Inserting missing financial figures in the "Anadarko Petroleum Corporation (Unaudited)" table, under "Sales Volumes and Prices" and "Sales Revenue and Commodity Derivatives" sections.
The corrected release reads:
ANADARKO ANNOUNCES 2009 FOURTH-QUARTER AND FULL-YEAR RESULTS
Anadarko Petroleum Corporation (NYSE: APC) today announced fourth-quarter 2009 net income from continuing operations attributable to common stockholders totaled $229 million, or $0.46 per share (diluted), for the quarter ending Dec. 31, 2009. These results include certain items affecting comparability that are typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $208 million, or $0.42 per share (diluted), on an after-tax basis.(1) Cash flow from continuing operations in the fourth-quarter of 2009 was $1.10 billion, and discretionary cash flow totaled $869 million.(2)
For the year ended Dec. 31, 2009, Anadarko reported a net loss from continuing operations attributable to common stockholders of $135 million, or $0.28 per share (diluted). Full-year 2009 cash flow from continuing operations was $3.93 billion, and discretionary cash flow totaled $4.36 billion. (2)
2009 HIGHLIGHTS
- Increased sales volumes by 7 percent year-over-year, while spending 35-percent less on near-term projects
- Reduced lease operating expense (LOE) per unit by more than 20 percent year-over-year
- Added 314 million barrels of oil equivalent (BOE) of proved reserves before price revisions and divestitures, which equates to replacing 140 percent of production
- Achieved a 50-percent success rate in the 2009 global deepwater exploration program
- Discovered nearly 360 million BOE of net resources from 2009 exploration activities
- Advanced three sanctioned mega projects on time and on budget
"2009 was a very successful year in advancing our strategy and illustrating the high quality of our portfolio. We feel 2009 has set the stage for continuing success in 2010 and beyond," Anadarko Chairman and CEO, Jim Hackett said. "The results demonstrated the ability of our operating teams to grow our production and reserve base, prudently manage our capital spending, reduce costs, improve drilling efficiencies and move our sanctioned mega projects closer to first production. In addition, our 2009 worldwide drilling program resulted in nine significant deepwater discoveries and four successful deepwater appraisal wells that de-risked our portfolio and added to a growing list of future mega projects. When combined with the growing success of our U.S. onshore shale plays, we are confident that future years will see a material increase in production and reserve additions."
Full-year 2009 sales volumes of natural gas, crude oil and natural gas liquids (NGLs) totaled 220Â million BOE, or 604,000 BOE per day, representing a 7-percent increase over full-year 2008 sales volumes of 206 million BOE. Fourth-quarter 2009 sales volumes of natural gas, crude oil and NGLs totaled 53 million BOE, or 583,000 BOE per day.
Anadarko added 314 million BOE of proved reserves in 2009, before the effects of price revisions and divestitures, and incurred costs of approximately $4.66 billion associated with its oil and natural gas exploration and development activities.(2) The company estimates its proved reserves at year-end 2009 totaled 2.3 billion BOE. Anadarko ended 2009 with approximately 70 percent of its reserves in the proved, developed category and approximately 30 percent categorized as proved, undeveloped. At year-end 2009, Anadarko's product mix of proved reserves was made up of approximately 56 percent natural gas and 44 percent liquids.
2009 WORLDWIDE DRILLING AND DEVELOPMENT HIGHLIGHTS
Anadarko announced nine deepwater discoveries in three of the most attractive deepwater plays in the world in 2009. These results include five subsalt discoveries in the Gulf of Mexico, three in the Cretaceous Fan play offshore West Africa and one in the pre-salt play offshore Brazil.
In addition to its 50-percent success rate in deepwater exploration during 2009, Anadarko also continued an aggressive appraisal program that extended the potentially productive area of the Jubilee field in Ghana beyond its current unit boundaries. In Brazil, the successful Wahoo #2 pre-salt appraisal well confirmed the main pay section of the field extends at least five miles to the north and down-dip of the discovery well. Already in 2010, Anadarko has announced a successful appraisal of the Tweneboa discovery offshore Ghana, with more than 105 net feet of pay over a large areal extent, and a successful appraisal of the Lucius discovery in the Gulf of Mexico that encountered more than 600 net feet of pay and confirmed that this is a major oil discovery.
Anadarko continues to advance its current mega projects in Ghana, the Gulf of Mexico and Algeria and expects each project to remain on schedule and within budget. The Jubilee field in Ghana is expected to start producing late this year, and in total, the three projects are expected to add more than 60,000 BOE per day net to Anadarko by 2012. In addition, the company continues to develop its fairway positions and ramp up production in the Marcellus, Eagleford and Haynesville shale plays onshore in the United States. Anadarko also expanded its position in the Marcellus Shale during the fourth-quarter of 2009 to approximately 350,000 net acres from about 315,000 net acres at the end of the third quarter. The company also recently announced a transaction to add approximately 80,000 net acres to its existing 180,000 net acres in the Maverick Basin, with a focus on the liquids-rich Eagleford Shale.
