 -------------------- ------------------- After Per Share After Per Share millions except per-share amounts Tax (diluted) Tax (diluted) --------- --------- --------- --------- Net income (loss) attributable to common stockholders $ 227 $ 0.45 $ 929 $ 1.83 Less certain items affecting comparability (442) (0.87) 395 0.78 --------- --------- --------- --------- Adjusted net income (loss) $ 669 $ 1.32 $ 534 $ 1.05 --------- --------- --------- ---------
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.
June 30, millions 2014 ----------- Total debt $ 13,414 Less cash and cash equivalents 5,365 ----------- Net debt $ 8,049 ----------- Net debt $ 8,049 Stockholders' equity 19,331 ----------- Adjusted capitalization $ 27,380 ----------- ----------- Net debt to adjusted capitalization ratio 29% ----------- Anadarko Petroleum Corporation (Unaudited) Quarter Ended Six Months Ended Summary Financial Information June 30, June 30, -------------------- -------------------- millions except per-share amounts 2014 2013 2014 2013 --------- --------- --------- --------- Consolidated Statements of Income --------- --------- --------- --------- Revenues and Other --------- --------- --------- --------- Natural-gas sales $ 991 $ 935 $ 2,208 $ 1,742 Oil and condensate sales 2,705 1,995 5,129 4,372 Natural-gas liquids sales 411 261 797 564 Gathering, processing, and marketing sales 278 249 589 480 Gains (losses) on divestitures and other, net 54 57 1,560 232 --------- --------- --------- --------- Total 4,439 3,497 10,283 7,390 --------- --------- --------- --------- Costs and Expenses --------- --------- --------- --------- Oil and gas operating 273 245 586 492 Oil and gas transportation and other 281 253 547 508 Exploration 502 178 801 442 Gathering, processing, and marketing 250 222 502 421 General and administrative 305 260 603 532 Depreciation, depletion, and amortization 1,048 940 2,172 1,962 Other taxes 361 245 675 525 Impairments 117 10 120 39 Algeria exceptional profits tax settlement -- -- -- 33 Deepwater Horizon settlement and related costs 93 4 93 7 --------- --------- --------- --------- Total 3,230 2,357 6,099 4,961 --------- --------- --------- --------- Operating Income (Loss) 1,209 1,140 4,184 2,429 --------- --------- --------- --------- Other (Income) Expense --------- --------- --------- --------- Interest expense 186 172 369 336 (Gains) losses on derivatives, net 323 (656) 776 (465) Other (income) expense, net (13) 98 (12) 92 Tronox-related contingent loss 19 -- 4,319 -- --------- --------- --------- --------- Total 515 (386) 5,452 (37) --------- --------- --------- --------- Income (Loss) Before Income Taxes 694 1,526 (1,268) 2,466 --------- --------- --------- --------- Income tax expense (benefit) 428 567 1,092 1,023 --------- --------- --------- --------- Net Income (Loss) 266 959 (2,360) 1,443 --------- --------- --------- --------- Net income (loss) attributable to noncontrolling interests 39 30 82 54 --------- --------- --------- --------- Net Income (Loss) Attributable to Common Stockholders $ 227 $ 929 $ (2,442) $ 1,389 --------- --------- --------- --------- Per Common Share --------- --------- --------- --------- Net income (loss) attributable to common stockholders--basic $ 0.45 $ 1.84 $ (4.84) $ 2.75 Net income (loss) attributable to common stockholders--diluted $ 0.45 $ 1.83 $ (4.84) $ 2.74 --------- --------- --------- --------- Average Number of Common Shares Outstanding--Basic 505 502 505 501 --------- --------- --------- --------- Average Number of Common Shares Outstanding--Diluted 507 504 505 504 --------- --------- --------- --------- --------- --------- --------- --------- Exploration Expense --------- --------- --------- --------- Dry hole expense $ 302 $ 66 $ 423 $ 224 Impairments of unproved properties 