Anadarko Petroleum Corporation
Company Summary
Description
Anadarko is among the world’s largest independent oil and natural gas exploration and production companies, with 2.06 BBOE of proved reserves at year-end 2015. Anadarko's strategy focuses on: - Explore in high-potential, proven basins - Identify and commercialize resources - Employ global business development approach - Ensure financial discipline and flexibilityWebsite
http://www.anadarko.com/About/Operational Regions
- Gulf of Mexico
- Wattenberg Field
- Marcellus Shale
- Eagle Ford
- Maverick Basin
- East Texas/Louisiana
- Haynesville-Bossier Shale
- Permian Basin
- Delaware Basin
- Wolfcamp
- Woodbine/Eaglebine
- Uinta Basin
- Greater Natural Buttes
- Powder River Basin
- Green River Basin
- Washakie Basin
- Africa
- South America
Financial Data:
NYSE:APC from Google FinanceTickers:
-
APC - New York Stock Exchange
Related Entities
- Anadarko E&P Onshore LLC
- Anadarko Energy Services Co
- Anadarko Gathering Company LLC
- Anadarko Marcellus Midstream, LLC
- Anadarko Moçambique Área 1, Lda
- Anadarko Us Offshore Corporation
- DBM Oil Services, LLC
- Mozambique LNG1 Company Pte. Ltd.
- Ranch Westex JV LLC
- Saddlehorn Pipeline Company, LLC
- Western Midstream Operating, LP
- Western Midstream Partners, LP
Firm Transport Commitments
Project: Atlantic Sunrise Pipeline
Firm Commitment: 44,048 Dth/d
Project: Red Bluff Express Pipeline
Firm Commitment: 0
Project: Cactus II Pipeline
Firm Commitment: 0
Asset: Midland to ECHO Crude Oil Pipeline System
Firm Commitment: 0
Recent news
- 2/11/2020 - Occidental Expects to... (subscriber access)
- 1/13/2020 - Oxy's Costless Oil Hedge... (subscriber access)
- 1/9/2020 - Oxy Initiating Layoff... (subscriber access)
- 11/25/2019 - Carl Icahn Reportedly... (subscriber access)
- 11/6/2019 - Total Researching... (subscriber access)
Investor Presentations
- 4Q18 Operations Report
- 2018 BoA Merrill Lynch Conference - 2019 Guidance (subscriber access)
- 3Q18 Operations Report (subscriber access)
- 2Q18 Operations Report (subscriber access)
- 1Q18 Investor Presentation (subscriber access)
- 1Q18 Operations Report (subscriber access)
- Fourth Quarter 2017 Operations Report (subscriber access)
- Fourth Quarter 2017 Earnings Slides (subscriber access)
- 3Q17 Operations Report (subscriber access)
- 2Q17 Investor Presentation (subscriber access)
- 2Q17 Operations Report (subscriber access)
- 1Q17 Investor Report (subscriber access)
- 1Q17 Operations Report (subscriber access)
- 2017 Capital Spending and Production Guidance (subscriber access)
- Investor Presentation - March 2017 (subscriber access)
- 4Q16 Earnings Presentation (subscriber access)
- 3Q16 Operations Report (subscriber access)
- Enercom Presentation - August 2016 (subscriber access)
- 2Q16 Investor Presentation (subscriber access)
- UBS Global Oil & Gas Conference - May 2016 (subscriber access)
- 1Q16 Review (subscriber access)
- 1Q16 Operations Report (subscriber access)
- Howard Weil Conference March 2016 - Appendix (subscriber access)
- Howard Weil Conference March 2016 (subscriber access)
- 4Q15 Earnings Call (subscriber access)
Company Transactions
Date: 12/31/2019
Type: Acquisition
BUYERS:
Occidental Petroleum Corporation
SELLERS:
Anadarko Petroleum Corporation
DETAILS:
COST: 57 $B
NOTES:
Occidental delivered a letter to Anadarko setting forth the terms of a superior proposal by Occidental to acquire Anadarko for $76.00 per share consisting of 78% cash and 22% stock.
Occidental delivered a letter to Anadarko setting forth the terms of a superior proposal by Occidental to acquire Anadarko for $76.00 per share consisting of 78% cash and 22% stock.
REGIONS:
DJ Basin
Permian Basin
Gulf of Mexico
International
Date: 12/31/2019
Type: Acquisition
NOTES:
Occidental has signed a contingent deal with Total to sell them Anadarko's assets in Africa for $8.8 billion if Oxy's bid to purchase Anadarko is completed. The assets include projects in Algeria, Ghana, Mozambique and South Africa and proceeds would cover a portion of the cash consideration proposed by Occidental.
Occidental has signed a contingent deal with Total to sell them Anadarko's assets in Africa for $8.8 billion if Oxy's bid to purchase Anadarko is completed. The assets include projects in Algeria, Ghana, Mozambique and South Africa and proceeds would cover a portion of the cash consideration proposed by Occidental.
REGIONS:
Africa
Date: 9/30/2019
Type: Acquisition
NOTES:
Total closed the $3.9 billion acquisition of a 26.5% operating stake in the Mozambique LNG project.
Total closed the $3.9 billion acquisition of a 26.5% operating stake in the Mozambique LNG project.
REGIONS:
Africa
Date: 3/31/2019
Type: Acquisition
BUYERS:
Western Midstream Operating, LP
SELLERS:
Anadarko Petroleum Corporation
DETAILS:
COST: 4.015 $B
NOTES:
Acquired Permian Basin assets include DBM Oil Services (100% interest), APC Water Holdings (100% interest), the Bone Spring Gas Plant (50% non-operated interest), and the MiVida Gas Plant (50% non-operated interest.) DH Basin assets include the DJ Basin Oil System and the Wattenberg Plant. Additionally, the deal includes a 20% non-op stake in Saddlehorn Pipeline, a 15% non-op stake in Panola Pipeline and a 100% stake in the Wamsutter Pipeline.
Acquired Permian Basin assets include DBM Oil Services (100% interest), APC Water Holdings (100% interest), the Bone Spring Gas Plant (50% non-operated interest), and the MiVida Gas Plant (50% non-operated interest.) DH Basin assets include the DJ Basin Oil System and the Wattenberg Plant. Additionally, the deal includes a 20% non-op stake in Saddlehorn Pipeline, a 15% non-op stake in Panola Pipeline and a 100% stake in the Wamsutter Pipeline.
REGIONS:
Permian Basin
DJ Basin
Lower 48
Date: 3/30/2019
Type: Acquisition
NOTES:
Anadarko spent $24 million on March 20, 2019, for U.S. Gulf of Mexico oil and gas leases.
Anadarko spent $24 million on March 20, 2019, for U.S. Gulf of Mexico oil and gas leases.
REGIONS:
Gulf of Mexico
Date: 6/4/2018
Type: Acquisition
BUYERS:
ConocoPhillips Company
SELLERS:
Anadarko Petroleum Corporation
ASSETS:
Alpine Pipeline
DETAILS:
COST: 400 $MM
VOLUMES: 13.86 MBOE/d
ACRES: 264000 Acres
NOTES:
ConocoPhillips has entered into a deal with Anadarko to acquire its 22% share of the Western North Slope of Alaska (1.2 million gross acres, 264,000 net) and interest in the Alpine Pipeline
ConocoPhillips has entered into a deal with Anadarko to acquire its 22% share of the Western North Slope of Alaska (1.2 million gross acres, 264,000 net) and interest in the Alpine Pipeline
REGIONS:
North Slope
Date: 5/2/2018
Type: Acquisition
BUYERS:
Stone Energy Corp.
SELLERS:
Shell Offshore Inc
Shell plc.
Anadarko Us Offshore Corporation
Anadarko Petroleum Corporation
ExxonMobil Corporation
DETAILS:
VOLUMES: 6.1 MBOE/d
NOTES:
Production for the Ram Powell field averaged approximately 6,100 barrels of oil equivalent per day during 2017. The Ram Powell TLP is located in 3,200 feet of water in Viosca Knoll Area, Block 956, and is capable of processing 60,000 barrels of oil per day and 200 million cubic feet of gas per day.
Production for the Ram Powell field averaged approximately 6,100 barrels of oil equivalent per day during 2017. The Ram Powell TLP is located in 3,200 feet of water in Viosca Knoll Area, Block 956, and is capable of processing 60,000 barrels of oil per day and 200 million cubic feet of gas per day.
REGIONS:
Gulf of Mexico
Date: 12/31/2017
Type: Acquisition
NOTES:
Anadarko has entered into a deal to divest its Moxa asset in southwestern Wyoming for $350 million by year-end 2017.
Anadarko has entered into a deal to divest its Moxa asset in southwestern Wyoming for $350 million by year-end 2017.
REGIONS:
Rockies
Date: 9/30/2017
Type: Acquisition
NOTES:
During the third quarter, Devon added 5,000 acres through acreage swaps
During the third quarter, Devon added 5,000 acres through acreage swaps
REGIONS:
Delaware Basin
Date: 6/30/2017
Type: Acquisition
BUYERS:
Brazos Valley Longhorn, L.L.C.
DETAILS:
COST: 625 $MM
VOLUMES: 7.58 MBOE/d
ACRES: 111000 Acres
NOTES:
Approximately 111,000 net acres (95% held by production) in Burleson, Brazos, Lee, Milam, Robertson, and Washington Counties next to WRD’s existing acreage position Approximately 7.6 MBoe/d of net production for fourth quarter 2016 consisting of approximately 72% oil and 89% liquids from 68 Eagle Ford, 299 Austin Chalk, 19 Buda/Georgetown operated wells 949 net Eagle Ford locations and 22.9 MMBoe of proved developed producing reserves (73% oil and 88% liquids)
Approximately 111,000 net acres (95% held by production) in Burleson, Brazos, Lee, Milam, Robertson, and Washington Counties next to WRD’s existing acreage position Approximately 7.6 MBoe/d of net production for fourth quarter 2016 consisting of approximately 72% oil and 89% liquids from 68 Eagle Ford, 299 Austin Chalk, 19 Buda/Georgetown operated wells 949 net Eagle Ford locations and 22.9 MMBoe of proved developed producing reserves (73% oil and 88% liquids)
REGIONS:
Eagle Ford
Date: 3/31/2017
Type: Acquisition
DETAILS:
COST: 45 $MM
NOTES:
Williams Partners sold each of them half of its 33 1/3 percent interest in Ranch Westex JV LLC, owner of the Bone Springs gas processing plant in the Delaware Basin, for a total of $45 million in cash ($22.5 million each).
Williams Partners sold each of them half of its 33 1/3 percent interest in Ranch Westex JV LLC, owner of the Bone Springs gas processing plant in the Delaware Basin, for a total of $45 million in cash ($22.5 million each).
REGIONS:
Delaware Basin
Date: 3/31/2017
Type: Acquisition
BUYERS:
Alta Resources, LLC
SELLERS:
Anadarko Petroleum Corporation
DETAILS:
COST: 1.24 $B
VOLUMES: 470 Mmcf/d
ACRES: 195000 Acres
REGIONS:
Marcellus Shale
Date: 3/2/2017
Type: Acquisition
SELLERS:
Anadarko Petroleum Corporation
DETAILS:
COST: 2.1 $B
VOLUMES: 66.83 MBOE/d
ACRES: 155000 Acres
NOTES:
Anadarko entered an agreement to sell 155,000 net acres in Dimmit and Webb counties, TX. The assets to be divested were producing 45.0 Mbbls/d of liquids and 131 MMcf/d of natural gas at the end of the fourth quarter of 2016.
Anadarko entered an agreement to sell 155,000 net acres in Dimmit and Webb counties, TX. The assets to be divested were producing 45.0 Mbbls/d of liquids and 131 MMcf/d of natural gas at the end of the fourth quarter of 2016.
REGIONS:
Eagle Ford
Date: 12/15/2016
Type: Acquisition
BUYERS:
Anadarko Petroleum Corporation
SELLERS:
Freeport McMoRan Oil & Gas
DETAILS:
COST: 2 $B
VOLUMES: 80 MBOE/d
NOTES:
Anadarko entered into a definitive agreement to acquire the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2.0 billion.
Anadarko entered into a definitive agreement to acquire the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2.0 billion.
REGIONS:
Gulf of Mexico
Date: 11/17/2016
Type: Acquisition
NOTES:
The acquired assets include Carthage upstream and midstream assets in the Haynesville Shale play. CCI will now own over 160,000 net acres in East Texas with daily net production of 320 MMcfe/d.
The acquired assets include Carthage upstream and midstream assets in the Haynesville Shale play. CCI will now own over 160,000 net acres in East Texas with daily net production of 320 MMcfe/d.
REGIONS:
Haynesville-Bossier Shale
Date: 9/30/2016
Type: Acquisition
NOTES:
Sale of the Companies Hugoton Assets
Sale of the Companies Hugoton Assets
REGIONS:
Midcontinent
Date: 9/30/2016
Type: Acquisition
NOTES:
Sale of the Company's Elm Grove Assets
Sale of the Company's Elm Grove Assets
REGIONS:
East Texas/Louisiana
Date: 9/30/2016
Type: Acquisition
NOTES:
Sale of the Companies Hearne Assets
Sale of the Companies Hearne Assets
REGIONS:
Texas and Producing Region
Date: 6/30/2016
Type: Acquisition
NOTES:
Sale of the Company's East Chalk assets
Sale of the Company's East Chalk assets
REGIONS:
Austin Chalk
Date: 3/15/2016
Type: Acquisition
BUYERS:
Western Midstream Operating, LP
ASSETS:
Maverick Basin Gathering System
DETAILS:
COST: 750 $MM
NOTES:
Anadarko also announced an agreement with Western Gas Partners, LP (NYSE: WES), whereby WES will acquire a 100-percent interest in Springfield Pipeline LLC, from Anadarko for $750 million. Springfield's sole asset is a 50.1-percent interest in the Maverick Basin gathering system, located in Dimmit, La Salle, Maverick and Webb counties in South Texas. The transaction is expected to close by March 15, 2016, subject to applicable regulatory approvals and other contractual conditions.
Anadarko also announced an agreement with Western Gas Partners, LP (NYSE: WES), whereby WES will acquire a 100-percent interest in Springfield Pipeline LLC, from Anadarko for $750 million. Springfield's sole asset is a 50.1-percent interest in the Maverick Basin gathering system, located in Dimmit, La Salle, Maverick and Webb counties in South Texas. The transaction is expected to close by March 15, 2016, subject to applicable regulatory approvals and other contractual conditions.
REGIONS:
Eagle Ford
Date: 2/23/2016
Type: Acquisition
NOTES:
On Feb. 23, 2016, Anadarko closed an agreement, under which it sold a portion of its future royalties associated with existing soda ash and coal leases in Sweetwater County, Wyo., to a third party for $420 million.
On Feb. 23, 2016, Anadarko closed an agreement, under which it sold a portion of its future royalties associated with existing soda ash and coal leases in Sweetwater County, Wyo., to a third party for $420 million.
News & Press Releases
Criterion News
- 2/11/2020 - Occidental Expects to... (subscriber access)
- 1/13/2020 - Oxy's Costless Oil Hedge... (subscriber access)
- 1/9/2020 - Oxy Initiating Layoff... (subscriber access)
- 11/25/2019 - Carl Icahn Reportedly... (subscriber access)
- 11/6/2019 - Total Researching... (subscriber access)
- 11/5/2019 - Occidental Reports 3Q19... (subscriber access)
- 11/5/2019 - Occidental Reports 3Q19... (subscriber access)
- 10/15/2019 - Occidental Expects to... (subscriber access)
- 9/30/2019 - Mozambique Anticipates... (subscriber access)
- 9/30/2019 - Total Closes $3.9... (subscriber access)
- 9/30/2019 - Occidental Petroleum... (subscriber access)
- 9/20/2019 - Oxy Aiming to Divest... (subscriber access)
- 8/21/2019 - Anadarko Bids for Key... (subscriber access)
- 8/15/2019 - Oxy Expecting Reduced... (subscriber access)
- 8/13/2019 - Occidental's Finance... (subscriber access)
- 8/9/2019 - Oxy Closes on $55 Billion Acquisition of Anadarko Petroleum
- 8/7/2019 - Oxy Sells $13B in Debt... (subscriber access)
- 7/30/2019 - Anadarko Cited that Oxy Does Not Have Enough Cash for Dividend Payments Through 2022
- 7/29/2019 - Anadarko Reports 2Q19... (subscriber access)
- 7/29/2019 - Anadarko Reports 2Q19... (subscriber access)
- 7/29/2019 - Anadarko Reports 2Q19... (subscriber access)
- 7/29/2019 - Anadarko Reports 2Q19... (subscriber access)
- 7/29/2019 - Anadarko Reports 2Q19... (subscriber access)
- 7/22/2019 - Carl Icahn Believes... (subscriber access)
- 7/22/2019 - Occidental Mails Letter... (subscriber access)
- 7/19/2019 - Icahn Launches Formal... (subscriber access)
- 7/16/2019 - Gulf of Mexico Producers... (subscriber access)
- 7/10/2019 - Anadarko Removes All... (subscriber access)
- 7/9/2019 - Mozambique Delays... (subscriber access)
- 7/8/2019 - Anadarko Sets July 11... (subscriber access)
Press Releases
- TechnipFMC – through its subsidiary FMC Technologies, Inc. - Subsea Trees, Completion Workover Riser & Installation Workover Control System, Subsea Controls System, Subsea Connectors and Production Manifolds
- TechnipFMC – through its subsidiary Technip Mozambique, Lda. - Aftermarket services in Mozambique
- Oceaneering International, Inc. – Subsea Umbilicals and Distribution Hardware
- Oceaneering International GMBH – Aftermarket services in Mozambique
- Advanced Technology Valve S.p.A. – Pipeline Subsea Ball and Subsea Gate Valves
- Cameron Italy, S.R.L. – Subsea Chemical Injection Metering Valves
- TechnipFMC and VanOord – for the engineering, procurement, construction and installation (EPCI) of the offshore subsea system
- A consortium consisting of McDermott, Chiyoda and Saipem (CCS JV) – the Engineering, Procurement and Construction (EPC) contracts for the Mozambique LNG liquefaction facility and support facilities.
