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
Asset: Midland to ECHO Crude Oil Pipeline System
Firm Commitment: 0
Project: Cactus II Pipeline
Firm Commitment: 0
Recent news
- 12/22/2023 - Gulf of Mexico Lease... (subscriber access)
- 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)
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 Companies Hearne Assets
Sale of the Companies Hearne Assets
REGIONS:
Texas and Producing Region
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: 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
- 12/22/2023 - Gulf of Mexico Lease... (subscriber access)
- 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)
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
- 70 percent of investments are directed toward scalable, oil-levered U.S. onshore assets
- $50 oil and $3 natural gas environment investment case
- ~$1.6 billion adjusted free cash flow expected at $60 WTI, $70 Brent, and $3 HH(2)
- 10 percent growth in oil sales volume(3)
- 15 percent or greater growth in oil sales volume per debt-adjusted share(3)(4)
- $1 billion addition to share-repurchase program, now totaling $5 billion
- 20-percent increase in the quarterly dividend to $0.30 per share, a 500-percent increase during 2018
- $500 million increase to debt-reduction program, now totaling $2 billion
- Increased U.S. onshore oil volumes by 47 percent on a divestiture-adjusted basis and improved per-barrel margins by almost 50 percent year-over-year
- Expanded West Texas infrastructure with the successful startup of the Reeves Regional Oil Treating Facility (ROTF) during the quarter and commissioning of the North Loving ROTF subsequent to quarter end
- Achieved significant advancements on the Mozambique LNG project, including new heads of agreements and expected cost reductions, with an anticipated Final Investment Decision (FID) during the first half of 2019
- Completed $3.0 billion of the share-repurchase program
- Achieved record divestiture-adjusted oil production of 367,000 barrels per day
- Increased the company's oil production mix to 57 percent, while generating its highest per-barrel margins since 2014, when oil prices averaged more than $93 per barrel for WTI
- Entered into accelerated share-repurchase agreements (ASRs) to complete the expanded $3.0 billion share-buyback program by the end of the second quarter, nine months from initial board authorization
- Secured substantial long-term oil transportation capacity from the Delaware Basin to both Gulf Coast and U.S. export markets, while also locking in firm sales out of the basin for about 80 percent of its operated natural gas production
- Received Mozambique government approval for the Golfinho/Atum Plan of Development for the company's LNG project with Area 1 participants
- Further improved oil sales-volume product mix to 53 percent, with liquids increasing to 67 percent, contributing to a 67-percent improvement in margins per barrel(2)
- Achieved production exit rates totaling more than 150,000 barrels of oil per day (BOPD) combined from the Delaware and DJ basins
- Closed more than $4.0 billion of asset divestitures
- Announced $2.5 billion share repurchase program and, by year end, repurchased 21.9 million shares for approximately $1.1 billion (average price of $48.33 per share)
- Achieved completion of the Legal and Contractual Framework and commenced resettlement for the Mozambique LNG project
- Allocates approximately 80 percent of capital toward the Delaware and DJ basins, including Anadarko midstream, and the deepwater Gulf of Mexico
- Generates material free cash flow at current strip prices and breaks even in a $50 oil and $3 natural gas commodity-price environment(2)
- Delivers a cash return on invested capital of 20 percent(3)
- Results in approximately 14-percent oil growth year-over-year, which is 19-percent oil growth per debt-adjusted-share(4) (5)
- Announced a $2.5 billion share-repurchase program and entered into an accelerated share repurchase (ASR) agreement to execute upon the first $1.0 billion by year end
- Achieved double-digit oil-volume growth over second-quarter 2017 in the Delaware Basin, DJ Basin and deepwater Gulf of Mexico assets
- Improved oil production mix to 57 percent versus 42 percent in the third quarter of 2016, significantly improving margins per barrel
- Entered into an agreement to sell the company's Moxa asset in southwest Wyoming for approximately $350 million
- Received clarity on the Ghana maritime boundary, enabling additional high-margin oil development, and completed the foundational Legal and Contractual Framework for the Mozambique LNG project
- Achieved a 12-percent increase in total oil sales volume over the second quarter of 2016
- Increased overall sales-volume product mix to 67-percent liquids compared to 54-percent liquids in the second quarter of 2016
- Continued deepwater Gulf of Mexico success with new tieback activities at Horn Mountain and K2, and facility upgrades at Constitution
- Closed divestitures totaling more than $600 million during the quarter
- Increased total year-over-year sales volume by approximately 20 percent on a divestiture-adjusted basis(2)
- Achieved oil production of 353,000 barrels per day on a divestiture-adjusted basis, bolstered by record oil sales volume in the Deepwater Gulf of Mexico and Delaware Basin(2)
- Enhanced liquids product mix to 61 percent versus 53 percent year over year, contributing to significantly improved margins
- Completed Eagleford and Marcellus asset divestitures for net cash proceeds of $2.8 billion, prior to final closing adjustments
- Announced 2017 initial capital program of $4.5 to $4.7 billion(1)
- Increased Wolfcamp A (Delaware Basin) net resources by 50 percent to more than 3 billion BOE
- Increased DJ Basin development area net resources by 33 percent to more than 2 billion BOE
- Improved margins per barrel significantly as a result of higher oil-production mix
- Completed Eagleford divestiture increasing cash on hand as of March 3 to more than $5 billion
- Expected 25-percent increase in oil sales volumes in 2017 relative to the prior year(2)
- Surpassed initial sales-volume expectations by 11 million barrels of oil equivalent (BOE) on a same-store-sales basis,(2) while keeping capital investments within initial guidance
- Closed more than $4.0 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures, which are expected to close in the first quarter of 2017
- Achieved operating milestones including production records at Lucius, Caesar/Tonga and in the Delaware and DJ basins, as well as first oil at Heidelberg and TEN
- Closed the immediately accretive Freeport-McMoRan deepwater Gulf of Mexico acquisition
- Increased the expected five-year compounded annual oil growth rate to 12 to 14 percent
- Doubles ownership in the Lucius development to approximately 49 percent
- Doubles Gulf of Mexico production to more than 160,000 net barrels of oil equivalent (BOE) per day
- Adds three operated deepwater facilities, bringing Anadarko's total operated facilities to 10
- Enhances cash flow to accelerate activity in the Delaware and DJ basins
- Delivered strong sales volumes with oil volumes exceeding the midpoint of guidance by approximately 13,000 barrels per day
- Further reduced costs, with both capital expenditures and lease operating expense (LOE) per barrel of oil equivalent (BOE) favorable to guidance
- Closed nearly $3 billion of monetizations year to date
- Announced $2 billion acquisition of Freeport McMoRan's deepwater Gulf of Mexico assets
- Doubles Anadarko's ownership in the Lucius development to approximately 49 percent
- Adds approximately 80,000 net barrels of oil equivalent (BOE) per day, more than 80 percent of which is oil
- Expands Anadarko's operated infrastructure throughout the Gulf of Mexico
- Generates an estimated $3.0 billion of incremental Gulf of Mexico free cash flow(1) over the next five years at current strip prices
- Enables accelerated investment in Anadarko's Delaware and DJ basin assets
- Free cash flow is a non-GAAP financial measure that Anadarko defines as net cash provided by (used in) operating activities before changes in accounts receivable; changes in accounts payable and accrued expenses; other items, net; and certain nonoperating and other excluded items less capital expenditures.
- EBITDAX is a non-GAAP financial measure that Anadarko defines as income (loss) before income taxes; gains (losses) on divestitures, net; exploration expense; depreciation, depletion, and amortization (DD&A); impairments; interest expense; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; and certain items not related to the company's normal operations, less net income (loss) attributable to noncontrolling interests.
- Achieved record production levels at three operated Gulf of Mexico facilities and in the U.S. onshore Delaware and DJ basins
- Encountered more than 1,040 net feet of oil pay at the Shenandoah-5 appraisal well and increased working interest in this operated deepwater discovery
- Closed $2.5 billion of monetizations year to date
- Retired $3 billion of near-term maturities with proceeds from debt issued during the first quarter
- Announced year-over-year capital reduction of approximately 50 percent(3)
- Improved cost structure by $800 million by reducing the dividend and staffing
- Closed monetizations totaling $1.3 billion
- Issued $3.0 billion of new bonds to refinance debt maturing in 2016 and 2017
- Increased Delaware Basin net resource estimate to more than 2 billion barrels of oil equivalent (BOE)
- Achieved first oil at the Heidelberg development in the deepwater Gulf of Mexico
- Advanced the TEN development with the arrival of the FPSO offshore Ghana
- Successfully drilled the company's first horizontal deepwater well offshore Côte d'Ivoire
- Reduces year-over-year capital investments by almost 50 percent(1)
- Expects higher-margin oil sales volumes to be flat year over year on a divestiture-adjusted basis(2)
- Doubles Delaware Basin recoverable resource estimate to more than 2 billion barrels of oil equivalent (BOE)
- Announces plans to monetize up to $3 billion of assets in 2016, with $1.3 billion announced or closed year to date
- Reduced year-over-year capital expenditures by almost 40 percent, while delivering 4-percent divestiture-adjusted(3) sales-volume growth over 2014
- Achieved an organic reserve-replacement ratio of more than 130 percent before the effects of price revisions
- Closed $2.0 billion of monetizations
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
Radnor, PA 19087
(844) 887-9500
(610) 667-7706
info@ktmc.com
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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
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.
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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
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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View original content:http://www.prnewswire.com/news-releases/anadarko-apc-alert-johnson-fistel-investigates-proposed-sale-of-anadarko-holdings-inc-are-shareholders-getting-a-fair-deal-300831315.html
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. |
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 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 | 57 | $ | 45.00 | $ | 55.00 | $ | 70.22 | ||
Brent | 30 | $ | 50.00 | $ | 60.00 | $ | 78.22 | ||
87 | |||||||||
Interest-Rate Derivatives | |||||
As of February 5, 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 | $250 Million | December 2019 - 2024 | December 2019 | 2.730% | 3M LIBOR |
Swap | $250 Million | December 2019 - 2029 | December 2019 | 2.856% | 3M LIBOR |
Swap | $250 Million | December 2019 - 2049 | December 2019 | 2.905% | 3M LIBOR |
Anadarko Petroleum Corporation | |||||||||||||||||||||||
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
Average Daily Sales Volume | |||||||||||||||||||||||
Quarter Ended December 31, 2018 | Quarter Ended December 31, 2017 | ||||||||||||||||||||||
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 | 189 | 1,038 | 95 | 457 | 156 | 934 | 79 | 390 | |||||||||||||||
Gulf of Mexico | 120 | 80 | 9 | 142 | 119 | 73 | 9 | 140 | |||||||||||||||
International | 98 | — | 4 | 102 | 80 | — | 3 | 83 | |||||||||||||||
Same-Store Sales | 407 | 1,118 | 108 | 701 | 355 | 1,007 | 91 | 613 | |||||||||||||||
Divestitures* | — | — | — | — | 12 | 57 | 2 | 24 | |||||||||||||||
Total | 407 | 1,118 | 108 | 701 | 367 | 1,064 | 93 | 637 | |||||||||||||||
Year Ended December 31, 2018 | Year Ended December 31, 2017 | ||||||||||||||||||||||
Oil | Natural Gas | NGLs | Total | Oil | Natural Gas | NGLs | Total | ||||||||||||||||
U.S. Onshore | 172 | 990 | 89 | 426 | 128 | 966 | 79 | 368 | |||||||||||||||
Gulf of Mexico | 120 | 77 | 9 | 142 | 120 | 102 | 10 | 147 | |||||||||||||||
International | 91 | — | 5 | 96 | 89 | — | 4 | 93 | |||||||||||||||
Same-Store Sales | 383 | 1,067 | 103 | 664 | 337 | 1,068 | 93 | 608 | |||||||||||||||
Divestitures* | 2 | 2 | — | 2 | 18 | 241 | 6 | 64 | |||||||||||||||
Total | 385 | 1,069 | 103 | 666 | 355 | 1,309 | 99 | 672 | |||||||||||||||
* | Includes Ram Powell, Alaska, Eagleford, Marcellus, Eaglebine, Utah CBM, and Moxa. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2018-fourth-quarter-and-full-year-results-300790186.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/5/2019Anadarko Announces LNG Sale and Purchase Agreement with Shell
Source: PR Newswire
HOUSTON, Feb. 5, 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 Shell International Trading Middle East Ltd. (Shell). The SPA is for 2 million tonnes of LNG per annum (MTPA) for a term of 13 years.
"We are very pleased to announce this SPA with Shell, which builds upon previously announced deals and takes our total long-term sales to more than 7.5 MTPA, with additional deals expected in the near future," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "With demand for LNG expected to grow worldwide in the middle of the next decade, Shell's strong global reputation in LNG, combined with Mozambique LNG's significant resource and favorable geographic location, create a unique opportunity to provide customers with a long-term, reliable supply of clean energy. Mozambique LNG is extremely pleased to have Shell onboard as a foundation customer, and the Shell deal adds to our growing list of high-quality customers demonstrating the excellent progress we are making toward our stated goal of taking a final investment decision during the first half of this year. We are confident that through this deal, LNG from Mozambique will find its way to a diverse number of markets across the globe."
The Anadarko-operated Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields 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 2017, the company had approximately 1.44 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-shell-300789464.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/5/2019Anadarko Announces LNG Sale and Purchase Agreement with Tokyo Gas and Centrica
Source: PR Newswire
HOUSTON, Feb. 5, 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 Tokyo Gas Co., Ltd. (Tokyo Gas) and Centrica LNG Company Ltd., a subsidiary of Centrica plc (Centrica) for the long-term supply of LNG. The co-purchasing off-take agreement calls for the delivered ex-ship supply of 2.6 million tonnes per annum (MTPA) from the start-up of production until the early 2040s.
"This innovative co-purchasing agreement with Tokyo Gas and Centrica will ensure a reliable supply of clean-burning natural gas to help meet the energy demands of Japan and Europe. It signals the beginning of a new and lasting relationship between Mozambique's first onshore LNG development and these two prominent and respected foundation customers," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "With the vast resources we have discovered in Area 1 and our capability to compete in global LNG markets, Mozambique LNG is poised to become a key LNG supplier for decades to come. We are excited to support the Japanese government's desire for competitively priced and flexible long-term supply of LNG to proactively manage demand fluctuations in their home markets and enhance the nation's energy security. We expect to announce additional SPAs in the near future, as we continue to make demonstrable progress toward taking a final investment decision in the first half of this year."
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).
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 2017, the company had approximately 1.44 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-tokyo-gas-and-centrica-300789456.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/5/2019Anadarko Announces LNG Sale and Purchase Agreement With CNOOC
Source: PR Newswire
HOUSTON, Feb. 1, 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 CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd. (CNOOC). The SPA is for 1.5 million tonnes per annum (MTPA) for a term of 13 years.
"We are pleased to announce this SPA with CNOOC, an important global energy player in one of the biggest and fastest growing LNG markets in the world," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "This deal gives China's largest LNG importer access to Mozambique LNG's world-class gas resources, which are strategically located off the East Coast of Africa, and will provide China with a clean source of energy for years to come.
"Mozambique LNG is extremely pleased to have CNOOC onboard as one of our foundation customers," added Ingram. "This agreement adds to our growing list of customers in the Asia-Pacific region, demonstrating the excellent progress we are making toward our stated goal of taking a final investment decision during the first half of this year. We expect to announce further SPAs in the near future."
The Anadarko-operated Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields 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).
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 2017, the company had approximately 1.44 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 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:
Michael Pearl, michael.pearl@anadako.com, +1 832.636.3271
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-cnooc-300787934.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/1/20191/16/2019 - Anadarko Schedules Feb. 6 Conference Call To Discuss Year-End 2018 Results And 2019 Expectations
Anadarko Schedules Feb. 6 Conference Call To Discuss Year-End 2018 Results And 2019 Expectations
Source: PR Newswire
HOUSTON, Jan. 16, 2019 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Wednesday, Feb. 6, 2019, at 8 a.m. CST (9 a.m. EST) to discuss its fourth-quarter and full-year 2018 financial and operating results as well as plans and expectations for 2019. Earnings will be released after close of market on Tuesday, Feb. 5. The full text of the release will be available on the company's website at www.anadarko.com.
Wednesday, Feb. 6, 2019
8 a.m. CST (9 a.m. EST)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 7656732 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
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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
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-feb-6-conference-call-to-discuss-year-end-2018-results-and-2019-expectations-300779685.html
SOURCE Anadarko Petroleum Corporation
Article Date
1/16/2019Anadarko Announces The Pricing Terms Of Its Cash Tender Offer
Source: PR Newswire
HOUSTON, Dec. 11, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the pricing terms of its previously announced cash tender offer (the "Tender Offer") for up to $500 million combined aggregate principal amount (the "Maximum Tender Amount") of its outstanding 3.45% Notes due 2024, 4.85% Notes due 2021 and 5.55% Notes due 2026 (collectively, the "Notes") in the priorities set forth in the table below. The terms and conditions of the Tender Offer are described in Anadarko's Offer to Purchase dated Nov. 27, 2018 (the "Offer to Purchase") and the related Letter of Transmittal. As previously announced, the purpose of the Tender Offer is to reduce the outstanding debt represented by the Notes purchased in the Tender Offer and reduce Anadarko's future interest expense.
The Total Consideration for each series of Notes is based on the applicable reference yield plus a fixed spread over the yield to maturity of the applicable U.S. Treasury Security specified in the table below, and is payable to holders of the Notes who validly tendered and did not validly withdraw their Notes at or before 5:00 p.m., New York City time, on Dec. 10, 2018 (the "Early Tender Deadline"), and whose Notes are accepted for purchase by Anadarko. The Reference Yields listed in the table were determined at 11:00 a.m., New York City time, on Dec. 11, 2018, by the dealer managers. The Total Consideration for each series of Notes includes an early tender premium of $30.00 per $1,000 principal amount of Notes validly tendered and not validly withdrawn by such holders and accepted for purchase by Anadarko. In addition, holders whose Notes are accepted for purchase pursuant to the Tender Offer will receive accrued and unpaid interest from the last interest payment date for the applicable series of Notes up to, but not including, the settlement date, which is expected to occur on Dec. 12, 2018 (such date, the "Early Settlement Date").
Title of Security | CUSIP Number | Principal Amount Outstanding | Principal Amount Tendered(1) | Principal Amount Accepted | Acceptance Priority Level | Reference U.S. Treasury Security | Reference Treasury Yield | Fixed Spread (basis points) | Total Consideration (2)(3) |
3.45% Notes due 2024 | 032511BJ5 | $625,000,000 | $377,035,000 | $377,035,000 | 1 | 2.875% U.S. Treasury Note due 31 Oct 2023 | 2.735% | 145 | $963.67 |
4.85% Notes due 2021 | 032511BM8 | $800,000,000 | $606,578,000 | $122,965,000 | 2 | 2.875% U.S. Treasury Note due 15 Nov 2021 | 2.740% | 85 | $1,026.11 |
5.55% Notes due 2026 | 032511BN6 | $1,100,000,000 | $386,047,000 | $0 | 3 | 3.125% U.S. Treasury Note due 15 Nov 2028 | N/A | 175 | N/A |
(1) | As reported by D.F. King & Co., Inc., the tender and information agent for the Tender Offer. |
(2) | Per $1,000 principal amount of Notes accepted for purchase. |
(3) | The Total Consideration includes the early tender premium of $30.00 per $1,000 principal amount of Notes. |
The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on Dec. 24, 2018. Pursuant to the terms of the Tender Offer, the amount of Notes that will be accepted for purchase is subject to the Maximum Tender Amount. Because the aggregate principal amount of the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline exceeds the Maximum Tender Amount, the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will be prorated and accepted for purchase, and Anadarko will not accept for purchase any additional Notes tendered after the Early Tender Deadline. Subject to the satisfaction or waiver of all remaining conditions to the Tender Offer described in the Offer to Purchase having been either satisfied or waived by Anadarko and determination of pricing terms, Anadarko intends to accept for purchase (i) all tendered 2024 Notes, (ii) $122,965,000 aggregate principal amount of tendered 2021 Notes, based on a proration factor of approximately 20.3%, and (iii) no 2026 Notes.