Anadarko will provide more information regarding its outlook and capital program for 2010, on March 2, 2010, at the company's Investor Conference in New York. For more information regarding Anadarko's 2010 Investor Conference, please visit the Investor Relations page at www.anadarko.com.
CONFERENCE CALL TOMORROW AT 9 A.M. CST, 10 A.M. EST
Anadarko will host a conference call on Tuesday, Feb. 2, at 9 a.m. Central Standard Time (10Â a.m. Eastern Standard Time) to discuss fourth-quarter and year-end results. The dial-in number is 888.679.8035in the United States or 617.213.4848 internationally. The confirmation number is 19325380. 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 Web site for approximately 30 days following the conference call.
ANADARKO OPERATIONS REPORT
For more details on Anadarko's operations, please refer to the comprehensive report on fourth-quarter 2009 activity. The report will be available at www.anadarko.com on the Investor Relations page.
FINANCIAL DATA
Eight pages of summary financial data follow, including current hedge positions, proved reserves and costs incurred.
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 2009, the company had approximately 2.3 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.
(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 measures are useful information for investors.
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 finalize year-end reserves and complete and commercially operate the drilling prospects identified in this news release.See "Risk Factors" in the company's 2008 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Anadarko uses certain terms in this news release, such as "net resources" and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2008, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
| Anadarko Petroleum Corporation | |||||||||||||||
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| Certain Items Affecting Comparability | |||||||||||||||
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| Quarter Ended December 31, 2009 | |||||||||||||||
| Before | After | Per Share | |||||||||||||
| millions except per share amounts | Â | Â | Tax | Â | Tax | Â | (diluted) | ||||||||
| Unrealized gains (losses) on derivatives, net | $ | 356 | 226 | 0.45 | |||||||||||
| Impairments | (36 | ) | (28 | ) | (0.05 | ) | |||||||||
| Change in uncertain tax positions (FIN48) | Â | Â | Â | - | Â | Â | Â | 10 | Â | Â | Â | 0.02 | Â | ||
| Â | Â | Â | $ | 320 | Â | Â | $ | 208 | Â | Â | $ | 0.42 | Â | ||
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| Quarter Ended December 31, 2008 | |||||||||||||||
| Before | After | Per Share | |||||||||||||
| millions except per share amounts | Â | Â | Tax | Â | Tax | Â | (diluted) | ||||||||
| Unrealized gains (losses) on derivatives, net | $ | 642 | $ | 409 | 0.89 | ||||||||||
| Gains (losses) on divestitures, net | 828 | 564 | 1.23 | ||||||||||||
| Impairments | (156 | ) | (99 | ) | (0.22 | ) | |||||||||
| Other adjustments | Â | Â | Â | (74 | ) | Â | Â | (48 | ) | Â | Â | (0.10 | ) | ||
| Â | Â | Â | $ | 1,240 | Â | Â | $ | 826 | Â | Â | $ | 1.80 | Â | ||
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| Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||
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| Below is a reconciliation of cash provided by operating activities (GAAP) to discretionary cash flow and free cash flow (non-GAAP) and net income from continuing operations (GAAP) to adjusted net income from continuing operations (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. The company uses discretionary cash flow 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. The company uses adjusted net income from continuing operations to evaluate the company's operational trends and performance. | |||||||||||||||
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 | Quarter Ended | Year Ended | |||||||||||||