- Eni (NYSE: E) – one of the global oil and gas super-players – operating in 67 countries worldwide, 30,000 employees, with upstream, midstream and downstream operations
- Occidental Petroleum Corporation (NYSE: OXY) – exploration and production operations in the U.S., Middle East and Latin America, with significant midstream and chemical business units
- Anschutz Exploration Corporation (PRIVATE) – independent oil and gas company with current projects in the Powder River and Washakie Basins of Wyoming, the Piceance and DJ Basins of Colorado and the Unita Basin of Utah
- Bonanza Creek Energy (NYSE: BCEI) – independent E&P with operations focused in the Wattenberg Field in the DJ Basin of Colorado and the Cotton Valley sands of southern Arkansas
- PDC Energy (NASDAQ: PDCE) – operates in two geographically distinct areas of the country, with primary interests in the DJ Basin's Wattenberg field in Weld County, Colorado, and in Reeves and Culberson Counties, West Texas, in the Delaware basin
- Whiting Petroleum (NYSE: WLL) – a top crude oil producer in the Bakken-Three Forks play in North Dakota and operator of substantial assets in northern Colorado
- Denbury Resources (NYSE: DNR) – operations in two key operating areas, the Gulf Coast and Rocky Mountain regions, with combination of exploitation, drilling and CO2 enhanced oil recovery operations
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations;
- corporate annual reports;
- company investor presentations;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Oil & Gas 360® - an online daily industry news portal; and
- EnerCom 360 - the online magazine.
- Eni (NYSE: E) – one of the global oil and gas super-players – operating in 67 countries worldwide, 30,000 employees, with upstream, midstream and downstream operations
- Occidental Petroleum Corporation (NYSE: OXY) – exploration and production operations in the U.S., Middle East and Latin America, with significant midstream and chemical business units; Oxy made the winning offer to acquire Anadarko Petroleum (NYSE: APC), beating an offer from Chevron
- Cabot Oil & Gas Corporation (NYSE: COG) – one of the largest Marcellus-focused gas producers; Cabot's 2019 capital budget is approximately $800 million; for 2019 Cabot plans to drill and complete 85 to 90 net wells and place 80 to 85 net wells on production
- Liberty Oilfield Services (NYSE: LBRT) – premier technology-driven hydraulic fracturing services company with highly experienced crews, proprietary technology, robust inventory of state-of-the-art equipment, originator of "The Quiet Fleet"
- Goodrich Petroleum Corporation (NYSE: GDP) – natural gas-focused E&P with operations in the Haynesville Shale, TMS, Eagle Ford
- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations;
- corporate annual reports;
- company investor presentations;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Oil & Gas 360® - an online daily industry news portal; and
- EnerCom 360 - the online magazine.
- Reached $3.75 billion of total share repurchases, representing 12 percent of shares outstanding
- Retired more than $600 million of debt during the year
- Increased the per-share dividend from 5 cents to 30 cents
- Announced Western Gas simplification transaction and $4 billion midstream asset sale
- Significantly expanded Delaware Basin oil, natural gas, and water infrastructure
- Positioned Mozambique LNG for expected sanctioning decision in the first half of 2019
APC INVESTOR ALERT - Bronstein, Gewirtz & Grossman, LLC Reminds Anadarko Petroleum Corporation Investors With Losses Exceeding $200K of Class Action and Encourages Investors to Contact the Firm
Source: PR Newswire
NEW YORK, April 7, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Anadarko Petroleum Corporation ("Anadarko" or the Company") (NYSE: APC), now a wholly-owned subsidiary of Occidental Petroleum Corporation (NYSE: OXY), and certain of its officers, on behalf of shareholders who purchased Anadarko securities between February 20, 2015 and May 2, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/apc.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated; (2) the Company lacked effective internal control over financial reporting; (3) as a result of the foregoing, Defendants' statements about the Company's Shenandoah assets lacked a reasonable basis; and (4) accordingly, the Company's public statements were materially false and misleading at all relevant times.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/apc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Anadarko you have until April 20, 2020 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/apc-investor-alert---bronstein-gewirtz--grossman-llc-reminds-anadarko-petroleum-corporation-investors-with-losses-exceeding-200k-of-class-action-and-encourages-investors-to-contact-the-firm-301036513.html
SOURCE Bronstein, Gewirtz & Grossman, LLC
Article Date
4/7/2020Kessler Topaz Meltzer & Check, LLP Files A Shareholder Class Action Lawsuit Against Anadarko Petroleum Corporation For Violations Of Federal Securities Laws
Source: PR Newswire
RADNOR, Pa., Feb. 19, 2020 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that the firm has filed a securities fraud class action lawsuit against Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko") on behalf of investors who purchased or acquired Anadarko common stock between February 20, 2015 and May 2, 2017, inclusive (the "Class Period"). This action, captioned Georgia Firefighters' Pension Fund v. Anadarko Petroleum Corporation, et al., Case No. 4:20-cv-00576, was filed in the United States District Court for the Southern District of Texas, Houston Division.
Important Deadline Reminder: Investors who purchased or otherwise acquired Anadarko common stock during the Class Period may, no later than April 20, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit www.ktmc.com/anadarko-petroleum-securities-class-action.
Anadarko is an energy company that develops oil and natural gas resources in the United States and worldwide. In August 2019, Anadarko became an indirect, wholly owned subsidiary of Occidental Petroleum Corporation ("Occidental"). Prior to Anadarko's acquisition by Occidental, Anadarko common stock traded on the New York Stock Exchange under the ticker symbol "APC." In 2009, Anadarko discovered the "Shenandoah" oil field in the Gulf of Mexico. After drilling an initial exploratory well named Shenandoah-1, Anadarko spent the following eight years appraising the field by drilling and evaluating five appraisal wells (Shenandoah-2, Shenandoah-3, Shenandoah-4, Shenandoah-5 and Shenandoah-6). During that time, including throughout the Class Period, the defendants made repeated positive representations about the prospects and value of the Shenandoah assets.
The Class Period commences on February 20, 2015, when Anadarko filed its annual report for the year ended December 31, 2014, with the SEC on a Form 10-K. In its annual report, Anadarko reported that it had "spud the Shenandoah-3 well," which had "found approximately 50% (1,470 feet) more of the same reservoir sands 1,500 feet down-dip and 2.3 miles east of the Shenandoah-2 well, which encountered over 1,000 feet of net oil pay in excellent quality Lower Tertiary-aged sands." Anadarko further stated that "[t]he Shenandoah-3 well confirmed the sand depositional environment, lateral sand continuity, excellent reservoir qualities, and down-dip thickening." Defendants continued to make additional positive representations about the Shenandoah assets and touted the progress of Shenandoah.
The truth about the value of Anadarko's Shenandoah assets was partially disclosed on May 2, 2017, when Anadarko filed financial results with the SEC on a Form 10-Q, for the first quarter of 2017. In the financial results, Anadarko recorded a $467 million impairment charge and expensed $435 million in suspended exploratory well costs related to the Shenandoah project. Anadarko stated that "[g]iven the results of [Shenandoah-6] and the present commodity-price environment, [Anadarko] has currently suspended further appraisal activities," and the Shenandoah exploratory well costs could no longer be capitalized. Following this news, the price of Anadarko common stock fell $4.33 per share, or approximately 8%, from a close of $56.28 per share on May 2, 2017, to close at $51.95 per share on May 3, 2017. However, this partial disclosure did not fully inform investors about Anadarko's scheme. Indeed, investors did not learn that defendants had fraudulently overstated the value of the Shenandoah assets until November 4, 2019, when allegations in a whistleblower case against Anadarko were publicly disclosed in an opinion from the Fifth Circuit Court of Appeals in Frye v. Anadarko Petroleum Corp., No. 18-20543 (5th Cir.).
The complaint alleges that, throughout the Class Period, the defendants misrepresented and/or failed to disclose that: (1) the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated; (2) Anadarko lacked effective internal control over financial reporting; and (3) as a result of the foregoing, the defendants' statements about Anadarko's Shenandoah assets lacked a reasonable basis.
If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 887-9500 or (610) 667–7706, or via e-mail at info@ktmc.com.
Anadarko investors may, no later than April 20, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
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View original content:SOURCE Kessler Topaz Meltzer & Check, LLP
Article Date
2/20/20207/26/2019 - Anadarko Announces 2019 Second-Quarter Results
Anadarko Announces 2019 Second-Quarter Results
Source: PR Newswire
HOUSTON, July 26, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2019 second‑quarter results, reporting a net loss attributable to common stockholders of $1.025 billion, or $2.09 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $1.274 billion, or $2.60 per share (diluted), on an after-tax basis,(1) which includes the Chevron merger termination fee and other merger transaction costs of $1.042 billion. Net cash provided by operating activities totaled $776 million for the quarter.
SECOND-QUARTER 2019 OPERATIONAL HIGHLIGHTS
Anadarko's second-quarter 2019 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 68 million barrels of oil equivalent (BOE), or an average of 744,000 BOE per day, which included 434,000 barrels of oil per day (BOPD).
Anadarko's U.S. onshore assets averaged sales volume of 484,000 BOE per day during the second quarter of 2019, which included 207,000 BOPD. Anadarko's Gulf of Mexico averaged 158,000 BOE per day in the quarter, which included 130,000 BOPD. Internationally, the company averaged 102,000 BOE per day during the second quarter, which included 97,000 BOPD.
On June 18, 2019, Anadarko and the co-venturers in Mozambique's Offshore Area 1 announced a Final Investment Decision (FID), officially confirming the Mozambique LNG project is advancing to the construction phase. The Anadarko-led Area 1 Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 million tonnes per annum to support the development of the Golfinho/Atum fields located entirely within Offshore Area 1.
FINANCIAL DATA
Eight pages of summary financial data follow, including current hedge positions and a reconciliation of "divestiture-adjusted" or "same-store" sales.
(1) | See the accompanying table for details of certain items affecting comparability. |
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 2018, the company had 1.47 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully plan, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2018 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
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.
Quarter Ended June 30, 2019 | ||||||||||||
Before | After | Per Share | ||||||||||
millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
Net income (loss) attributable to common stockholders (GAAP) | $ | (1,025) | $ | (2.09) | ||||||||
Adjustments for certain items affecting comparability | ||||||||||||
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives (after noncontrolling interest)* | $ | (227) | (175) | (0.36) | ||||||||
Gains (losses) on divestitures, net | 6 | 5 | 0.01 | |||||||||
Lower-of-cost-or-market inventory adjustments | (6) | (5) | (0.01) | |||||||||
Merger transaction costs | (1,042) | (1,042) | (2.12) | |||||||||
Exploration assets - impairments | (38) | (29) | (0.06) | |||||||||
Reorganization-related charges | (15) | (11) | (0.02) | |||||||||
Change in uncertain tax positions | (17) | (0.04) | ||||||||||
Certain items affecting comparability | $ | (1,322) | (1,274) | (2.60) | ||||||||
Adjusted net income (loss) (Non-GAAP) | $ | 249 | $ | 0.51 | ||||||||
* | Includes $(232) million related to interest-rate derivatives (after noncontrolling interest) and $5 million related to commodity derivatives. |
Quarter Ended June 30, 2018 | ||||||||||||
Before | After | Per Share | ||||||||||
millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
Net income (loss) attributable to common stockholders (GAAP) | $ | 29 | $ | 0.05 | ||||||||
Adjustments for certain items affecting comparability | ||||||||||||
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* | $ | (267) | (205) | (0.40) | ||||||||
Gains (losses) on divestitures, net | 52 | 39 | 0.07 | |||||||||
Impairments | ||||||||||||
Producing properties (after noncontrolling interest) | (45) | (35) | (0.07) | |||||||||
Exploration assets | (41) | (31) | (0.06) | |||||||||
Contingency accrual | (13) | (10) | (0.02) | |||||||||
Change in uncertain tax positions | (7) | (0.01) | ||||||||||
Certain items affecting comparability | $ | (314) | (249) | (0.49) | ||||||||
Adjusted net income (loss) (Non-GAAP) | $ | 278 | $ | 0.54 | ||||||||
* | Includes $32 million related to interest-rate derivatives, $(298) million related to commodity derivatives, and $(1) million related to gathering, processing, and marketing sales. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management believes that the presentation of Adjusted EBITDAX (Margin) provides information useful in assessing the Company's operating and financial performance across periods.
Three Months Ended | Six Months Ended | ||||||||||||||
millions | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net income (loss) attributable to common stockholders (GAAP) | $ | (1,025) | $ | 29 | $ | (1,040) | $ | 150 | |||||||
Interest expense | 249 | 237 | 502 | 465 | |||||||||||
Income tax expense (benefit) | 209 | 125 | 375 | 251 | |||||||||||
Depreciation, depletion, and amortization | 1,161 | 1,003 | 2,242 | 1,993 | |||||||||||
Exploration expense* | 90 | 94 | 139 | 262 | |||||||||||
(Gains) losses on divestitures, net | (6) | (52) | (1) | (28) | |||||||||||
Impairments | — | 128 | — | 147 | |||||||||||
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives | 255 | 267 | 571 | 240 | |||||||||||
Reorganization-related charges | 15 | — | 33 | — | |||||||||||
Merger transaction costs | 1,042 | — | 1,042 | — | |||||||||||
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) | $ | 1,990 | $ | 1,831 | $ | 3,863 | $ | 3,480 | |||||||
Total barrels of oil equivalent (MMBOE) | 68 | 58 | 132 | 116 | |||||||||||
Consolidated Adjusted EBITDAX (Margin) per BOE | $ | 29.26 | $ | 31.57 | $ | 29.27 | $ | 30.00 | |||||||
* | Includes reorganization-related charges of $1 million for the six months ended June 30, 2019. |
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 WES is useful because WES is a separate public company with its own capital structure.