Notes not accepted for purchase by Anadarko in the Tender Offer will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company or otherwise returned in accordance with the Offer to Purchase and Letter of Transmittal.
Anadarko's obligation to accept for purchase, and pay for, any Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the Tender Offer is conditioned on the satisfaction or waiver by Anadarko of the conditions described in the Offer to Purchase.
Credit Agricole Securities (USA) Inc. and Deutsche Bank Securities are acting as dealer managers for the Tender Offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related offering materials are available by contacting D.F. King & Co., Inc. at (888) 605-1957 (toll-free), (212) 269-5550 (banks and brokers) or apc@dfking.com. Questions regarding the Tender Offer should be directed to Credit Agricole Securities (USA) Inc. at (866) 807-6030 (toll-free) or (212) 261-7802 (collect) or Deutsche Bank Securities at (866) 627-0391 (toll-free) or (212) 250-2955 (collect).
This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and the related Letter of Transmittal, which set forth the terms and conditions of the Tender Offer, and only in such jurisdictions as is permitted under applicable law.
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 2017, the company had approximately 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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 the satisfaction of all conditions set forth in the Offer to Purchase, not all of which are within Anadarko's control. See Risk Factors in Anadarko'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
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-the-pricing-terms-of-its-cash-tender-offer-300763566.html
SOURCE Anadarko Petroleum Corporation
Article Date
12/11/2018Anadarko Announces The Early Results Of Its Cash Tender Offer
Source: PR Newswire
HOUSTON, Dec. 11, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the early results of its previously announced cash tender offer (the "Tender Offer") for up to $500 million combined aggregate principal amount (the "Maximum Tender Amount") of its outstanding 3.45% Notes due 2024, 4.85% Notes due 2021 and 5.55% Notes due 2026 (collectively, the "Notes") in the priorities set forth in the table below. The terms and conditions of the Tender Offer are described in Anadarko's Offer to Purchase dated Nov. 27, 2018 (the "Offer to Purchase") and the related Letter of Transmittal. As previously announced, the purpose of the Tender Offer is to reduce the outstanding debt represented by the Notes purchased in the Tender Offer and reduce Anadarko's future interest expense.
As of 5:00 p.m., New York City time, on Dec. 10, 2018 (the "Early Tender Deadline"), the principal amounts of the Notes listed in the table below had been validly tendered and not validly withdrawn.
Title of Security | CUSIP Number | Principal Amount Outstanding | Principal Amount Tendered(1) | Acceptance Priority Level | Reference U.S. Treasury Security | Early Tender Premium (per $1,000) | Fixed Spread (basis points) |
3.45% Notes | 032511BJ5 | $625,000,000 | $377,035,000 | 1 | 2.875% U.S. | $30.00 | 145 |
4.85% Notes | 032511BM8 | $800,000,000 | $606,578,000 | 2 | 2.875% U.S. | $30.00 | 85 |
5.55% Notes | 032511BN6 | $1,100,000,000 | $386,047,000 | 3 | 3.125% U.S. | $30.00 | 175 |
(1) As reported by D.F. King & Co., Inc., the tender and information agent for the Tender Offer. |
Anadarko expects to determine the pricing terms for the Tender Offer at 11:00 a.m., New York City time, on Dec. 11, 2018. The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on Dec. 24, 2018. Pursuant to the terms of the Tender Offer, the amount of Notes that will be accepted for purchase is subject to the Maximum Tender Amount. Because the aggregate principal amount of the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline exceeds the Maximum Tender Amount, the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will be prorated and accepted for purchase, and Anadarko will not accept for purchase any additional Notes tendered after the Early Tender Deadline. Subject to the satisfaction or waiver of all remaining conditions to the Tender Offer described in the Offer to Purchase having been either satisfied or waived by Anadarko and determination of pricing terms, Anadarko intends to accept for purchase (i) all tendered 2024 Notes, (ii) $122,965,000 tendered 2021 Notes, based on a proration factor of approximately 20.3%, and (iii) no 2026 Notes. Notes accepted for purchase will be purchased on the Early Settlement Date, which is currently expected to occur on Dec. 12, 2018.
Notes not accepted for purchase by Anadarko in the Tender Offer will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company or otherwise returned in accordance with the Offer to Purchase and Letter of Transmittal.
Anadarko's obligation to accept for purchase, and pay for, any Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the Tender Offer is conditioned on the satisfaction or waiver by Anadarko of the conditions described in the Offer to Purchase.
Credit Agricole Securities (USA) Inc. and Deutsche Bank Securities are acting as dealer managers for the Tender Offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related offering materials are available by contacting D.F. King & Co., Inc. at (888) 605-1957 (toll-free), (212) 269-5550 (banks and brokers) or apc@dfking.com. Questions regarding the Tender Offer should be directed to Credit Agricole Securities (USA) Inc. at (866) 807-6030 (toll-free) or (212) 261-7802 (collect) or Deutsche Bank Securities at (866) 627-0391 (toll-free) or (212) 250-2955 (collect).
This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and the related Letter of Transmittal, which set forth the terms and conditions of the Tender Offer, and only in such jurisdictions as is permitted under applicable law.
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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 2017, the company had approximately 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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 the satisfaction of all conditions set forth in the Offer to Purchase, not all of which are within Anadarko's control. See Risk Factors in Anadarko'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
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-the-early-results-of-its-cash-tender-offer-300763041.html
SOURCE Anadarko Petroleum Corporation
Article Date
12/11/2018Anadarko Announces Cash Tender Offer For Up To $500 Million Aggregate Principal Amount Of Certain Of Its Outstanding Debt Securities
Source: PR Newswire
HOUSTON, Nov. 27, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the commencement of a cash tender offer (the "Tender Offer") for up to $500 million combined aggregate principal amount (the "Maximum Tender Amount") of its outstanding 3.45% Notes due 2024, 4.85% Notes due 2021 and 5.55% Notes due 2026 (collectively, the "Notes") in the priorities set forth in the table below. The purpose of the Tender Offer is to reduce the outstanding debt represented by the Notes purchased in the Tender Offer and reduce Anadarko's future interest expense. Notes that are accepted in the Tender Offer will be purchased, retired and cancelled by Anadarko and will no longer represent outstanding obligations of Anadarko.
The following table sets forth certain information regarding the Notes and the Tender Offer:
Title of | CUSIP | Principal | Acceptance | Reference U.S. | Bloomberg | Early | Fixed | Hypothetical |
3.45% Notes due 2024 | 032511BJ5 | $625,000,000 | 1 | 2.875% U.S. | FIT1 | $30 | 145 | $955.53 |
4.85% Notes due 2021 | 032511BM8 | $800,000,000 | 2 | 2.875% U.S. | FIT1 | $30 | 85 | $1,023.40 |
5.55% Notes due 2026 | 032511BN6 | $1,100,000,000 | 3 | 3.125% U.S. | FIT1 | $30 | 175 | $1,042.66 |
(1) | The applicable page on Bloomberg from which the dealer managers for the Tender Offer will quote the bid-side prices of the applicable U.S. Treasury Security. |
(2) | Per $1,000 principal amount of Notes and shows a hypothetical Total Consideration based on the Reference Yield as of 11:00 a.m., New York City time on November 26, 2018, assuming that we elect to purchase the Notes validly tendered on or prior to the Early Tender Deadline, and assuming the hypothetical Total Consideration therefor is paid on the Early Settlement Date. All capitalized but undefined terms are defined below. |
The Tender Offer is being made upon and is subject to the terms and conditions set forth in Anadarko's Offer to Purchase dated Nov. 27, 2018 (the "Offer to Purchase") and the related Letter of Transmittal. The Tender Offer will expire at 11:59 p.m., New York City time, on Dec. 24, 2018, unless extended or earlier terminated by Anadarko (the "Expiration Date").
The consideration paid in the Tender Offer for each series of Notes that are validly tendered and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity of the applicable U.S. Treasury Security specified in the table above and in the Offer to Purchase (the "Total Consideration"). Holders of Notes that are validly tendered and not withdrawn at or prior to 5:00 p.m., New York City time, on Dec. 10, 2018 (the "Early Tender Deadline") and accepted for purchase will receive the applicable Total Consideration, which includes an early tender premium of $30.00 per $1,000 principal amount of the Notes accepted for purchase (the "Early Tender Premium"). Holders of Notes who validly tender their Notes following the Early Tender Deadline but at or prior to the Expiration Date will only receive the applicable "Tender Offer Consideration" per $1,000 principal amount of any such Notes tendered by such holders that are accepted for purchase, which is equal to the applicable Total Consideration minus the Early Tender Premium. The Total Consideration will be determined at 11:00 a.m., New York City time, on the day following the Early Tender Deadline, which is expected to be Dec. 11, 2018, unless extended by Anadarko.
Tenders of Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on Dec. 10, 2018 and may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.
Payments for Notes purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the applicable settlement date for such Notes accepted for purchase. The settlement date for Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Deadline is expected to be Dec. 12, 2018, the second business day following the Early Tender Deadline (the "Early Settlement Date"). The settlement date for Notes that are tendered following the Early Tender Deadline but at or prior to the Expiration Date and accepted for purchase is expected to be Dec. 27, 2018, the second business day following the Expiration Date (the "Final Settlement Date"), assuming the Maximum Tender Amount is not purchased on the Early Settlement Date.
Subject to the Maximum Tender Amount, all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline having a higher Acceptance Priority Level (with 1 being the highest) will be accepted before any tendered Notes having a lower Acceptance Priority Level (with 3 being the lowest), and all Notes validly tendered following the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any Notes tendered following the Early Tender Deadline having a lower Acceptance Priority Level. However, even if the Tender Offer is not fully subscribed as of the Early Tender Deadline, subject to the Maximum Tender Amount, Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will be accepted for purchase in priority to other Notes tendered following the Early Tender Deadline even if such Notes tendered following the Early Tender Deadline have a higher Acceptance Priority Level than Notes tendered at or prior to the Early Tender Deadline.
Notes of a series may be subject to proration if the aggregate principal amount of the Notes of such series validly tendered and not validly withdrawn would cause the Maximum Tender Amount to be exceeded. If the Notes within an Acceptance Priority Level are accepted on a prorated basis, no series of Notes with an Acceptance Priority Level lower than such prorated series of Notes will be accepted for purchase. Furthermore, if the Tender Offer is fully subscribed as of the Early Tender Deadline, holders who validly tender Notes following the Early Tender Deadline will not have any of their Notes accepted for purchase.
Anadarko's obligation to accept for purchase and to pay for the Notes validly tendered in the Tender Offer is conditioned on the satisfaction or waiver of the conditions described in the Offer to Purchase. Anadarko reserves the right, subject to applicable law, to: (i) waive any and all conditions to the Tender Offer; (ii) extend or terminate the Tender Offer with respect to any series of the Notes; (iii) increase or decrease the Maximum Tender Amount; or (iv) otherwise amend the Tender Offer in any respect. Credit Agricole Securities (USA) Inc. and Deutsche Bank Securities are acting as dealer managers for the Tender Offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related offering materials are available by contacting D.F. King & Co., Inc. at (888) 605-1957 (toll-free), (212) 269-5550 (banks and brokers) or apc@dfking.com. Questions regarding the Tender Offer should be directed to Credit Agricole Securities (USA) Inc. at (866) 807-6030 (toll-free) or (212) 261-7802 (collect) or Deutsche Bank Securities at (866) 627-0391 (toll-free) or (212) 250-2955 (collect).
This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to an Offer to Purchase dated Nov. 27, 2018 and a related Letter of Transmittal, which set forth the terms and conditions of the Tender Offer, and only in such jurisdictions as is permitted under applicable law.
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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 2017, the company had approximately 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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 the satisfaction of all conditions set forth in the Offer to Purchase, not all of which are within Anadarko's control. See Risk Factors in Anadarko'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
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-cash-tender-offer-for-up-to-500-million-aggregate-principal-amount-of-certain-of-its-outstanding-debt-securities-300756356.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/27/201811/15/2018 - Anadarko Announces Board Of Director Elections
Anadarko Announces Board Of Director Elections
Source: PR Newswire
HOUSTON, Nov. 15, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the election of Alexandra Pruner and Michael K. Grimm to serve as independent directors of the company, effective today.
"Alie's experience in the oil and natural gas industry and her strategic leadership in finance and investment banking make her a particularly good fit for our Board of Directors," said Anadarko Chairman and CEO Al Walker. "Mike is a respected leader in the energy industry with a strong track record of success in the U.S. onshore, most recently in West Texas, where one of Anadarko's most prolific growth assets is located. We are fortunate to add their perspectives and experiences to our boardroom."
ALEXANDRA PRUNER
Ms. Pruner, 56, has served as Partner and Chief Financial Officer of Perella Weinberg Partners, a global independent advisory firm providing strategic and financial advice and asset-management services, since it combined in December 2016 with Tudor, Pickering, Holt & Co., LLC, an energy-focused investment bank and asset-management firm. Prior to that, she served as CFO and a member of the Management Committee at Tudor, Pickering, Holt & Co. since the firm's founding in 2007. Ms. Pruner served as Senior Vice President, Strategic Business Development and publisher of World Oil magazine for Gulf Publishing Company from 2002 to 2007. Prior to joining Gulf Publishing Company, she spent two years in the technology sector serving the energy industry, including Vice President, Energy Vertical at Idea Integration, an IT development and design firm and as Vice President, Marketing for PetroCosm Corporation, an oilfield services B2B procurement and supply chain management company. She served as Director of Investor Relations and Corporate Communications for The Houston Exploration Company, an independent exploration and production company, from 1997 to 2000. Ms. Pruner has extensive experience with the energy industry and in investment banking, having also been with Shearson Lehman Brothers from 1984 to 1990, including as Vice President, Corporate Affairs and Vice President, Government Affairs.
Ms. Pruner is also the founder and a board member of Women's Global Leadership Conference in Energy & Technology, serves as a member of the Central Advisory Development Board for Amegy Bank and is President of the President's Advisory Council on the Economics Department at Brown University. She is also a board member of the Houston Symphony Endowment (President), the United Way of Greater Houston (Audit Chair), and the Houston advisory board of the Nature Conservancy. Ms. Pruner holds a B.A. in economics from Brown University.
MICHAEL K. GRIMM
Mr. Grimm, 64, is currently President of Rising Star Petroleum, L.L.C. He is the immediate Past Chairman of the Board for RSP Permian, Inc. Prior to being named Chairman, Mr. Grimm was a Co-Founder of RSP Permian in 2010, and served as a Co-Chief Executive Officer until 2014. From 2006 to 2017, Mr. Grimm served as President and Chief Executive Officer of Rising Star Energy Development Company, and from 1995 to 2006, he served as President and Chief Executive Officer of Rising Star Energy, L.L.C., an upstream exploration and production company active in onshore continental United States that he co-founded in 1995. From 1990 to 1994, Mr. Grimm was Vice President of Land and Exploration for Placid Oil Company. Prior to that, Mr. Grimm was employed for 13 years in the Land and Exploration Departments for Amoco Production Company in Houston and New Orleans. Mr. Grimm has more than 41 years of experience in the oil and natural gas industry and currently serves as a Director of Energy Transfer LP (formerly Energy Transfer Partners, L.P.), since December 2005. He also serves as Chairman of the Compensation Committee for ET.
Mr. Grimm has been active in several industry organizations, including the Independent Petroleum Association of America, the All American Wildcatters, the American Association of Professional Landmen, and the co-founder of NAPE. Mr. Grimm holds a B.B.A./P.L.M. degree from the University of Texas at Austin and is a member of the Silver Spurs Hall of Fame.
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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 2017, the company had approximately 1.44 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-board-of-director-elections-300751706.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/15/201811/15/2018 - Anadarko Announces Leadership Changes
Anadarko Announces Leadership Changes
Source: PR Newswire
HOUSTON, Nov. 15, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced Bob Gwin, formerly Executive Vice President (EVP), Finance and CFO, has been named President. In his new role, Gwin will be responsible for leading Anadarko's worldwide operations, project management, exploration, midstream and marketing, as well as the company's expanding next-generation technology development and systems solutions.
"Bob has proven to be an exceptional leader since joining Anadarko in 2006, and in his new role will focus on strengthening our business results and furthering the company's advancement of technology and systems," said Al Walker, Anadarko Chairman and Chief Executive Officer. "With his appointment to President, Bob will oversee a new leadership structure aimed at building upon the successes of our upstream and project-management business groups through better integration with our midstream and marketing organization. He will also be in a position to advance our technology endeavors, giving Anadarko the management capability to deliver current and next-generation advancements into our business verticals with better systems solutions."
Benjamin M. Fink, formerly Sr. Vice President, and President and CEO of the general partners of Western Gas Partners, LP and Western Gas Equity Partners, LP (collectively the "Partnerships"), will succeed Gwin in the role of EVP, Finance & CFO. With his new responsibilities, Fink will oversee the following: accounting, financial reporting and tax; treasury, corporate finance and risk management; investor relations and corporate communications; corporate development; corporate planning; and corporate audit. Fink will report to Al Walker and will join Danny Brown, EVP, U.S. Onshore Operations; Bob Gwin, President; Mitch Ingram, EVP, International, Deepwater & Exploration; Amanda McMillian, EVP and General Counsel; and Bobby Reeves, EVP, on Anadarko's Executive Committee. In addition, Fink will serve as Chairman of the Partnerships' boards of directors.
Robin H. Fielder, formerly Vice President, Investor Relations, has been promoted to Sr. Vice President, Midstream and will succeed Fink as the President and CEO of the Partnerships.
Michael C. Pearl, formerly Vice President, Finance and Treasurer, has also been promoted and will succeed Fielder as Sr. Vice President, Finance and Investor Relations.
ROBERT G. GWIN
Gwin has more than 30 years of experience in corporate finance and executive management. He joined Anadarko in 2006 as Vice President, Finance and Treasurer. Since 2009, he has served as EVP, Finance and CFO. Gwin has served as Chairman of the Board of the Partnerships until November 2018 and served as the Partnerships' President and CEO until 2010. Gwin has been a director of LyondellBasell Industries, N.V. since May 2011, including serving as Chairman of the Board from August 2013 to September 2018. He holds a Bachelor of Science from the University of Southern California and a Master of Business Administration from the Fuqua School of Business at Duke University. He is a Chartered Financial Analyst.
BENJAMIN M. FINK
Fink joined Anadarko in 2007 as Vice President of Finance for Anadarko Algeria Company LLC. He most recently served as Sr. Vice President of Finance of Anadarko since February of 2017, as well as President and CEO of the Partnerships. He previously served as Vice President, Finance of Anadarko, as well as Sr. Vice President and CFO of the Partnerships. Prior to joining Anadarko, Fink served as an independent financial consultant to the company in its former Beijing, China, and Rio de Janeiro, Brazil, offices. He holds a Bachelor of Science in economics from the Wharton School of the University of Pennsylvania. He is a Chartered Financial Analyst.
ROBIN H. FIELDER
Fielder has more than 15 years of midstream, upstream and financial experience in the oil and natural gas industry, beginning her career with Anadarko in 2002. She has held a variety of positions with the company, including most recently as Vice President, Investor Relations, and previously as Midstream Business Advisor, General Manager of East Texas and North Louisiana, Worldwide Operations Business Advisor and various exploration and operations engineering positions in both the U.S. onshore and the Gulf of Mexico. She holds a Bachelor of Science in petroleum engineering from Texas A&M University and is a registered Professional Engineer in the state of Texas and a member of the Society of Petroleum Engineers.
MICHAEL C. PEARL
Pearl has more than 20 years of oil and natural gas, and financial experience. He joined Anadarko in 2006. Prior to being named Sr. Vice President, Finance and Investor Relations, he served as Vice President, Finance and Treasurer since July 2016. Pearl has held positions of increasing responsibility throughout his career with Anadarko including Corporate Controller, Director Corporate Tax, and Chief Financial Officer of Western Gas. Pearl holds a Bachelor of Business Administration and a Master of Science in Accounting from Texas A&M University. He also holds an MBA from Rice University where he was a Jones Scholar Award recipient. He is a Certified Public Accountant.