 | December 31, | December 31, | |||||||||||||
millions | 2009 | Â | 2008 | Â | 2009 | Â | Â | 2008 | |||||||
Net cash provided by operating activities - continuing operations | $ | 1,100 | $ | 467 | $ | 3,926 | $ | 6,526 | |||||||
| Add back: | |||||||||||||||
| Change in accounts receivable | 151 | (463 | ) | 290 | (803 | ) | |||||||||
| Change in accounts payable and accrued expenses | (449 | ) | 390 | (269 | ) | (158 | ) | ||||||||
| Change in other items - net | Â | 67 | Â | Â | Â | 126 | Â | Â | Â | 411 | Â | Â | Â | 268 | Â |
Discretionary cash flow from continuing operations* | $ | 869 | Â | Â | $ | 520 | Â | Â | $ | 4,358 | Â | Â | $ | 5,833 | Â |
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| *Discretionary cash flow from continuing operations for the quarter and year ended December 31, 2009 was reduced by a current tax expense of $289 million and $163 million, respectively. However, actual cash tax payments for the quarter and year ended December 31, 2009 were $49 million and $194 million, respectively. For the quarter and year ended December 31, 2008, discretionary cash flow from continuing operations was reduced by current tax expense of $490 million and $2.2 billion, respectively. However, actual cash tax payments for the quarter and year ended December 31, 2008 were $229 million and $1.1 billion, respectively. | |||||||||||||||
| Anadarko Petroleum Corporation | ||||||||||||||
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| Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||
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| December 31, 2009 | ||||||||||||||
| Quarter | Year | |||||||||||||
| millions | Â | Â | Â | Â | Â | Ended | Â | Ended | ||||||
| Discretionary cash flow from continuing operations | $ | 869 | $ | 4,358 | ||||||||||
| Less: Capital expenditures | Â | Â | Â | Â | Â | Â | 1,688 | Â | Â | Â | 4,558 | Â | ||
| Free cash flow** | Â | Â | Â | Â | Â | $ | (819 | ) | Â | $ | (200 | ) | ||
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| **Free cash flow for the quarter and year ended December 31, 2009 was reduced by a current tax expense of $289 million and $163 million, respectively. However, actual cash tax payments for the quarter and year ended December 31, 2009 were $49 million and $194 million, respectively. | ||||||||||||||
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| Quarter Ended | Quarter Ended | |||||||||||||
| December 31, 2009 | December 31, 2008 | |||||||||||||
| After | Per Share | After | Per Share | |||||||||||
| millions except per share amounts | Â | Tax | Â | (diluted) | Â | Tax | Â | (diluted) | ||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 229 | 0.46 | $ | 781 | 1.68 | ||||||||
| Less: Certain items affecting comparability | Â | Â | 208 | Â | Â | 0.42 | Â | Â | 826 | Â | Â | Â | 1.80 | Â |
| Adjusted net income (loss) from continuing operations | Â | $ | 21 | Â | $ | 0.04 | Â | $ | (45 | ) | Â | $ | (0.12 | ) |
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| Presented below are reconciliations of costs incurred (GAAP) to oil and gas exploration and development costs (non-GAAP) and total debt (GAAP) to net debt (non-GAAP). Management believes oil and gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year; excluding certain obligations to be paid in future periods. Management uses net debt as a measure of the company's outstanding debt obligations relative to its cash and cash equivalents on hand. | ||||||||||||||
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| Year | ||||||||||||||
| Ended | ||||||||||||||
| December 31, | ||||||||||||||
| millions | Â | Â | Â | Â | Â | Â | Â | 2009 | ||||||
| Costs incurred | $ | 4,660 | ||||||||||||
| Asset retirement obligation liability | (63 | ) | ||||||||||||
| Cash expenditures for asset retirement obligations | Â | Â | Â | Â | Â | Â | Â | Â | 12 | Â | ||||