June 30, 2019 | |||||||||||||
Anadarko | |||||||||||||
Anadarko | WES* | excluding | |||||||||||
millions | Consolidated | Consolidated | WES | ||||||||||
Total debt (GAAP) | $ | 18,229 | $ | 7,489 | $ | 10,740 | |||||||
Less cash and cash equivalents | 1,394 | 96 | 1,298 | ||||||||||
Net debt (Non-GAAP) | $ | 16,835 | $ | 7,393 | $ | 9,442 | |||||||
Anadarko | |||||||||||||
Anadarko | excluding | ||||||||||||
millions | Consolidated | WES | |||||||||||
Net debt | $ | 16,835 | $ | 9,442 | |||||||||
Total equity | 9,331 | 7,773 | |||||||||||
Adjusted capitalization | $ | 26,166 | $ | 17,215 | |||||||||
Net debt to adjusted capitalization ratio | 64 | % | 55 | % | |||||||||
* | Western Midstream Partners, LP (WES) is a publicly traded consolidated subsidiary of Anadarko. |
Anadarko Petroleum Corporation | |||||||||||||||
Cash Flow Information | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
millions | 2019 | 2018 | 2019 | 2018 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||||
Net income (loss) | $ | (945) | $ | 17 | $ | (849) | $ | 191 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||
Depreciation, depletion, and amortization | 1,161 | 1,003 | 2,242 | 1,993 | |||||||||||
Deferred income taxes | (55) | (15) | (54) | 27 | |||||||||||
Dry hole expense and impairments of unproved properties | 41 | 43 | 41 | 149 | |||||||||||
Impairments | — | 128 | — | 147 | |||||||||||
(Gains) losses on divestitures, net | (6) | (52) | (1) | (28) | |||||||||||
Total (gains) losses on derivatives, net | 254 | 437 | 569 | 473 | |||||||||||
Operating portion of net cash received (paid) in settlement of derivative instruments | 1 | (171) | 2 | (234) | |||||||||||
Other | 70 | 65 | 112 | 139 | |||||||||||
Changes in assets and liabilities | 255 | (230) | (157) | (202) | |||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 776 | $ | 1,225 | $ | 1,905 | $ | 2,655 | |||||||
Net Cash Provided by (Used in) Investing Activities | $ | (1,257) | $ | (1,943) | $ | (2,785) | $ | (3,056) | |||||||
Net Cash Provided by (Used in) Financing Activities | $ | (149) | $ | (319) | $ | 980 | $ | (1,826) | |||||||
Anadarko Petroleum Corporation | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
Summary Financial Information | June 30, | June 30, | |||||||||||||
millions except per-share amounts | 2019 | 2018 | 2019 | 2018 | |||||||||||
Consolidated Statements of Income | |||||||||||||||
Revenues and Other | |||||||||||||||
Oil sales | $ | 2,470 | $ | 2,265 | $ | 4,566 | $ | 4,392 | |||||||
Natural-gas sales | 205 | 203 | 525 | 450 | |||||||||||
Natural-gas liquids sales | 216 | 318 | 456 | 610 | |||||||||||
Gathering, processing, and marketing sales | 465 | 382 | 935 | 742 | |||||||||||
Gains (losses) on divestitures and other, net | 86 | 123 | 178 | 142 | |||||||||||
Total | 3,442 | 3,291 | 6,660 | 6,336 | |||||||||||
Costs and Expenses | |||||||||||||||
Oil and gas operating | 310 | 275 | 599 | 551 | |||||||||||
Oil and gas transportation | 222 | 209 | 444 | 405 | |||||||||||
Exploration | 90 | 94 | 139 | 262 | |||||||||||
Gathering, processing, and marketing | 274 | 252 | 530 | 489 | |||||||||||
General and administrative | 368 | 288 | 635 | 566 | |||||||||||
Merger transaction costs | 1,042 | — | 1,042 | — | |||||||||||
Depreciation, depletion, and amortization | 1,161 | 1,003 | 2,242 | 1,993 | |||||||||||
Production, property, and other taxes | 182 | 201 | 381 | 391 | |||||||||||
Impairments | — | 128 | — | 147 | |||||||||||
Other operating expense | 8 | 22 | 29 | 162 | |||||||||||
Total | 3,657 | 2,472 | 6,041 | 4,966 | |||||||||||
Operating Income (Loss) | (215) | 819 | 619 | 1,370 | |||||||||||
Other (Income) Expense | |||||||||||||||
Interest expense | 249 | 237 | 502 | 465 | |||||||||||
(Gains) losses on derivatives, net | 254 | 436 | 567 | 471 | |||||||||||
Other (income) expense, net | 18 | 4 | 24 | (8) | |||||||||||
Total | 521 | 677 | 1,093 | 928 | |||||||||||
Income (Loss) Before Income Taxes | (736) | 142 | (474) | 442 | |||||||||||
Income tax expense (benefit) | 209 | 125 | 375 | 251 | |||||||||||
Net Income (Loss) | (945) | 17 | (849) | 191 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 80 | (12) | 191 | 41 | |||||||||||
Net Income (Loss) Attributable to Common Stockholders | $ | (1,025) | $ | 29 | $ | (1,040) | $ | 150 | |||||||
Per Common Share | |||||||||||||||
Net income (loss) attributable to common stockholders—basic | $ | (2.09) | $ | 0.05 | $ | (2.13) | $ | 0.28 | |||||||
Net income (loss) attributable to common stockholders—diluted | $ | (2.09) | $ | 0.05 | $ | (2.13) | $ | 0.28 | |||||||
Average Number of Common Shares Outstanding—Basic | 491 | 504 | 491 | 511 | |||||||||||
Average Number of Common Shares Outstanding—Diluted | 491 | 505 | 491 | 512 | |||||||||||
Exploration Expense | |||||||||||||||
Dry hole expense | $ | 3 | $ | 2 | $ | 3 | $ | 55 | |||||||
Impairments of unproved properties | 38 | 41 | 38 | 94 | |||||||||||
Geological and geophysical, exploration overhead, and other expense | 49 | 51 | 98 | 113 | |||||||||||
Total | $ | 90 | $ | 94 | $ | 139 | $ | 262 | |||||||
Anadarko Petroleum Corporation | |||||||
(Unaudited) | |||||||
June 30, | December 31, | ||||||
millions | 2019 | 2018 | |||||
Condensed Balance Sheets | |||||||
Cash and cash equivalents | $ | 1,394 | $ | 1,295 | |||
Accounts receivable, net of allowance | 1,779 | 2,026 | |||||
Other current assets | 298 | 474 | |||||
Net properties and equipment | 29,091 | 28,615 | |||||
Other assets | 2,953 | 2,336 | |||||
Goodwill and other intangible assets | 5,614 | 5,630 | |||||
Total Assets | $ | 41,129 | $ | 40,376 | |||
Short-term debt - Anadarko* | 31 | 919 | |||||
Short-term debt - WES | — | 28 | |||||
Other current liabilities | 3,761 | 3,711 | |||||
Long-term debt - Anadarko* | 10,709 | 10,683 | |||||
Long-term debt - WES | 7,489 | 4,787 | |||||
Deferred income taxes | 2,555 | 2,437 | |||||
Asset retirement obligations | 2,879 | 2,847 | |||||
Other long-term liabilities | 4,374 | 4,021 | |||||
Common stock | 58 | 57 | |||||
Paid-in capital | 13,135 | 12,393 | |||||
Retained earnings | (149) | 1,245 | |||||
Treasury stock | (4,892) | (4,864) | |||||
Accumulated other comprehensive income (loss) | (379) | (335) | |||||
Total stockholders' equity | 7,773 | 8,496 | |||||
Noncontrolling interests | 1,558 | 2,447 | |||||
Total Equity | 9,331 | 10,943 | |||||
Total Liabilities and Equity | $ | 41,129 | $ | 40,376 | |||
Capitalization | |||||||
Total debt | $ | 18,229 | $ | 16,417 | |||
Total equity | 9,331 | 10,943 | |||||
Total | $ | 27,560 | $ | 27,360 | |||
Capitalization Ratios | |||||||
Total debt | 66 | % | 60 | % | |||
Total equity | 34 | % | 40 | % | |||
* Excludes WES |
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Sales Volume and Prices | |||||||||||||||||||||||||||||
Average Daily Sales Volume | Sales Volume | Average Sales Price | |||||||||||||||||||||||||||
Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | |||||||||||||||||||||
MBbls/d | MMcf/d | MBbls/d | MMBbls | Bcf | MMBbls | Per Bbl | Per Mcf | Per Bbl | |||||||||||||||||||||
Quarter Ended June 30, 2019 | |||||||||||||||||||||||||||||
United States | 337 | 1,167 | 110 | 32 | 106 | 9 | $ | 60.60 | $ | 1.93 | $ | 19.96 | |||||||||||||||||
Algeria | 60 | — | 5 | 5 | — | 1 | 67.60 | — | 35.83 | ||||||||||||||||||||
Other International | 37 | — | — | 3 | — | — | 71.01 | — | — | ||||||||||||||||||||
Total | 434 | 1,167 | 115 | 40 | 106 | 10 | $ | 62.45 | $ | 1.93 | $ | 20.63 | |||||||||||||||||
Quarter Ended June 30, 2018 | |||||||||||||||||||||||||||||
United States | 284 | 1,037 | 95 | 27 | 94 | 8 | $ | 66.94 | $ | 2.15 | $ | 34.66 | |||||||||||||||||
Algeria | 52 | — | 5 | 5 | — | 1 | 74.73 | — | 39.34 | ||||||||||||||||||||
Other International | 28 | — | — | 2 | — | — | 71.76 | — | — | ||||||||||||||||||||
Total | 364 | 1,037 | 100 | 34 | 94 | 9 | $ | 68.43 | $ | 2.15 | $ | 34.88 | |||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
United States | 335 | 1,159 | 108 | 61 | 210 | 19 | $ | 57.90 | $ | 2.50 | $ | 21.71 | |||||||||||||||||
Algeria | 60 | — | 5 | 11 | — | 1 | 64.57 | — | 35.39 | ||||||||||||||||||||
Other International | 28 | — | — | 5 | — | — | 69.01 | 0.65 | — | ||||||||||||||||||||
Total | 423 | 1,159 | 113 | 77 | 210 | 20 | $ | 59.58 | $ | 2.50 | $ | 22.33 | |||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||
United States | 286 | 1,044 | 93 | 52 | 189 | 17 | $ | 64.75 | $ | 2.38 | $ | 33.97 | |||||||||||||||||
Algeria | 54 | — | 5 | 10 | — | 1 | 70.93 | — | 40.06 | ||||||||||||||||||||
Other International | 28 | — | — | 5 | — | — | 69.70 | — | — | ||||||||||||||||||||
Total | 368 | 1,044 | 98 | 67 | 189 | 18 | $ | 66.03 | $ | 2.38 | $ | 34.27 | |||||||||||||||||
Average Daily Sales Volume MBOE/d | Sales Volume MMBOE | ||||||||||||||||||||||||||||
Quarter Ended June 30, 2019 | 744 | 68 | |||||||||||||||||||||||||||
Quarter Ended June 30, 2018 | 637 | 58 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | 729 | 132 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2018 | 640 | 116 | |||||||||||||||||||||||||||
Sales Revenue and Commodity Derivatives | ||||||||||||||||||||||||
Sales | Net Cash Received (Paid) from Settlement of Commodity | |||||||||||||||||||||||
millions | Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | ||||||||||||||||||
Quarter Ended June 30, 2019 | ||||||||||||||||||||||||
United States | $ | 1,862 | $ | 205 | $ | 200 | $ | — | $ | — | $ | — | ||||||||||||
Algeria | 372 | — | 16 | — | — | — | ||||||||||||||||||
Other International | 236 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 2,470 | $ | 205 | $ | 216 | $ | — | $ | — | $ | — | ||||||||||||
Quarter Ended June 30, 2018 | ||||||||||||||||||||||||
United States | $ | 1,726 | $ | 203 | $ | 301 | $ | (176) | $ | 6 | $ | — | ||||||||||||
Algeria | 359 | — | 17 | — | — | — | ||||||||||||||||||
Other International | 180 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 2,265 | $ | 203 | $ | 318 | $ | (176) | $ | 6 | $ | — | ||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
United States | $ | 3,516 | $ | 525 | $ | 423 | $ | 6 | $ | — | $ | — | ||||||||||||
Algeria | 705 | — | 33 | — | — | — | ||||||||||||||||||
Other International | 345 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 4,566 | $ | 525 | $ | 456 | $ | 6 | $ | — | $ | — | ||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||
United States | $ | 3,349 | $ | 450 | $ | 575 | $ | (243) | $ | 5 | $ | — | ||||||||||||
Algeria | 690 | — | 35 | — | — | — | ||||||||||||||||||
Other International | 353 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 4,392 | $ | 450 | $ | 610 | $ | (243) | $ | 5 | $ | — | ||||||||||||
Anadarko Petroleum Corporation | ||||||||||
Commodity Hedge Positions | ||||||||||
As of July 26, 2019 | ||||||||||
Weighted Average Price per barrel | ||||||||||
Volume (MBbls/d) | Floor Sold | Floor Purchased | Ceiling Sold | |||||||
Oil | ||||||||||
Three-Way Collars | ||||||||||
2019 | ||||||||||
WTI | 57 | $ | 45.00 | $ | 55.00 | $ | 70.22 | |||
Brent | 30 | $ | 50.00 | $ | 60.00 | $ | 78.22 | |||
87 | ||||||||||
Interest-Rate Derivatives | |||||
As of July 26, 2019 | |||||
Instrument | Notional Amt. | Reference Period | Mandatory Termination Date | Rate Paid | Rate Received |
Anadarko | |||||
Swap | $550 Million | September 2016 - 2046 | September 2020 | 6.418% | 3M LIBOR |
Swap | $250 Million | September 2016 - 2046 | September 2022 | 6.809% | 3M LIBOR |
Swap | $100 Million | September 2017 - 2047 | September 2020 | 6.891% | 3M LIBOR |
Swap | $250 Million | September 2017 - 2047 | September 2021 | 6.570% | 3M LIBOR |
Swap | $450 Million | September 2017 - 2047 | September 2023 | 6.445% | 3M LIBOR |
WES | |||||
Swap | $375 Million | December 2019 - 2024 | December 2019 | 2.662% | 3M LIBOR |
Swap | $375 Million | December 2019 - 2029 | December 2019 | 2.802% | 3M LIBOR |
Swap | $375 Million | December 2019 - 2049 | December 2019 | 2.885% | 3M LIBOR |
Anadarko Petroleum Corporation | |||||||||||||||||||||||
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
Average Daily Sales Volume | |||||||||||||||||||||||
Quarter Ended June 30, 2019 | Quarter Ended June 30, 2018 | ||||||||||||||||||||||
Oil MBbls/d | Natural Gas MMcf/d | NGLs MBbls/d | Total MBOE/d | Oil MBbls/d | Natural Gas MMcf/d | NGLs MBbls/d | Total MBOE/d | ||||||||||||||||
U.S. Onshore | 207 | 1,073 | 98 | 484 | 169 | 969 | 86 | 417 | |||||||||||||||
Gulf of Mexico | 130 | 93 | 12 | 158 | 114 | 66 | 9 | 134 | |||||||||||||||
International | 97 | — | 5 | 102 | 80 | — | 5 | 85 | |||||||||||||||
Same-Store Sales | 434 | 1,166 | 115 | 744 | 363 | 1,035 | 100 | 636 | |||||||||||||||
Divestitures | — | 1 | — | — | 1 | 2 | — | 1 | |||||||||||||||
Total | 434 | 1,167 | 115 | 744 | 364 | 1,037 | 100 | 637 | |||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||||||||||||||||||
Oil | Natural Gas | NGLs | Total | Oil | Natural Gas | NGLs | Total | ||||||||||||||||
U.S. Onshore | 201 | 1,061 | 96 | 474 | 163 | 968 | 84 | 408 | |||||||||||||||
Gulf of Mexico | 134 | 96 | 12 | 162 | 120 | 72 | 9 | 141 | |||||||||||||||
International | 88 | — | 5 | 93 | 82 | — | 5 | 87 | |||||||||||||||
Same-Store Sales | 423 | 1,157 | 113 | 729 | 365 | 1,040 | 98 | 636 | |||||||||||||||
Divestitures | — | 2 | — | — | 3 | 4 | — | 4 | |||||||||||||||
Total | 423 | 1,159 | 113 | 729 | 368 | 1,044 | 98 | 640 | |||||||||||||||
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-2019-second-quarter-results-300891822.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/26/2019Anadarko Announces Mozambique LNG Final Investment Decision
Source: PR Newswire
HOUSTON, June 18, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) and the co-venturers in Mozambique's Offshore Area 1, today announced a Final Investment Decision (FID) on the Anadarko-led Area 1 Mozambique LNG project. This official declaration of FID confirms the Area 1 Plan of Development is now effective with notice provided to the Government of Mozambique that all conditions precedent have been fulfilled, and the project can now advance to the construction phase.
The official declaration of FID today was made at a sanctioning event in Maputo, Mozambique, attended by His Excellency the President of the Republic of Mozambique Filipe Nyusi, the Minister of Mineral Resources Ernesto Max Tonela, and Anadarko's Chairman and CEO Al Walker, along with representatives from the Area 1 co-venturers and distinguished guests.
"This is a historic day for the people of Mozambique," said His Excellency President Filipe Nyusi. "Today's sanctioning of the Anadarko-led Area 1 Mozambique LNG project solidifies a path toward the creation of thousands of jobs for our people, significant economic growth for our nation, and the potential to be one of the world's largest providers of cleaner energy for decades to come. It is truly one of the most important and transformational projects in our country's history."
"This is an exciting day for Mozambique and for our partnership, bringing us a step closer to making Mozambique's first onshore LNG facility a reality," said Anadarko Chairman and CEO, Al Walker. "The Anadarko-led Area 1 Mozambique LNG project has come a long way from our first discovery to FID for the construction of the initial two-train development project. I want to say a collective 'thank you' to the world-class LNG team we have assembled at Anadarko, our co-venturers, long-term foundation customers, lenders, the people of the Cabo Delgado region, and the Government of Mozambique. As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets. We look forward to safely executing the next phase of this project for the long-term benefit of Mozambique, its people, our partnership, and our customers."
The Anadarko-led Area 1 Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 million tonnes per annum (MTPA) to support the development of the Golfinho/Atum fields located entirely within Offshore Area 1. The project has successfully secured in aggregate 11.1 MTPA of long-term LNG sales (representing 86% of the plant's nameplate capacity) with key LNG buyers in Asia and in Europe. Additionally, the project is expected to have a significant domestic gas component for in-country consumption to help fuel future economic development.