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 2017, the company had 1.44 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 execute upon its capital program; to efficiently identify and deploy capital resources; and to meet financial and operating guidance. 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-leadership-changes-300751645.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/15/2018Anadarko Announces 2019 Capital Program And Sales-Volume Guidance
Source: PR Newswire
HOUSTON, Nov. 15, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its 2019 capital expectations and guidance. The company's 2019 capital investment program is $4.3 to $4.7 billion,(1) which represents a decrease relative to its 2018 program and delivers 10-percent oil growth year over year. The capital investment plan is consistent with the company's durable strategy focused on enhancing shareholder value by delivering attractive margins and returns, while advancing the development of the company's core assets and generating material free cash flow at current strip prices.
In addition, Anadarko announced its board of directors has authorized a $1 billion increase to its share-repurchase program and a 20-percent increase to the company's quarterly dividend. The company also increased its debt-reduction program by an additional $500 million. To date, more than 10-percent of shares outstanding have been retired since the inception of the share-repurchase program, with $1.5 billion remaining authorization to repurchase shares through mid-year 2020.
2019 CAPITAL PROGRAM HIGHLIGHTS
FOCUSED ON SHAREHOLDER RETURNS
"Our 2019 investment plan further demonstrates the capital efficiency of our portfolio," said Anadarko Chairman and CEO Al Walker. "We believe our peer-leading ability to attractively grow oil volumes within cash flow in a $50 oil environment while delivering significant free cash flow above this break-even point, positions our company very well to execute on our expanded shareholder-return commitments in the near term and in a durable fashion well into the future."
2019 Capital Expectations ($4.3 - $4.7 Billion)(1) | |||||||||||||||||
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, Denver-Julesburg (DJ), and Powder River basins, and other. Also includes approximately $130 million midstream investment prior to closing the Western Gas Partners, LP (WES) midstream transaction, anticipated in the first quarter of 2019 | |||||||||||||||||
** Deepwater Gulf of Mexico, Algeria, and Ghana operations | |||||||||||||||||
Note: All amounts are approximates. | |||||||||||||||||
Sales-Volume Expectations(3) | |||
2018 Guidance | 2019 Expectations | ||
Total (MMBOE) | 240 - 245 | 260 - 270 | |
Oil (MBOPD) | 380 - 389 | 410 - 435 | |
U.S. ONSHORE RESOURCE PLAYS
Anadarko plans to invest approximately 70 percent of its 2019 capital in the U.S. onshore, where it expects to operate an average of approximately 15 rigs and 10 completion crews focused primarily on development activities in the Delaware and DJ basins.
Approximately $1.4 billion is being allocated toward upstream activities in the Delaware Basin of West Texas.(1) The successful expansion of the company's infrastructure footprint, including oil gathering and treating throughout West Texas, has paved the way to transition to multi-well pad development, as illustrated by the encouraging early results at the Silvertip-A campaign.
In the DJ Basin of northeast Colorado, the company expects to invest approximately $1.3 billion on upstream activities in 2019,(1) with continued development of its minerals-interest ownership and infrastructure-advantaged position in the Wattenberg field.
In 2019, Anadarko also expects to continue its appraisal program in Wyoming's Powder River Basin. The company plans to complete 10 to 15 operated horizontal wells to progress the company's appraisal efforts in this high-potential acreage position targeting the southern Turner-formation fairway in Converse County.
CONVENTIONAL OIL
Anadarko plans to allocate approximately $500 million toward its deepwater Gulf of Mexico operations, which is about $300 million less than in 2018, while delivering a similar number of wells and maintaining production levels between 140,000 and 150,000 barrels of oil equivalent (BOE) per day.
The company also plans to allocate about $200 million toward its international cash-generating operations in Algeria and Ghana in 2019, where the company expects stable year-over-year, Brent-levered oil production. Offshore Ghana, investments will be focused on adding incremental wells to optimize capacity at the Jubilee and TEN floating, production, storage and offloading (FPSO) vessels.
EXPLORATION
The company's exploration investments in 2019 are expected to total about $250 million, focused on identifying material and scalable opportunities in the U.S. onshore and satellite opportunities near existing operated facilities in the deepwater Gulf of Mexico.
LNG
Approximately $200 million is being allocated toward the Mozambique LNG project, pre FID (final investment decision), for Anadarko's portion of the costs associated with ongoing site preparation for the shared onshore facilities. The company remains on track for FID consideration in the first half of 2019, and anticipates adjusting its capital-investment expectations associated with the Mozambique LNG project at the time of project sanction.
ANADARKO DECLARES DIVIDEND
On Nov. 15, 2018, Anadarko's board of directors declared a quarterly cash dividend on the company's common stock of 30 cents per share, payable Dec. 26, 2018 to shareholders of record at the close of business on Dec. 12, 2018. 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.
PRESENTATION AND WEBCAST
Anadarko will provide additional details and information regarding the 2019 capital program during a presentation at the Bank of America Merrill Lynch 2018 Global Energy Conference today at 4:20 p.m. EST. The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
(1) Does not include capital investments to be made by Western Gas Equity Partners, LP (NYSE: WGP) and capital investments resulting from Mozambique FID, anticipated in the first half of 2019.(2) See the accompanying table for a reconciliation of the GAAP to the non-GAAP financial measure and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors.
(3) Amounts are divestiture adjusted.
(4) Debt-adjusted share(s) is computed as follows:
Average Anadarko Debt | + Average Shares Outstanding | ||
Average Share Price |
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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 2017, the company had approximately 1.44 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 execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance and achieve the production growth and cash flow levels identified in this news release; to successfully complete the transaction identified in this news release; to successfully complete the share-repurchase and debt-reduction programs; to successfully drill, complete, test and produce the wells identified in this news release; to timely complete and commercially operate the projects, and drilling prospects identified in this news release; and to successfully plan, secure additional government 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
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. The company undertakes no obligation to publicly update or revise any non-GAAP financial measures or related reconciliation.
Adjusted Discretionary Cash Flow from Operations (Adjusted DCF) and Adjusted Free Cash Flow (Adjusted FCF)
The Company defines Adjusted DCF as net cash provided by (used in) operating activities before changes in accounts receivable; changes in accounts payable and other current liabilities; other items, net; certain nonoperating and other excluded items; and Western Gas Partners, LP (WES)/Western Gas Equity Partners, LP (WGP) distributions to third parties.
The Company defines Adjusted FCF as Adjusted DCF, less APC capital expenditures, which excludes WES.
Management believes that these measures are useful to management and investors as a measure of a company's ability to internally fund its capital expenditures and to service or incur additional debt. These measures eliminate the impact of certain items that management does not consider to be indicative of the Company's performance from period to period. To assist in measuring the Company's performance, management will also evaluate Anadarko on a deconsolidated basis, which excludes WES.
The Company's press release includes a forward-looking Adjusted FCF estimate; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure. The reconciling items in future periods could be significant. Below is a reconciliation of Net cash provided by (used in) operating activities (GAAP) to Adjusted free cash flow (Non-GAAP) for the most recently reported quarterly periods of 2018.
2018 | |||||||||||
millions | Q1 | Q2 | Q3 | ||||||||
Net cash provided by (used in) operating activities (GAAP) | $ | 1,430 | $ | 1,225 | $ | 1,647 | |||||
Adjusted by: | |||||||||||
Increase (decrease) in accounts receivable | (23) | 114 | 253 | ||||||||
(Increase) decrease in accounts payable and other current liabilities | (45) | (46) | (139) | ||||||||
Other items, net | 40 | 162 | 61 | ||||||||
WES/WGP distributions to third parties | (118) | (120) | (127) | ||||||||
Adjusted discretionary cash flow from operations (Non-GAAP) | $ | 1,284 | $ | 1,335 | $ | 1,695 | |||||
Less APC capital expenditures (excludes WES) | 1,377 | 1,497 | 1,151 | ||||||||
Adjusted free cash flow (Non-GAAP) | $ | (93) | $ | (162) | $ | 544 | |||||
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SOURCE Anadarko Petroleum Corporation
Article Date
11/15/2018Anadarko to Participate at Upcoming Global Energy Conference
Source: PR Newswire
HOUSTON, Nov. 1, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Danny Brown, Anadarko Executive Vice President, U.S. Onshore Operations, will participate at the Bank of America Merrill Lynch 2018 Global Energy Conference on Thursday, Nov. 15, 2018, at 4:20 p.m. EST in Miami.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
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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 2017, the company had 1.44 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-to-participate-at-upcoming-global-energy-conference-300742773.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/1/2018Anadarko Schedules Oct. 31 Conference Call To Discuss Third-Quarter 2018 Results
Source: PR Newswire
HOUSTON, Oct. 8, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Wednesday, Oct. 31, 2018, at 8 a.m. CDT (9 a.m. EDT) to discuss its third-quarter 2018 financial and operating results. Earnings will be released after close of market on Tuesday, Oct. 30. The full text of the release will be available on the company's website at www.anadarko.com.
Wednesday, Oct. 31, 2018
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 3294324 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
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ANADARKO CONTACTS
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-oct-31-conference-call-to-discuss-third-quarter-2018-results-300727181.html
SOURCE Anadarko Petroleum Corporation
Article Date
10/8/20189/21/2018 - Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
DALLAS, Sept. 21, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, 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 September 28, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on October 1, 2018:
Cushing® Energy Supply Chain Index constituents, effective October 1, 2018: | |||
Company Name | Ticker | Index Weight | Status |
LyondellBasell Industries N.V. | LYB | 3.75% | Existing |
International Paper Company | IP | 3.37% | Existing |
The Williams Companies, Inc. | WMB | 3.29% | Existing |
ONEOK, Inc. | OKE | 3.24% | Existing |
Kinder Morgan, Inc. | KMI | 2.99% | Existing |
Helmerich & Payne, Inc. | HP | 2.94% | Existing |
WestRock Company | WRK | 2.92% | Existing |
Occidental Petroleum Corporation | OXY | 2.68% | Existing |
Exxon Mobil Corporation | XOM | 2.65% | Existing |
Packaging Corporation of America | PKG | 2.58% | Existing |
Chevron Corporation | CVX | 2.56% | Existing |
Air Products and Chemicals, Inc. | APD | 2.50% | Existing |
Nucor Corporation | NUE | 2.26% | Existing |
Schlumberger N.V. (Schlumberger Limited) | SLB | 2.23% | Existing |
Eastman Chemical Company | EMN | 2.19% | Existing |
CF Industries Holdings, Inc. | CF | 2.17% | Existing |
DowDuPont Inc. | DWDP | 2.13% | Existing |
International Flavors & Fragrances Inc. | IFF | 2.04% | Existing |
Energy Transfer Partners, L.P. | ETP | 2.00% | Existing |
AmeriGas Partners, L.P. | APU | 2.00% | NEW |
EnLink Midstream Partners, LP | ENLK | 2.00% | Existing |
Western Gas Partners, L.P. | WES | 2.00% | Existing |
Andeavor Logistics LP | ANDX | 2.00% | Existing |
DCP Midstream, LP | DCP | 2.00% | Existing |
Dominion Energy Midstream Partners, LP | DM | 2.00% | Existing |
Enable Midstream Partners, LP | ENBL | 2.00% | Existing |
EQT Midstream Partners, LP | EQM | 2.00% | Existing |
MPLX LP | MPLX | 2.00% | Existing |
Energy Transfer Equity, L.P. | ETE | 2.00% | Existing |
Phillips 66 | PSX | 2.00% | Existing |
Alliance Resource Partners, L.P. | ARLP | 2.00% | Existing |
Valero Energy Corporation | VLO | 1.99% | Existing |
Praxair, Inc. | PX | 1.93% | Existing |
Avery Dennison Corporation | AVY | 1.79% | Existing |
Newmont Mining Corporation | NEM | 1.71% | Existing |
PPG Industries, Inc. | PPG | 1.61% | Existing |
Marathon Petroleum Corporation | MPC | 1.56% | Existing |
Baker Hughes, A GE Company | BHGE | 1.50% | Existing |
Sealed Air Corporation | SEE | 1.48% | Existing |
Apache Corporation | APA | 1.46% | Existing |
HollyFrontier Corporation | HFC | 1.38% | Existing |
Freeport-McMoRan Inc. | FCX | 1.35% | Existing |
Halliburton Company | HAL | 1.23% | Existing |
Albemarle Corporation | ALB | 1.22% | Existing |
TechnicFMC plc | FTI | 1.15% | Existing |
Andeavor | ANDV | 1.07% | Existing |
Anadarko Petroleum Corporation | APC | 1.05% | NEW |
ConocoPhillips | COP | 1.03% | Existing |
Ecolab Inc. | ECL | 1.00% | Existing |
Constituents removed, effective October 1, 2018: | |
Company Name | Ticker |
Ball Corporation | BLL |
Crestwood Equity Partners LP | CEQP |
Hess Corporation | HES |
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 SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
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:
Judson Redmond
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
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
9/21/2018Anadarko Names Amanda M. McMillian Executive Vice President And General Counsel
Source: PR Newswire
HOUSTON, Aug. 15, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its board of directors has named Amanda M. McMillian Executive Vice President and General Counsel, effective immediately. Robert K. Reeves, the Company's Executive Vice President, Law and Chief Administrative Officer, will remain Executive Vice President and Chief Administrative Officer until his retirement at the end of 2018.
McMillian joins Danny Brown, Executive Vice President, U.S. Onshore Operations; Bob Gwin, Executive Vice President, Finance and Chief Financial Officer; Mitch Ingram, Executive Vice President, International, Deepwater & Exploration; and Bobby Reeves, Executive Vice President and Chief Administrative Officer, on Anadarko's Executive Committee, reporting to Anadarko Chairman, President and CEO Al Walker.
"Amanda is an exceptional leader whose experience and perspectives will be welcome additions to Anadarko's Executive Committee, as we continue to pursue safe, responsible and capital-efficient growth with improved returns for shareholders," said Walker. "During his 14 years with Anadarko, Bobby has been a significant contributor and trusted strategic advisor across multiple areas of the company. We are excited for Amanda's promotion and fortunate to have Bobby with us for the next several months to ensure a smooth transition. We wish him continued success upon his retirement."
McMillian has served in positions of increasing responsibility since joining Anadarko in December 2004, including most recently as Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer. During her tenure at Anadarko, she also served as Vice President, General Counsel and Corporate Secretary of Western Gas Holdings, LLC, a subsidiary of Anadarko and general partner of Western Gas Partners, LP (NYSE: WES), a publicly traded midstream master limited partnership, from January 2008 to August 2012. Prior to joining Anadarko, she practiced corporate and securities law at the law firm of Akin Gump Strauss Hauer & Feld LLP, where she represented a variety of clients in a wide range of transactional, corporate governance and securities matters. McMillian holds a Bachelor of Arts from Southwestern University and received both a Master of Arts and a Juris Doctor from Duke University, and serves on the Board of Trustees of Southwestern University.
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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 2017, the company had 1.44 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 execute upon its capital program; to efficiently identify and deploy capital resources; and to meet financial and operating guidance. 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-names-amanda-m-mcmillian-executive-vice-president-and-general-counsel-300697222.html
SOURCE Anadarko Petroleum Corporation
Article Date
8/15/20188/14/2018 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
HOUSTON, Aug. 14, 2018 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 25 cents per share, payable Sept. 26, 2018, to stockholders of record at the close of business on Sept. 12, 2018.
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.
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 2017, the company had 1.44 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-declares-dividend-300697060.html
SOURCE Anadarko Petroleum Corporation
Article Date
8/14/20187/31/2018 - Anadarko Announces 2018 Second-Quarter Results
Anadarko Announces 2018 Second-Quarter Results
Source: PR Newswire
HOUSTON, July 31, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 second‑quarter results, reporting net income attributable to common stockholders of $29 million, or $0.05 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 $249 million, or $0.49 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the second quarter of 2018 was $1.23 billion.
SECOND-QUARTER 2018 HIGHLIGHTS
"During the second quarter, we delivered a 54,000 barrel-per-day increase in our U.S. onshore oil volumes over the second quarter of 2017 on a divestiture-adjusted basis, while improving our per-barrel margins(2) to nearly $31.60," said Al Walker, Anadarko Chairman, President and CEO. "Our project-management and midstream teams have done exceptional work to safely achieve the on-time startup of our initial ROTF in West Texas. This is a major accomplishment as the Reeves ROTF and newly commissioned North Loving ROTF are catalysts for production and cash-flow growth in the second half of this year and beyond. Our Mozambique LNG project has made excellent progress, and we expect a Final Investment Decision in the first half of 2019.
"The strong operational results and actions we have taken to enhance shareholder value reinforces our strategy to deliver capital-efficient growth and generate improved returns. While we have not increased our operated activity level, the current commodity-price environment has resulted in some modest service-cost inflation, as well as an increase in non-operated activity and non-consents, which present very high-return opportunities for Anadarko," added Walker. "We have also continued to core up acreage in the Delaware and DJ basins, which has enabled us to drill longer laterals with higher working interest for enhanced returns. Accordingly, we are increasing our anticipated full-year capital-investment expectations by $250 million from previous guidance. The updated guidance excludes approximately $100 million of leasehold acquisitions in an emerging oil play in Wyoming's Powder River Basin."
OPERATING HIGHLIGHTS
Anadarko's second-quarter 2018 sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 637,000 BOE per day, which was at the high end of the company's second-quarter guidance.
In the Delaware Basin of West Texas, the company's oil production achieved record levels averaging 62,000 barrels of oil per day (BOPD) for the quarter, representing an 88-percent increase over the second quarter of 2017. The quarter was highlighted by the successful startup of the Reeves ROTF in May, as well as a record number of wells turned to sales. The company also advanced its first full pad development at the Silvertip-A location in Loving County, where it has completed 12 extended-reach lateral wells targeting multiple intervals in the Wolfcamp-A formation. These wells are expected to begin producing in the second half of 2018 and will flow to the recently commissioned North Loving ROTF.
In the DJ Basin of northeast Colorado, Anadarko continues its horizontal drilling campaign featuring natural-gas powered rigs and noise-reduction technology, two enhancements that improve the compatibility of operations with local communities. During the quarter, the DJ Basin averaged net production of 261,000 BOE per day.
In the Deepwater Gulf of Mexico, Anadarko averaged 115,000 BOPD in the second quarter as it leveraged its unmatched infrastructure, including the third successful tieback to the 100-percent-owned Horn Mountain facility. Development drilling is also underway in the North Hadrian field, which will be tied back to Anadarko's Lucius spar.
Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 85,000 barrels per day during the second quarter of 2018. The Anadarko-operated Mozambique LNG project continued to make significant progress in the second quarter as the company announced it anticipates being in position to take FID in the first half of 2019 for the Golfinho/Atum development within the Anadarko-operated Offshore Area 1. Additionally, the company and its contractors expect to realize substantial cost savings, with Anadarko now expecting to deliver the first two onshore liquefaction trains with 12.88 million tonnes per annum (MTPA) capacity for less than $600 per tonne.
OPERATIONS REPORT
For additional details on Anadarko's second-quarter 2018 operations, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko's second-quarter capital investments, excluding Western Gas Partners, LP (WES), were approximately $1.5 billion, and the company closed the quarter with $2.3 billion of cash on hand. After completing the $3.0 billion share-repurchase program at the end of the second quarter, Anadarko announced a $1.0 billion expansion of the share-repurchase program, as well as a $500 million expansion of its debt-reduction program to be funded by future free cash flow. These expansions raise the aggregate equity and debt-buyback programs to $5.5 billion, with the board authorization for the share repurchases extended through the end of June 2019.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, Aug. 1, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its second-quarter 2018 financial and operating results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4427245. 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
Ten pages of summary financial data follow, including updated financial and production guidance, 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.