| Oil and gas exploration and development costs | Â | Â | Â | Â | Â | Â | Â | $ | 4,609 | Â | ||||
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| December 31, | ||||||||||||||
| millions | Â | Â | Â | Â | Â | Â | Â | 2009 | ||||||
| Total debt | $ | 12,748 | ||||||||||||
| Less: Cash and cash equivalents | Â | Â | Â | Â | Â | Â | Â | Â | 3,531 | Â | ||||
| Net debt | Â | Â | Â | Â | Â | Â | Â | $ | 9,217 | Â | ||||
| Anadarko Petroleum Corporation | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Â | Â | Â | Â | |||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| Summary Financial Information | December 31, | Â | December 31, | |||||||||||||
| millions except per share amounts | Â | 2009 | Â | 2008 | Â | 2009 | Â | 2008 | ||||||||
| Revenues and Other | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Gas sales | $ | 776 | $ | 1,088 | $ | 2,924 | $ | 5,770 | ||||||||
| Oil and condensate sales | 1,254 | 785 | 4,022 | 6,425 | ||||||||||||
| Natural gas liquids sales | 171 | 99 | 536 | 802 | ||||||||||||
| Gathering, processing and marketing sales | 197 | 142 | 728 | 1,082 | ||||||||||||
| Gains (losses) on divestitures and other, net | 19 | 813 | 133 | 1,083 | ||||||||||||
| Reversal of accrual for DWRRA dispute | Â | Â | - | Â | Â | Â | - | Â | Â | Â | 657 | Â | Â | Â | - | Â |
| Total | Â | Â | 2,417 | Â | Â | Â | 2,927 | Â | Â | Â | 9,000 | Â | Â | Â | 15,162 | Â |
| Costs and Expenses | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Oil and gas operating | 213 | 326 | 933 | 1,104 | ||||||||||||
| Oil and gas transportation and other | 123 | 153 | 590 | 553 | ||||||||||||
| Exploration | 294 | 489 | 1,107 | 1,369 | ||||||||||||
| Gathering, processing and marketing | 148 | 121 | 617 | 800 | ||||||||||||
| General and administrative | 325 | 247 | 983 | 866 | ||||||||||||
| Depreciation, depletion and amortization | 884 | 756 | 3,532 | 3,194 | ||||||||||||
| Other taxes | 203 | 146 | 746 | 1,452 | ||||||||||||
| Impairments | Â | Â | 36 | Â | Â | Â | 156 | Â | Â | Â | 115 | Â | Â | Â | 223 | Â |
| Total | Â | Â | 2,226 | Â | Â | Â | 2,394 | Â | Â | Â | 8,623 | Â | Â | Â | 9,561 | Â |
| Operating Income (Loss) | Â | Â | 191 | Â | Â | Â | 533 | Â | Â | Â | 377 | Â | Â | Â | 5,601 | Â |
| Other (Income) Expense | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Interest expense | 198 | 171 | 702 | 732 | ||||||||||||
| (Gains) losses on commodity derivatives, net | (95 | ) | (883 | ) | 408 | (561 | ) | |||||||||
| (Gains) losses on other derivatives, net* | (267 | ) | 13 | (582 | ) | 10 | ||||||||||
| Other (income) expense, net | Â | Â | (20 | ) | Â | Â | 56 | Â | Â | Â | (43 | ) | Â | Â | 52 | Â |
| Total | Â | Â | (184 | ) | Â | Â | (643 | ) | Â | Â | 485 | Â | Â | Â | 233 | Â |
| Income (Loss) from Continuing Operations Before Income Taxes | Â | Â | 375 | Â | Â | Â | 1,176 | Â | Â | Â | (108 | ) | Â | Â | 5,368 | Â |
| Income Tax Expense (Benefit) | Â | Â | 137 | Â | Â | Â | 387 | Â | Â | Â | (5 | ) | Â | Â | 2,148 | Â |
| Income (Loss) from Continuing Operations | Â | $ | 238 | Â | Â | $ | 789 | Â | Â | $ | (103 | ) | Â | $ | 3,220 | Â |
| Income from Discontinued Operations, net of taxes | Â | Â | - | Â | Â | Â | 5 | Â | Â | Â | - | Â | Â | Â | 63 | Â |
| Net Income (Loss) | Â | $ | 238 | Â | Â | $ | 794 | Â | Â | $ | (103 | ) | Â | $ | 3,283 | Â |
| Net Income Attributable to Noncontrolling Interests | Â | Â | 9 | Â | Â | Â | 8 | Â | Â | Â | 32 | Â | Â | Â | 23 | Â |
| Net Income (Loss) Attributable to Common Stockholders | Â | $ | 229 | Â | Â | $ | 786 | Â | Â | $ | (135 | ) | Â | $ | 3,260 | Â |
| Amounts Attributable to Common Stockholders | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
Income (loss) from continuing operations attributable to common stockholders | $ | 229 | $ | 781 | $ | (135 | ) | $ | 3,197 | |||||||