As previously announced, the Anadarko-led Area 1 Mozambique LNG project has been designated as "First Mover" by the Government of Mozambique, meaning Area 1 will also be responsible for constructing the support facilities to be shared between Area 1 and Area 4 projects, which will include the Materials Offloading Facility and the LNG Marine Terminal. In addition, Area 1 has approximately 5,000 workers on-site today progressing works associated with the construction of a resettlement village, camp expansion, airstrip, and Palma-Afungi Highway.
Following today's ceremony, the project expects to soon issue Notices to Proceed under the terms of the previously executed engineering, construction, procurement and installation contracts and finalize financing.
CONTRACTOR SELECTIONS
Company Provided Items (CPI) for the Subsea Gathering System:
Engineering, Procurement, Construction and Installation (EPCI) for the Offshore Subsea System:
Engineering, Procurement and Construction (EPC) for the LNG Facility and Support Facilities:
Anadarko Moçambique Área 1, Lda, a wholly owned subsidiary of Anadarko Petroleum Corporation, operates Offshore Area 1 with a 26.5 percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).
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 2018, the company had approximately 1.47 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. Learn more about the Mozambique LNG project at www.mzlng.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully plan, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2018 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
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Rhymes, helen.rhymes@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-mozambique-lng-final-investment-decision-300870691.html
SOURCE Anadarko Petroleum Corporation
Article Date
6/18/20195/23/2019 - Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
DALLAS, May 23, 2019 /PRNewswire/ -- Cushing® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing® Energy Supply Chain Index (the "Index") as part of normal index operations. After the markets close on May 31, 2019, the constituents of the Index will be rebalanced, and the following changes will become effective on June 3, 2019:
Constituents added:
Antero Midstream Corporation (NYSE: AM)
BP Midstream Partners LP (NYSE: BPMP)
NGL Energy Partners LP (NYSE: NGL)
Constituents removed:
Anadarko Petroleum Corporation (NYSE: APC)
Energy Transfer LP (NYSE: ET)
Shell Midstream Partners, L.P. (NYSE: SHLX)
Sunoco LP (NYSE: SUN)
ABOUT THE CUSHING® ENERGY SUPPLY CHAIN INDEX
The Cushing® Energy Supply Chain Index tracks the performance of widely held companies engaged in exploration and production, refining and marketing, or storage and transportation of oil, natural gas, coal and consumable fuels; oil and natural gas equipment and services companies; and companies that extract and/or manufacture materials. Constituents of the Index are weighted based on current yield. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CSCI".
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of midstream energy infrastructure companies and other natural resource companies.
Cushing is also dedicated to serving the needs of investors by sponsoring a variety of benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® 30 MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Brian Atwood
214-692-6334
www.cushingasset.com
The Cushing® Energy Supply Chain Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-CSCI
View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-rebalancing-of-the-cushing-energy-supply-chain-index-300855771.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
5/23/20195/22/2019 - Occidental Petroleum CFO Cedric Burgher to be Keynote Speaker on Day One of The Oil & Gas Conference® 2019
Occidental Petroleum CFO Cedric Burgher to be Keynote Speaker on Day One of The Oil & Gas Conference® 2019
Source: PR Newswire
DENVER, May 22, 2019 /PRNewswire/ -- EnerCom is pleased to announce that Senior Vice President and Chief Financial Officer of Occidental Petroleum (NYSE: OXY) Cedric Burgher will deliver the luncheon keynote address on Monday, August 12, 2019, at EnerCom's The Oil & Gas Conference® in downtown Denver's Westin hotel.
Mr. Burgher joined Occidental in May 2017 bringing more than 25 years of experience in the energy sector. Prior to joining Occidental, he was senior vice president of investor relations at EOG Resources (EOG), and he led financial organizations at QR Energy, Quantum Energy Partners, KBR, Halliburton (HAL) and Baker Hughes (BHGE). Mr. Burgher's experience includes a decade of CFO experience, leading two IPOs and a broad range of M&A and capital markets transactions. Burgher has been responsible for extensive global financial work in more than 30 countries on six continents.
Earlier in May Occidental Petroleum announced its successful bid to acquire Anadarko Petroleum (NYSE: APC) after a brief bidding war that ended with Anadarko terminating an acquisition agreement with Chevron Corporation (CVX).
Online registration is open for EnerCom's 24TH annual The Oil & Gas Conference®
The conference is August 11-14, 2019, at the Westin Denver Downtown hotel. Buyside investors and oil and gas company professionals may register for the event through the conference website.
Conference Details: The Oil & Gas Conference® 24 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.
The EnerCom forum fosters healthy dialogue and informal networking opportunities for attendees.
Public and Private Company Presenters: The 2019 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada. A work-in-progress list of the 2019 presenting companies will be updated on the conference website.
The 2019 presenting companies include but are not limited to:
Additional Speakers: Global energy industry leaders, economists, market strategists, government officials, energy finance professionals and other energy experts will provide their insights on global commodities markets, the U.S. becoming a net energy exporter, frac sand supply and logistics, and capital sources for energy development.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2018, EnerCom arranged and managed more than 2,000 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Drillinginfo.
Sponsors of The Oil & Gas Conference® 24 include CIBC; Credit Agricole CIB; McGriff, Seibels & Williams; Moss Adams; PNC; Preng & Associates; Bank of America Merrill Lynch; DNB Bank ASA; Haynes and Boone; MUFG; Petrie Partners; and SMBC.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design.
EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:
Headquartered in Denver, with senior consultants in Dallas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 11-14, 2019
EnerCom Dallas – Q1 - 2020
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About Drillinginfo
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo's solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas headquarters and has more than 1,000 employees.
For more information visit drillinginfo.com
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
McGriff, Seibels & Williams
As one of the most progressive insurance brokerage firms in the United States, McGriff, Seibels & Williams leads the way with innovative programs to protect our clients' financial interests.
Our experienced professionals work with some of the world's largest corporations to design state-of-the-art solutions for a full range of needs "…from property and casualty exposures…to employee benefits, life and pension plans…to financial services and surety products…to specialty insurance programs."
Our philosophy of personal service and attention to individual needs puts the client at the top of our organizational chart. We work to make each relationship a long-term partnership that continues to grow in value.
For more information please visit mcgriff.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA
joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Petrie Partners
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
For more information please refer to petrie.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
View original content:http://www.prnewswire.com/news-releases/occidental-petroleum-cfo-cedric-burgher-to-be-keynote-speaker-on-day-one-of-the-oil--gas-conference-2019-300855257.html
SOURCE EnerCom, Inc.
Article Date
5/22/2019Registration is Open for 24TH Annual The Oil & Gas Conference® in Denver
Source: PR Newswire
DENVER, May 14, 2019 /PRNewswire/ -- EnerCom, Inc. is pleased to announce that registration is open for the 24th annual edition of its popular The Oil & Gas Conference® in Denver, Colo.
This year's oil and gas investment conference will be held August 11-14, 2019, at the Westin Denver Downtown hotel. Buyside investors and oil and gas company professionals may register for the event through the conference website.
Conference Details: The Oil & Gas Conference® 24 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.
The EnerCom forum fosters healthy dialogue and informal networking opportunities for attendees.
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada. A work-in-progress list of the 2018 presenting companies will be updated on the conference website.
The 2019 presenting companies include but are not limited to:
Additional Speakers: Global energy industry leaders, economists, market strategists, government officials and other energy experts will provide their insights on global commodities markets, the U.S. becoming a net energy exporter, exports of crude oil and natural gas, frac sand supply and logistics, and capital sources for energy development.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2018, EnerCom arranged and managed more than 2,000 one-on-one meeting requests.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Drillinginfo. Sponsors of The Oil & Gas Conference® 24 include CIBC; Credit Agricole CIB; McGriff, Seibels & Williams; Moss Adams; PNC; Preng & Associates; Bank of America Merrill Lynch; DNB Bank ASA; Haynes and Boone; MUFG; Petrie Partners; and SMBC.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design.
EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:
Headquartered in Denver, with senior consultants in Dallas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 11-14, 2019
EnerCom Dallas – Q1 - 2020
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About Drillinginfo
Drillinginfo delivers business-critical insights to the energy, power, and commodities markets. Its state-of-the-art SaaS platform offers sophisticated technology, powerful analytics, and industry-leading data. Drillinginfo's solutions deliver value across upstream, midstream and downstream markets, empowering exploration and production (E&P), oilfield services, midstream, utilities, trading and risk, and capital markets companies to be more collaborative, efficient, and competitive. Drillinginfo delivers actionable intelligence over mobile, web, and desktop to analyze and reduce risk, conduct competitive benchmarking, and uncover market insights. Drillinginfo serves over 5,000 companies globally from its Austin, Texas headquarters and has more than 1,000 employees.
For more information visit drillinginfo.com
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
McGriff, Seibels & Williams
As one of the most progressive insurance brokerage firms in the United States, McGriff, Seibels & Williams leads the way with innovative programs to protect our clients' financial interests.
Our experienced professionals work with some of the world's largest corporations to design state-of-the-art solutions for a full range of needs "…from property and casualty exposures…to employee benefits, life and pension plans…to financial services and surety products…to specialty insurance programs."
Our philosophy of personal service and attention to individual needs puts the client at the top of our organizational chart. We work to make each relationship a long-term partnership that continues to grow in value.
For more information please visit mcgriff.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group. With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Petrie Partners
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
For more information please refer to petrie.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
View original content:http://www.prnewswire.com/news-releases/registration-is-open-for-24th-annual-the-oil--gas-conference-in-denver-300849985.html
SOURCE EnerCom, Inc.
Article Date
5/14/20195/9/2019 - Anadarko Agrees To Be Acquired By Occidental
Anadarko Agrees To Be Acquired By Occidental
Source: PR Newswire
HOUSTON, May 9, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that it has entered into a definitive merger agreement with Occidental Petroleum Corporation under which Occidental will acquire all of the outstanding shares of Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock.
Anadarko also announced that prior to entering into the merger agreement with Occidental, the Company terminated its previously announced merger agreement with Chevron Corporation (NYSE: CVX). In accordance with the terms of that agreement, Anadarko has paid a termination fee of $1 billion to Chevron.
Al Walker, Chairman and Chief Executive Officer of Anadarko, commented, "We are pleased to have reached an agreement with Occidental that delivers significant, near-term value to our shareholders. Anadarko's employees have strategically assembled a premier portfolio of world-class assets, and this transaction would not have been possible without our board's leadership over the past several months. We are proud of the substantial premium we have delivered to our shareholders and look forward to working with Occidental to ensure a smooth transition."
The transaction is expected to close in the second half of 2019, subject to approval by Anadarko shareholders, regulatory approvals and other customary closing conditions. Occidental has obtained committed financing for the entire cash portion of the aggregate transaction, and completion of the transaction will not require or be conditioned upon the receipt of any vote or other approval by Occidental's stockholders.
Goldman Sachs & Co. LLC, Evercore, and Jefferies LLC are acting as financial advisors to Anadarko. Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Anadarko.
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Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Occidental expects to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") containing a preliminary prospectus of Occidental that also constitutes a preliminary proxy statement of Anadarko. After the registration statement is declared effective Anadarko will mail a definitive proxy statement/prospectus to stockholders of Anadarko. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Occidental or Anadarko may file with the SEC and send to Anadarko's stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF OCCIDENTAL AND ANADARKO ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed with the SEC by Occidental or Anadarko through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Occidental will be available free of charge on Occidental's website at http://www.oxy.com/investors and copies of the documents filed with the SEC by Anadarko will be available free of charge on Anadarko's website at http://investors.anadarko.com.
Occidental and Anadarko and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction under the rules of the SEC. Information about the directors and executive officers of Occidental is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 21, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 28, 2019. Information about the directors and executive officers of Anadarko is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 14, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 29, 2019. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the potential transaction will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Cautionary Statement Regarding Forward-Looking Information
This communication 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 communication, including regarding the proposed transaction. These include the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of Anadarko may not adopt the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Anadarko's common stock or Occidental's common stock, the risk of any unexpected costs or expenses resulting from the proposed transaction, the risk of any litigation relating to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Anadarko or Occidental to retain customers and retain and hire key personnel and maintain relationships with their suppliers, customers and other business relationships and on their operating results and businesses generally, the risk the pending proposed transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Anadarko's control. Additional factors that could cause results to differ materially from those described above can be found in Anadarko's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Anadarko's website at http://investors.anadarko.com/sec-filings and on the SEC's website at http://www.sec.gov, and in Occidental's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Occidental's website at http://www.oxy.com/investors and on the SEC's website at http://www.sec.gov.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
Arthur Crozier / Larry Miller
Innisfree M&A Incorporated
212-750-5833
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Matthew Sherman / Dan Katcher / Scott Bisang / Matt Gross
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
View original content:http://www.prnewswire.com/news-releases/anadarko-agrees-to-be-acquired-by-occidental-300847771.html
SOURCE Anadarko Petroleum Corporation
Article Date
5/9/20195/6/2019 - Anadarko Board Determines Revised Proposal From Occidental Constitutes A "Superior Proposal"
Anadarko Board Determines Revised Proposal From Occidental Constitutes A "Superior Proposal"
Source: PR Newswire
HOUSTON, May 6, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that its board of directors, in consultation with its financial and legal advisors, has unanimously determined that the revised acquisition proposal it received from Occidental Petroleum Corporation on May 5, 2019 (the "Revised Occidental Proposal") constitutes a "Superior Proposal" as defined in Anadarko's previously announced merger agreement with Chevron Corporation (the "Chevron Merger Agreement").
Under the terms of the Revised Occidental Proposal, Occidental would acquire Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock. Occidental has obtained committed financing for the entire cash portion of the aggregate transaction consideration, and completion of the transaction will not require or be conditioned upon the receipt of any vote or other approval by Occidental's stockholders.
Anadarko has notified Chevron that (i) Anadarko's board of directors has unanimously determined that the Revised Occidental Proposal constitutes a "Superior Proposal" and (ii) after complying with its obligations to Chevron under the Chevron Merger Agreement, Anadarko intends to terminate the Chevron Merger Agreement in order to enter into a definitive merger agreement with Occidental in connection with the Revised Occidental Proposal.
Pursuant to the Chevron Merger Agreement, Chevron has the right, during the four business day period ending on May 10, 2019, which may be extended in accordance with the terms of the Chevron Merger Agreement, to propose revisions to the terms of the Chevron Merger Agreement, or to make another proposal. Anadarko is required to, and will, make its representatives reasonably available to negotiate with Chevron during this period with respect to such proposed revisions or other proposal, if any.
If Anadarko terminates the Chevron Merger Agreement in order to enter into a definitive agreement with respect to the Revised Occidental Proposal, Anadarko will pay Chevron a $1 billion termination fee as required by the Chevron Merger Agreement. The Chevron Merger Agreement remains in effect unless and until terminated, and accordingly, Anadarko's Board of Directors reaffirms its existing recommendation of the transaction with Chevron at this time.
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Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Chevron expects to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Anadarko. After the registration statement is declared effective Anadarko will mail a definitive proxy statement/prospectus to stockholders of Anadarko. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Anadarko may file with the SEC and send to Anadarko's stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND ANADARKO ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed with the SEC by Chevron or Anadarko through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron will be available free of charge on Chevron's website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Anadarko will be available free of charge on Anadarko's website at http://investors.anadarko.com.
Chevron and Anadarko and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction under the rules of the SEC. Information about the directors and executive officers of Chevron is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 22, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on April 15, 2019. Information about the directors and executive officers of Anadarko is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 14, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 29, 2019. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the potential transaction will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Cautionary Statement Regarding Forward-Looking Information
This communication 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 regarding the proposed transaction. These include the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of Anadarko may not adopt the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Anadarko's common stock or Chevron's common stock, the risk of any unexpected costs or expenses resulting from the proposed transaction, the risk of any litigation relating to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Anadarko or Chevron to retain customers and retain and hire key personnel and maintain relationships with their suppliers, customers and other business relationships and on their operating results and businesses generally, the risk the pending proposed transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Anadarko's control. Additional factors that could cause results to differ materially from those described above can be found in Anadarko's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Anadarko's website at http://investors.anadarko.com/sec-filings and on the SEC's website at http://www.sec.gov, and in Chevron's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Chevron's website at https://www.chevron.com/investors/financial-information#secfilings and on the SEC's website at http://www.sec.gov.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
Arthur Crozier / Larry Miller
Innisfree M&A Incorporated
212-750-5833
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Matthew Sherman / Dan Katcher / Scott Bisang / Matt Gross
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
View original content:http://www.prnewswire.com/news-releases/anadarko-board-determines-revised-proposal-from-occidental-constitutes-a-superior-proposal-300844726.html
SOURCE Anadarko Petroleum Corporation
Article Date
5/6/2019Anadarko Intends To Resume Negotiations With Occidental
Source: PR Newswire
HOUSTON, April 29, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that it intends to resume negotiations with Occidental Petroleum Corporation in response to Occidental's proposal to acquire Anadarko, which was announced by Occidental on April 24, 2019 (the "Occidental Proposal"). As disclosed previously, Anadarko entered into a definitive merger agreement with Chevron Corporation on April 11, 2019 (the "Chevron Merger Agreement").