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 2017, the company had 1.44 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 execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance and achieve production and cash-flow growth identified in this news release; to timely complete and commercially operate the projects, infrastructure and drilling prospects identified in this news release; to successfully drill, complete, test, and produce the wells identified in this report; to successfully complete the share-repurchase and debt-reduction programs; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, achieve expected cost savings, 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
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, 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. |
|
Quarter Ended June 30, 2017 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(415) |
$ |
(0.76) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(45) |
(29) |
(0.05) |
||||||||
|
Gains (losses) on divestitures, net |
205 |
130 |
0.24 |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(10) |
(7) |
(0.02) |
|||||||||
|
Exploration assets |
(82) |
(65) |
(0.12) |
|||||||||
|
Restructuring charges |
(18) |
(11) |
(0.02) |
|||||||||
|
Change in uncertain tax positions |
(10) |
(0.02) |
||||||||||
|
Certain items affecting comparability |
$ |
50 |
8 |
0.01 |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(423) |
$ |
(0.77) |
||||||||
|
* Includes $(104) million related to interest-rate derivatives and $59 million related to commodity derivatives. |
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 |
2018 |
2017 |
2018 |
2017 | |||||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
29 |
$ |
(415) |
$ |
150 |
$ |
(733) |
|||||||
|
Interest expense |
237 |
229 |
465 |
452 |
|||||||||||
|
Income tax expense (benefit) |
125 |
(38) |
251 |
59 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,003 |
1,037 |
1,993 |
2,152 |
|||||||||||
|
Exploration expense |
94 |
532 |
262 |
1,616 |
|||||||||||
|
(Gains) losses on divestitures, net |
(52) |
(205) |
(28) |
(1,009) |
|||||||||||
|
Impairments |
128 |
10 |
147 |
383 |
|||||||||||
|
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives |
267 |
45 |
240 |
(110) |
|||||||||||
|
Restructuring charges |
— |
18 |
— |
17 |
|||||||||||
|
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) |
$ |
1,831 |
$ |
1,213 |
$ |
3,480 |
$ |
2,827 |
|||||||
|
Total barrels of oil equivalent (BOE) |
58 |
57 |
116 |
129 |
|||||||||||
|
Consolidated Adjusted EBITDAX (Margin) per BOE |
$ |
31.57 |
$ |
21.28 |
$ |
30.00 |
$ |
21.91 |
|||||||
Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko's net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.
|
June 30, 2018 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt (GAAP) |
$ |
16,293 |
$ |
4,205 |
$ |
12,088 |
|||||||
|
Less cash and cash equivalents |
2,321 |
55 |
2,266 |
||||||||||
|
Net debt (Non-GAAP) |
$ |
13,972 |
$ |
4,150 |
$ |
9,822 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
13,972 |
$ |
9,822 |
|||||||||
|
Total equity |
11,495 |
8,902 |
|||||||||||
|
Adjusted capitalization |
$ |
25,467 |
$ |
18,724 |
|||||||||
|
Net debt to adjusted capitalization ratio |
55 |
% |
52 |
% | |||||||||
|
* 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) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
millions |
2018 |
2017 |
2018 |
2017 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
17 |
$ |
(334) |
$ |
191 |
$ |
(609) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,003 |
1,037 |
1,993 |
2,152 |
|||||||||||
|
Deferred income taxes |
(15) |
488 |
27 |
(172) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
43 |
454 |
149 |
1,466 |
|||||||||||
|
Impairments |
128 |
10 |
147 |
383 |
|||||||||||
|
(Gains) losses on divestitures, net |
(52) |
(205) |
(28) |
(1,009) |
|||||||||||
|
Total (gains) losses on derivatives, net |
437 |
32 |
473 |
(115) |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
(171) |
13 |
(234) |
5 |
|||||||||||
|
Other |
65 |
76 |
139 |
159 |
|||||||||||
|
Changes in assets and liabilities |
(230) |
(714) |
(202) |
(280) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
1,225 |
$ |
857 |
$ |
2,655 |
$ |
1,980 |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,943) |
$ |
(504) |
$ |
(3,056) |
$ |
1,219 |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(319) |
$ |
(174) |
$ |
(1,826) |
$ |
(372) |
|||||||
|
Capital Expenditures |
|||||||||||||||
|
Exploration and Production and other |
$ |
1,257 |
$ |
955 |
$ |
2,371 |
$ |
1,900 |
|||||||
|
WES Midstream |
301 |
151 |
628 |
437 |
|||||||||||
|
Other Midstream* |
240 |
104 |
503 |
128 |
|||||||||||
|
Total |
$ |
1,798 |
$ |
1,210 |
$ |
3,502 |
$ |
2,465 |
|||||||
|
* Excludes WES. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
Summary Financial Information |
June 30, |
June 30, | |||||||||||||
|
millions except per-share amounts |
2018 |
2017 |
2018 |
2017 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
2,265 |
$ |
1,422 |
$ |
4,392 |
$ |
3,085 |
|||||||
|
Natural-gas sales |
203 |
319 |
450 |
821 |
|||||||||||
|
Natural-gas liquids sales |
318 |
214 |
610 |
503 |
|||||||||||
|
Gathering, processing, and marketing sales |
382 |
464 |
742 |
908 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
123 |
297 |
142 |
1,166 |
|||||||||||
|
Total |
3,291 |
2,716 |
6,336 |
6,483 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
275 |
229 |
551 |
485 |
|||||||||||
|
Oil and gas transportation |
209 |
229 |
405 |
478 |
|||||||||||
|
Exploration |
94 |
532 |
262 |
1,616 |
|||||||||||
|
Gathering, processing, and marketing |
252 |
355 |
489 |
705 |
|||||||||||
|
General and administrative |
288 |
244 |
566 |
507 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,003 |
1,037 |
1,993 |
2,152 |
|||||||||||
|
Production, property, and other taxes |
201 |
135 |
391 |
290 |
|||||||||||
|
Impairments |
128 |
10 |
147 |
383 |
|||||||||||
|
Other operating expense |
22 |
12 |
162 |
34 |
|||||||||||
|
Total |
2,472 |
2,783 |
4,966 |
6,650 |
|||||||||||
|
Operating Income (Loss) |
819 |
(67) |
1,370 |
(167) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
237 |
229 |
465 |
452 |
|||||||||||
|
(Gains) losses on derivatives, net |
436 |
32 |
471 |
(115) |
|||||||||||
|
Other (income) expense, net |
4 |
44 |
(8) |
46 |
|||||||||||
|
Total |
677 |
305 |
928 |
383 |
|||||||||||
|
Income (Loss) Before Income Taxes |
142 |
(372) |
442 |
(550) |
|||||||||||
|
Income tax expense (benefit) |
125 |
(38) |
251 |
59 |
|||||||||||
|
Net Income (Loss) |
17 |
(334) |
191 |
(609) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
(12) |
81 |
41 |
124 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
29 |
$ |
(415) |
$ |
150 |
$ |
(733) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
0.05 |
$ |
(0.76) |
$ |
0.28 |
$ |
(1.34) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
0.05 |
$ |
(0.76) |
$ |
0.28 |
$ |
(1.34) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
504 |
552 |
511 |
552 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
505 |
552 |
512 |
552 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
2 |
$ |
367 |
$ |
55 |
$ |
843 |
|||||||
|
Impairments of unproved properties |
41 |
87 |
94 |
623 |
|||||||||||
|
Geological and geophysical, exploration overhead, and other expense |
51 |
78 |
113 |
150 |
|||||||||||
|
Total |
$ |
94 |
$ |
532 |
$ |
262 |
$ |
1,616 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
June 30, |
December 31, | ||||||||||
|
millions |
2018 |
2017 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
2,321 |
$ |
4,553 |
|||||||
|
Accounts receivable, net of allowance |
1,909 |
1,829 |
|||||||||
|
Other current assets |
402 |
380 |
|||||||||
|
Net properties and equipment |
28,502 |
27,451 |
|||||||||
|
Other assets |
2,301 |
2,211 |
|||||||||
|
Goodwill and other intangible assets |
5,646 |
5,662 |
|||||||||
|
Total Assets |
$ |
41,081 |
$ |
42,086 |
|||||||
|
Short-term debt - Anadarko* |
910 |
142 |
|||||||||
|
Short-term debt - WGP/WES |
28 |
— |
|||||||||
|
Other current liabilities |
4,489 |
3,764 |
|||||||||
|
Long-term debt - Anadarko* |
11,178 |
12,054 |
|||||||||
|
Long-term debt - WGP/WES |
4,177 |
3,493 |
|||||||||
|
Deferred income taxes |
2,317 |
2,234 |
|||||||||
|
Asset retirement obligations |
2,456 |
2,500 |
|||||||||
|
Other long-term liabilities |
4,031 |
4,109 |
|||||||||
|
Common stock |
57 |
57 |
|||||||||
|
Paid-in capital |
12,306 |
12,000 |
|||||||||
|
Retained earnings |
1,054 |
1,109 |
|||||||||
|
Treasury stock |
(4,105) |
(2,132) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(410) |
(338) |
|||||||||
|
Total stockholders' equity |
8,902 |
10,696 |
|||||||||
|
Noncontrolling interests |
2,593 |
3,094 |
|||||||||
|
Total Equity |
11,495 |
13,790 |
|||||||||
|
Total Liabilities and Equity |
$ |
41,081 |
$ |
42,086 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
16,293 |
$ |
15,689 |
|||||||
|
Total equity |
11,495 |
13,790 |
|||||||||
|
Total |
$ |
27,788 |
$ |
29,479 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
59 |
% |
53 |
% | |||||||
|
Total equity |
41 |
% |
47 |
% | |||||||
|
* Excludes WES and WGP |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 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 |
|||||||||||||||||
|
Quarter Ended June 30, 2017 |
|||||||||||||||||||||||||||||
|
United States |
243 |
1,238 |
89 |
22 |
113 |
8 |
$ |
46.68 |
$ |
2.84 |
$ |
24.82 |
|||||||||||||||||
|
Algeria |
59 |
— |
5 |
6 |
— |
— |
48.20 |
— |
30.48 |
||||||||||||||||||||
|
Other International |
29 |
— |
— |
2 |
— |
— |
49.44 |
— |
— |
||||||||||||||||||||
|
Total |
331 |
1,238 |
94 |
30 |
113 |
8 |
$ |
47.19 |
$ |
2.84 |
$ |
25.14 |
|||||||||||||||||
|
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 |
|||||||||||||||||
|
Six Months Ended June 30, 2017 |
|||||||||||||||||||||||||||||
|
United States |
256 |
1,547 |
100 |
46 |
280 |
18 |
$ |
48.01 |
$ |
2.93 |
$ |
25.79 |
|||||||||||||||||
|
Algeria |
64 |
— |
6 |
12 |
— |
1 |
50.89 |
— |
34.36 |
||||||||||||||||||||
|
Other International |
29 |
— |
— |
5 |
— |
— |
51.57 |
— |
— |
||||||||||||||||||||
|
Total |
349 |
1,547 |
106 |
63 |
280 |
19 |
$ |
48.84 |
$ |
2.93 |
$ |
26.27 |
|||||||||||||||||
|
Average Daily Sales MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended June 30, 2018 |
637 |
58 |
|||||||||||||||||||||||||||
|
Quarter Ended June 30, 2017 |
631 |
57 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2018 |
640 |
116 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2017 |
713 |
129 |
|||||||||||||||||||||||||||
|
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, 2018 |
||||||||||||||||||||||||
|
United States |
$ |
1,726 |
$ |
203 |
$ |
301 |
$ |
(176) |
$ |
6 |
$ |
— |
||||||||||||
|
Algeria |
359 |
— |
17 |
— |
— |
— |
||||||||||||||||||
|
Other International |
180 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
2,265 |
$ |
203 |
$ |
318 |
$ |
(176) |
$ |
6 |
$ |
— |
||||||||||||
|
Quarter Ended June 30, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,032 |
$ |
319 |
$ |
200 |
$ |
14 |
$ |
(1) |
$ |
— |
||||||||||||
|
Algeria |
260 |
— |
14 |
— |
— |
— |
||||||||||||||||||
|
Other International |
130 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,422 |
$ |
319 |
$ |
214 |
$ |
14 |
$ |
(1) |
$ |
— |
||||||||||||
|
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 |
$ |
— |
||||||||||||
|
Six Months Ended June 30, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
2,223 |
$ |
821 |
$ |
467 |
$ |
15 |
$ |
(5) |
$ |
(3) |
||||||||||||
|
Algeria |
594 |
— |
36 |
— |
— |
— |
||||||||||||||||||
|
Other International |
268 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
3,085 |
$ |
821 |
$ |
503 |
$ |
15 |
$ |
(5) |
$ |
(3) |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 31, 2018 | ||||||||||||||
|
Note: Guidance excludes sales volumes for Alaska and Ram Powell due to divestiture. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
60 |
— |
65 |
240 |
— |
250 |
||||||||
|
Total Sales Volumes (MBOE/d) |
652 |
— |
707 |
658 |
— |
685 |
||||||||
|
Oil (MBbl/d) |
374 |
— |
409 |
377 |
— |
397 |
||||||||
|
United States |
275 |
— |
300 |
288 |
— |
305 |
||||||||
|
Algeria |
65 |
— |
71 |
60 |
— |
62 |
||||||||
|
Ghana |
34 |
— |
38 |
29 |
— |
30 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,020 |
— |
1,110 |
1,040 |
— |
1,100 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
99 |
— |
107 |
97 |
— |
102 |
||||||||
|
Algeria |
5 |
— |
6 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(0.80) |
— |
3.20 |
(1.90) |
— |
2.00 |
||||||||
|
United States |
(3.00) |
— |
1.00 |
(3.00) |
— |
1.00 |
||||||||
|
Algeria |
3.00 |
— |
7.00 |
3.00 |
— |
7.00 |
||||||||
|
Ghana |
3.00 |
— |
7.00 |
3.00 |
— |
7.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.75) |
— |
(0.50) |
(0.70) |
— |
(0.45) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 31, 2018 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
145 |
— |
165 |
600 |
— |
650 |
||||||||
|
Minerals and Other |
60 |
— |
80 |
250 |
— |
270 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.50 |
— |
4.75 |
4.40 |
— |
4.75 |
||||||||
|
Oil & Gas Transportation and Other |
3.20 |
— |
3.45 |
3.20 |
— |
3.55 |
||||||||
|
Depreciation, Depletion, and Amortization |
17.50 |
— |
18.00 |
17.00 |
— |
17.50 |
||||||||
|
Production Taxes (% of Product Revenue) |
7.0 |
% |
— |
8.0 |
% |
7.0 |
% |
— |
7.5 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
245 |
— |
265 |
1,040 |
— |
1,090 |
||||||||
|
Other Operating Expense |
35 |
— |
45 |
110 |
— |
130 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
— |
— |
20 |
75 |
— |
100 |
||||||||
|
Cash |
45 |
— |
55 |
200 |
— |
220 |
||||||||
|
Interest Expense (net) |
235 |
— |
245 |
930 |
— |
960 |
||||||||
|
Other (Income) Expense |
(5) |
— |
5 |
(20) |
— |
20 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Current) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company (25% Current/75% Deferred for Q3 and 25% Current/75% Deferred for Total Year) |
20 |
% |
— |
30 |
% |
20 |
% |
— |
30 |
% | ||||
|
Noncontrolling Interest |
65 |
— |
85 |
200 |
— |
250 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
498 |
— |
502 |
503 |
— |
507 |
||||||||
|
Diluted |
499 |
— |
503 |
503 |
— |
507 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM* | ||||||||||||
|
APC Capital Expenditures |
1,050 |
— |
1,250 |
4,500 |
— |
4,800 |
||||||||
|
* Excludes $100 million Powder River Basin lease acquisition | ||||||||||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
Commodity Hedge Positions | |||||||||||
|
As of July 31, 2018 | |||||||||||
|
Weighted Average Price per barrel | |||||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||||
|
Oil |
|||||||||||
|
Two-Way Collars |
|||||||||||
|
2018 |
|||||||||||
|
WTI |
108 |
$ |
50.00 |
$ |
60.48 | ||||||
|
Fixed Price - Financial |
|||||||||||
|
2018 |
|||||||||||
|
Brent |
84 |
$ |
61.45 |
||||||||
|
Three-Way Collars |
|||||||||||
|
2019 |
|||||||||||
|
WTI |
57 |
$ |
45.00 |
$ |
55.00 |
$ |
70.22 | ||||
|
Brent |
30 |
$ |
50.00 |
$ |
60.00 |
$ |
78.22 | ||||
|
87 |
|||||||||||
|
Volume |
Weighted Average Price per MMBtu | ||||||||||
|
(thousand |
|||||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||||
|
Natural Gas |
|||||||||||
|
Three-Way Collars |
|||||||||||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||||
|
Fixed Price - Financial |
|||||||||||
|
2018 |
280 |
$ |
3.02 |
||||||||
|
Interest-Rate Derivatives | |||||
|
As of July 31, 2018 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$550 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 – 2046 |
Sept. 2022 |
6.809% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2023 |
6.761% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended June 30, 2018 |
Quarter Ended June 30, 2017 | ||||||||||||||||||||||
|
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 |
169 |
969 |
86 |
417 |
115 |
968 |
76 |
352 |
|||||||||||||||
|
Gulf of Mexico |
114 |
66 |
9 |
134 |
112 |
102 |
9 |
138 |
|||||||||||||||
|
International |
80 |
— |
5 |
85 |
88 |
— |
5 |
93 |
|||||||||||||||
|
Same-Store Sales |
363 |
1,035 |
100 |
636 |
315 |
1,070 |
90 |
583 |
|||||||||||||||
|
Divestitures* |
1 |
2 |
— |
1 |
16 |
168 |
4 |
48 |
|||||||||||||||
|
Total |
364 |
1,037 |
100 |
637 |
331 |
1,238 |
94 |
631 |
|||||||||||||||
|
Six Months Ended June 30, 2018 |
Six Months Ended June 30, 2017 | ||||||||||||||||||||||
|
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 |
163 |
968 |
84 |
408 |
115 |
1,013 |
80 |
364 |
|||||||||||||||
|
Gulf of Mexico |
120 |
72 |
9 |
141 |
118 |
114 |
10 |
147 |
|||||||||||||||
|
International |
82 |
— |
5 |
87 |
93 |
— |
6 |
99 |
|||||||||||||||
|
Same-Store Sales |
365 |
1,040 |
98 |
636 |
326 |
1,127 |
96 |
610 |
|||||||||||||||
|
Divestitures* |
3 |
4 |
— |
4 |
23 |
420 |
10 |
103 |
|||||||||||||||
|
Total |
368 |
1,044 |
98 |
640 |
349 |
1,547 |
106 |
713 |
|||||||||||||||
|
* Includes Ram Powell, Alaska, Eagleford, Marcellus, Eaglebine, Utah CBM, and Moxa. |
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2018-second-quarter-results-300689634.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/31/2018Anadarko Increases Share-Repurchase Program By $1.0 Billion And Announces Additional $500 Million Of Debt Reduction
Source: PR Newswire
HOUSTON, July 9, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its board of directors has authorized an expansion of the company's share-repurchase program to $4.0 billion, representing a $1.0 billion increase. The company completed the first $3.0 billion of this program on June 29, 2018. In addition, Anadarko announced a $500 million increase to its debt-reduction program, bringing the total planned to $1.5 billion. These measures raise the aggregate equity and debt-buyback programs to $5.5 billion, in addition to the recent increase of approximately $400 million (annualized) to the company's common dividend. The board authorization extends through the end of June 2019, and share repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
"Today's announcement further reinforces our commitment to our durable strategy of delivering attractive, capital-efficient growth and applying our free cash flow in a balanced manner to fund the repurchase of stock and debt, along with dividend increases over time," said Bob Gwin, Anadarko Executive Vice President, Finance and CFO. "We aggressively completed the previously announced $3.0 billion share-repurchase program in just over nine months. We also retired $100 million of debt at maturity in May with an additional $900 million expected to be retired upon maturity in the first half of 2019. Combined with healthy, returns-focused growth, these actions materially enhance debt-adjusted per-share performance and create meaningful shareholder value."