| Income (loss) from discontinued operations, net of tax | Â | Â | - | Â | Â | Â | 5 | Â | Â | Â | - | Â | Â | Â | 63 | Â |
| Net income (loss) attributable to common stockholders | Â | $ | 229 | Â | Â | $ | 786 | Â | Â | $ | (135 | ) | Â | $ | 3,260 | Â |
| Per Common Share (amounts attributable to common stockholders): | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Income (loss) from continuing operations attributable to common stockholders - basic | $ | 0.46 | $ | 1.68 | $ | (0.28 | ) | $ | 6.79 | |||||||
| Income (loss) from continuing operations attributable to common stockholders - diluted | $ | 0.46 | $ | 1.68 | $ | (0.28 | ) | $ | 6.78 | |||||||
| Income from discontinued operations, net of taxes - basic | $ | - | $ | 0.01 | $ | - | $ | 0.13 | ||||||||
| Income from discontinued operations, net of taxes - diluted | $ | - | $ | 0.01 | $ | - | $ | 0.13 | ||||||||
| Net income (loss) attributable to common stockholders - basic | $ | 0.46 | $ | 1.69 | $ | (0.28 | ) | $ | 6.92 | |||||||
| Net income (loss) attributable to common stockholders - diluted | Â | $ | 0.46 | Â | Â | $ | 1.69 | Â | Â | $ | (0.28 | ) | Â | $ | 6.91 | Â |
| Average Number of Common Shares Outstanding - Basic | Â | Â | 492 | Â | Â | Â | 459 | Â | Â | Â | 480 | Â | Â | Â | 465 | Â |
| Average Number of Common Shares Outstanding - Diluted | Â | Â | 494 | Â | Â | Â | 460 | Â | Â | Â | 480 | Â | Â | Â | 466 | Â |
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| Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Exploration Expense | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Dry hole expense | $ | 44 | $ | 92 | $ | 304 | $ | 324 | ||||||||
| Impairments of unproved properties | 128 | 276 | 476 | 681 | ||||||||||||
| Geological and geophysical expense | 47 | 70 | 105 | 192 | ||||||||||||
| Exploration overhead and other | Â | Â | 75 | Â | Â | Â | 51 | Â | Â | Â | 222 | Â | Â | Â | 172 | Â |
| Total | Â | $ | 294 | Â | Â | $ | 489 | Â | Â | $ | 1,107 | Â | Â | $ | 1,369 | Â |
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| *Realized (gain) loss on interest-rate derivatives | $ | - | $ | - | $ | (525 | ) | $ | - | |||||||
| Unrealized (gain) loss on interest-rate derivatives | $ | (267 | ) | $ | 13 | $ | (57 | ) | $ | 10 | ||||||
| Anadarko Petroleum Corporation | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Â | Â | Â | Â | |||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| Summary Financial Information | December 31, | Â | December 31, | |||||||||||||
| millions | Â | 2009 | Â | 2008 | Â | 2009 | Â | Â | 2008 | |||||||
| Cash Flow from Operating Activities | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Net income (loss) | $ | 238 | $ | 794 | $ | (103 | ) | $ | 3,283 | |||||||
| Less income from discontinued operations, net of taxes | - | 5 | - | 63 | ||||||||||||
| Depreciation, depletion and amortization | 884 | 756 | 3,532 | 3,194 | ||||||||||||
| Deferred income taxes | (157 | ) | (116 | ) | (165 | ) | (22 | ) | ||||||||
| Dry hole expense and impairments of unproved properties | 172 | 368 | 780 | 1,005 | ||||||||||||
| Impairments | 36 | 156 | 115 | 223 | ||||||||||||
| (Gains) losses on divestitures, net | - | (828 | ) | (44 | ) | (993 | ) | |||||||||
| Unrealized (gains) losses on derivatives | (356 | ) | (642 | ) | 717 | (919 | ) | |||||||||
| Reversal of accrual for DWRRA dispute | - | - | (657 | ) | - | |||||||||||
| Other noncash items | Â | Â | 52 | Â | Â | Â | 37 | Â | Â | Â | 183 | Â | Â | Â | 125 | Â |
| Discretionary Cash Flow from Continuing Operations | 869 | 520 | 4,358 | 5,833 | ||||||||||||
| (Increase) decrease in accounts receivable | (151 | ) | 463 | (290 | ) | 803 | ||||||||||
| Increase (decrease) in accounts payable and accrued expenses | 449 | (390 | ) | 269 | 158 | |||||||||||
| Other items - net | Â | Â | (67 | ) | Â | Â | (126 | ) | Â | Â | (411 | ) | Â | Â | (268 | ) |