Anadarko is resuming its earlier negotiations with Occidental because Anadarko's board of directors, following consultation with its financial and legal advisors, has unanimously determined that the Occidental Proposal could reasonably be expected to result in a "Superior Proposal" as defined in the Chevron Merger Agreement. The Occidental Proposal reflects significant improvement with respect to indicative value, terms and conditions, and closing certainty as compared to any previous proposal Occidental made to Anadarko.
Under the Occidental Proposal, Occidental would acquire Anadarko in a transaction with consideration comprised of $38.00 in cash and 0.6094 of a share of Occidental common stock per share of Anadarko common stock.
Under the Chevron Merger Agreement, Chevron would acquire Anadarko in a transaction with consideration comprised of $16.25 in cash and 0.3869 of a share of Chevron common stock per share of Anadarko common stock.
The Anadarko board's determination allows Anadarko to resume negotiations with Occidental in accordance with the Chevron Merger Agreement. The Chevron Merger Agreement remains in effect and accordingly the Anadarko board reaffirms its existing recommendation of the transaction with Chevron at this time.
There can be no assurance that negotiations with Occidental will result in a transaction that is superior to the pending transaction with Chevron. Further, the terms of any transaction with Occidental may vary from those reflected in the Occidental Proposal.
Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Anadarko. Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Anadarko.
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Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Chevron expects to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Anadarko. After the registration statement is declared effective Anadarko will mail a definitive proxy statement/prospectus to stockholders of Anadarko. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Anadarko may file with the SEC and send to Anadarko's stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND ANADARKO ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed with the SEC by Chevron or Anadarko through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron will be available free of charge on Chevron's website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Anadarko will be available free of charge on Anadarko's website at http://investors.anadarko.com.
Chevron and Anadarko and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction under the rules of the SEC. Information about the directors and executive officers of Chevron is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 22, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on April 15, 2019. Information about the directors and executive officers of Anadarko is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 14, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 29, 2019. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the potential transaction will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Cautionary Statement Regarding Forward-Looking Information
This communication 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 regarding the proposed transaction. These include the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of Anadarko may not adopt the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Anadarko's common stock or Chevron's common stock, the risk of any unexpected costs or expenses resulting from the proposed transaction, the risk of any litigation relating to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Anadarko or Chevron to retain customers and retain and hire key personnel and maintain relationships with their suppliers, customers and other business relationships and on their operating results and businesses generally, the risk the pending proposed transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Anadarko's control. Additional factors that could cause results to differ materially from those described above can be found in Anadarko's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Anadarko's website at http://investors.anadarko.com/sec-filings and on the SEC's website at http://www.sec.gov, and in Chevron's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Chevron's website at https://www.chevron.com/investors/financial-information#secfilings and on the SEC's website at http://www.sec.gov.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
Arthur Crozier / Larry Miller
Innisfree M&A Incorporated
212-750-5833
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Matthew Sherman / Dan Katcher / Scott Bisang / Matt Gross
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
View original content:http://www.prnewswire.com/news-releases/anadarko-intends-to-resume-negotiations-with-occidental-300839642.html
SOURCE Anadarko Petroleum Corporation
Article Date
4/29/20194/25/2019 - Anadarko Announces 2019 First-Quarter Results
Anadarko Announces 2019 First-Quarter Results
Source: PR Newswire
HOUSTON, April 25, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2019 first‑quarter results, reporting a net loss attributable to common stockholders of $15 million, or $0.03 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $274 million, or $0.56 per share (diluted), on an after-tax basis.(1)
Anadarko generated $1.129 billion of cash flow from operations during the quarter, while capital expenditures totaled $1.030 billion, excluding Western Midstream Partners, LP (NYSE: WES). Additionally, the company reported discretionary cash flow from operations of $1.541 billion(2) and adjusted free cash flow of $381 million(2) for the quarter.
FIRST-QUARTER 2019 HIGHLIGHTS
Anadarko's first-quarter 2019 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 64 million barrels of oil equivalent (BOE), or an average of 715,000 BOE per day, which included 412,000 barrels of oil per day (BOPD).
Anadarko's U.S. onshore assets averaged sales volume of 465,000 BOE per day during the first quarter of 2019, which included 195,000 BOPD. Anadarko's Gulf of Mexico averaged a record 166,000 BOE per day in the quarter, which included 138,000 BOPD. Internationally, the company averaged 84,000 BOE per day during the first quarter, which included 79,000 BOPD.
The company also continued to make significant progress with its Mozambique LNG project, announcing Sale and Purchase Agreements (SPAs) now totaling more than 9.5 million tonnes per annum (MTPA), with two additional SPAs in the final stages of execution that, if executed, would bring the total volume to more than 11 MTPA. During the quarter, the project also was designated as the first mover by the Government of Mozambique for the marine facilities to support the onshore LNG industry in Mozambique. The company remains positioned to take a final investment decision (FID) during the first half of this year.
FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge positions and a reconciliation of "divestiture-adjusted" or "same-store" sales.
|
(1) |
See the accompanying table for details of certain items affecting comparability. |
|
(2) |
See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors. |
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 2018, the company had 1.47 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully plan, secure additional government and partner approvals, enter into the additional long-term sales contracts identified in this release, take FID and the timing thereof, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2018 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
INVESTORS
:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Kyle Deakins, kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA
:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.
|
|
|
Quarter Ended March 31, 2019 |
||||||||||
|
|
|
Before |
|
After |
|
Per Share |
||||||
|
millions except per-share amounts |
|
Tax |
|
Tax |
|
(diluted) |
||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
|
|
|
$ |
(15) |
|
|
$ |
(0.03) |
|
||
|
Adjustments for certain items affecting comparability |
|
|
|
|
|
|
||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives (after noncontrolling interest)* |
|
$ |
(300) |
|
|
(232) |
|
|
(0.47) |
|
||
|
Gains (losses) on divestitures, net |
|
(5) |
|
|
(4) |
|
|
(0.01) |
|
|||
|
Contingency accruals |
|
(9) |
|
|
(7) |
|
|
(0.01) |
|
|||
|
Reorganization-related charges |
|
(19) |
|
|
(15) |
|
|
(0.04) |
|
|||
|
Change in uncertain tax positions |
|
|
|
(16) |
|
|
(0.03) |
|
||||
|
Certain items affecting comparability |
|
$ |
(333) |
|
|
(274) |
|
|
(0.56) |
|
||
|
Adjusted net income (loss) (Non-GAAP) |
|
|
|
$ |
259 |
|
|
$ |
0.53 |
|
||
|
|
|
|
* |
Includes $(155) million related to commodity derivatives, $(148) million related to interest-rate derivatives (after noncontrolling interest) and $3 million related to gathering, processing, and marketing sales. |
|
|
|
Quarter Ended March 31, 2018 |
||||||||||
|
|
|
Before |
|
After |
|
Per Share |
||||||
|
millions except per-share amounts |
|
Tax |
|
Tax |
|
(diluted) |
||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
|
|
|
$ |
121 |
|
|
$ |
0.22 |
|
||
|
Adjustments for certain items affecting comparability |
|
|
|
|
|
|
||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
|
$ |
27 |
|
|
21 |
|
|
0.04 |
|
||
|
Gains (losses) on divestitures, net |
|
(24) |
|
|
(17) |
|
|
(0.03) |
|
|||
|
Impairments |
|
|
|
|
|
|
||||||
|
Producing properties |
|
(19) |
|
|
(15) |
|
|
(0.03) |
|
|||
|
Exploration assets |
|
(53) |
|
|
(41) |
|
|
(0.08) |
|
|||
|
Contingency accruals |
|
(132) |
|
|
(101) |
|
|
(0.19) |
|
|||
|
Change in uncertain tax positions |
|
|
|
(5) |
|
|
(0.01) |
|
||||
|
Certain items affecting comparability |
|
$ |
(201) |
|
|
(158) |
|
|
(0.30) |
|
||
|
Adjusted net income (loss) (Non-GAAP) |
|
|
|
$ |
279 |
|
|
$ |
0.52 |
|
||
|
|
|
|
* |
Includes $(94) million related to commodity derivatives, $127 million related to interest-rate derivatives, and $(6) million related to gathering, processing, and marketing sales. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management believes that the presentation of Adjusted EBITDAX (Margin) provides information useful in assessing the Company's operating and financial performance across periods.
|
|
Quarter Ended March 31, |
||||||
|
millions |
2019 |
|
2018 |
||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(15) |
|
|
$ |
121 |
|
|
Interest expense |
253 |
|
|
228 |
|
||
|
Income tax expense (benefit) |
166 |
|
|
126 |
|
||
|
Depreciation, depletion, and amortization |
1,081 |
|
|
990 |
|
||
|
Exploration expense* |
49 |
|
|
168 |
|
||
|
(Gains) losses on divestitures, net |
5 |
|
|
24 |
|
||
|
Impairments |
— |
|
|
19 |
|
||
|
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives |
316 |
|
|
(27) |
|
||
|
Reorganization-related charges |
18 |
|
|
— |
|
||
|
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) |
$ |
1,873 |
|
|
$ |
1,649 |
|
|
Total barrels of oil equivalent (MMBOE) |
64 |
|
|
58 |
|
||
|
Consolidated Adjusted EBITDAX (Margin) per BOE |
$ |
29.27 |
|
|
$ |
28.43 |
|
|
|
|
|
* |
Includes reorganization-related charges of $1 million for the three months ended March 31, 2019. |
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 WES is useful because WES is a separate public company with its own capital structure.
|
|
|
|
March 31, 2019 |
||||||||||
|
|
|
|
|
|
|
|
Anadarko |
||||||
|
|
|
|
Anadarko |
|
WES* |
|
excluding |
||||||
|
millions |
|
|
Consolidated |
|
Consolidated |
|
WES |
||||||
|
Total debt (GAAP) |
|
|
$ |
17,924 |
|
|
$ |
7,208 |
|
|
$ |
10,716 |
|
|
Less cash and cash equivalents |
|
|
2,026 |
|
|
100 |
|
|
1,926 |
|
|||
|
Net debt (Non-GAAP) |
|
|
$ |
15,898 |
|
|
$ |
7,108 |
|
|
$ |
8,790 |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
Anadarko |
||||||
|
|
|
|
|
|
Anadarko |
|
excluding |
||||||
|
millions |
|
|
|
|
Consolidated |
|
WES |
||||||
|
Net debt |
|
|
|
|
$ |
15,898 |
|
|
$ |
8,790 |
|
||
|
Total equity |
|
|
|
|
10,533 |
|
|
8,928 |
|
||||
|
Adjusted capitalization |
|
|
|
|
$ |
26,431 |
|
|
$ |
17,718 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net debt to adjusted capitalization ratio |
|
|
|
|
|
60 |
% |
|
|
50 |
% |
||
|
|
|
|
* |
Western Midstream Partners, LP (WES) is a publicly traded consolidated subsidiary of Anadarko. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management uses Discretionary Cash Flow from Operations (DCF), Free Cash Flow (FCF), Adjusted DCF, and Adjusted FCF to determine the 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. To assist in measuring the Company's performance, management will also evaluate Anadarko on a deconsolidated basis, which excludes WES.
Discretionary Cash Flow from Operations and Free Cash Flow
|
|
Quarter Ended |
||||||
|
|
March 31, |
||||||
|
millions |
2019 |
|
2018 |
||||
|
Net cash provided by (used in) operating activities (GAAP) |
$ |
1,129 |
|
|
$ |
1,430 |
|
|
Add back |
|
|
|
||||
|
Increase (decrease) in accounts receivable |
39 |
|
|
(23) |
|
||
|
(Increase) decrease in accounts payable and other current liabilities |
294 |
|
|
(45) |
|
||
|
Other items, net |
79 |
|
|
40 |
|
||
|
Discretionary cash flow from operations (Non-GAAP) |
$ |
1,541 |
|
|
$ |
1,402 |
|
|
Less |
|
|
|
||||
|
APC capital expenditures* |
1,030 |
|
|
1,374 |
|
||
|
WES capital expenditures |
266 |
|
|
330 |
|
||
|
Free cash flow (Non-GAAP) |
$ |
245 |
|
|
$ |
(302) |
|
|
|
|
|
* |
APC capital expenditures include $49 million at March 31, 2019, and $258 million at March 31, 2018, of midstream capitalized costs incurred by Anadarko prior to the contribution and sale of its midstream assets to WES. |
Adjusted Discretionary Cash Flow from Operations and Adjusted Free Cash Flow
|
|
Quarter Ended |
||||||
|
|
March 31, |
||||||
|
millions |
2019 |
|
2018 |
||||
|
Net cash provided by (used in) operating activities (GAAP) |
$ |
1,129 |
|
|
$ |
1,430 |
|
|
Adjusted by: |
|
|
|
||||
|
Increase (decrease) in accounts receivable |
39 |
|
|
(23) |
|
||
|
(Increase) decrease in accounts payable and other current liabilities |
294 |
|
|
(45) |
|
||
|
Other items, net |
79 |
|
|
40 |
|
||
|
WES distributions to third parties |
(130) |
|
|
(118) |
|
||
|
Adjusted discretionary cash flow from operations (Non-GAAP) |
$ |
1,411 |
|
|
$ |
1,284 |
|
|
Less APC capital expenditures (excludes WES)* |
1,030 |
|
|
1,374 |
|
||
|
Adjusted free cash flow (Non-GAAP) |
$ |
381 |
|
|
$ |
(90) |
|
|
|
|
|
* |
APC capital expenditures include $49 million at March 31, 2019, and $258 million at March 31, 2018, of midstream capitalized costs incurred by Anadarko prior to the contribution and sale of its midstream assets to WES. |
|
Anadarko Petroleum Corporation |
|||||||
|
Cash Flow Information |
|||||||
|
(Unaudited) |
|||||||
|
|
|||||||
|
|
Quarter Ended |
||||||
|
|
March 31, |
||||||
|
millions |
2019 |
|
2018 |
||||
|
Cash Flows from Operating Activities |
|
|
|
||||
|
Net income (loss) |
$ |
96 |
|
|
$ |
174 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
|
||||
|
Depreciation, depletion, and amortization |
1,081 |
|
|
990 |
|
||
|
Deferred income taxes |
1 |
|
|
42 |
|
||
|
Dry hole expense and impairments of unproved properties |
— |
|
|
106 |
|
||
|
Impairments |
— |
|
|
19 |
|
||
|
(Gains) losses on divestitures, net |
5 |
|
|
24 |
|
||
|
Total (gains) losses on derivatives, net |
315 |
|
|
36 |
|
||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
1 |
|
|
(63) |
|
||
|
Other |
42 |
|
|
74 |
|
||
|
Changes in assets and liabilities |
(412) |
|
|
28 |
|
||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
1,129 |
|
|
$ |
1,430 |
|
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,528) |
|
|
$ |
(1,113) |
|
|
Net Cash Provided by (Used in) Financing Activities |
$ |
1,129 |
|
|
$ |
(1,507) |
|
|
Anadarko Petroleum Corporation |
|||||||
|
(Unaudited) |
|||||||
|
|
|||||||
|
|
Quarter Ended |
||||||
|
Summary Financial Information |
March 31, |
||||||
|
millions except per-share amounts |
2019 |
|
2018 |
||||
|
Consolidated Statements of Income |
|
|
|
||||
|
Revenues and Other |
|
|
|
||||
|
Oil sales |
$ |
2,096 |
|
|
$ |
2,127 |
|
|
Natural-gas sales |
320 |
|
|
247 |
|
||
|
Natural-gas liquids sales |
240 |
|
|
292 |
|
||
|
Gathering, processing, and marketing sales |
470 |
|
|
360 |
|
||
|
Gains (losses) on divestitures and other, net |
92 |
|
|
19 |
|
||
|
Total |
3,218 |
|
|
3,045 |
|
||
|
Costs and Expenses |
|
|
|
||||
|
Oil and gas operating |
289 |
|
|
276 |
|
||
|
Oil and gas transportation |
222 |
|
|