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 2017, the company had 1.44 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 complete the share repurchase and debt-reduction programs and increase the dividend. 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-increases-share-repurchase-program-by-1-0-billion-and-announces-additional-500-million-of-debt-reduction-300677483.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/9/20186/22/2018 - Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, June 22, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, 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 June 29, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on July 2, 2018:
Cushing® Energy Supply Chain Index constituents, effective July 2, 2018:
|
Company Name |
Ticker |
Index Weight |
Status |
|
The Williams Companies, Inc. |
WMB |
3.38% |
Existing |
|
LyondellBasell Industries N.V. |
LYB |
3.37% |
Existing |
|
International Paper Company |
IP |
3.25% |
Existing |
|
Kinder Morgan, Inc. |
KMI |
3.15% |
Existing |
|
ONEOK, Inc. |
OKE |
3.12% |
Existing |
|
Helmerich & Payne, Inc. |
HP |
3.02% |
Existing |
|
Exxon Mobil Corporation |
XOM |
2.80% |
Existing |
|
WestRock Company |
WRK |
2.73% |
Existing |
|
Air Products and Chemicals, Inc. |
APD |
2.59% |
Existing |
|
Occidental Petroleum Corporation |
OXY |
2.54% |
Existing |
|
Packaging Corporation of America |
PKG |
2.51% |
Existing |
|
CF Industries Holdings, Inc. |
CF |
2.49% |
Existing |
|
Chevron Corporation |
CVX |
2.46% |
Existing |
|
Nucor Corporation |
NUE |
2.14% |
Existing |
|
DowDuPont Inc. |
DWDP |
2.14% |
Existing |
|
Schlumberger N.V. (Schlumberger Limited) |
SLB |
2.10% |
Existing |
|
International Flavors & Fragrances Inc. |
IFF |
2.04% |
Existing |
|
Eastman Chemical Company |
EMN |
2.01% |
Existing |
|
Alliance Resource Partners, L.P. |
ARLP |
2.00% |
Existing |
|
EnLink Midstream Partners, LP |
ENLK |
2.00% |
Existing |
|
Dominion Energy Midstream Partners, LP |
DM |
2.00% |
Existing |
|
Andeavor Logistics LP |
ANDX |
2.00% |
Existing |
|
DCP Midstream, LP |
DCP |
2.00% |
Existing |
|
Western Gas Partners, L.P. |
WES |
2.00% |
Existing |
|
Crestwood Equity Partners LP |
CEQP |
2.00% |
Existing |
|
EQT Midstream Partners, LP |
EQM |
2.00% |
Existing |
|
Enable Midstream Partners, LP |
ENBL |
2.00% |
Existing |
|
Energy Transfer Equity, L.P. |
ETE |
2.00% |
Existing |
|
MPLX LP |
MPLX |
2.00% |
NEW |
|
Energy Transfer Partners, L.P. |
ETP |
2.00% |
Existing |
|
Praxair, Inc. |
PX |
1.97% |
Existing |
|
Phillips 66 |
PSX |
1.92% |
Existing |
|
Valero Energy Corporation |
VLO |
1.90% |
Existing |
|
Avery Dennison Corporation |
AVY |
1.90% |
Existing |
|
Marathon Petroleum Corporation |
MPC |
1.71% |
Existing |
|
PPG Industries, Inc. |
PPG |
1.58% |
Existing |
|
Apache Corporation |
APA |
1.51% |
Existing |
|
Baker Hughes, A GE Company |
BHGE |
1.50% |
Existing |
|
Newmont Mining Corporation |
NEM |
1.37% |
Existing |
|
Albemarle Corporation |
ALB |
1.35% |
Existing |
|
Sealed Air Corporation |
SEE |
1.33% |
Existing |
|
HollyFrontier Corporation |
HFC |
1.22% |
NEW |
|
Andeavor |
ANDV |
1.18% |
Existing |
|
ConocoPhillips |
COP |
1.16% |
Existing |
|
TechnicFMC plc |
FTI |
1.15% |
Existing |
|
Freeport-McMoRan Inc. |
FCX |
1.14% |
Existing |
|
Hess Corporation |
HES |
1.10% |
Existing |
|
Halliburton Company |
HAL |
1.08% |
Existing |
|
Ecolab Inc. |
ECL |
1.06% |
Existing |
|
Ball Corporation |
BLL |
1.03% |
Existing |
Constituents removed, effective July 2, 2018:
|
Company Name |
Ticker |
|
Anadarko Petroleum Corporation |
APC |
|
AmeriGas Partners, L.P. |
APU |
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 SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
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 MLPs 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:
Judson Redmond
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
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
6/22/2018Anadarko Announces Heads Of Agreement With Tokyo Gas And Centrica
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, June 15, 2018 /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 Heads of Agreement (HOA) with Tokyo Gas Co., Ltd. (Tokyo Gas) and Centrica LNG Company Ltd. (Centrica) for the long-term supply of LNG. The co-purchasing off-take agreement calls for the delivered ex-ship supply of 2.6 million tonnes per annum (MTPA) from the start-up of production until the early 2040s.
"Tokyo Gas and Centrica have a strong global reputation in the industry, and we are delighted they have made this commitment to the Mozambique LNG project," said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. "At 2.6 MTPA, this HOA represents a significant portion of the marketing off-take target we have set for FID, and it further reinforces our previous updates on the project, which have stated our focus now is on converting these non-binding commitments into fully termed Sale and Purchase Agreements. Importantly, this HOA brings together the Anadarko-led Mozambique LNG project and two additional prestigious customers, and it is closely aligned with the Japanese government's desire for a competitively priced and flexible long-term supply of LNG to enhance the nation's energy security.
"This off-take arrangement takes full advantage of Mozambique's favorable central location, which enables Mozambique LNG to supply customers in both the European and Asian-Pacific markets," added Ingram. "The innovative co-purchasing arrangement provides flexibility to assist both customers in proactively managing demand fluctuations in their own home markets."
The Anadarko-operated Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields 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 2017, the company had approximately 1.44 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 approvals, convert the HOA into a final Sale and Purchase Agreement and enter into additional long-term sales contracts, 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:
Robin Fielder, robin.fielder@anadarko.com, +1 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Wells, helen.wells@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-heads-of-agreement-with-tokyo-gas-and-centrica-300666798.html
SOURCE Anadarko Petroleum Corporation
Article Date
6/15/2018Anadarko And Western Gas Announce Settlement Of Tangible Equity Units
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, June 7, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) and Western Gas Equity Partners, LP (NYSE:WGP) today announced the settlement of 9,200,000 outstanding tangible equity units (TEUs), originally issued in 2015, in exchange for approximately 8,207,320 WGP common units and cash in lieu of fractional units. The WGP common units delivered to settle the TEUs were owned by a wholly owned subsidiary of Anadarko. WGP filed a prospectus for the WGP units delivered upon settlement, but did not issue any securities in connection with the settlement.
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 2017, the company had 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for third-party producers and customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its contracts.
Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko Petroleum Corporation to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Western Gas Contact
Jonathon E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-and-western-gas-announce-settlement-of-tangible-equity-units-300661407.html
SOURCE Western Gas Equity Partners, LP
Article Date
6/7/2018Anadarko And Western Gas Announce Settlement Of Tangible Equity Units
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, June 7, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) and Western Gas Equity Partners, LP (NYSE: WGP) today announced the settlement of 9,200,000 outstanding tangible equity units (TEUs), originally issued in 2015, in exchange for approximately 8,207,320 WGP common units and cash in lieu of fractional units. The WGP common units delivered to settle the TEUs were owned by a wholly owned subsidiary of Anadarko. WGP filed a prospectus for the WGP units delivered upon settlement, but did not issue any securities in connection with the settlement.
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 2017, the company had 1.44 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for third-party producers and customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its customers under certain of its contracts.
Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko Petroleum Corporation to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Western Gas Contact
Jonathon E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000
View original content:http://www.prnewswire.com/news-releases/anadarko-and-western-gas-announce-settlement-of-tangible-equity-units-300661423.html
SOURCE Anadarko Petroleum Corporation
Article Date
6/7/2018Anadarko Names Mitchell W. Ingram EVP, International, Deepwater & Exploration
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, May 21, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Mitch Ingram, formerly Executive Vice President (EVP), International & Deepwater Operations and Project Management, has been named EVP, International, Deepwater & Exploration. In his new role, Ingram will oversee Anadarko's international and deepwater operations, as well as its global exploration and project-management activity. The company also announced Ernie Leyendecker, formerly EVP, Exploration is retiring after more than 30 years in the oil and natural gas industry.
"Since joining Anadarko in 2015, Mitch has been an invaluable member of the company's executive management, as he established a deep and experienced global LNG team that is now approaching a Final Investment Decision in Mozambique, and led our deepwater operations groups through the successful integration of Freeport-McMoRan's Gulf of Mexico assets," Anadarko Chairman, President and CEO Al Walker said. "His strong leadership, technical and organizational skills will enable us to continue being a respected exploration company that combines exceptional geoscience knowledge with peer-leading technology advancements to find new resources and commercially advance those discoveries toward world-class development options.
"We are grateful for Ernie's many contributions to Anadarko over the years," added Walker. "Ernie added value serving in a number of positions during his career with Anadarko in the areas of worldwide exploration, engineering and planning. He will be missed, and we wish him the best in his retirement."
Ingram has nearly 30 years of experience in the oil and natural gas industry and joined Anadarko in 2015 as Executive Vice President, Global LNG. Prior to joining the company, Mr. Ingram worked with BG Group, where he served as Executive Vice President – Technical and a member of the company's Executive Committee. Previously, he held positions of increasing responsibilities with the company's LNG project in Queensland, Australia. Prior to BG, Mr. Ingram was with Occidental Oil & Gas for 20 years, where he held several U.K. and international positions in project management, development and operations. He holds a Bachelor of Engineering in mechanical engineering from Robert Gordon University and is a native of Scotland.
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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 2017, the company had 1.44 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-names-mitchell-w-ingram-evp-international-deepwater--exploration-300652124.html
SOURCE Anadarko Petroleum Corporation
Article Date
5/21/2018Anadarko Announces 2018 First-Quarter Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, May 1, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 first‑quarter results, reporting net income attributable to common stockholders of $121 million, or $0.22 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 $158 million, or $0.30 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the first quarter of 2018 was $1.43 billion.
FIRST-QUARTER 2018 HIGHLIGHTS
"The results we achieved over the second half of 2017 created strong momentum in the first quarter of 2018," said Al Walker, Anadarko Chairman, President and CEO. "Exceptional performance from our asset-management teams in the Delaware and DJ basins and the Deepwater Gulf of Mexico drove record quarterly oil production, matching the company's highest oil output to date. Additionally, we expect to complete our $3.0 billion share-repurchase program by mid-year and will consider expanding this program further should free cash flow from the current operating environment continue to increase.
"Looking ahead, our infrastructure buildout in West Texas is on track, with expectations of placing into service our first regional oil treating facility (ROTF) in Reeves County in the second quarter," added Walker. "This is expected to be followed by an additional ROTF in north Loving County and the first cryogenic train at the Mentone gas processing plant in the third quarter. As we have commented previously, these are key drivers for significant oil growth later this year and next. As the operator for approximately 70 percent of our Delaware Basin leasehold, we have significant size, scale, control and flexibility to be an anchor tenant on several pipeline projects to ensure hydrocarbon-takeaway from the basin and improve wellhead margins. Although we are increasing our expected capital investments by about $100 million for the full year, this is primarily a result of higher-than-expected non-operated plans in the Delaware Basin from our leasehold partners and does not represent an increase in operated activity. This durable strategy of providing capital-efficient growth, while generating free cash flow to drive the return of capital through share repurchases, increased dividends and debt retirement will continue to be one of our principal objectives in the years to come."
OPERATING HIGHLIGHTS
Anadarko's first-quarter sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 643,000 BOE per day, which was at the high end of the company's first-quarter guidance.
In the Delaware Basin, the company's oil sales volumes averaged 52,000 barrels per day for the quarter, representing a 70-percent increase over the first quarter of 2017. Importantly, Anadarko secured substantial long-term oil transportation capacity with commitments covering more than half of the company's expected 2018 operated production and nearly all of its projected operated production by late 2019. The company will be an anchor shipper on Enterprise's Midland pipeline to Houston and Plains' Cactus II pipeline to Corpus Christi, and Anadarko is also covered by firm transport or firm sales with reliable counterparties controlling basin export capacity for approximately 80 percent of its operated natural gas production. In addition, construction on the Reeves ROTF is complete and commissioning activities are underway. Anadarko currently operates seven drilling rigs and five completion crews in the Delaware Basin.
In the DJ Basin of northeast Colorado, Anadarko continued to achieve record sales volumes, averaging more than 260,000 BOE per day, an 8-percent increase over the first quarter of 2017. The company currently operates four drilling rigs in the basin along with three completion crews that feature equipment with noise-reduction technology.
In the Deepwater Gulf of Mexico, Anadarko achieved record oil sales volumes of 128,000 barrels per day. Volume growth was driven by a new tieback at the Marlin facility and increased production at Horn Mountain, which is producing at its highest rate since 2006.
Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 88,000 barrels of liquids per day during the first quarter of 2018. In March, the Mozambique Government approved the Anadarko-operated Area 1 Golfinho/Atum Plan of Development defining the integrated onshore LNG project from the reservoir to the market. The Mozambique LNG project also made good progress on marketing with the announcement of a long-term LNG Sale and Purchase Agreement (SPA) for 1.2 million tonnes per annum for a period of 15 years with one of the world's largest electric utilities, Électricité de France, S.A. (EDF). The near-term marketing objective has been met with non-binding key terms agreed with multiple buyers for more than 8.5 million tonnes per annum. Focus is now on converting these agreements to binding long-term SPAs.
OPERATIONS REPORT
For additional details on Anadarko's first-quarter 2018 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
During the first quarter, Anadarko's capital investments, excluding Western Gas Partners, LP (WES), were $1.37 billion. The company also entered into two ASRs to complete its $3.0 billion share-repurchase program, which were funded by approximately $1.9 billion of cash on hand, with the final pricing and number of shares repurchased for the current outstanding ASR to be determined upon its completion in the second quarter. In the first quarter, Anadarko also announced a 400-percent increase to its quarterly dividend, increasing from 5 cents per share to 25 cents per share.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, May 2, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its first-quarter 2018 financial and operating results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 2709670. 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
Ten pages of summary financial data follow, including updated financial and production guidance, 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.
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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 2017, the company had 1.44 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 realize its expectations regarding performance; to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance; to timely complete and commercially operate the projects, infrastructure and drilling prospects identified in this news release; to finalize the necessary steps to secure operatorship; to successfully complete the share repurchase program and to enter into additional programs; to increase the dividend; to reduce debt; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
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, 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 $127 million related to interest-rate derivatives, $(94) million related to commodity derivatives, and $(6) million related to gathering, processing, and marketing sales. |
|
Quarter Ended March 31, 2017 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(318) |
$ |
(0.58) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
155 |
99 |
0.18 |
||||||||
|
Gains (losses) on divestitures, net |
804 |
509 |
0.92 |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(373) |
(237) |
(0.43) |
|||||||||
|
Exploration assets |
(532) |
(338) |
(0.61) |
|||||||||
|
Change in uncertain tax positions |
(21) |
(0.04) |
||||||||||
|
Certain items affecting comparability |
$ |
54 |
12 |
0.02 |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(330) |
$ |
(0.60) |
||||||||
|
* |
Includes $12 million related to interest-rate derivatives, $141 million related to commodity derivatives, and $2 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 |
2018 |
2017 | |||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
121 |
$ |
(318) |
|||
|
Interest expense |
228 |
223 |
|||||
|
Income tax expense (benefit) |
126 |
97 |
|||||
|
DD&A |
990 |
1,115 |
|||||
|
Exploration expense |
168 |
1,084 |
|||||
|
(Gains) losses on divestitures, net |
24 |
(804) |
|||||
|
Impairments |
19 |
373 |
|||||
|
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives |
(27) |
(155) |
|||||
|
Restructuring charges |
— |
(1) |
|||||
|
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) |
$ |
1,649 |
$ |
1,614 |
|||
|
Total barrels of oil equivalent (BOE) |
58 |
72 |
|||||
|
Consolidated Adjusted EBITDAX (Margin) per BOE |
$ |
28.43 |
$ |
22.42 |
|||
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.