| Cash provided by (used in) operating activities - continuing operations | 1,100 | 467 | 3,926 | 6,526 | ||||||||||||
| Cash provided by (used in) operating activities - discontinued operations | Â | Â | - | Â | Â | Â | (1 | ) | Â | Â | - | Â | Â | Â | (5 | ) |
| Net cash provided by (used in) operating activities*** | Â | $ | 1,100 | Â | Â | $ | 466 | Â | Â | $ | 3,926 | Â | Â | $ | 6,521 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| *** For the quarter and year ended December 31, 2009, net cash provided by operating activities includes zero and $552 million, respectively, attributable to realized gains on interest rate swaps. | ||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Capital Expenditures | Â | $ | 1,688 | Â | Â | $ | 1,412 | Â | Â | $ | 4,558 | Â | Â | $ | 4,881 | Â |
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| December 31, | December 31, | |||||||||||||||
| Â | Â | Â | Â | Â | Â | 2009 | Â | Â | 2008 | |||||||
| Condensed Balance Sheet | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Cash and cash equivalents | $ | 3,531 | $ | 2,360 | ||||||||||||
| Other current assets | 2,552 | 2,735 | ||||||||||||||
| Net properties and equipment | 37,204 | 37,047 | ||||||||||||||
| Other assets | 1,514 | 1,368 | ||||||||||||||
| Goodwill and other intangible assets | Â | Â | Â | Â | Â | Â | 5,322 | Â | Â | Â | 5,413 | Â | ||||
| Total Assets | Â | Â | Â | Â | Â | $ | 50,123 | Â | Â | $ | 48,923 | Â | ||||
| Current debt | $ | - | $ | 1,472 | ||||||||||||
| Other current liabilities | 3,824 | 4,064 | ||||||||||||||
| Long-term debt | 11,149 | 9,128 | ||||||||||||||
| Midstream subsidiary note to a related party | 1,599 | 1,739 | ||||||||||||||
| Other long-term liabilities | 13,136 | 13,364 | ||||||||||||||
| Stockholders' equity | 19,928 | 18,795 | ||||||||||||||
| Noncontrolling interests | Â | Â | Â | Â | Â | Â | 487 | Â | Â | Â | 361 | Â | ||||
| Total Liabilities and Equity | Â | Â | Â | Â | Â | $ | 50,123 | Â | Â | $ | 48,923 | Â | ||||
| Capitalization | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Total debt | Â | Â | Â | Â | Â | $ | 12,748 | Â | Â | $ | 12,339 | Â | ||||
| Stockholders' equity | Â | Â | Â | Â | Â | Â | 19,928 | Â | Â | Â | 18,795 | Â | ||||
| Total | Â | Â | Â | Â | Â | $ | 32,676 | Â | Â | $ | 31,134 | Â | ||||
| Capitalization Ratios | Â | Â | Â | Â | Â | Â | Â | Â | ||||||||
| Total debt | Â | Â | Â | Â | Â | Â | 39 | % | Â | Â | 40 | % | ||||
| Stockholders' equity | Â | Â | Â | Â | Â | Â | 61 | % | Â | Â | 60 | % | ||||
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | ||||||||||||||||||||
| Sales Volumes and Prices | |||||||||||||||||||||||||||
| Â | |||||||||||||||||||||||||||
| Average Daily Volumes | Sales Volumes | Average Sales Price | |||||||||||||||||||||||||
| Crude Oil & | Crude Oil & | Â | Crude Oil & | ||||||||||||||||||||||||
| Natural Gas | Condensate | NGLs | Natural Gas | Condensate | NGLs | Natural Gas | Â | Condensate | NGLs | ||||||||||||||||||
| MMcf/d | MBbls/d | MBbls/d | Bcf | MMBbls | MMBbls | Per Mcf | Â | Per Bbl | Per Bbl | ||||||||||||||||||
| Quarter Ended December 31, 2009 | |||||||||||||||||||||||||||
| United States | 2,076 | 133 | 47 | 191 | 12 | 4 | $ | 4.06 | $ | 71.06 | $ | 39.91 | |||||||||||||||
| Algeria | 43 | 4 | $ | 72.69 | |||||||||||||||||||||||
| Other International | Â | Â | 14 | Â | Â | Â | 1 | Â | Â | $ | 72.76 | Â | |||||||||||||||
| Total | 2,076 | 190 | 47 | 191 | 17 | 4 | $ | 4.06 | $ | 71.55 | $ | 39.91 | |||||||||||||||
| Â | |||||||||||||||||||||||||||
| Quarter Ended December 31, 2008 | |||||||||||||||||||||||||||
| United States | 2,197 | 92 | 38 | 202 | 8 | 4 | $ | 5.38 | $ | 52.12 | $ | 28.34 | |||||||||||||||
| Algeria | 59 | 5 | $ | 54.00 | |||||||||||||||||||||||
| Other International | Â | Â | 14 | Â | Â | Â | 1 | Â | Â | $ | 40.46 | Â | |||||||||||||||
| Total | 2,197 | 165 | 38 | 202 | 14 | 4 | $ | 5.38 | $ | 51.79 | $ | 28.34 | |||||||||||||||