196 |
|
||
|
Exploration |
49 |
|
|
168 |
|
||
|
Gathering, processing, and marketing |
256 |
|
|
237 |
|
||
|
General and administrative |
267 |
|
|
278 |
|
||
|
Depreciation, depletion, and amortization |
1,081 |
|
|
990 |
|
||
|
Production, property, and other taxes |
199 |
|
|
190 |
|
||
|
Impairments |
— |
|
|
19 |
|
||
|
Other operating expense |
21 |
|
|
140 |
|
||
|
Total |
2,384 |
|
|
2,494 |
|
||
|
Operating Income (Loss) |
834 |
|
|
551 |
|
||
|
Other (Income) Expense |
|
|
|
||||
|
Interest expense |
253 |
|
|
228 |
|
||
|
(Gains) losses on derivatives, net |
313 |
|
|
35 |
|
||
|
Other (income) expense, net |
6 |
|
|
(12) |
|
||
|
Total |
572 |
|
|
251 |
|
||
|
Income (Loss) Before Income Taxes |
262 |
|
|
300 |
|
||
|
Income tax expense (benefit) |
166 |
|
|
126 |
|
||
|
Net Income (Loss) |
96 |
|
|
174 |
|
||
|
Net income (loss) attributable to noncontrolling interests |
111 |
|
|
53 |
|
||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(15) |
|
|
$ |
121 |
|
|
Per Common Share |
|
|
|
||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(0.03) |
|
|
$ |
0.23 |
|
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(0.03) |
|
|
$ |
0.22 |
|
|
Average Number of Common Shares Outstanding—Basic |
490 |
|
|
518 |
|
||
|
Average Number of Common Shares Outstanding—Diluted |
490 |
|
|
519 |
|
||
|
|
|
|
|
||||
|
Exploration Expense |
|
|
|
||||
|
Dry hole expense |
$ |
— |
|
|
$ |
53 |
|
|
Impairments of unproved properties |
— |
|
|
53 |
|
||
|
Geological and geophysical, exploration overhead, and other expense |
49 |
|
|
62 |
|
||
|
Total |
$ |
49 |
|
|
$ |
168 |
|
|
Anadarko Petroleum Corporation |
|||||||
|
(Unaudited) |
|||||||
|
|
|||||||
|
|
March 31, |
|
December 31, |
||||
|
millions |
2019 |
|
2018 |
||||
|
Condensed Balance Sheets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
2,026 |
|
|
$ |
1,295 |
|
|
Accounts receivable, net of allowance |
2,065 |
|
|
2,026 |
|
||
|
Other current assets |
338 |
|
|
474 |
|
||
|
Net properties and equipment |
28,936 |
|
|
28,615 |
|
||
|
Other assets |
3,006 |
|
|
2,336 |
|
||
|
Goodwill and other intangible assets |
5,622 |
|
|
5,630 |
|
||
|
Total Assets |
$ |
41,993 |
|
|
$ |
40,376 |
|
|
Short-term debt - Anadarko* |
21 |
|
|
919 |
|
||
|
Short-term debt - WES |
2,000 |
|
|
28 |
|
||
|
Other current liabilities |
3,728 |
|
|
3,711 |
|
||
|
Long-term debt - Anadarko* |
10,695 |
|
|
10,683 |
|
||
|
Long-term debt - WES |
5,208 |
|
|
4,787 |
|
||
|
Deferred income taxes |
2,624 |
|
|
2,437 |
|
||
|
Asset retirement obligations |
2,876 |
|
|
2,847 |
|
||
|
Other long-term liabilities |
4,308 |
|
|
4,021 |
|
||
|
Common stock |
57 |
|
|
57 |
|
||
|
Paid-in capital |
13,057 |
|
|
12,393 |
|
||
|
Retained earnings |
1,024 |
|
|
1,245 |
|
||
|
Treasury stock |
(4,881) |
|
|
(4,864) |
|
||
|
Accumulated other comprehensive income (loss) |
(329) |
|
|
(335) |
|
||
|
Total stockholders' equity |
8,928 |
|
|
8,496 |
|
||
|
Noncontrolling interests |
1,605 |
|
|
2,447 |
|
||
|
Total Equity |
10,533 |
|
|
10,943 |
|
||
|
Total Liabilities and Equity |
$ |
41,993 |
|
|
$ |
40,376 |
|
|
Capitalization |
|
|
|
||||
|
Total debt |
$ |
17,924 |
|
|
$ |
16,417 |
|
|
Total equity |
10,533 |
|
|
10,943 |
|
||
|
Total |
$ |
28,457 |
|
|
$ |
27,360 |
|
|
|
|
|
|
|
|
|
|
|
Capitalization Ratios |
|
|
|
|
|
|
|
|
Total debt |
|
63 |
% |
|
|
60 |
% |
|
Total equity |
|
37 |
% |
|
|
40 |
% |
|
|
|
|
* |
Excludes WES |
|
Anadarko Petroleum Corporation |
|||||||||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||
|
Sales Volume and Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Average Daily Sales Volume |
|
Sales Volume |
|
Average Sales Price |
||||||||||||||||||||||||
|
|
Oil |
|
Natural Gas |
|
NGLs |
|
Oil |
|
Natural Gas |
|
NGLs |
|
Oil |
|
Natural Gas |
|
NGLs |
||||||||||||
|
|
MBbls/d |
|
MMcf/d |
|
MBbls/d |
|
MMBbls |
|
Bcf |
|
MMBbls |
|
Per Bbl |
|
Per Mcf |
|
Per Bbl |
||||||||||||
|
Quarter Ended March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
United States |
333 |
|
|
1,150 |
|
|
106 |
|
|
29 |
|
|
104 |
|
|
10 |
|
|
$ |
55.14 |
|
|
$ |
3.09 |
|
|
$ |
23.54 |
|
|
Algeria |
61 |
|
|
— |
|
|
5 |
|
|
6 |
|
|
— |
|
|
— |
|
|
61.49 |
|
|
— |
|
|
35.01 |
|
|||
|
Other International |
18 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
65.04 |
|
|
0.65 |
|
|
— |
|
|||
|
Total |
412 |
|
|
1,151 |
|
|
111 |
|
|
37 |
|
|
104 |
|
|
10 |
|
|
$ |
56.51 |
|
|
$ |
3.09 |
|
|
$ |
24.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Quarter Ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
United States |
288 |
|
|
1,051 |
|
|
92 |
|
|
25 |
|
|
95 |
|
|
9 |
|
|
$ |
62.58 |
|
|
$ |
2.61 |
|
|
$ |
33.24 |
|
|
Algeria |
55 |
|
|
— |
|
|
5 |
|
|
5 |
|
|
— |
|
|
— |
|
|
67.24 |
|
|
— |
|
|
40.76 |
|
|||
|
Other International |
28 |
|
|
— |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
67.68 |
|
|
— |
|
|
— |
|
|||
|
Total |
371 |
|
|
1,051 |
|
|
97 |
|
|
33 |
|
|
95 |
|
|
9 |
|
|
$ |
63.66 |
|
|
$ |
2.61 |
|
|
$ |
33.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Average Daily Sales Volume |
|
Sales Volume |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Quarter Ended March 31, 2019 |
715 |
|
64 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Quarter Ended March 31, 2018 |
643 |
|
58 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Sales Revenue and Commodity Derivatives |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Sales |
|
|
Net Cash Received (Paid) from Settlement of Commodity |
||||||||||||||||||||
|
millions |
Oil |
|
Natural Gas |
|
NGLs |
|
|
Oil |
|
Natural Gas |
|
NGLs |
||||||||||||
|
Quarter Ended March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
United States |
$ |
1,654 |
|
|
$ |
320 |
|
|
$ |
223 |
|
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Algeria |
333 |
|
|
— |
|
|
17 |
|
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
Other International |
109 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
Total |
$ |
2,096 |
|
|
$ |
320 |
|
|
$ |
240 |
|
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Quarter Ended March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
United States |
$ |
1,623 |
|
|
$ |
247 |
|
|
$ |
274 |
|
|
|
$ |
(67) |
|
|
$ |
(1) |
|
|
$ |
— |
|
|
Algeria |
331 |
|
|
— |
|
|
18 |
|
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
Other International |
173 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
Total |
$ |
2,127 |
|
|
$ |
247 |
|
|
$ |
292 |
|
|
|
$ |
(67) |
|
|
$ |
(1) |
|
|
$ |
— |
|
|
Anadarko Petroleum Corporation |
|||||||||
|
Commodity Hedge Positions |
|||||||||
|
As of April 25, 2019 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Price per barrel |
||||
|
|
|
|
Volume |
|
Floor Sold |
|
Floor Purchased |
|
Ceiling Sold |
|
Oil |
|
|
|
|
|
|
|
|
|
|
Three-Way Collars |
|
|
|
|
|
|
|
||
|
2019 |
|
|
|
|
|
|
|
||
|
|
WTI |
|
57 |
$ |
45.00 |
$ |
55.00 |
$ |
70.22 |
|
|
Brent |
|
30 |
$ |
50.00 |
$ |
60.00 |
$ |
78.22 |
|
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Rate Derivatives |
|||||
|
As of April 25, 2019 |
|||||
|
|
|
|
|
|
|
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Anadarko |
|
|
|
|
|
|
Swap |
$550 Million |
September 2016 - 2046 |
September 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
September 2016 - 2046 |
September 2022 |
6.809% |
3M LIBOR |
|
Swap |
$100 Million |
September 2017 - 2047 |
September 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
September 2017 - 2047 |
September 2021 |
6.570% |
3M LIBOR |
|
Swap |
$450 Million |
September 2017 - 2047 |
September 2023 |
6.445% |
3M LIBOR |
|
WES |
|
|
|
|
|
|
Swap |
$375 Million |
December 2019 - 2024 |
December 2019 |
2.662% |
3M LIBOR |
|
Swap |
$375 Million |
December 2019 - 2029 |
December 2019 |
2.802% |
3M LIBOR |
|
Swap |
$375 Million |
December 2019 - 2049 |
December 2019 |
2.885% |
3M LIBOR |
|
Anadarko Petroleum Corporation |
|||||||||||||||||||||||
|
Reconciliation of Same-Store Sales |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
Average Daily Sales Volume |
|||||||||||||||||||||||
|
|
Quarter Ended March 31, 2019 |
|
Quarter Ended March 31, 2018 |
||||||||||||||||||||
|
|
Oil MBbls/d |
|
Natural Gas MMcf/d |
|
NGLs MBbls/d |
|
Total MBOE/d |
|
Oil MBbls/d |
|
Natural Gas MMcf/d |
|
NGLs MBbls/d |
|
Total MBOE/d |
||||||||
|
U.S. Onshore |
195 |
|
|
1,051 |
|
|
94 |
|
|
465 |
|
|
156 |
|
|
969 |
|
|
83 |
|
|
400 |
|
|
Gulf of Mexico |
138 |
|
|
97 |
|
|
12 |
|
|
166 |
|
|
126 |
|
|
78 |
|
|
9 |
|
|
148 |
|
|
International |
79 |
|
|
1 |
|
|
5 |
|
|
84 |
|
|
83 |
|
|
— |
|
|
5 |
|
|
88 |
|
|
Same-Store Sales |
412 |
|
|
1,149 |
|
|
111 |
|
|
715 |
|
|
365 |
|
|
1,047 |
|
|
97 |
|
|
636 |
|
|
Divestitures* |
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
6 |
|
|
4 |
|
|
— |
|
|
7 |
|
|
Total |
412 |
|
|
1,151 |
|
|
111 |
|
|
715 |
|
|
371 |
|
|
1,051 |
|
|
97 |
|
|
643 |
|
|
|
|
|
* |
Includes Ram Powell and Alaska. |
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-2019-first-quarter-results-300838675.html
SOURCE Anadarko Petroleum Corporation
Article Date
4/25/2019Anadarko Confirms Receipt Of Unsolicited Proposal From Occidental
Source: PR Newswire
HOUSTON, April 24, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today confirmed that it has received an unsolicited proposal from Occidental Petroleum Corporation (NYSE: OXY) on April 24, 2019 under which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock.
As previously announced on April 12, 2019, following unanimous approval from the Company's board of directors, Anadarko entered into a definitive agreement (the "Chevron Merger Agreement") with Chevron Corporation (NYSE: CVX) under which a wholly owned subsidiary of Chevron would acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.
In accordance with the terms of the Chevron Merger Agreement, and in consultation with its financial and legal advisors, Anadarko's board of directors will carefully review Occidental's proposal to determine the course of action that it believes is in the best interest of the Company's stockholders. The Anadarko board has not made any determination as to whether Occidental's proposal constitutes, or could reasonably be expected to result in, a superior proposal under the terms of the Chevron Merger Agreement. The Anadarko board expects to respond to Occidental's proposal upon completing its review, and accordingly reaffirms its existing recommendation of the transaction with Chevron at this time.
Anadarko stockholders are advised to take no action at this time.
Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Anadarko. Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Anadarko.
Logo - https://mma.prnewswire.com/media/156201/anadarko_petroleum_corp_logo.jpg
Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Chevron expects to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Anadarko. After the registration statement is declared effective Anadarko will mail a definitive proxy statement/prospectus to stockholders of Anadarko. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Anadarko may file with the SEC and send to Anadarko's stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND ANADARKO ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed with the SEC by Chevron or Anadarko through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron will be available free of charge on Chevron's website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Anadarko will be available free of charge on Anadarko's website at http://investors.anadarko.com.
Chevron and Anadarko and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction under the rules of the SEC. Information about the directors and executive officers of Chevron is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 22, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on April 15, 2019. Information about the directors and executive officers of Anadarko is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 14, 2019, and its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 29, 2019. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the potential transaction will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Cautionary Statement Regarding Forward-Looking Information
This communication 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 regarding the proposed transaction. These include the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the possibility that stockholders of Anadarko may not adopt the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Anadarko's common stock or Chevron's common stock, the risk of any unexpected costs or expenses resulting from the proposed transaction, the risk of any litigation relating to the proposed transaction, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Anadarko or Chevron to retain customers and retain and hire key personnel and maintain relationships with their suppliers, customers and other business relationships and on their operating results and businesses generally, the risk the pending proposed transaction could distract management of both entities and they will incur substantial costs, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Anadarko's control. Additional factors that could cause results to differ materially from those described above can be found in Anadarko's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Anadarko's website at http://investors.anadarko.com/sec-filings and on the SEC's website at http://www.sec.gov, and in Chevron's most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K all of which are available on Chevron's website at https://www.chevron.com/investors/financial-information#secfilings and on the SEC's website at http://www.sec.gov.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Joele Frank, Wilkinson Brimmer Katcher
Matthew Sherman / Dan Katcher / Scott Bisang / Matt Gross
212-355-4449
View original content:http://www.prnewswire.com/news-releases/anadarko-confirms-receipt-of-unsolicited-proposal-from-occidental-300837617.html
SOURCE Anadarko Petroleum Corporation
Article Date
4/24/2019Anadarko (APC) Alert: Johnson Fistel Investigates Proposed Sale of Anadarko Holdings, Inc.; Are Shareholders Getting a Fair Deal?
Source: PR Newswire
SAN DIEGO, April 12, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko") breached their fiduciary duties in connection with the proposed sale of the Company to Chevron Corporation (NYSE: CVX)
On April 12, 2019, Anadarko announced that it had signed a definitive merger agreement with Chevron. Under the terms of the merger agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. Based on Chevron's closing price on April 11, 2019 the deal is valued at $65 per share. However, shareholders will be subject to the future price fluctuation of Chevron 's stock price.
The investigation concerns whether the Anadarko board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Anadarko shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings growth, also one Wall Street analyst has a $80.00 price target on the stock.
If you are a shareholder of Anadarko and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
Additionally, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP
Article Date
4/12/2019Anadarko Announces LNG Sale and Purchase Agreement with Pertamina
Source: PR Newswire
HOUSTON, Feb. 19, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has signed a Sale and Purchase Agreement (SPA) with Pertamina. The SPA is for 1 million tonnes per annum (MTPA) for a term of 20 years.
"Indonesia is expected to be one of the fastest growing natural gas markets in Asia and Pertamina, the national energy company of Indonesia, will play a key role in meeting Indonesia's long-term energy needs," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "The Anadarko-led Mozambique LNG project is well positioned to make a sanctioning decision in the first half of this year, as we remain on track to complete the project financing process, secure the necessary approvals, and have executed a sufficient volume of long-term SPAs, which now total more than 9.5 MTPA. We are extremely pleased and grateful to Pertamina for selecting Mozambique LNG to be part of its long-term energy portfolio."
Anadarko is developing Mozambique's first onshore LNG facility consisting of two initial LNG trains with a total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum field located entirely within Offshore Area 1.
Anadarko Moçambique Área 1, Lda, a wholly owned subsidiary of Anadarko Petroleum Corporation, operates Offshore Area 1 with a 26.5-percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).