|
March 31, 2018 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt (GAAP) |
$ |
16,404 |
$ |
4,204 |
$ |
12,200 |
|||||||
|
Less cash and cash equivalents |
3,361 |
524 |
2,837 |
||||||||||
|
Net debt (Non-GAAP) |
$ |
13,043 |
$ |
3,680 |
$ |
9,363 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
13,043 |
$ |
9,363 |
|||||||||
|
Total equity |
11,756 |
8,741 |
|||||||||||
|
Adjusted capitalization |
$ |
24,799 |
$ |
18,104 |
|||||||||
|
Net debt to adjusted capitalization ratio |
53 |
% |
52 |
% | |||||||||
|
* |
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) | |||||||
|
Quarter Ended | |||||||
|
March 31, | |||||||
|
millions |
2018 |
2017 | |||||
|
Cash Flows from Operating Activities |
|||||||
|
Net income (loss) |
$ |
174 |
$ |
(275) |
|||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||
|
Depreciation, depletion, and amortization |
990 |
1,115 |
|||||
|
Deferred income taxes |
42 |
(660) |
|||||
|
Dry hole expense and impairments of unproved properties |
106 |
1,012 |
|||||
|
Impairments |
19 |
373 |
|||||
|
(Gains) losses on divestitures, net |
24 |
(804) |
|||||
|
Total (gains) losses on derivatives, net |
36 |
(147) |
|||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
(63) |
(8) |
|||||
|
Other |
74 |
83 |
|||||
|
Changes in assets and liabilities |
28 |
434 |
|||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
1,430 |
$ |
1,123 |
|||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,113) |
$ |
1,723 |
|||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(1,507) |
$ |
(198) |
|||
|
Capital Expenditures |
|||||||
|
Exploration and Production and other |
$ |
1,115 |
$ |
945 |
|||
|
WES Midstream |
327 |
286 |
|||||
|
Other Midstream* |
262 |
24 |
|||||
|
Total |
$ |
1,704 |
$ |
1,255 |
|||
|
* |
Excludes WES. |
|
Anadarko Petroleum Corporation | |||||||
|
(Unaudited) | |||||||
|
Quarter Ended | |||||||
|
Summary Financial Information |
March 31, | ||||||
|
millions except per-share amounts |
2018 |
2017 | |||||
|
Consolidated Statements of Income |
|||||||
|
Revenues and Other |
|||||||
|
Oil sales |
$ |
2,127 |
$ |
1,663 |
|||
|
Natural-gas sales |
247 |
502 |
|||||
|
Natural-gas liquids sales |
292 |
289 |
|||||
|
Gathering, processing, and marketing sales |
360 |
444 |
|||||
|
Gains (losses) on divestitures and other, net |
19 |
869 |
|||||
|
Total |
3,045 |
3,767 |
|||||
|
Costs and Expenses |
|||||||
|
Oil and gas operating |
276 |
256 |
|||||
|
Oil and gas transportation |
196 |
249 |
|||||
|
Exploration |
168 |
1,084 |
|||||
|
Gathering, processing, and marketing |
237 |
350 |
|||||
|
General and administrative |
278 |
263 |
|||||
|
Depreciation, depletion, and amortization |
990 |
1,115 |
|||||
|
Production, property, and other taxes |
190 |
155 |
|||||
|
Impairments |
19 |
373 |
|||||
|
Other operating expense |
140 |
22 |
|||||
|
Total |
2,494 |
3,867 |
|||||
|
Operating Income (Loss) |
551 |
(100) |
|||||
|
Other (Income) Expense |
|||||||
|
Interest expense |
228 |
223 |
|||||
|
(Gains) losses on derivatives, net |
35 |
(147) |
|||||
|
Other (income) expense, net |
(12) |
2 |
|||||
|
Total |
251 |
78 |
|||||
|
Income (Loss) Before Income Taxes |
300 |
(178) |
|||||
|
Income tax expense (benefit) |
126 |
97 |
|||||
|
Net Income (Loss) |
174 |
(275) |
|||||
|
Net income (loss) attributable to noncontrolling interests |
53 |
43 |
|||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
121 |
$ |
(318) |
|||
|
Per Common Share |
|||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
0.23 |
$ |
(0.58) |
|||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
0.22 |
$ |
(0.58) |
|||
|
Average Number of Common Shares Outstanding—Basic |
518 |
551 |
|||||
|
Average Number of Common Shares Outstanding—Diluted |
519 |
551 |
|||||
|
Exploration Expense |
|||||||
|
Dry hole expense |
$ |
53 |
$ |
476 |
|||
|
Impairments of unproved properties |
53 |
537 |
|||||
|
Geological and geophysical, exploration overhead, and other expense |
62 |
71 |
|||||
|
Total |
$ |
168 |
$ |
1,084 |
|||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
March 31, |
December 31, | ||||||||||
|
millions |
2018 |
2017 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
3,361 |
$ |
4,553 |
|||||||
|
Accounts receivable, net of allowance |
1,795 |
1,829 |
|||||||||
|
Other current assets |
374 |
380 |
|||||||||
|
Net properties and equipment |
27,758 |
27,451 |
|||||||||
|
Other assets |
2,134 |
2,211 |
|||||||||
|
Goodwill and other intangible assets |
5,654 |
5,662 |
|||||||||
|
Total Assets |
$ |
41,076 |
$ |
42,086 |
|||||||
|
Short-term debt - Anadarko* |
733 |
142 |
|||||||||
|
Short-term debt - WGP/WES |
28 |
— |
|||||||||
|
Other current liabilities |
3,973 |
3,764 |
|||||||||
|
Long-term debt - Anadarko* |
11,467 |
12,054 |
|||||||||
|
Long-term debt - WGP/WES |
4,176 |
3,493 |
|||||||||
|
Deferred income taxes |
2,267 |
2,234 |
|||||||||
|
Asset retirement obligations |
2,510 |
2,500 |
|||||||||
|
Other long-term liabilities |
4,166 |
4,109 |
|||||||||
|
Common stock |
57 |
57 |
|||||||||
|
Paid-in capital |
11,701 |
12,000 |
|||||||||
|
Retained earnings |
1,152 |
1,109 |
|||||||||
|
Treasury stock |
(3,759) |
(2,132) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(410) |
(338) |
|||||||||
|
Total stockholders' equity |
8,741 |
10,696 |
|||||||||
|
Noncontrolling interests |
3,015 |
3,094 |
|||||||||
|
Total Equity |
11,756 |
13,790 |
|||||||||
|
Total Liabilities and Equity |
$ |
41,076 |
$ |
42,086 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
16,404 |
$ |
15,689 |
|||||||
|
Total equity |
11,756 |
13,790 |
|||||||||
|
Total |
$ |
28,160 |
$ |
29,479 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
58 |
% |
53 |
% | |||||||
|
Total equity |
42 |
% |
47 |
% | |||||||
|
* |
Excludes WES and WGP |
|
Anadarko Petroleum Corporation |
|||||||||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 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 |
|||||||||||||||||
|
Quarter Ended March 31, 2017 |
|||||||||||||||||||||||||||||
|
United States |
269 |
1,859 |
112 |
24 |
167 |
10 |
$ |
49.23 |
$ |
3.00 |
$ |
26.57 |
|||||||||||||||||
|
Algeria |
70 |
— |
6 |
6 |
— |
1 |
53.20 |
— |
37.57 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
53.77 |
— |
— |
||||||||||||||||||||
|
Total |
367 |
1,859 |
118 |
33 |
167 |
11 |
$ |
50.34 |
$ |
3.00 |
$ |
27.17 |
|||||||||||||||||
|
Average Daily Sales Volumes MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended March 31, 2018 |
643 |
58 |
|||||||||||||||||||||||||||
|
Quarter Ended March 31, 2017 |
795 |
72 |
|||||||||||||||||||||||||||
|
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, 2018 |
||||||||||||||||||||||||
|
United States |
$ |
1,623 |
$ |
247 |
$ |
274 |
$ |
(67) |
$ |
(1) |
$ |
— |
||||||||||||
|
Algeria |
331 |
— |
18 |
— |
— |
— |
||||||||||||||||||
|
Other International |
173 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
2,127 |
$ |
247 |
$ |
292 |
$ |
(67) |
$ |
(1) |
$ |
— |
||||||||||||
|
Quarter Ended March 31, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,191 |
$ |
502 |
$ |
267 |
$ |
1 |
$ |
(4) |
$ |
(3) |
||||||||||||
|
Algeria |
334 |
— |
22 |
— |
— |
— |
||||||||||||||||||
|
Other International |
138 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,663 |
$ |
502 |
$ |
289 |
$ |
1 |
$ |
(4) |
$ |
(3) |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 1, 2018 | ||||||||||||||
|
Note: Guidance excludes sales volumes for Alaska due to divestiture. | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
56 |
— |
58 |
240 |
— |
250 |
||||||||
|
Total Sales Volumes (MBOE/d) |
615 |
— |
640 |
658 |
— |
685 |
||||||||
|
Oil (MBbl/d) |
346 |
— |
362 |
376 |
— |
396 |
||||||||
|
United States |
270 |
— |
280 |
288 |
— |
305 |
||||||||
|
Algeria |
50 |
— |
54 |
59 |
— |
61 |
||||||||
|
Ghana |
26 |
— |
28 |
29 |
— |
30 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,025 |
— |
1,075 |
1,085 |
— |
1,125 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
93 |
— |
98 |
94 |
— |
97 |
||||||||
|
Algeria |
5 |
— |
6 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(0.80) |
— |
3.20 |
(1.90) |
— |
2.00 |
||||||||
|
United States |
(2.00) |
— |
2.00 |
(3.00) |
— |
1.00 |
||||||||
|
Algeria |
3.00 |
— |
7.00 |
2.00 |
— |
7.00 |
||||||||
|
Ghana |
3.00 |
— |
7.00 |
2.00 |
— |
7.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.90) |
— |
(0.60) |
(0.70) |
— |
(0.40) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 1, 2018 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
130 |
— |
155 |
700 |
— |
780 |
||||||||
|
Minerals and Other |
35 |
— |
55 |
190 |
— |
230 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.75 |
— |
4.95 |
4.25 |
— |
4.75 |
||||||||
|
Oil & Gas Transportation and Other |
3.55 |
— |
3.75 |
3.50 |
— |
3.75 |
||||||||
|
Depreciation, Depletion, and Amortization |
17.00 |
— |
17.75 |
17.00 |
— |
17.75 |
||||||||
|
Production Taxes (% of Product Revenue) |
6.5 |
% |
— |
7.5 |
% |
6.5 |
% |
— |
7.5 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
265 |
— |
285 |
1,025 |
— |
1,075 |
||||||||
|
Other Operating Expense |
5 |
— |
15 |
40 |
— |
50 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
— |
— |
20 |
75 |
— |
100 |
||||||||
|
Cash |
50 |
— |
60 |
200 |
— |
220 |
||||||||
|
Interest Expense (net) |
230 |
— |
240 |
925 |
— |
975 |
||||||||
|
Other (Income) Expense |
(5) |
— |
5 |
(20) |
— |
20 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Current) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company (60% Current/40% Deferred for Q2 and 30% Current/70% Deferred for Total Year) |
20 |
% |
— |
30 |
% |
15 |
% |
— |
25 |
% | ||||
|
Noncontrolling Interest |
55 |
— |
75 |
300 |
— |
350 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
499 |
— |
503 |
503 |
— |
507 |
||||||||
|
Diluted |
499 |
— |
503 |
503 |
— |
507 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
1,300 |
— |
1,500 |
4,200 |
— |
4,600 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of May 1, 2018 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Two-Way Collars |
|||||||||
|
2018 |
|||||||||
|
WTI |
108 |
$ |
50.00 |
$ |
60.48 | ||||
|
Fixed Price - Financial |
|||||||||
|
2018 |
|||||||||
|
Brent |
84 |
$ |
61.45 |
||||||
|
Three-Way Collars |
|||||||||
|
2019 |
|||||||||
|
WTI |
57 |
$ |
45.00 |
$ |
55.00 |
$ |
70.22 | ||
|
Brent |
30 |
$ |
50.00 |
$ |
60.00 |
$ |
78.22 | ||
|
87 |
|||||||||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Fixed Price - Financial |
|||||||||
|
2018 |
280 |
$ |
3.02 |
||||||
|
Interest-Rate Derivatives | |||||
|
As of May 1, 2018 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$550 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 – 2046 |
Sept. 2022 |
6.809% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2023 |
6.761% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended March 31, 2018 |
Quarter Ended March 31, 2017 | ||||||||||||||||||||||
|
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 |
156 |
967 |
83 |
400 |
115 |
1,058 |
85 |
376 |
|||||||||||||||
|
Gulf of Mexico |
128 |
84 |
9 |
151 |
125 |
129 |
12 |
159 |
|||||||||||||||
|
International |
83 |
— |
5 |
88 |
98 |
— |
6 |
104 |
|||||||||||||||
|
Same-Store Sales |
367 |
1,051 |
97 |
639 |
338 |
1,187 |
103 |
639 |
|||||||||||||||
|
Divestitures* |
4 |
— |
— |
4 |
29 |
672 |
15 |
156 |
|||||||||||||||
|
Total |
371 |
1,051 |
97 |
643 |
367 |
1,859 |
118 |
795 |
|||||||||||||||
|
* |
Includes Alaska, Eagleford, Marcellus, Eaglebine, Utah CBM, and Moxa. |
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2018-first-quarter-results-300640484.html
SOURCE Anadarko Petroleum Corporation
Article Date
5/1/2018Anadarko Schedules May 2 Conference Call To Discuss First-Quarter 2018 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, April 5, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Wednesday, May 2, 2018, at 8 a.m. CDT (9 a.m. EDT) to discuss its first-quarter 2018 financial and operating results. Earnings will be released after close of market on Tuesday, May 1. The full text of the release will be available on the company's website at www.anadarko.com.
Wednesday, May 2, 2018
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 2709670 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-may-2-conference-call-to-discuss-first-quarter-2018-results-300625355.html
SOURCE Anadarko Petroleum Corporation
Article Date
4/5/20183/22/2018 - Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Swank Capital and Cushing® Asset Management Announce Rebalancing of The Cushing® Energy Supply Chain Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, March 22, 2018 /PRNewswire/ -- Swank Capital, LLC, and Cushing® Asset Management, LP, 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 March 29, 2018, the constituents of the Index will be rebalanced, and the following changes will become effective on April 2, 2018:
Cushing® Energy Supply Chain Index constituents, effective April 2, 2018:
|
Company Name |
Ticker |
Index Weight |
Status |
|
LyondellBasell Industries N.V. |
LYB |
3.58% |
Existing |
|
International Paper Company |
IP |
3.43% |
Existing |
|
ONEOK, Inc. |
OKE |
3.41% |
Existing |
|
The Williams Companies, Inc. |
WMB |
3.31% |
Existing |
|
Occidental Petroleum Corporation |
OXY |
3.07% |
Existing |
|
CF Industries Holdings, Inc. |
CF |
3.04% |
Existing |
|
Helmerich & Payne, Inc. |
HP |
2.73% |
Existing |
|
Exxon Mobil Corporation |
XOM |
2.66% |
Existing |
|
WestRock Company |
WRK |
2.56% |
Existing |
|
Air Products and Chemicals, Inc. |
APD |
2.55% |
Existing |
|
Chevron Corporation |
CVX |
2.50% |
Existing |
|
Nucor Corporation |
NUE |
2.28% |
Existing |
|
DowDuPont Inc. |
DWDP |
2.20% |
Existing |
|
Valero Energy Corporation |
VLO |
2.16% |
Existing |
|
Praxair, Inc. |
PX |
2.11% |
Existing |
|
Packaging Corporation of America |
PKG |
2.08% |
Existing |
|
Kinder Morgan, Inc. |
KMI |
2.04% |
Existing |
|
Eastman Chemical Company |
EMN |
2.03% |
Existing |
|
Alliance Holdings GP, L.P. |
AHGP |
2.00% |
NEW |
|
Alliance Resource Partners, L.P. |
ARLP |
2.00% |
Existing |
|
EnLink Midstream Partners, LP |
ENLK |
2.00% |
Existing |
|
Tallgrass Energy Partners, LP |
TEP |
2.00% |
Existing |
|
DCP Midstream, LP |
DCP |
2.00% |
Existing |
|
Andeavor Logistics LP |
ANDX |
2.00% |
Existing |
|
Spectra Energy Partners, LP |
SEP |
2.00% |
Existing |
|
Energy Transfer Equity, L.P. |
ETE |
2.00% |
Existing |
|
Western Gas Partners, L.P. |
WES |
2.00% |
Existing |
|
Tallgrass Energy GP, LP |
TEGP |
2.00% |
NEW |
|
MPLX LP |
MPLX |
2.00% |
NEW |
|
Sunoco LP |
SUN |
2.00% |
NEW |
|
Schlumberger N.V. (Schlumberger Limited) |
SLB |
1.95% |
Existing |
|
International Flavors & Fragrances Inc. |
IFF |
1.95% |
Existing |
|
Phillips 66 |
PSX |
1.88% |
Existing |
|
Apache Corporation |
APA |
1.76% |
Existing |
|
Monsanto Company |
MON |
1.75% |
Existing |
|
Marathon Petroleum Corporation |
MPC |
1.64% |
Existing |
|
Avery Dennison Corporation |
AVY |
1.56% |
Existing |
|
Baker Hughes, A GE Company |
BHGE |
1.54% |
Existing |
|
PPG Industries, Inc. |
PPG |
1.52% |
Existing |
|
Andeavor |
ANDV |
1.50% |
Existing |
|
Newmont Mining Corporation |
NEM |
1.44% |
NEW |
|
Sealed Air Corporation |
SEE |
1.41% |
Existing |
|
Albemarle Corporation |
ALB |
1.35% |
Existing |
|
ConocoPhillips |
COP |
1.33% |
Existing |
|
Hess Corporation |
HES |
1.31% |
Existing |
|
Ecolab Inc. |
ECL |
1.16% |
Existing |
|
TechnicFMC plc |
FTI |
1.11% |
Existing |
|
Anadarko Petroleum Corporation |
APC |
1.09% |
NEW |
|
Halliburton Company |
HAL |
1.01% |
Existing |
Constituents removed, effective April 2, 2018:
|
Company Name |
Ticker |
|
Ball Corporation |
BLL |
|
Buckeye Partners, L.P. |
BPL |
|
CNX Midstream Partners LP |
CNXM |
|
Enterprise Products Partners, L.P. |
EPD |
|
Summit Midstream Partners, LP |
SMLP |
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 SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
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 MLPs 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:
Judson Redmond
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/swank-capital-and-cushing-asset-management-announce-rebalancing-of-the-cushing-energy-supply-chain-index-300617887.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
3/22/2018Anadarko Announces Approval Of Mozambique LNG Development Plan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, March 5, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced it has received official approval from the Government of Mozambique for the Golfinho/Atum Field Development Plan. The Development Plan outlines the integrated onshore project from the reservoir to the LNG market and is a culmination of the substantial progress made to date on the technical and commercial aspects of the Anadarko-operated Mozambique LNG development.
"We appreciate the support of the Government of Mozambique and are very pleased to achieve this critical milestone providing a further indication of the tremendous progress we continue to make on the project, which will position Mozambique as a strategic global LNG supplier," said Mitch Ingram, Anadarko Executive Vice President, International & Deepwater Operations and Project Management. "The approval of the Development Plan continues advancement toward a Final Investment Decision as it builds upon other recent achievements, including the announcement of our long-term SPA (Sale and Purchase Agreement) with EDF, commencement of resettlement, and our ongoing work to secure project financing."
The Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields located entirely within Offshore Area 1. This foundational project paves the way for significant future expansion of up to 50 MTPA from Offshore Area 1. The Golfinho/Atum Project will also supply initial volumes of approximately 100 million cubic feet of natural gas per day (MMcf/d) (50 MMcf/d per train) for domestic use in Mozambique.
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 2017, the company had approximately 1.44 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 approvals, enter into additional long-term sales contracts, 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:
Robin Fielder, robin.fielder@anadarko.com, +1 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Wells, helen.wells@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-approval-of-mozambique-lng-development-plan-300607824.html
SOURCE Anadarko Petroleum Corporation
Article Date
3/5/2018Anadarko Announces Mozambique LNG Sale And Purchase Agreement
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 20, 2018 /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 entered into a long-term LNG Sale and Purchase Agreement (SPA) with Électricité de France, S.A., (EDF). The off-take agreement calls for the supply of 1.2 million tonnes per annum (MTPA) for a term of 15 years.
"EDF is one of the world's largest electric utilities, and reaching this SPA continues to validate Mozambique LNG's position as a competitive long-term LNG supplier and as one of the world's leading greenfield projects," said Mitch Ingram, Anadarko Executive Vice President, International & Deepwater Operations and Project Management. "Mozambique LNG is unique in its ability to supply LNG to a variety of geographic locations to serve its customers, and this SPA gives us flexible access to Europe, which is one of our key strategic markets. The EDF sale is included in the portfolio of sales of more than 5 MTPA for which we have agreed key terms, and we continue to advance additional off-take arrangements. We anticipate the future development of Mozambique LNG will open new opportunities for the country and serve as a growth platform for its ongoing development."
The Anadarko-operated Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields 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).
Photo - 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 2017, the company had approximately 1.44 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 approvals, finalize the long-term sales contracts referenced in this news release and enter into additional long-term sales contracts, 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:
Robin Fielder, robin.fielder@anadarko.com, +1 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, +1 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Helen Wells, helen.wells@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-mozambique-lng-sale-and-purchase-agreement-300600729.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/20/2018Anadarko to Participate at Upcoming Energy Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 7, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Al Walker, Anadarko Chairman, President and CEO, will participate at the Credit Suisse 2018 Energy Summit on Wednesday, Feb. 14, 2018, at 7:30 a.m. MST in Vail, Colorado.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
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 2017, the company had 1.44 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-to-participate-at-upcoming-energy-conference-300595410.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/7/2018Anadarko Increases Dividend Fivefold And Expands Share-Repurchase Program
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 7, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced a quarterly cash dividend on the company's common stock of 25 cents per share, an increase of 20 cents per share versus the previous quarter. The dividend is payable March 28, 2018, to stockholders of record at the close of business on March 14, 2018. In addition, the board of directors authorized a $500-million increase to Anadarko's previously announced $2.5 billion share-repurchase program, bringing the total repurchase program to $3.0 billion. As of Feb. 5, 2018, the company had completed $1.6 billion of repurchases under the program totaling more than 30 million shares. In addition, Anadarko intends to reduce outstanding indebtedness by more than $1 billion by retiring 2018 and 2019 debt maturities at par.
"These actions to materially increase the dividend payout and expand our share-repurchase program continue to demonstrate our focus on enhancing shareholder value," said Al Walker, Anadarko Chairman, President and CEO. "In light of our commitment to capital efficiency demonstrated by investing within cash flow in a $50 oil and $3 natural gas environment, our substantial cash flow from the Western Gas franchise, and ample liquidity, we have the confidence to quintuple our dividend and increase our share-repurchase plan by $500 million to a total current program of $3 billion. As market conditions permit, we will continue to pursue opportunities to repurchase additional shares and improve our dividend. Beyond these actions to increase direct cash returns to shareholders, we are committed to debt reduction, as demonstrated by our intent to retire at par more than $1 billion of near-term maturities, while looking for economic opportunities to pursue additional liability-management activity for future maturities."
The level of future dividends for Anadarko common stock will be determined by the board of directors on a quarterly basis depending upon the company's earnings, financial condition, capital requirements and other factors. The share-repurchase authorization extends through the end of 2018, and in accordance with applicable securities laws, repurchases will be made from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
CONFERENCE CALL TODAY AT 8 A.M. CST, 9 A.M. EST
As a reminder, Anadarko will host an investor conference call today at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2017 results as well as details of the company's 2018 capital program and expectations. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4262361. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
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 2017, the company had 1.44 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 maintain or increase future dividends for Anadarko common stock, to successfully complete the share-repurchase program and to reduce outstanding debt. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-increases-dividend-fivefold-and-expands-share-repurchase-program-300594940.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/7/2018Anadarko Announces 2017 Fourth-Quarter And Full-Year Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 6, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2017 fourth‑quarter results, reporting net income attributable to common stockholders of $976 million, or $1.80 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by $870 million, or $1.62 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the fourth quarter of 2017 was $1.4 billion.
For the year ended Dec. 31, 2017, Anadarko reported a net loss attributable to common stockholders of $456 million, or $0.85 per share (diluted). Full-year 2017 net cash provided by operating activities totaled $4.0 billion.