| Â | |||||||||||||||||||||||||||
| Year Ended December 31, 2009 | |||||||||||||||||||||||||||
| United States | 2,217 | 120 | 47 | 809 | 44 | 17 | $ | 3.61 | $ | 58.56 | $ | 31.42 | |||||||||||||||
| Algeria | 52 | 19 | $ | 59.51 | |||||||||||||||||||||||
| Other International | Â | Â | 15 | Â | Â | Â | 5 | Â | Â | $ | 57.22 | Â | |||||||||||||||
| Total | 2,217 | 187 | 47 | 809 | 68 | 17 | $ | 3.61 | $ | 58.72 | $ | 31.42 | |||||||||||||||
| Â | |||||||||||||||||||||||||||
| Year Ended December 31, 2008 | |||||||||||||||||||||||||||
| United States | 2,049 | 108 | 39 | 750 | 40 | 14 | $ | 7.69 | $ | 96.20 | $ | 56.11 | |||||||||||||||
| Algeria | 58 | 21 | $ | 98.66 | |||||||||||||||||||||||
| Other International | Â | Â | 16 | Â | Â | Â | 6 | Â | Â | $ | 85.51 | Â | |||||||||||||||
| Total | 2,049 | 182 | 39 | 750 | 67 | 14 | $ | 7.69 | $ | 96.05 | $ | 56.11 | |||||||||||||||
| Â | |||||||||||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Â | |||||||||||||||||||||||||||
| Â | |||||||||||||||||||||||||||
| Average Daily Volumes MBOE/d | Â | Sales Volumes MMBOE | |||||||||||||||||||||||||
| Â | |||||||||||||||||||||||||||
| Quarter Ended December 31, 2009 | 583 | 53 | |||||||||||||||||||||||||
| Quarter Ended December 31, 2008 | 569 | 52 | |||||||||||||||||||||||||
| Year Ended December 31, 2009 | 604 | 220 | |||||||||||||||||||||||||
| Year Ended December 31, 2008 | 563 | 206 | |||||||||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Â | |||||||||||||||||||||||||||
Sales Revenue and Commodity Derivatives | |||||||||||||||||||||||||||
| Â | |||||||||||||||||||||||||||
| Natural Gas | Crude Oil and Condensate | NGLs | |||||||||||||||||||||||||
| Realized | Unrealized | Realized | Unrealized | Realized | Unrealized | ||||||||||||||||||||||
| (millions) | Sales | Gain (loss) | Gain (loss) | Sales | Gain (loss) | Gain (loss) | Sales | Gain (loss) | Gain (loss) | ||||||||||||||||||
| Quarter Ended December 31, 2009 | |||||||||||||||||||||||||||
| United States | $ | 776 | $ | 11 | $ | 191 | $ | 872 | $ | - | $ | (99) | $ | 171 | $ | - | $ | - | |||||||||
| Algeria | 288 | (1) | (7) | ||||||||||||||||||||||||
| Other International | Â | Â | Â | Â | Â | 94 | Â | Â | Â | Â | Â | Â | |||||||||||||||
| Total | $ | 776 | $ | 11 | $ | 191 | $ | 1,254 | $ | (1) | $ | (106) | $ | 171 | $ | - | $ | - | |||||||||
| Â | |||||||||||||||||||||||||||
| Quarter Ended December 31, 2008 | |||||||||||||||||||||||||||
| United States | $ | 1,088 | $ | 201 | $ | (124) | $ | 436 | $ | 32 | $ | 421 | $ | 99 | $ | - | $ | - | |||||||||
| Algeria | 296 | 5 | 348 | ||||||||||||||||||||||||
| Other International | Â | Â | Â | Â | Â | 53 | Â | Â | Â | Â | Â | Â | |||||||||||||||
| Total | $ | 1,088 | $ | 201 | $ | (124) | $ | 785 | $ | 37 | $ | 769 | $ | 99 | $ | - | $ | - | |||||||||
| Â | |||||||||||||||||||||||||||
| Year Ended December 31, 2009 | |||||||||||||||||||||||||||
| United States | $ | 2,924 | $ | 277 | $ | (444) | $ | 2,576 | $ | 31 | $ | (211) | $ | 536 | $ | - | $ | - | |||||||||
| Algeria | 1,142 | 7 | (68) | ||||||||||||||||||||||||
| Other International | Â | Â | Â | Â | Â | 304 | Â | Â | Â | Â | Â | Â | |||||||||||||||
| Total | $ | 2,924 | $ | 277 | $ | (444) | $ | 4,022 | $ | 38 | $ | (279) | $ | 536 | $ | - | $ | - | |||||||||
| Â | |||||||||||||||||||||||||||
| Year Ended December 31, 2008 | |||||||||||||||||||||||||||
| United States | $ | 5,770 | $ | 112 | $ | 372 | $ | 3,842 | $ | (326) | $ | 334 | $ | 802 | $ | - | $ | - | |||||||||
| Algeria | 2,089 | (124) | 193 | ||||||||||||||||||||||||
| Other International | Â | Â | Â | Â | Â | 494 | Â | Â | Â | Â | Â | Â | |||||||||||||||
| Total | $ | 5,770 | $ | 112 | $ | 372 | $ | 6,425 | $ | (450) | $ | 527 | $ | 802 | $ | - | $ | - | |||||||||
| Anadarko Petroleum Corporation | |||
| Estimated 2009 Year-end Proved Reserves | |||
| Â | |||
| MMBOE | |||
| Â | |||