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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 2018, the company had approximately 1.47 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. Learn more about the Mozambique LNG project at www.mzlng.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully plan, secure additional government and partner approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2018 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
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, +1 832.636.3271
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
Jon VandenBrand, jon.vandenbrand@anadarko.com, +1 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Rhymes, helen.rhymes@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-lng-sale-and-purchase-agreement-with-pertamina-300797439.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/19/2019Anadarko Announces LNG Sale and Purchase Agreement with Bharat
Source: PR Newswire
HOUSTON, Feb. 15, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has signed a Sale and Purchase Agreement (SPA) with Bharat Gas Resources Ltd., a wholly owned subsidiary of Bharat Petroleum Corporation Ltd. (BPCL). The SPA is for 1 million tonnes per annum (MTPA) for a term of 15 years.
"In addition to BPCL being an upstream equity co-venturer in the Mozambique LNG project, we are also pleased to have them as one of our foundation customers," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "With this agreement, Mozambique LNG now has executed more than 8.5 MTPA of SPAs. India's role in the global LNG market will continue to grow with Mozambique LNG being a natural supplier given its geographic proximity and 30-percent Indian state-owned interest in Mozambique LNG. We are grateful to BPCL for its support of Mozambique LNG and look forward to providing a long-term, reliable source of cleaner energy for many years to come."
Anadarko is developing Mozambique's first onshore LNG plant consisting of two initial LNG trains with a total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum field located entirely within Offshore Area 1.
Anadarko Moçambique Área 1, Lda, a wholly owned subsidiary of Anadarko Petroleum Corporation, operates Offshore Area 1 with a 26.5-percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).
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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 2018, the company had approximately 1.47 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. Learn more about the Mozambique LNG project at www.mzlng.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to successfully plan, secure additional government and partner approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2017 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, +1 832.636.3271
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
Jon VandenBrand, jon.vandenbrand@anadarko.com, +1 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Rhymes, helen.rhymes@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-lng-sale-and-purchase-agreement-with-bharat-300796415.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/15/20192/13/2019 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
HOUSTON, Feb. 13, 2019 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 30 cents per share, payable March 27, 2019, to stockholders of record at the close of business on March 13, 2019.
The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The board of directors will determine dividends on a quarterly basis.
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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 2018, the company had 1.47 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.
ANADARKO CONTACTS
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, +1 832.636.3271
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
Jon VandenBrand, jon.vandenbrand@anadarko.com, +1 832.636.1007
View original content:http://www.prnewswire.com/news-releases/anadarko-declares-dividend-300795302.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/13/2019Anadarko Announces 2018 Fourth-Quarter And Full-Year Results
Source: PR Newswire
HOUSTON, Feb. 5, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 fourth‑quarter results, reporting net income attributable to common stockholders of $102 million, or $0.21 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by $82 million, or $0.17 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the fourth quarter of 2018 was $1.6 billion.
For the year ended Dec. 31, 2018, Anadarko reported net income attributable to common stockholders of $615 million, or $1.20 per share (diluted). Full-year 2018 net cash provided by operating activities totaled $5.9 billion.
2018 HIGHLIGHTS
"In 2018, we delivered on our commitment to increase the return of cash to investors through repurchasing stock, retiring debt and increasing our dividend," said Anadarko Chairman and CEO Al Walker. "As we look to 2019 and beyond, we remain focused on enhancing our capital efficiency by further improving our per-barrel margins and lowering our free cash flow breakeven oil price to continue meeting our cash-return objectives. We believe our portfolio and people give us an industry-leading ability to accomplish this while maintaining the financial flexibility to invest in our future as we anticipate progressing toward a final investment decision (FID) in the Mozambique LNG project in the first half of the year."
SALES VOLUME AND PROVED RESERVES
Anadarko's full-year sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 243 million barrels of oil equivalent (BOE), or an average of 666,000 BOE per day. Fourth-quarter 2018 sales volume of oil, natural gas and NGLs averaged approximately 701,000 BOE per day.
In 2018, Anadarko organically added 284 million BOE of proved reserves before the effects of price revisions. Anadarko's costs incurred were $4.6 billion. The company's oil and natural gas exploration and development costs were $4.5 billion.(2) The company estimates its proved reserves at year-end 2018 totaled 1.47 billion BOE, with 78 percent of its reserves categorized as proved developed. At year-end 2018, Anadarko's proved reserves were comprised of 63 percent liquids and 37 percent natural gas.
OPERATING HIGHLIGHTS
In West Texas, Anadarko's Delaware Basin oil sales volume averaged 75,000 barrels per day, with total volume averaging 127,000 BOE per day, in the fourth quarter of 2018. Much of the company's focus in 2018 in the Delaware Basin centered on expanding its extensive network of infrastructure to facilitate the company's transition to pad development. During the year, Anadarko successfully started up the Reeves and Loving Regional Oil Treating Facilities, which added 120,000 barrels per day of oil-processing capacity, and in the fourth quarter, Western Gas started up its first train at the Mentone gas-processing plant. These activities support Anadarko's Silvertip-A campaign, which is the company's first multi-well and multi-pad development with optimized infrastructure. In 2019, Anadarko expects to average approximately 10 operated rigs and five completion crews with plans to bring more than 150 operated wells to sales.
Anadarko's DJ Basin assets in Colorado averaged approximately 272,000 BOE per day during the fourth quarter of 2018, which included 102,000 barrels of oil per day. In 2019, the company expects to average four operated rigs and three completion crews while bringing more than 250 operated wells to sales.
In August 2018, Anadarko announced new details about its high-potential position in Wyoming's Powder River Basin. The company's core position includes approximately 300,000 gross acres with significant stacked-oil potential. Anadarko's 2019 activity in the Powder River Basin will focus on appraisal activity targeting the Turner formation, as the company expects to average one operated rig and completion crew and deliver more than 10 operated appraisal wells to sales.
Anadarko's Gulf of Mexico sales volume averaged 142,000 BOE per day in the fourth quarter of 2018, which included 120,000 barrels of oil per day. The company's leading infrastructure position continues to provide highly economic tieback opportunities, including new wells and developments at its 100-percent-owned Constitution, Horn Mountain, Holstein and Marlin platforms. This year, Anadarko plans to operate up to two drillships and two platform rigs and bring approximately 10 wells to sales in the areas near its Constellation, Holstein, Horn Mountain, K2, Lucius, and North Hadrian producing assets.
Anadarko's international sales volume averaged 102,000 barrels per day during the fourth quarter of 2018. The company also continued to make significant progress with its Mozambique LNG project, announcing Sale and Purchase Agreements (SPAs) with Tokyo Gas Co., Ltd; Centrica LNG Company Ltd., a subsidiary of Centrica plc; Shell International Trading Middle East Ltd; and CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd. These SPAs, coupled with the project's progress toward securing financing, and preparation of the onshore location for development, continue to position Anadarko to take FID during the first half of this year.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2018 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
The company ended 2018 with $1.3 billion of cash. Since September 2017, Anadarko has announced equity-buyback and debt-reduction programs totaling $7 billion. The company repurchased $250 million of its common stock and retired $500 million of debt during the fourth quarter of 2018, bringing total share repurchases to $3.75 billion and total debt retirement to more than $600 million under these programs. During 2018, the company also increased its per-share dividend 500 percent, from 5 cents to 30 cents.
"We have returned tremendous value to our shareholders totaling more than $4.5 billion through share repurchases, dividend increases and debt reductions, and we expect to complete the remaining $1.25 billion of authorized share repurchases and $1.4 billion of debt reduction by mid-2020," said Walker. "While we expect market volatility to continue for some time, we are maintaining our previously announced capital expectations, which enable us to operate within anticipated discretionary cash flow at $50 oil and remain committed to our durable strategy of maximizing capital efficiency and enhancing returns on a multi-year basis."
2019 CAPITAL EXPECTATIONS AND SALES-VOLUME GUIDANCE
Anadarko's 2019 guidance remains the same as announced in November 2018. The company expects full-year capital investments in the range of $4.3 to $4.7 billion.(3)
2019 Capital Expectations(3) | ||||||||||||||||
By Area | Billions | By Type | ||||||||||||||
U.S. Onshore* | $ | 3.15 | Resource Plays* | 70 | % | |||||||||||
Deepwater Gulf of Mexico | 0.50 | Conventional Oil** | 16 | % | ||||||||||||
Algeria and Ghana | 0.20 | Exploration and LNG | 10 | % | ||||||||||||
Exploration | 0.25 | Corporate | 4 | % | ||||||||||||
LNG | 0.20 | |||||||||||||||
* Delaware, DJ, and Powder River basins, and other. Also includes approximately $80 million of midstream investment prior to the Western Gas Partners, LP (WES) midstream transaction, which is expected to close in the first quarter 2019 | ||||||||||||||||
** Deepwater Gulf of Mexico, Algeria, and Ghana operations | ||||||||||||||||
Note: All amounts are approximates. |
Sales-Volume Expectations(4) | |||
2018 Actuals | 2019 Expectations | ||
Total (MMBOE) | 243 | 260 - 270 | |
Oil (MBOPD) | 383 | 410 - 435 | |
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host an investor conference call on Wednesday, Feb. 6, 2019, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2018 results as well as plans and expectations for 2019. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 7656732. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Twelve pages of summary financial data follow, including costs incurred, proved reserves, 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) | Does not include capital investments made by Western Gas Partners, LP (NYSE: WES). |
(4) | Amounts are divestiture adjusted. |
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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 2018, the company had 1.47 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to finalize year-end reserves; to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance; to improve margins and enhance returns; to timely complete and commercially operate the projects and drilling prospects identified in this news release; to consummate the transaction described in this news release and realize the expected benefits; to successfully complete the share-repurchase and debt-reduction programs; and to successfully plan, secure additional government and partner approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2017 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com, 832.636.3271
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Jon VandenBrand, jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.
Quarter Ended December 31, 2018 | ||||||||||||
Before | After | Per Share | ||||||||||
millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
Net income (loss) attributable to common stockholders (GAAP) | $ | 102 | $ | 0.21 | ||||||||
Adjustments for certain items affecting comparability | ||||||||||||
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* | $ | 480 | 370 | 0.75 | ||||||||
Gains (losses) on divestitures, net | (11) | (8) | (0.02) | |||||||||
Lower-of-cost-or-market inventory adjustments | (21) | (17) | (0.04) | |||||||||
Impairments - Producing properties (after noncontrolling interest) | (431) | (331) | (0.67) | |||||||||
Contingency adjustments | (15) | (12) | (0.03) | |||||||||
Reorganization-related charges | (40) | (31) | (0.06) | |||||||||
Impact of tax reform legislation | (100) | (0.20) | ||||||||||
Change in uncertain tax positions | 47 | 0.10 | ||||||||||
Certain items affecting comparability | $ | (38) | (82) | (0.17) | ||||||||
Adjusted net income (loss) (Non-GAAP) | $ | 184 | $ | 0.38 | ||||||||
* | Includes $629 million related to commodity derivatives, $(148) million related to interest-rate derivatives and $(1) million related to gathering, processing, and marketing sales. |
Quarter Ended December 31, 2017 | ||||||||||||
Before | After | Per Share | ||||||||||
millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
Net income (loss) attributable to common stockholders (GAAP) | $ | 976 | $ | 1.80 | ||||||||
Adjustments for certain items affecting comparability | ||||||||||||
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* | $ | (168) | (105) | (0.20) | ||||||||
Gains (losses) on divestitures, net | (141) | (83) | (0.15) | |||||||||
Impairments | ||||||||||||
Producing properties | (25) | (16) | (0.03) | |||||||||
Exploration assets | (24) | (15) | (0.03) | |||||||||
Early termination of rig | (39) | (25) | (0.05) | |||||||||
Change in uncertain tax positions | (56) | (0.10) | ||||||||||
Impact of tax reform legislation | 1,170 | 2.18 | ||||||||||
Certain items affecting comparability | $ | (397) | 870 | 1.62 | ||||||||
Adjusted net income (loss) (Non-GAAP) | $ | 106 | $ | 0.18 | ||||||||
* | Includes $(171) million related to commodity derivatives, $(1) million related to interest-rate derivatives, and $4 million related to gathering, processing, and marketing sales. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management believes that the presentation of Adjusted EBITDAX (Margin) provides information useful in assessing the Company's operating and financial performance across periods.
Years Ended | |||||||
millions | 2018 | 2017 | |||||
Net income (loss) attributable to common stockholders (GAAP) | $ | 615 | $ | (456) | |||
Interest expense | 947 | 932 | |||||
Income tax expense (benefit) | 733 | (1,477) | |||||
Depreciation, depletion, and amortization | 4,254 | 4,279 | |||||
Exploration expense (1) | 459 | 2,535 | |||||
(Gains) losses on divestitures, net | (20) | (674) | |||||
Impairments | 800 | 408 | |||||
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives | (407) | 156 | |||||
Restructuring charges | 53 | 21 | |||||
(Gains) losses on early extinguishment of debt | (2) | 2 | |||||
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) | $ | 7,432 | $ | 5,726 | |||
Total barrels of oil equivalent (MMBOE) | 243 | 245 | |||||
Consolidated Adjusted EBITDAX (Margin) per BOE | $ | 30.58 | $ | 23.37 | |||
(1) | Includes restructuring charges of $20 million for the year ended December 31, 2018. |
Management believes oil and natural 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.
millions | Year Ended | |||
Costs incurred (GAAP)* | $ | 4,569 | ||
Asset retirement obligation liabilities incurred | (357) | |||
Cash expenditures for asset retirement obligations | 263 | |||
Oil and natural gas exploration and development costs (Non-GAAP) | $ | 4,475 | ||
* | Includes $202 million of unproved property acquisitions. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
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.