2017 HIGHLIGHTS
"Given the significant volatility the energy sector faced in 2017, we continued to focus on capital efficiency throughout the year by investing upstream capital within discretionary cash flow, while materially improving margins per barrel – an approach that produced very encouraging results as we concluded the year," said Al Walker, Anadarko Chairman, President and CEO. "These operational efficiencies, an improving market environment, and strong momentum provide an exciting backdrop to 2018. Our capital-investment program this year is well positioned to deliver attractive cash returns that produce healthy production growth. As we have stated previously, we will complement this capital-efficient investment plan with additional share buybacks, increases to our dividend yield, and improvements to our credit metrics, as market conditions permit, rather than materially increasing our capital expenditures to pursue greater production volume."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 245 million barrels of oil equivalent (BOE), or an average of 672,000 BOE per day. Fourth-quarter 2017 sales volumes of oil, natural gas and NGLs averaged approximately 637,000 BOE per day.
In 2017, Anadarko organically added 244 million BOE of proved reserves before the effects of price revisions. Anadarko's costs incurred were $4.1 billion. The company's oil and natural gas exploration and development costs were $4.2 billion.(2) The company estimates its proved reserves at year-end 2017 totaled 1.44 billion BOE, with 78 percent of its reserves categorized as proved developed. At year-end 2017, Anadarko's proved reserves were comprised of 63 percent liquids and 37 percent natural gas.
OPERATING HIGHLIGHTS
By year-end 2017, oil sales volumes in the Delaware Basin of West Texas surpassed 50,000 BOPD, representing a 69-percent increase over the fourth quarter of 2016. The company also made significant progress toward full development mode as it successfully concluded its drilling program to capture 70‑percent operatorship across its 240,000-net-acre position.
In the DJ Basin of northeast Colorado, Anadarko achieved record sales volumes of more than 254,000 BOE per day. Oil sales volumes surpassed 100,000 BOPD in December, driving an increase of almost 20 percent over the previous quarter. In addition, the company's new completion design implemented in 2017 increased its estimated ultimate recovery (EUR) to 690,000 BOE per well in the contiguous core, representing an increase of more than 20-percent over the previous type curve.
Gulf of Mexico sales volumes averaged 143,000 BOE per day in the fourth quarter, representing a 35-percent increase over the fourth quarter of 2016. Oil sales volumes for the quarter averaged 120,000 BOPD, a 48-percent increase over the fourth quarter of 2016, while also reflecting the impact of Hurricane Nate and the prolonged shutdown at the third-party-operated Enchilada platform.
Anadarko's international and frontier operations averaged 94,000 barrels per day during the fourth quarter of 2017, representing an 18-percent decrease relative to the fourth quarter of 2016, which was largely driven by statutory maintenance on the El Merk facility in Algeria and the timing and size of tanker liftings. Additionally, during the fourth quarter, the company made meaningful progress with its Mozambique LNG project by beginning the resettlement process to prepare the onshore location for the future LNG park.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2017 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
During the year, Anadarko generated $4.0 billion of net cash provided by operating activities while investing $3.8 billion on upstream exploration and development activities.(3) The company ended 2017 with $4.6 billion of cash on hand and closed asset divestitures totaling more than $4.0 billion during the year. Subsequent to year end, Anadarko divested its non-operated interest in its Alaska assets for approximately $400 million. The transaction is subject to regulatory approval.
During the fourth quarter, approximately $1.1 billion of the company's previously announced $2.5 billion share-repurchase program was executed under an accelerated share repurchase (ASR) agreement and through open-market purchases. In February 2018, Anadarko completed a repurchase of 8.5 million shares for $500 million (average price of $58.82 per share) under an additional ASR agreement. To date, the company has completed $1.6 billion of repurchases under the program, totaling 30.4 million shares at an average price of $51.27 per share.
Subsequent to year end, the company amended both its $3.0 billion, five-year credit facility to extend the maturity date to January 2022 and its $2.0 billion, 364-day credit facility to extend the maturity date to January 2019.
2018 CAPITAL PROGRAM AND SALES-VOLUME GUIDANCE
Anadarko's 2018 guidance has been adjusted from its November 2017 news release for the divestiture of its Alaska assets and anticipated production impacts related to non-operated downtime in the Gulf of Mexico. The company expects full-year capital investments in the range of $4.1 to $4.5 billion, not including capital investments made by Western Gas Partners, LP (NYSE: WES).
|
2018 Capital(a) |
2018 Total |
2018 Oil | ||||
|
November 2017 Guidance |
$4,200 - $4,600 |
245 - 255 |
385 - 405 | |||
|
Adjustment |
(100) |
(7)(c) |
(16)(d) | |||
|
New Guidance |
$4,100 - $4,500 |
238 - 248 |
370 - 390 | |||
|
Note: All amounts are approximate. | ||||||
|
(a) Does not include WES capital investments. | ||||||
|
(b) See the accompanying table for a reconciliation of divestiture-adjusted sales volume. | ||||||
|
(c) Includes Alaska divestiture (4 million BOE) and GOM, primarily driven by non-operated downtime. | ||||||
|
(d) Includes Alaska divestiture (11 thousand BOPD) and GOM, primarily driven by non-operated downtime. |
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host an investor conference call on Wednesday, Feb. 7, 2018, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2017 results as well as details of the company's 2018 capital program and expectations. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4262361. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
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 Anadarko midstream capital investments or capital investments made by Western Gas Partners, LP (NYSE: WES). |
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 2017, the company had 1.44 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 realize its expectations regarding performance; 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 timely complete and commercially operate the projects and drilling prospects identified in this news release; to consummate the transaction described in this news release; to finalize the necessary steps to secure operatorship; to successfully complete the share repurchase program and to enter into additional programs; to increase the dividend; to reduce debt; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
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, 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. |
|
Quarter Ended December 31, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(515) |
$ |
(0.94) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
304 |
193 |
0.35 |
||||||||
|
Gains (losses) on divestitures, net |
(241) |
(155) |
(0.28) |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(166) |
(101) |
(0.18) |
|||||||||
|
Exploration assets |
(149) |
(115) |
(0.21) |
|||||||||
|
Restructuring charges |
(26) |
(16) |
(0.03) |
|||||||||
|
Early termination of rig |
(49) |
(32) |
(0.06) |
|||||||||
|
Loss on early extinguishment of debt |
(31) |
(20) |
(0.04) |
|||||||||
|
Environmental reserves |
21 |
13 |
0.03 |
|||||||||
|
Change in uncertain tax positions |
(10) |
(0.02) |
||||||||||
|
Certain items affecting comparability |
$ |
(337) |
(243) |
(0.44) |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(272) |
$ |
(0.50) |
||||||||
|
* |
Includes $(179) million related to commodity derivatives and $483 million related to interest-rate derivatives. |
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 |
2017 |
2016 | |||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(456) |
$ |
(3,071) |
|||
|
Interest expense |
932 |
890 |
|||||
|
Income tax expense (benefit) |
(1,477) |
(1,021) |
|||||
|
DD&A |
4,279 |
4,301 |
|||||
|
Exploration expense |
2,541 |
946 |
|||||
|
(Gains) losses on divestitures, net |
(674) |
757 |
|||||
|
Impairments |
408 |
227 |
|||||
|
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives |
156 |
559 |
|||||
|
Restructuring charges |
21 |
389 |
|||||
|
Other operating expense |
— |
1 |
|||||
|
Loss on early extinguishment of debt |
2 |
155 |
|||||
|
Certain other nonoperating items |
— |
(58) |
|||||
|
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) |
$ |
5,732 |
$ |
4,075 |
|||
|
Total barrels of oil equivalent (BOE) |
245 |
290 |
|||||
|
Consolidated Adjusted EBITDAX (Margin) per BOE |
$ |
23.40 |
$ |
14.05 |
|||
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)* |
$ |
4,093 |
|||
|
Asset retirement obligation liabilities incurred |
(5) |
||||
|
Cash expenditures for asset retirement obligations |
131 |
||||
|
Oil and natural gas exploration and development costs (Non-GAAP) |
$ |
4,219 |
|||
|
* |
Includes $499 million of unproved property acquisitions. |
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, 2017 | |||||||||||
|
Anadarko | |||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||
|
Total debt (GAAP) |
$ |
15,689 |
$ |
3,493 |
$ |
12,196 |
|||||
|
Less cash and cash equivalents |
4,553 |
80 |
4,473 |
||||||||
|
Net debt (Non-GAAP) |
$ |
11,136 |
$ |
3,413 |
$ |
7,723 |
|||||
|
Anadarko | |||||||||||
|
Anadarko |
excluding | ||||||||||
|
millions |
Consolidated |
WGP | |||||||||
|
Net debt |
$ |
11,136 |
$ |
7,723 |
|||||||
|
Total equity |
13,790 |
10,696 |
|||||||||
|
Adjusted capitalization |
$ |
24,926 |
$ |
18,419 |
|||||||
|
Net debt to adjusted capitalization ratio |
45 |
% |
42 |
% | |||||||
|
* |
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) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
millions |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
1,039 |
$ |
(452) |
$ |
(211) |
$ |
(2,808) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,044 |
1,099 |
4,279 |
4,301 |
|||||||||||
|
Deferred income taxes |
(1,143) |
(117) |
(2,169) |
(1,238) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
77 |
313 |
2,221 |
613 |
|||||||||||
|
Impairments |
25 |
166 |
408 |
227 |
|||||||||||
|
(Gains) losses on divestitures, net |
141 |
241 |
(674) |
757 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
31 |
2 |
155 |
|||||||||||
|
Total (gains) losses on derivatives, net |
164 |
(342) |
131 |
292 |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
4 |
38 |
25 |
267 |
|||||||||||
|
Other |
78 |
86 |
303 |
342 |
|||||||||||
|
Changes in assets and liabilities |
(39) |
60 |
(306) |
92 |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities* |
$ |
1,390 |
$ |
1,123 |
$ |
4,009 |
$ |
3,000 |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,002) |
$ |
(1,506) |
$ |
(1,028) |
$ |
(2,762) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(1,086) |
$ |
(413) |
$ |
(1,613) |
$ |
2,008 |
|||||||
|
Capital Expenditures |
|||||||||||||||
|
Exploration and Production and other |
$ |
1,009 |
$ |
843 |
$ |
3,886 |
$ |
2,764 |
|||||||
|
Midstream - Anadarko** |
200 |
15 |
458 |
59 |
|||||||||||
|
Midstream - WES |
295 |
135 |
956 |
491 |
|||||||||||
|
Total |
$ |
1,504 |
$ |
993 |
$ |
5,300 |
$ |
3,314 |
|||||||
|
* |
Restructuring charges (excluding noncash share-based compensation) were $1 million for the quarter ended December 31, 2017, $23 million for the quarter ended December 31, 2016, $21 million for the year ended December 31, 2017, and $357 million for the year ended December 31, 2016. Cash payments for restructuring charges were $1 million for the quarter ended December 31, 2017, $30 million for the quarter ended December 31, 2016, $53 million for the year ended December 31, 2017, and $247 million for the year ended December 31, 2016. |
|
** |
Excludes WES. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year ended | ||||||||||||||
|
Summary Financial Information |
December 31, |
December 31, | |||||||||||||
|
millions except per-share amounts |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
1,900 |
$ |
1,454 |
$ |
6,552 |
$ |
4,668 |
|||||||
|
Natural-gas sales |
258 |
443 |
1,348 |
1,564 |
|||||||||||
|
Natural-gas liquids sales |
301 |
281 |
1,069 |
921 |
|||||||||||
|
Gathering, processing, and marketing sales |
583 |
399 |
2,000 |
1,294 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(113) |
(190) |
939 |
(578) |
|||||||||||
|
Total |
2,929 |
2,387 |
11,908 |
7,869 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
252 |
203 |
1,000 |
811 |
|||||||||||
|
Oil and gas transportation |
216 |
258 |
914 |
1,002 |
|||||||||||
|
Exploration |
170 |
440 |
2,541 |
946 |
|||||||||||
|
Gathering, processing, and marketing |
452 |
329 |
1,560 |
1,087 |
|||||||||||
|
General and administrative |
235 |
324 |
1,075 |
1,440 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,044 |
1,099 |
4,279 |
4,301 |
|||||||||||
|
Production, property, and other taxes |
133 |
114 |
582 |
536 |
|||||||||||
|
Impairments |
25 |
166 |
408 |
227 |
|||||||||||
|
Other operating expense |
64 |
64 |
221 |
118 |
|||||||||||
|
Total |
2,591 |
2,997 |
12,580 |
10,468 |
|||||||||||
|
Operating Income (Loss) |
338 |
(610) |
(672) |
(2,599) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
252 |
233 |
932 |
890 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
31 |
2 |
155 |
|||||||||||
|
(Gains) losses on derivatives, net |
168 |
(343) |
135 |
286 |
|||||||||||
|
Other (income) expense, net |
(10) |
(15) |
(53) |
(101) |
|||||||||||
|
Total |
410 |
(94) |
1,016 |
1,230 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(72) |
(516) |
(1,688) |
(3,829) |
|||||||||||
|
Income tax expense (benefit) |
(1,111) |
(64) |
(1,477) |
(1,021) |
|||||||||||
|
Net Income (Loss) |
1,039 |
(452) |
(211) |
(2,808) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
63 |
63 |
245 |
263 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
976 |
$ |
(515) |
$ |
(456) |
$ |
(3,071) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
1.80 |
$ |
(0.94) |
$ |
(0.85) |
$ |
(5.90) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
1.80 |
$ |
(0.94) |
$ |
(0.85) |
$ |
(5.90) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
537 |
551 |
548 |
522 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
537 |
551 |
548 |
522 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
25 |
$ |
188 |
$ |
1,433 |
$ |
397 |
|||||||
|
Impairments of unproved properties |
52 |
125 |
788 |
216 |
|||||||||||
|
Geological and geophysical, exploration overhead, and other expense |
93 |
127 |
320 |
333 |
|||||||||||
|
Total |
$ |
170 |
$ |
440 |
$ |
2,541 |
$ |
946 |
|||||||
|
Anadarko Petroleum Corporation | |||||||
|
(Unaudited) | |||||||
|
December 31, |
December 31, | ||||||
|
millions |
2017 |
2016 | |||||
|
Condensed Balance Sheets |
|||||||
|
Cash and cash equivalents |
$ |
4,553 |
$ |
3,184 |
|||
|
Accounts receivable, net of allowance |
1,829 |
1,728 |
|||||
|
Other current assets |
380 |
354 |
|||||
|
Net properties and equipment |
27,451 |
32,168 |
|||||
|
Other assets |
2,211 |
2,226 |
|||||
|
Goodwill and other intangible assets |
5,662 |
5,904 |
|||||
|
Total Assets |
$ |
42,086 |
$ |
45,564 |
|||
|
Short-term debt - Anadarko* |
142 |
42 |
|||||
|
Other current liabilities |
3,764 |
3,286 |
|||||
|
Long-term debt - Anadarko* |
12,054 |
12,162 |
|||||
|
Long-term debt - WES and WGP |
3,493 |
3,119 |
|||||
|
Deferred income taxes |
2,234 |
4,324 |
|||||
|
Asset retirement obligations |
2,500 |
2,802 |
|||||
|
Other long-term liabilities |
4,109 |
4,332 |
|||||
|
Common stock |
57 |
57 |
|||||
|
Paid-in capital |
12,000 |
11,875 |
|||||
|
Retained earnings |
1,109 |
1,704 |
|||||
|
Treasury stock |
(2,132) |
(1,033) |
|||||
|
Accumulated other comprehensive income (loss) |
(338) |
(391) |
|||||
|
Total stockholders' equity |
10,696 |
12,212 |
|||||
|
Noncontrolling interests |
3,094 |
3,285 |
|||||
|
Total Equity |
13,790 |
15,497 |
|||||
|
Total Liabilities and Equity |
$ |
42,086 |
$ |
45,564 |
|||
|
Capitalization |
|||||||
|
Total debt |
$ |
15,689 |
$ |
15,323 |
|||
|
Total equity |
13,790 |
15,497 |
|||||
|
Total |
$ |
29,479 |
$ |
30,820 |
|||
|
Capitalization Ratios |
|||||||
|
Total debt |
53 |
% |
50 |
% | |||
|
Total equity |
47 |
% |
50 |
% | |||
|
* |
Excludes WES and WGP |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 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 |
|||||||||||||||||
|
Quarter Ended December 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
240 |
1,881 |
116 |
22 |
173 |
10 |
$ |
46.31 |
$ |
2.56 |
$ |
24.24 |
|||||||||||||||||
|
Algeria |
68 |
— |
8 |
6 |
— |
1 |
49.39 |
— |
30.10 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
47.18 |
— |
— |
||||||||||||||||||||
|
Total |
336 |
1,881 |
124 |
31 |
173 |
11 |
$ |
47.01 |
$ |
2.56 |
$ |
24.62 |
|||||||||||||||||
|
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 |
|||||||||||||||||
|
Year Ended December 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,093 |
122 |
85 |
766 |
44 |
$ |
39.06 |
$ |
2.04 |
$ |
19.32 |
|||||||||||||||||
|
Algeria |
64 |
— |
6 |
24 |
— |
2 |
44.15 |
— |
25.63 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
7 |
— |
— |
43.18 |
— |
— |
||||||||||||||||||||
|
Total |
316 |
2,093 |
128 |
116 |
766 |
46 |
$ |
40.34 |
$ |
2.04 |
$ |
19.64 |
|||||||||||||||||
|
Average Daily Sales |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended December 31, 2017 |
637 |
58 |
|||||||||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
774 |
71 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2017 |
672 |
245 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2016 |
793 |
290 |
|||||||||||||||||||||||||||
|
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, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,450 |
$ |
258 |
$ |
290 |
$ |
(1) |
$ |
5 |
$ |
— |
||||||||||||
|
Algeria |
305 |
— |
11 |
— |
— |
— |
||||||||||||||||||
|
Other International |
145 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,900 |
$ |
258 |
$ |
301 |
$ |
(1) |
$ |
5 |
$ |
— |
||||||||||||
|
Quarter Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
1,025 |
$ |
443 |
$ |
259 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
Algeria |
309 |
— |
22 |
— |
— |
— |
||||||||||||||||||
|
Other International |
120 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,454 |
$ |
443 |
$ |
281 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
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) |
||||||||||||
|
Year Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
3,330 |
$ |
1,564 |
$ |
861 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Algeria |
1,043 |
— |
60 |
— |
— |
— |
||||||||||||||||||
|
Other International |
295 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
4,668 |
$ |
1,564 |
$ |
921 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Estimated Year-End Proved Reserves 2015 - 2017 | |||||||||
|
MMBOE |
2017 |
2016 |
2015 | ||||||
|
Proved Reserves |
|||||||||
|
Beginning of year |
1,722 |
2,057 |
2,858 |
||||||
|
Reserves additions and revisions |
|||||||||
|
Discoveries and extensions |
114 |
40 |
29 |
||||||
|
Infill-drilling additions |
71 |
69 |
89 |
||||||
|
Drilling-related reserves additions and revisions |
185 |
109 |
118 |
||||||
|
Other non-price-related revisions |
59 |
191 |
289 |
||||||
|
Net organic reserves additions |
244 |
300 |
407 |
||||||
|
Acquisition of proved reserves in place |
3 |
97 |
1 |
||||||
|
Price-related revisions |
92 |
(147) |
(624) |
||||||
|
Total reserves additions and revisions |
339 |
250 |
(216) |
||||||
|
Sales in place |
(379) |
(294) |
(279) |
||||||
|
Production |
(243) |
(291) |
(306) |
||||||
|
End of year |
1,439 |
1,722 |
2,057 |
||||||
|
Proved Developed Reserves |
|||||||||
|
Beginning of year |
1,325 |
1,632 |
1,969 |
||||||
|
End of year |
1,127 |
1,325 |
1,632 |
||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of February 6, 2018 | ||||||||||||||
|
Note: Guidance excludes sales volumes for Alaska due to divestiture. | ||||||||||||||
|
1st-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
55 |
— |
58 |
238 |
— |
248 |
||||||||
|
Total Sales Volumes (MBOE/d) |
611 |
— |
644 |
652 |
— |
679 |
||||||||
|
Oil (MBbl/d) |
352 |
— |
365 |
370 |
— |
390 |
||||||||
|
United States |
270 |
— |
280 |
286 |
— |
303 |
||||||||
|
Algeria |
55 |
— |
56 |
57 |
— |
58 |
||||||||
|
Ghana |
27 |
— |
29 |
27 |
— |
29 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,025 |
— |
1,075 |
1,085 |
— |
1,125 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
87 |
— |
92 |
93 |
— |
96 |
||||||||
|
Algeria |
4 |
— |
6 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(0.80) |
— |
3.20 |
(1.90) |
— |
2.30 |
||||||||
|
United States |
(2.00) |
— |
2.00 |
(3.00) |
— |
1.00 |
||||||||
|
Algeria |
3.00 |
— |
7.00 |
2.00 |
— |
7.00 |
||||||||
|
Ghana |
3.00 |
— |
7.00 |
2.00 |
— |
7.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.35) |
— |
(0.15) |
(0.45) |
— |
(0.20) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of February 6, 2018 | ||||||||||||||
|
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 |
— |
165 |
700 |
— |
780 |
||||||||
|
Minerals and Other |
30 |
— |
50 |
190 |
— |
230 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.70 |
— |
4.90 |
4.25 |
— |
4.75 |
||||||||
|
Oil & Gas Transportation and Other |
3.40 |
— |
3.60 |
3.50 |
— |
3.75 |
||||||||
|
Depreciation, Depletion, and Amortization |
18.50 |
— |
19.00 |
18.25 |
— |
18.75 |
||||||||
|
Production Taxes (% of Product Revenue) |
6.0 |
% |
— |
7.0 |
% |
6.0 |
% |
— |
7.0 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
240 |
— |
260 |
945 |
— |
995 |
||||||||
|
Other Operating Expense |