109 20 186 39 Geological and geophysical expense 37 23 80 60 Exploration overhead and other 54 69 112 119 --------- --------- --------- --------- Total $ 502 $ 178 $ 801 $ 442 --------- --------- --------- --------- Anadarko Petroleum Corporation (Unaudited) Quarter Ended Six Months Ended Summary Financial Information June 30, June 30, -------------------- -------------------- millions 2014 2013 2014 2013 --------- --------- --------- --------- Cash Flows from Operating Activities --------- --------- --------- --------- Net income (loss) $ 266 $ 959 $ (2,360) $ 1,443 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation, depletion, and amortization 1,048 940 2,172 1,962 Deferred income taxes 142 401 188 563 Dry hole expense and impairments of unproved properties 411 86 609 263 Impairments 117 10 120 39 (Gains) losses on divestitures, net (9) (13) (1,468) (157) Total (gains) losses on derivatives, net 325 (659) 786 (460) Operating portion of net cash received (paid) in settlement of derivative instruments (88) 18 (186) 65 Other 54 77 108 121 Changes in assets and liabilities Deepwater Horizon settlement and related costs 92 1 92 1 Algeria exceptional profits tax settlement -- 248 -- 698 Tronox-related contingent loss 19 -- 4,319 -- (Increase) decrease in accounts receivable 83 217 (183) 257 Increase (decrease) in accounts payable and accrued expenses 84 346 21 221 Other items--net (82) (129) (27) (11) --------- --------- --------- --------- Net Cash Provided by Operating Activities $ 2,462 $ 2,502 $ 4,191 $ 5,005 --------- --------- --------- --------- --------- --------- --------- --------- Capital Expenditures $ 2,402 $ 1,866 $ 4,970 $ 3,613 --------- --------- --------- ---------
June 30, December 31, millions 2014 2013 ------------- ------------- Condensed Balance Sheets ------------- ------------- Cash and cash equivalents $ 5,365 $ 3,698 Accounts receivable, net of allowance 3,079 2,722 Other current assets 536 688 Net properties and equipment 41,487 40,929 Other assets 2,352 2,082 Goodwill and other intangible assets 5,595 5,662 ------------- ------------- Total Assets $ 58,414 $ 55,781 ------------- ------------- Other current liabilities $ 5,499 $ 5,703 Deepwater Horizon settlement and related costs 92 -- Tronox-related contingent liability 5,169 -- Long-term debt 13,414 13,065 Deferred income taxes 9,186 9,245 Other long-term liabilities 3,882 4,118 Stockholders' equity 19,331 21,857 Noncontrolling interests 1,841 1,793 ------------- ------------- Total Liabilities and Equity $ 58,414 $ 55,781 ------------- ------------- Capitalization ------------- ------------- Total debt $ 13,414 $ 13,565 Stockholders' equity 19,331 21,857 ------------- ------------- Total $ 32,745 $ 35,422 ------------- ------------- ------------- ------------- Capitalization Ratios ------------- ------------- Total debt 41% 38% Stockholders' equity 59% 59% ------------- ------------- Anadarko Petroleum Corporation (Unaudited) Sales Volumes and Prices Average Daily Sales 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 June 30, 2014 United States 2,620 196 119 238 18 11 Algeria -- 72 1 -- 7 -- Other International -- 23 -- -- 2 -- ------- ---------- ------- ------- ---------- ------- Total 2,620 291 120 238 27 11 ------- ---------- ------- ------- ---------- ------- Quarter Ended June 30, 2013 United States 2,647 155 83 241 14 7 Algeria -- 43 -- -- 4 -- Other International -- 28 -- -- 3 -- ------- ---------- ------- ------- ---------- ------- Total 2,647 226 83 241 21 7 ------- ---------- ------- ------- ---------- ------- Six Months Ended June 30, 2014 United States 2,658 189 109 481 34 20 Algeria -- 65 1 -- 12 -- Other International -- 27 -- -- 5 -- ------- ---------- ------- ------- ---------- ------- Total 2,658 281 110 481 51 20 ------- ---------- ------- ------- ---------- ------- Six Months Ended June 30, 2013 United States 2,668 157 85 483 28 15 Algeria -- 48 -- -- 9 -- Other International -- 36 -- -- 7 -- ------- ---------- ------- ------- ---------- ------- Total 2,668 241 85 483 44 15 ------- ---------- ------- ------- ---------- ------- Sales Volumes and Prices Average Sales Price ----------------------------- Natural Crude Oil & Gas Condensate NGLs Per Mcf Per Bbl Per Bbl -------- ----------- -------- Quarter Ended June 30, 2014 United States $ 4.16 $ 98.69 $ 37.39 Algeria -- 108.64 66.69 Other International -- 110.16 -- -------- ----------- -------- Total $ 4.16 $ 102.04 $ 37.66 -------- ----------- -------- Quarter Ended June 30, 2013 United States $ 3.88 $ 94.99 $ 34.33 Algeria -- 102.18 -- Other International -- 101.84 -- -------- ----------- -------- Total $ 3.88 $ 97.21 $ 34.33 -------- ----------- -------- Six Months Ended June 30, 2014 United States $ 4.59 $ 96.86 $ 40.08 Algeria -- 108.60 66.69 Other International -- 109.00 -- -------- ----------- -------- Total $ 4.59 $ 100.76 $ 40.22 -------- ----------- -------- Six Months Ended June 30, 2013 United States $ 3.61 $ 96.17 $ 36.29 Algeria -- 108.06 -- Other International -- 107.66 -- -------- ----------- -------- Total $ 3.61 $ 100.26 $ 36.29 -------- ----------- -------- Average Daily Volumes Sales Volumes MBOE/d MMBOE Quarter Ended June 30, 2014 848 77 Quarter Ended June 30, 2013 750 69 Six Months Ended June 30, 2014 834 151 Six Months Ended June 30, 2013 771 140 Sales Revenue and Commodity Derivatives Net Cash Received (Paid) from Settlement of Commodity Sales Derivatives -------------------------- ---------------------------- Natural Crude Oil & Natural Crude Oil & millions Gas Condensate NGLs Gas Condensate NGLs ------- ----------- ------ ------- ----------- ------ Quarter Ended June 30, 2014 United States $ 991 $ 1,768 $ 404 $ (41) $ (44) $ 2 Algeria -- 711 7 -- (5) -- Other International -- 226 -- -- -- -- ------- ----------- ------ ------- ----------- ------ Total $ 991 $ 2,705 $ 411 $ (41) $ (49) $ 2 ------- ----------- ------ ------- ----------- ------ Quarter Ended June 30, 2013 United States $ 935 $ 1,336 $ 261 $ (16) $ 1 $ 3 Algeria -- 400 -- -- 33 -- Other International -- 259 -- -- -- -- ------- ----------- ------ ------- ----------- ------ Total $ 935 $ 1,995 $ 261 $ (16) $ 34 $ 3 ------- ----------- ------ ------- ----------- ------ Six Months Ended June 30, 2014 United States $ 2,208 $ 3,308 $ 790 $ (122) $ (60) $ 2 Algeria -- 1,293 7 -- -- -- Other International -- 528 -- -- -- -- ------- ----------- ------ ------- ----------- ------ Total $ 2,208 $ 5,129 $ 797 $ (122) $ (60) $ 2 ------- ----------- ------ ------- ----------- ------ Six Months Ended June 30, 2013 United States $ 1,742 $ 2,729 $ 564 $ 51 $ 2 $ 5 Algeria -- 937 -- -- 14 -- Other International -- 706 -- -- -- -- ------- ----------- ------ ------- ----------- ------ Total $ 1,742 $ 4,372 $ 564 $ 51 $ 16 $ 5 ------- ----------- ------ ------- ----------- ------ Anadarko Petroleum Corporation Financial and Operating External Guidance As of July 29, 2014 3rd Qtr Total Year Guidance * Guidance * ----------------- ----------------- Units Units ----------------- ----------------- Total Sales Volumes (MMBOE) 76 -- 78 299 -- 302 Total Sales Volumes (MBOE/d) 826 -- 848 819 -- 827 Crude Oil (MBbl/d) 304 -- 311 283 -- 286 United States 203 -- 208 195 -- 199 Algeria 72 -- 73 68 -- 70 Ghana 29 -- 30 19 -- 20 Natural Gas (MMcf/d) United States 2,425 -- 2,475 2,530 -- 2,560 Natural Gas Liquids (MBbl/d) United States 110 -- 120 112 -- 115 Algeria 2 -- 3 1 -- 2 ------------------------------------- $ / Unit $ / Unit ----------------- ----------------- Price Differentials vs NYMEX (w/o hedges) Crude Oil ($/Bbl) (2.00) -- 