December 31, 2018 | |||||||||||||
Anadarko | |||||||||||||
Anadarko | WGP* | excluding | |||||||||||
millions | Consolidated | Consolidated | WGP | ||||||||||
Total debt (GAAP) | $ | 16,417 | $ | 4,815 | $ | 11,602 | |||||||
Less cash and cash equivalents | 1,295 | 92 | 1,203 | ||||||||||
Net debt (Non-GAAP) | $ | 15,122 | $ | 4,723 | $ | 10,399 | |||||||
Anadarko | |||||||||||||
Anadarko | excluding | ||||||||||||
millions | Consolidated | WGP | |||||||||||
Net debt | $ | 15,122 | $ | 10,399 | |||||||||
Total equity | 10,943 | 8,496 | |||||||||||
Adjusted capitalization | $ | 26,065 | $ | 18,895 | |||||||||
Net debt to adjusted capitalization ratio | 58 | % | 55 | % | |||||||||
* | Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko, and Western Gas Partners, LP (WES) is a consolidated subsidiary of WGP. |
Anadarko Petroleum Corporation | |||||||||||||||
Cash Flow Information | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
millions | 2018 | 2017 | 2018 | 2017 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||||
Net income (loss) | $ | 134 | $ | 1,039 | $ | 752 | $ | (211) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||
Depreciation, depletion, and amortization | 1,131 | 1,044 | 4,254 | 4,279 | |||||||||||
Deferred income taxes | (2) | (1,143) | 139 | (2,169) | |||||||||||
Dry hole expense and impairments of unproved properties | 34 | 77 | 246 | 2,221 | |||||||||||
Impairments | 481 | 25 | 800 | 408 | |||||||||||
(Gains) losses on divestitures, net | 11 | 141 | (20) | (674) | |||||||||||
(Gains) losses on early extinguishment of debt | (4) | — | (2) | 2 | |||||||||||
Total (gains) losses on derivatives, net | (368) | 164 | 138 | 131 | |||||||||||
Operating portion of net cash received (paid) in settlement of derivative instruments | (112) | 4 | (545) | 25 | |||||||||||
Other | 72 | 78 | 294 | 303 | |||||||||||
Changes in assets and liabilities | 250 | (39) | (127) | (306) | |||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | 1,627 | $ | 1,390 | $ | 5,929 | $ | 4,009 | |||||||
Net Cash Provided by (Used in) Investing Activities | $ | (1,323) | $ | (1,002) | $ | (5,982) | $ | (1,030) | |||||||
Net Cash Provided by (Used in) Financing Activities | $ | (871) | $ | (1,086) | $ | (3,177) | $ | (1,613) | |||||||
Capital Expenditures | |||||||||||||||
Exploration and Production and other* | $ | 897 | $ | 1,008 | $ | 4,264 | $ | 3,884 | |||||||
WES Midstream | 258 | 294 | 1,178 | 956 | |||||||||||
Other Midstream** | 85 | 202 | 743 | 460 | |||||||||||
Total | $ | 1,240 | $ | 1,504 | $ | 6,185 | $ | 5,300 | |||||||
* | The year-ended December 31, 2018 includes $181 million, of which $176 million was unbudgeted, related to Powder River Basin acquisitions. |
** | Excludes WES. |
Anadarko Petroleum Corporation | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
Summary Financial Information | December 31, | December 31, | |||||||||||||
millions except per-share amounts | 2018 | 2017 | 2018 | 2017 | |||||||||||
Consolidated Statements of Income | |||||||||||||||
Revenues and Other | |||||||||||||||
Oil sales | $ | 2,242 | $ | 1,900 | $ | 9,206 | $ | 6,552 | |||||||
Natural-gas sales | 323 | 258 | 1,005 | 1,348 | |||||||||||
Natural-gas liquids sales | 279 | 301 | 1,271 | 1,069 | |||||||||||
Gathering, processing, and marketing sales | 425 | 583 | 1,588 | 2,000 | |||||||||||
Gains (losses) on divestitures and other, net | 80 | (113) | 312 | 939 | |||||||||||
Total | 3,349 | 2,929 | 13,382 | 11,908 | |||||||||||
Costs and Expenses | |||||||||||||||
Oil and gas operating | 308 | 250 | 1,153 | 988 | |||||||||||
Oil and gas transportation | 245 | 216 | 878 | 914 | |||||||||||
Exploration | 79 | 169 | 459 | 2,535 | |||||||||||
Gathering, processing, and marketing | 302 | 451 | 1,047 | 1,552 | |||||||||||
General and administrative | 270 | 226 | 1,084 | 994 | |||||||||||
Depreciation, depletion, and amortization | 1,131 | 1,044 | 4,254 | 4,279 | |||||||||||
Production, property, and other taxes | 189 | 133 | 826 | 582 | |||||||||||
Impairments | 481 | 25 | 800 | 408 | |||||||||||
Other operating expense | 74 | 64 | 262 | 221 | |||||||||||
Total | 3,079 | 2,578 | 10,763 | 12,473 | |||||||||||
Operating Income (Loss) | 270 | 351 | 2,619 | (565) | |||||||||||
Other (Income) Expense | |||||||||||||||
Interest expense | 244 | 252 | 947 | 932 | |||||||||||
(Gains) losses on early extinguishment of debt | (4) | — | (2) | 2 | |||||||||||
(Gains) losses on derivatives, net | (373) | 168 | 130 | 135 | |||||||||||
Other (income) expense, net | 43 | 3 | 59 | 54 | |||||||||||
Total | (90) | 423 | 1,134 | 1,123 | |||||||||||
Income (Loss) Before Income Taxes | 360 | (72) | 1,485 | (1,688) | |||||||||||
Income tax expense (benefit) | 226 | (1,111) | 733 | (1,477) | |||||||||||
Net Income (Loss) | 134 | 1,039 | 752 | (211) | |||||||||||
Net income (loss) attributable to noncontrolling interests | 32 | 63 | 137 | 245 | |||||||||||
Net Income (Loss) Attributable to Common Stockholders | $ | 102 | $ | 976 | $ | 615 | $ | (456) | |||||||
Per Common Share | |||||||||||||||
Net income (loss) attributable to common stockholders—basic | $ | 0.21 | $ | 1.80 | $ | 1.20 | $ | (0.85) | |||||||
Net income (loss) attributable to common stockholders—diluted | $ | 0.21 | $ | 1.80 | $ | 1.20 | $ | (0.85) | |||||||
Average Number of Common Shares Outstanding—Basic | 493 | 537 | 504 | 548 | |||||||||||
Average Number of Common Shares Outstanding—Diluted | 494 | 537 | 504 | 548 | |||||||||||
Exploration Expense | |||||||||||||||
Dry hole expense | $ | 32 | $ | 25 | $ | 87 | $ | 1,433 | |||||||
Impairments of unproved properties | 1 | 52 | 159 | 788 | |||||||||||
Geological and geophysical, exploration overhead, and other expense | 46 | 92 | 213 | 314 | |||||||||||
Total | $ | 79 | $ | 169 | $ | 459 | $ | 2,535 | |||||||
Anadarko Petroleum Corporation | |||||||
(Unaudited) | |||||||
December 31, | December 31, | ||||||
millions | 2018 | 2017 | |||||
Condensed Balance Sheets | |||||||
Cash and cash equivalents | $ | 1,295 | $ | 4,553 | |||
Accounts receivable, net of allowance | 2,026 | 1,829 | |||||
Other current assets | 474 | 380 | |||||
Net properties and equipment | 28,615 | 27,451 | |||||
Other assets | 2,336 | 2,211 | |||||
Goodwill and other intangible assets | 5,630 | 5,662 | |||||
Total Assets | $ | 40,376 | $ | 42,086 | |||
Short-term debt - Anadarko* | 919 | 142 | |||||
Short-term debt - WGP/WES | 28 | — | |||||
Other current liabilities | 3,711 | 3,764 | |||||
Long-term debt - Anadarko* | 10,683 | 12,054 | |||||
Long-term debt - WGP/WES | 4,787 | 3,493 | |||||
Deferred income taxes | 2,437 | 2,234 | |||||
Asset retirement obligations | 2,847 | 2,500 | |||||
Other long-term liabilities | 4,021 | 4,109 | |||||
Common stock | 57 | 57 | |||||
Paid-in capital | 12,393 | 12,000 | |||||
Retained earnings | 1,245 | 1,109 | |||||
Treasury stock | (4,864) | (2,132) | |||||
Accumulated other comprehensive income (loss) | (335) | (338) | |||||
Total stockholders' equity | 8,496 | 10,696 | |||||
Noncontrolling interests | 2,447 | 3,094 | |||||
Total Equity | 10,943 | 13,790 | |||||
Total Liabilities and Equity | $ | 40,376 | $ | 42,086 | |||
Capitalization | |||||||
Total debt | $ | 16,417 | $ | 15,689 | |||
Total equity | 10,943 | 13,790 | |||||
Total | $ | 27,360 | $ | 29,479 | |||
Capitalization Ratios | |||||||
Total debt | 60 | % | 53 | % | |||
Total equity | 40 | % | 47 | % | |||
* | Excludes WES and WGP |
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Sales Volume and Prices | |||||||||||||||||||||||||||||
Average Daily Sales Volume | Sales Volume | Average Sales Price | |||||||||||||||||||||||||||
Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | |||||||||||||||||||||
MBbls/d | MMcf/d | MBbls/d | MMBbls | Bcf | MMBbls | Per Bbl | Per Mcf | Per Bbl | |||||||||||||||||||||
Quarter Ended December 31, 2018 | |||||||||||||||||||||||||||||
United States | 309 | 1,118 | 104 | 30 | 103 | 8 | $ | 58.60 | $ | 3.14 | $ | 27.57 | |||||||||||||||||
Algeria | 62 | — | 4 | 5 | — | 1 | 64.41 | — | 44.34 | ||||||||||||||||||||
Other International | 36 | — | — | 3 | — | — | 62.79 | 0.66 | — | ||||||||||||||||||||
Total | 407 | 1,118 | 108 | 38 | 103 | 9 | $ | 59.86 | $ | 3.14 | $ | 28.20 | |||||||||||||||||
Quarter Ended December 31, 2017 | |||||||||||||||||||||||||||||
United States | 287 | 1,064 | 90 | 26 | 98 | 7 | $ | 54.97 | $ | 2.63 | $ | 34.99 | |||||||||||||||||
Algeria | 54 | — | 3 | 4 | — | 1 | 61.35 | — | 45.29 | ||||||||||||||||||||
Other International | 26 | — | — | 3 | — | — | 60.75 | — | — | ||||||||||||||||||||
Total | 367 | 1,064 | 93 | 33 | 98 | 8 | $ | 56.32 | $ | 2.63 | $ | 35.28 | |||||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
United States | 294 | 1,069 | 98 | 108 | 390 | 35 | $ | 64.01 | $ | 2.57 | $ | 33.46 | |||||||||||||||||
Algeria | 59 | — | 5 | 21 | — | 2 | 70.80 | — | 43.25 | ||||||||||||||||||||
Other International | 32 | — | — | 12 | — | — | 69.63 | 0.66 | — | ||||||||||||||||||||
Total | 385 | 1,069 | 103 | 141 | 390 | 37 | $ | 65.51 | $ | 2.57 | $ | 33.93 | |||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||||||||||||
United States | 266 | 1,309 | 95 | 97 | 478 | 34 | $ | 49.62 | $ | 2.82 | $ | 29.24 | |||||||||||||||||
Algeria | 61 | — | 4 | 22 | — | 2 | 53.74 | — | 35.64 | ||||||||||||||||||||
Other International | 28 | — | — | 10 | — | — | 53.84 | — | — | ||||||||||||||||||||
Total | 355 | 1,309 | 99 | 129 | 478 | 36 | $ | 50.66 | $ | 2.82 | $ | 29.54 | |||||||||||||||||
Average Daily Sales Volume MBOE/d | Sales Volume MMBOE | ||||||||||||||||||||||||||||
Quarter Ended December 31, 2018 | 701 | 64 | |||||||||||||||||||||||||||
Quarter Ended December 31, 2017 | 637 | 58 | |||||||||||||||||||||||||||
Year Ended December 31, 2018 | 666 | 243 | |||||||||||||||||||||||||||
Year Ended December 31, 2017 | 672 | 245 | |||||||||||||||||||||||||||
Sales Revenue and Commodity Derivatives | ||||||||||||||||||||||||
Sales | Net Cash Received (Paid) from Settlement of Commodity | |||||||||||||||||||||||
millions | Oil | Natural Gas | NGLs | Oil | Natural Gas | NGLs | ||||||||||||||||||
Quarter Ended December 31, 2018 | ||||||||||||||||||||||||
United States | $ | 1,666 | $ | 323 | $ | 262 | $ | (82) | $ | (26) | $ | — | ||||||||||||
Algeria | 366 | — | 17 | — | — | — | ||||||||||||||||||
Other International | 210 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 2,242 | $ | 323 | $ | 279 | $ | (82) | $ | (26) | $ | — | ||||||||||||
Quarter Ended December 31, 2017 | ||||||||||||||||||||||||
United States | $ | 1,450 | $ | 258 | $ | 290 | $ | (1) | $ | 5 | $ | — | ||||||||||||
Algeria | 305 | — | 11 | — | — | — | ||||||||||||||||||
Other International | 145 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 1,900 | $ | 258 | $ | 301 | $ | (1) | $ | 5 | $ | — | ||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||
United States | $ | 6,873 | $ | 1,005 | $ | 1,193 | $ | (527) | $ | (18) | $ | — | ||||||||||||
Algeria | 1,518 | — | 78 | — | — | — | ||||||||||||||||||
Other International | 815 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 9,206 | $ | 1,005 | $ | 1,271 | $ | (527) | $ | (18) | $ | — | ||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||
United States | $ | 4,818 | $ | 1,348 | $ | 1,010 | $ | 26 | $ | 4 | $ | (3) | ||||||||||||
Algeria | 1,190 | — | 59 | — | — | — | ||||||||||||||||||
Other International | 544 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 6,552 | $ | 1,348 | $ | 1,069 | $ | 26 | $ | 4 | $ | (3) | ||||||||||||
Anadarko Petroleum Corporation | |||||||||
Estimated Year-End Proved Reserves 2018 - 2016 | |||||||||
MMBOE | 2018 | 2017 | 2016 | ||||||
Proved Reserves | |||||||||
Beginning of year | 1,439 | 1,722 | 2,057 | ||||||
Reserves additions and revisions | |||||||||
Discoveries and extensions | 164 | 114 | 40 | ||||||
Infill-drilling additions | 181 | 71 | 69 | ||||||
Drilling-related reserves additions and revisions | 345 | 185 | 109 | ||||||
Other non-price-related revisions | (61) | 59 | 191 | ||||||
Net organic reserves additions | 284 | 244 | 300 | ||||||
Acquisition of proved reserves in place | — | 3 | 97 | ||||||
Price-related revisions | 29 | 92 | (147) | ||||||
Total reserves additions and revisions | 313 | 339 | 250 | ||||||
Sales in place | (37) | (379) | (294) | ||||||
Production | (242) | (243) | (291) | ||||||
End of year | 1,473 | 1,439 | 1,722 | ||||||
Proved Developed Reserves | |||||||||
Beginning of year | 1,127 | 1,325 | 1,632 | ||||||
End of year | 1,148 | 1,127 | 1,325 | ||||||
Anadarko Petroleum Corporation | ||||||||||||||
Financial and Operating External Guidance | ||||||||||||||
As of February 5, 2019 | ||||||||||||||
1st-Qtr | Full-Year | |||||||||||||
Guidance (see Note) | Guidance (see Note) | |||||||||||||
Units | Units | |||||||||||||
Total Sales Volume (MMBOE) | 60 | — | 64 | 260 | — | 270 | ||||||||
Total Sales Volume (MBOE/d) | 667 | — | 711 | 712 | — | 740 | ||||||||
Oil (MBbl/d) | 384 | — | 411 | 410 | — | 435 | ||||||||
United States | 305 | — | 325 | 324 | — | 341 | ||||||||
Algeria | 53 | — | 57 | 56 | — | 60 | ||||||||
Ghana | 26 | — | 29 | 30 | — | 34 | ||||||||
Natural Gas (MMcf/d) | ||||||||||||||
United States | 1,100 | — | 1,175 | 1,100 | — | 1,200 | ||||||||
Natural Gas Liquids (MBbl/d) | ||||||||||||||
United States | 96 | — | 104 | 103 | — | 111 | ||||||||
Algeria | 4 | — | 5 | 4 | — | 5 | ||||||||
$ / Unit | $ / Unit | |||||||||||||
Price Differentials vs NYMEX (w/o hedges) | ||||||||||||||
Oil ($/Bbl) | (0.60) | — | 3.50 | (0.70) | — | 3.30 | ||||||||
United States | (2.00) | — | 2.00 | (2.00) | — | 2.00 | ||||||||
Algeria | 5.00 | — | 9.00 | 4.00 | — | 8.00 | ||||||||
Ghana | 5.00 | — | 9.00 | 4.00 | — | 8.00 | ||||||||
Natural Gas ($/Mcf) | ||||||||||||||
United States | (0.60) | — | (0.35) | (0.70) | — | (0.45) | ||||||||
Anadarko Petroleum Corporation | ||||||||||||||
Financial and Operating External Guidance | ||||||||||||||
As of February 5, 2019 | ||||||||||||||
Note: Guidance excludes items affecting comparability. | ||||||||||||||
1st-Qtr | Full-Year | |||||||||||||
Guidance (see Note) | Guidance (see Note) | |||||||||||||
$ MM | $ MM | |||||||||||||
Other Revenues | ||||||||||||||
Marketing and Gathering Margin | 145 | — | 185 | 700 | — | 800 | ||||||||
Minerals and Other | 70 | — | 90 | 270 | — | 310 | ||||||||
$ / BOE | $ / BOE | |||||||||||||
Costs and Expenses | ||||||||||||||
Oil & Gas Direct Operating | 5.00 | — | 5.50 | 4.40 | — | 4.80 | ||||||||
Oil & Gas Transportation and Other | 3.50 | — | 3.70 | 3.60 | — | 3.80 | ||||||||
Depreciation, Depletion, and Amortization | 16.75 | — | 17.50 | 17.25 | — | 18.00 | ||||||||
Production Taxes (% of Product Revenue) | 6.5 | % | — | 7.5 | % | 6.5 | % | — | 7.5 | % | ||||
$ MM | $ MM | |||||||||||||
General and Administrative | 275 | — | 300 | 1,100 | — | 1,200 | ||||||||
Other Operating Expense | 15 | — | 35 | 35 | — | 55 | ||||||||
Exploration Expense | ||||||||||||||
Non-Cash | — | — | 20 | 120 | — | 170 | ||||||||
Cash | 55 | — | 65 | 190 | — | 210 | ||||||||
Interest Expense (net) | 255 | — | 265 | 1,050 | — | 1,090 | ||||||||
Other (Income) Expense | (10) | — | 10 | (20) | — | 20 | ||||||||
Taxes | ||||||||||||||
Algeria (100% Current) | 60 | % | — | 70 | % | 60 | % | — | 70 | % | ||||
Rest of Company (175% Current/(75)% Deferred for Q1 and 275% Current/(175)% Deferred for Total Year) | 20 | % | — | 30 | % | 10 | % | — | 20 | % | ||||
Noncontrolling Interest | 70 | — | 90 | 380 | — | 420 | ||||||||
Avg. Shares Outstanding (MM) | ||||||||||||||
Basic | 490 | — | 495 | 490 | — | 495 | ||||||||
Diluted | 490 | — | 495 | 490 | — | 495 | ||||||||
Capital Investment (Excluding Western Gas Partners, LP) | $ MM | $ MM | ||||||||||||
APC Capital Expenditures | 1,100 | — | 1,300 | 4,300 | — | 4,700 | ||||||||
Anadarko Petroleum Corporation | |||||||||
Commodity Hedge Positions | |||||||||
As of February 5, 2019 | |||||||||
Weighted Average Price per barrel | |||||||||
Volume (MBbls/d) | Floor Sold | Floor Purchased | Ceiling Sold | ||||||
Oil | |||||||||
Three-Way Collars | |||||||||
2019 | |||||||||
WTI | |||||||||