| 2008 Reported Year-end Proved Reserves | 2,277 | ||
2009 Estimated Year-end Proved Reserves | Â | 2,304 | Â |
| Â | |||
| Non-Price-Related Additions (exclusive of divestments) | 314 | ||
| Price-Related Revisions | Â | (39 | ) |
| Â | |||
| Oil and Gas Exploration and Development Costs (billions) | $ | 4.66 | |
| Reserve Replacement before Price Revisions | Â | 140 | % |
| Â | |||
| 2009 Estimated Year-end Proved Developed Reserves | 70 | % | |
| 2009 Estimated Year-end Natural Gas Proved Reserves | Â | 56 | % |
 | |||
| Anadarko Petroleum Corporation | |||||||||||
| Commodity Hedge Positions (Excluding Natural Gas Basis) | |||||||||||
| As of February 1, 2010 | |||||||||||
| Â | Â | Â | Â | ||||||||
| Â | |||||||||||
| Â | |||||||||||
Volume | Weighted Average Price per MMBtu | ||||||||||
(thousand | |||||||||||
MMBtu/d) | Floor Sold | Floor Purchased | Ceiling Sold | ||||||||
| Natural Gas | |||||||||||
| Three-Way Collars | |||||||||||
2010 | 1,630 | $ | 4.22 | $ | 5.59 | $ | 8.23 | ||||
| 2011 | 480 | $ | 5.00 | $ | 6.50 | $ | 8.29 | ||||
| 2012 | 500 | $ | 5.00 | $ | 6.50 | 9.03 | |||||
| Â | |||||||||||
Fixed Price - Financial | Â | ||||||||||
2010 | 90 | $ | 6.10 | ||||||||
| 2011 | 90 | $ | 6.17 | ||||||||
| Â | |||||||||||
| Â | |||||||||||
| Â | |||||||||||
Volume | Weighted Average Price per barrel | ||||||||||
(thousand | |||||||||||
MBbls/d) | Floor Sold | Floor Purchased | Ceiling Sold | ||||||||
| Crude Oil | |||||||||||
| Three-Way Collars | |||||||||||
| 2010 | 129 | $ | 49.34 | $ | 64.34 | $ | 90.73 | ||||
2011 | 3 | $ | 35.00 | $ | 50.00 | $ | 86.00 | ||||
2012 | 2 | $ | 35.00 | $ | 50.00 | $ | 92.50 | ||||
| Interest Rate Derivatives | ||||||||||
| As of February 1, 2010 | ||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Instrument | Â | Notional Amt. | Â | Start Date | Â | Maturity | Â | Rate Paid | Â | Rate Received |
| Â | Â | Â | Â | Â | ||||||
| Swap | $750 Million | Oct-2011 | Oct-2021 | 4.72% | 3M LIBOR | |||||
| Swap | $1,250 Million | Oct-2011 | Oct-2041 | 4.83% | 3M LIBOR | |||||
| Swap | $250 Million | Oct-2012 | Oct-2022 | 4.91% | 3M LIBOR | |||||
| Swap | $750 Million | Oct-2012 | Oct-2042 | 4.80% | 3M LIBOR | |||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Anadarko Petroleum Corporation | |||||
| Natural Gas Basis Hedge Positions | |||||
| As of February 1, 2010 | |||||
| Â | Â | ||||
Volume (thousand MMBtu/d) | Price per MMBtu | ||||
| Basis Swaps | |||||
| 2010 | |||||
| Mid Continent | 125 | $ | (0.83 | ) | |
| Rocky Mountains | 495 | $ | (1.01 | ) | |
| 620 | $ | (0.98 | ) | ||
| Â | |||||
| 2011 | 15 | $ | (0.76 | ) | |
| Mid Continent | 30 | $ | (2.22 | ) | |
| Rocky Mountains | 45 | $ | (1.74 | ) | |
| Â | |||||
| Â | |||||
| Â | |||||
| Rockies Export Firm Transportation | |||||
| As of February 1st 2010 | |||||
| (Only shown through 2012) | |||||
| Daily Volume (MMBtu's) | |||||
| by Pricing Point | |||||
| Delivery/Pricing Point | |||||
| 2010 | |||||
| Mid Continent | 491 | ||||
| West Coast | 87 | ||||
| San Juan | 15 | ||||
| 593 | |||||
| 2011 | |||||
| Mid Continent | 491 | ||||
| West Coast* | 283 | ||||
| Mid West** | 250 | ||||
| 1,024 | |||||
| 2012*** | |||||
| Mid Continent | 491 | ||||
| West Coast | 283 | ||||
| Mid West | 250 | ||||
| 1,024 | |||||
| Â | |||||
| Â | |||||
| *New agreement with Ruby estimated to begin in March 2011. | |||||
**New agreement with Bison estimated to begin in November 2010. | |||||
| ***It is assumed that any export contracts set to expire in 2012 will be extended. | |||||
Contacts:
Anadarko Petroleum Corporation
Media:
John
Christiansen, 832-636-8736
john.christiansen@anadarko.com
or
Matt
Carmichael, 832-636-2845
matt.carmichael@anadarko.com
or
Investors:
John
Colglazier, 832-636-2306
john.colglazier@anadarko.com
or
Chris
Campbell, CFA, 832-636-8434
chris.campbell@anadarko.com
or
Dean
Hennings, 832-636-2462
dean.hennings@anadarko.com