2.00 (2.00) -- 2.00 United States (6.00) -- (1.00) (6.00) -- (1.00) Algeria 5.00 -- 10.00 5.00 -- 10.00 Ghana 3.00 -- 8.00 4.00 -- 9.00 Natural Gas ($/Mcf) United States (0.50) -- (0.25) (0.35) -- (0.25) * All volumes exclude the impact from China and Pinedale/Jonah. ------------------------------------- Anadarko Petroleum Corporation Financial and Operating External Guidance As of July 29, 2014 3rd Qtr Total Year Guidance * Guidance * ----------------- ----------------- $ MM $ MM ----------------- ----------------- Other Revenues Marketing and Gathering Margin 50 -- 70 230 -- 250 Minerals and Other 45 -- 55 190 -- 210 ----- ---- ----- ----- ---- ----- $ / BOE $ / BOE ----------------- ----------------- Costs and Expenses Oil & Gas Direct Operating 3.80 -- 4.00 3.80 -- 4.00 Oil & Gas Transportation/Other 3.85 -- 4.05 3.80 -- 3.90 Depreciation, Depletion, and Amortization 14.00 -- 14.50 14.00 -- 14.50 Production Taxes (% of Product Revenue) 9.0% -- 9.5% 8.5% -- 9.0% $ MM $ MM ----------------- ----------------- General and Administrative 350 -- 370 1,200 -- 1,300 Exploration Expense Non-Cash 150 -- 200 850 -- 950 Cash 105 -- 115 400 -- 450 Interest Expense (net) 195 -- 205 760 -- 770 Other (Income) Expense - Includes Noncontrolling Interests 60 -- 70 175 -- 195 Tax Rate Algeria (All current) 45% -- 55% 45% -- 55% Rest of Company (50% Current for Q3 and 10% for FY) 40% -- 50% 35% -- 45% ----- ---- ----- ----- ---- ----- Avg. Shares Outstanding (MM) Basic 505 -- 506 504 -- 505 Diluted 507 -- 508 507 -- 508 ----- ---- ----- ----- ---- ----- Capital Investment (Excluding Western Gas Partners, LP) $ MM $ MM ----------------- ----------------- APC Capital Expenditures 2,100 -- 2,300 8,600 -- 8,800 * Excludes items affecting comparability Anadarko Petroleum Corporation Commodity Hedge Positions (Excluding Natural Gas Basis) As of July 29, 2014 Weighted Average Price per Barrel ----------------------------- Volume Floor Floor Ceiling (MBbls/d) Sold Purchased Sold --------- --------- --------- --------- Crude Oil Three-Way Collars 2015 Brent 25 $ 85.00 $ 100.00 $ 117.55 Fixed Price - Financial 2014 WTI 70 $ 96.03 Brent 70 $ 109.55 --------- --------- 140 $ 101.94 Weighted Average Price per Volume MMBtu ----------------------------- (thousand Floor Floor Ceiling MMBtu/d) Sold Purchased Sold Natural Gas Three-Way Collars 2014 600 $ 2.75 $ 3.75 $ 5.01 2015 635 $ 2.75 $ 3.75 $ 4.76 Fixed Price - Financial 2014 1,000 $ 4.23 Interest-Rate Derivatives As of July 29, 2014 Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received ---------- -------------- ---------- ---------- --------- ------------- Swap $50 Million Sept. 2016 Sept. 2026 5.91% 3M LIBOR Swap $1,850 Million Sept. 2016 Sept. 2046 6.05% 3M LIBOR
Anadarko Petroleum Corporation Reconciliation of Same-Store Sales Average Daily Sales Volumes Quarter Ended June 30, 2014 ---------------------------------- Crude Oil Natural & Gas Condensate NGLs Total MMcf/d MBbls/d MBbls/d MBOE/d U.S. Onshore 2,444 146 113 667 Deepwater Gulf of Mexico 176 41 6 76 International and Alaska -- 101 1 102 ------- ---------- ------- ------- Same-Store Sales 2,620 288 120 845 ------- ---------- ------- ------- China and Pinedale/Jonah -- 3 -- 3 ------- ---------- ------- ------- Total 2,620 291 120 848 ------- ---------- ------- ------- Quarter Ended June 30, 2013 ---------------------------------- Crude Oil Natural & Gas Condensate NGLs Total MMcf/d MBbls/d MBbls/d MBOE/d U.S. Onshore 2,279 96 74 550 Deepwater Gulf of Mexico 280 46 6 98 International and Alaska -- 74 -- 74 ------- ---------- ------- ------- Same-Store Sales 2,559 216 80 722 ------- ---------- ------- ------- China and Pinedale/Jonah 88 10 3 28 ------- ---------- ------- ------- Total 2,647 226 83 750 ------- ---------- ------- -------