5 |
— |
15 |
40 |
— |
50 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
40 |
— |
70 |
150 |
— |
200 |
||||||||
|
Cash |
50 |
— |
60 |
200 |
— |
220 |
||||||||
|
Interest Expense (net) |
230 |
— |
240 |
925 |
— |
975 |
||||||||
|
Other (Income) Expense |
(5) |
— |
5 |
(20) |
— |
20 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Current) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company (25% Current/75% Deferred for Q1 and 35% Current/65% Deferred for Total Year) |
15 |
% |
— |
25 |
% |
15 |
% |
— |
25 |
% | ||||
|
Noncontrolling Interest |
50 |
— |
70 |
300 |
— |
350 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
520 |
— |
530 |
520 |
— |
530 |
||||||||
|
Diluted |
520 |
— |
530 |
520 |
— |
530 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
1,200 |
— |
1,400 |
4,100 |
— |
4,500 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of February 6, 2018 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Two-Way Collars |
|||||||||
|
2018 |
|||||||||
|
WTI |
108 |
$ |
50.00 |
$ |
60.48 | ||||
|
Fixed Price - Financial |
|||||||||
|
2018 |
|||||||||
|
Brent |
84 |
$ |
61.45 |
||||||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Fixed Price - Financial |
|||||||||
|
2018 |
280 |
$ |
3.02 |
||||||
|
Interest-Rate Derivatives | |||||
|
As of February 6, 2018 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory |
Rate Paid |
Rate Received |
|
Swap |
$550 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 – 2046 |
Sept. 2022 |
6.809% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2023 |
6.761% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended December 31, 2017 |
Quarter Ended December 31, 2016 | ||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Total |
Oil |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
156 |
934 |
79 |
390 |
120 |
986 |
76 |
360 |
|||||||||||||||
|
Gulf of Mexico |
120 |
85 |
9 |
143 |
81 |
93 |
9 |
106 |
|||||||||||||||
|
International |
80 |
— |
3 |
83 |
96 |
— |
8 |
104 |
|||||||||||||||
|
Same-Store Sales |
356 |
1,019 |
91 |
616 |
297 |
1,079 |
93 |
570 |
|||||||||||||||
|
Divestitures* |
11 |
45 |
2 |
21 |
39 |
802 |
31 |
204 |
|||||||||||||||
|
Total |
367 |
1,064 |
93 |
637 |
336 |
1,881 |
124 |
774 |
|||||||||||||||
|
Year Ended December 31, 2017 |
Year Ended December 31, 2016 | ||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Total |
Oil |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
128 |
966 |
79 |
368 |
123 |
991 |
73 |
361 |
|||||||||||||||
|
Gulf of Mexico |
121 |
107 |
10 |
149 |
65 |
82 |
7 |
86 |
|||||||||||||||
|
International |
89 |
— |
4 |
93 |
83 |
— |
6 |
89 |
|||||||||||||||
|
Same-Store Sales |
338 |
1,073 |
93 |
610 |
271 |
1,073 |
86 |
536 |
|||||||||||||||
|
Divestitures* |
17 |
236 |
6 |
62 |
45 |
1,020 |
42 |
257 |
|||||||||||||||
|
Total |
355 |
1,309 |
99 |
672 |
316 |
2,093 |
128 |
793 |
|||||||||||||||
|
* |
Includes Eagleford, Marcellus, Eaglebine, Utah CBM, Moxa, Alaska, East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage. |
|
Note: Data for the quarter ended March 31, 2017, is presented for comparability to the company's First-Quarter 2018 Guidance. | |||||||||||
|
Average Daily Sales Volumes | |||||||||||
|
Quarter Ended March 31, 2017 | |||||||||||
|
Oil |
Natural Gas |
NGLs |
Total | ||||||||
|
U.S. Onshore |
115 |
1,058 |
85 |
376 |
|||||||
|
Gulf of Mexico |
125 |
129 |
12 |
159 |
|||||||
|
International |
98 |
— |
6 |
104 |
|||||||
|
Same-Store Sales |
338 |
1,187 |
103 |
639 |
|||||||
|
Divestitures* |
29 |
672 |
15 |
156 |
|||||||
|
Total |
367 |
1,859 |
118 |
795 |
|||||||
|
* |
Includes Eagleford, Marcellus, Eaglebine, Utah CBM, Moxa, Alaska, East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage. |
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2017-fourth-quarter-and-full-year-results-300594493.html
SOURCE Anadarko Petroleum Corporation
Article Date
2/6/20181/15/2018 - Anadarko Schedules Feb. 7 Conference Call To Discuss Year-End 2017 Results and 2018 Capital Program
Anadarko Schedules Feb. 7 Conference Call To Discuss Year-End 2017 Results and 2018 Capital Program
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Jan. 15, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Wednesday, Feb. 7, 2018, at 8 a.m. CST (9 a.m. EST) to discuss its fourth-quarter and full-year 2017 financial and operating results as well as details of its 2018 capital program and expectations. Earnings will be released after close of market on Tuesday, Feb. 6. The full text of the release will be available on the company's website at www.anadarko.com.
Wednesday, Feb. 7, 2018
8 a.m. CST (9 a.m. EST)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 4262361 when prompted.
http://photos.prnewswire.com/prnh/20141103/156201LOGO
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com, 832.636.2562
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-feb-7-conference-call-to-discuss-year-end-2017-results-and-2018-capital-program-300582760.html
SOURCE Anadarko Petroleum Corporation
Article Date
1/15/2018Anadarko Announces Open Season For West Texas Oil Gathering And Treating System
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Dec. 13, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its wholly owned subsidiary, DBM Oil Services, LLC (DBMOS), is holding a binding open season to identify interest in a new high-vapor-pressure oil-gathering and treating system serving portions of Reeves, Loving, Ward, and Winkler Counties in West Texas. The DBMOS system is expected to have a gathering capacity of approximately 400,000 barrels of oil per day (BOPD) and a treating capacity of 120,000 BOPD by the end of 2018, increasing to 180,000 BOPD in 2019 with future expansions as needed.
Subject to satisfaction of regulatory requirements and other project considerations, DBMOS expects the initial phase of the system to be operational in the second quarter of 2018.
The binding open season begins today and ends at 5 p.m. Central time on Dec. 28, 2017, unless extended pursuant to the terms of the open season notice. Interested shippers may contact Jake Hendricks, Commercial Development Representative, via email at jake.hendricks@anadarko.com or via phone at (432) 247-7157.
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 2016, the company had approximately 1.72 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 satisfy regulatory requirements, meet the project in-service dates, and achieve the capacity rates identified in this news release. See "Risk Factors" in the company's 2016 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-open-season-for-west-texas-oil-gathering-and-treating-system-300570735.html
SOURCE Anadarko Petroleum Corporation
Article Date
12/13/2017Anadarko Announces 2018 Capital Program And Sales-Volume Guidance
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Nov. 16, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its 2018 capital expectations and guidance. In 2018, the company expects to make capital investments in the range of $4.2 to $4.6 billion.(1) The capital program is designed to enhance shareholder value by delivering attractive margins and returns, while advancing the development of the company's core assets within discretionary cash flow.
2018 ANADARKO CAPITAL PROGRAM HIGHLIGHTS
"Our 2018 investment plan will again be driven by capital efficiency and financial discipline," said Anadarko Chairman, President and CEO Al Walker. "These key tenets have served us well for the last decade, as growth within cash flow is fundamental to delivering capital-efficient returns. Our repositioned asset footprint is built to succeed in a market where oil prices exhibit volatility in a $45-$60 environment, with gas averaging $3 per Mcf (thousand cubic feet). We expect next year's capital expenditures to be inside of discretionary cash flow at $50 and $3, while generating free cash flow of more than $700 million at the current strip.(2) Further, we plan to return substantial cash to shareholders by executing the remaining $1.5 billion of our $2.5 billion share-repurchase program during the coming year."
"We are also modifying the metrics in our 2018 compensation program to increase the profile for the role of capital efficiency and financial discipline and refine the focus on our safety performance," added Walker. "Performance objectives will now include cash return on invested capital,(3) volume growth per debt-adjusted share, and reserve additions per debt-adjusted share.(5) As I have highlighted recently, moving to debt-adjusted performance metrics in particular will align our compensation programs to the capital-allocation philosophy we have employed over the last ten years."
|
2018 Capital Expectations ($4.2 - $4.6 Billion)(1) | ||||||||||||||||
|
By Area |
Billions |
By Type |
||||||||||||||
|
U.S. Onshore Upstream |
$ |
2.10 |
U.S.* |
85% | ||||||||||||
|
Deepwater Gulf of Mexico |
1.10 |
International Cash Generation** |
3% | |||||||||||||
|
International Operations |
0.15 |
Future Upside (Exploration and LNG) |
9% | |||||||||||||
|
Exploration and LNG |
0.35 |
Corporate |
3% | |||||||||||||
|
Midstream |
0.55 |
|||||||||||||||
|
Note: All amounts are approximates. | ||||||||||||||||
|
* All Anadarko U.S. onshore upstream and midstream, and deepwater Gulf of Mexico | ||||||||||||||||
|
** Algeria and Ghana operations | ||||||||||||||||
|
Sales-Volume Expectations(4) | |||
|
2017 Outlook |
2018 Expectations | ||
|
Total (MMBOE) |
224 - 228 |
245 - 255 | |
|
Oil (MBOPD) |
343 - 348 |
385 - 405 | |
U.S. FOCUS AREAS
In 2018, Anadarko plans to allocate approximately $900 million toward upstream activities in the Delaware Basin of West Texas, with an additional $500 million directed toward Anadarko midstream investments.(1) This program supports the continuation of the company's efforts to build out one of the most expansive and integrated infrastructure positions in the region. Anadarko has successfully delineated the majority of its Wolfcamp-A oil-weighted opportunity, which the company estimates to hold more than 3 billion barrels of oil equivalent (BOE) of net resources. The company also advanced its efforts to capture operatorship on 70 percent of its acreage position primarily in Reeves and Loving counties. Additionally, Anadarko continues to progress the construction of three Regional Oil Treating Facilities to support its more cost-effective and environmentally beneficial tankless battery design field-wide, while also securing necessary gathering, processing, and takeaway capacity. This comprehensive buildout plan and phased development approach in the basin is expected to deliver incremental oil sales volume during the second half of 2018, with total oil sales volume expected to increase more than 50 percent relative to 2017. During 2018, the company plans to average seven operated rigs and six completion crews.
In the DJ Basin of northeast Colorado, where the company has more than 2 billion BOE of net resources within its development area, Anadarko expects to invest approximately $950 million on upstream activities in 2018. It plans to average five operated rigs and three completions crews in the basin. The company expects to increase year-over-year oil sales volume from the DJ Basin by about 30 percent.
In 2018, Anadarko expects to allocate approximately $1.1 billion toward its deepwater Gulf of Mexico operations. The majority of these investments are expected to be directed toward high-return oil development opportunities near operated infrastructure at Lucius, Horn Mountain, Marlin, Holstein and Marco Polo. The company plans to operate two floating drillships and spud approximately five development wells in the Gulf during the year.
INTERNATIONAL OPERATIONS
Anadarko plans to allocate more than $150 million toward its international cash-generating operations in Algeria and Ghana in 2018. These investments will support further drilling in the TEN development area, which is expected to commence in early 2018, as well as additional drilling operations in the Jubilee field following the Ghanaian Government's recent approval of the full-field plan of development.
EXPLORATION AND LNG
The company's exploration investments in 2018 are expected to total about $200 million. Exploration spending will primarily be focused on the Gulf of Mexico, where the company plans to drill identified prospects near existing operated infrastructure. Additional exploration investment will be allocated to the U.S. onshore, as the company continues to identify future areas that can make a material and scalable addition to its portfolio.
Approximately $150 million is expected to be invested during 2018 as the company advances the Mozambique LNG project. This investment will primarily be used to fund Anadarko's portion of the costs associated with preparing the site of the future LNG park.
PRESENTATION AND WEBCAST
Anadarko's Executive Vice President, Finance and Chief Financial Officer, Bob Gwin, will provide additional details and information regarding the 2018 capital program during his presentation at the Bank of America Merrill Lynch 2017 Global Energy Conference today at 10:30 a.m. EST. The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
(1) Does not include capital investments made by Western Gas Partners, LP (NYSE: WES).
(2) See the accompanying Adjusted Free Cash Flow table for a reconciliation of the GAAP to the non-GAAP financial measure and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors.
(3) Cash Return on Invested Capital (CROIC) is computed as follows:
|
(APC Consolidated Cash Flows from Operations (CFFO) - WGP CFFO + WGP distributions to APC) | |
|
(Stockholders' Equity + Anadarko Debt) |
(4) Amounts are divestiture adjusted.
(5) Debt-Adjusted Share(s) is computed as follows:
|
Anadarko Debt |
+ Shares Outstanding |
||
|
Share Price |
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 2016, the company had approximately 1.72 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 realize its expectations regarding performance; to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to meet financial and operating guidance and achieve the production levels identified in this news release; to meet the long-term goals identified in this news release; to successfully complete the share-repurchase program; to finalize the necessary steps to ensure operatorship; to successfully drill, complete, test and produce the wells identified in this news release; to timely complete and commercially operate the projects, infrastructure, and drilling prospects identified in this news release; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 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.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resources" and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2016, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
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.
Adjusted Discretionary Cash Flow from Operations (Adjusted DCF) and Adjusted Free Cash Flow (Adjusted FCF)
The Company defines Adjusted DCF as net cash provided by (used in) operating activities before changes in accounts receivable; changes in accounts payable and other current liabilities; other items, net; certain nonoperating and other excluded items; and Western Gas Partners, LP (WES)/Western Gas Equity Partners, LP (WGP) distributions to third parties.
The Company defines Adjusted FCF as Adjusted DCF adjusted by capital expenditures excluding WES and cash received from monetizations.
Management believes that these measures are useful to management and investors as a measure of a company's ability to internally fund its capital expenditures and to service or incur additional debt. These measures eliminate the impact of certain items that management does not consider to be indicative of the Company's performance from period to period. To assist in measuring the Company's performance, management will also evaluate Anadarko on a deconsolidated basis, which excludes WES.
The Company's press release includes a forward-looking Adjusted FCF estimate; however, the Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure. The reconciling items in future periods could be significant. Below is a reconciliation of Net cash provided by (used in) operating activities (GAAP) to Adjusted free cash flow (Non-GAAP) for the most recently reported annual period.
|
millions |
Year Ended | ||
|
Net cash provided by (used in) operating activities (GAAP) |
$ |
3,000 |
|
|
Adjusted by: |
|||
|
Increase (decrease) in accounts receivable |
(677) |
||
|
(Increase) decrease in accounts payable and other current liabilities |
443 |
||
|
Other items, net |
142 |
||
|
Certain nonoperating and other excluded items |
299 |
||
|
WES/WGP distributions to third parties |
(362) |
||
|
Adjusted discretionary cash flow from operations (Non-GAAP) * |
$ |
2,845 |
|
|
Adjusted by: |
|||
|
Capital expenditures excluding WES* |
(2,823) |
||
|
Monetizations excluding WES |
3,537 |
||
|
Adjusted free cash flow (Non-GAAP) |
$ |
3,559 |
|
|
*WES capital expenditures |
491 |
||
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-2018-capital-program-and-sales-volume-guidance-300557428.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/16/201711/15/2017 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Nov. 15, 2017 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable Dec. 27, 2017, to stockholders of record at the close of business on Dec. 13, 2017.
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.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-declares-dividend-300557155.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/15/2017Anadarko to Participate at Upcoming Global Energy Conference
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Nov. 7, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Bob Gwin, Anadarko Executive Vice President, Finance and Chief Financial Officer, will participate at the Bank of America Merrill Lynch 2017 Global Energy Conference on Thursday, Nov. 16, 2017, at 10:30 a.m. EST in Miami.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
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 2016, the company had 1.72 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-to-participate-at-upcoming-global-energy-conference-300551460.html
SOURCE Anadarko Petroleum Corporation
Article Date
11/7/201710/31/2017 - Anadarko Announces Third-Quarter 2017 Results
Anadarko Announces Third-Quarter 2017 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Oct. 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its third-quarter 2017 results, reporting a net loss attributable to common stockholders of $699 million, or $1.27 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 $272 million, or $0.50 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2017 was $639 million.
RECENT HIGHLIGHTS
"I am very proud of the efforts exhibited by our people and the results achieved in the face of an unusually active hurricane season in the Gulf of Mexico and a continuing volatile commodity environment," said Al Walker, Anadarko Chairman, President and CEO. "We have made significant progress in shifting our production mix toward higher-value oil, which has improved our margins per barrel(2) by about 34 percent year over year. We expect to improve our margins further as we finalize the sale of our Moxa gas asset, continue focusing investments in our high-quality oil plays, and drive greater efficiencies into the system. Although we have adjusted our full-year sales-volume guidance to reflect the impacts of hurricanes Harvey, Irma and Nate, as well as the sale of our Moxa asset, we still expect to exit 2017 with production rates of approximately 150,000 barrels of oil per day combined from the Delaware and DJ basins, and more than 130,000 barrels of oil per day from the deepwater Gulf of Mexico.
"Looking to 2018, we will continue to demonstrate financial discipline as a foundational principle," added Walker. "We will remain focused on returns by continuing to allocate upstream capital toward the higher-margin assets in our portfolio, which should generate substantial free cash flow in a $50 oil-price environment, with total capital spending, including Anadarko midstream spending on infrastructure in the Delaware Basin, inside of discretionary cash flow from operations."
OPERATIONAL HIGHLIGHTS
Anadarko's third-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 58 million barrels of oil equivalent (BOE), or an average of 626,000 BOE per day.
In the Delaware Basin, Anadarko remains on track to achieve its expected exit rate of approximately 50,000 barrels of oil per day (BOPD). In the third quarter, the company achieved a new oil sales-volume record of 44,500 BOPD, while averaging 37,000 BOPD - a 13-percent increase over the second quarter of 2017. Anadarko averaged 16 rigs and six completions crews in the basin during the quarter, as it continued to focus on capturing operatorship over approximately 70 percent of its gross acreage position. Anadarko also made significant progress in applying its proven development model to the Delaware Basin, which includes building gathering and processing infrastructure to enable future growth and expanding takeaway capacity.
Anadarko also has a clear line of sight to reaching its expected exit rate of about 100,000 BOPD in the DJ Basin, where in the third quarter it achieved an oil production record of more than 90,000 BOPD, while averaging 83,000 BOPD, representing a 10-percent increase over the prior quarter. The company averaged six operated rigs and four completions crews in the basin during the quarter. The number of wells turned to sales increased by 70 percent versus the second-quarter 2017. The company continues to see strong results from its new completion design, which has been applied to more than 70 wells, the majority of which have been producing more than 150 days. These wells are demonstrating a cumulative oil uplift of more than 40 percent when compared to the previous design.
In the deepwater Gulf of Mexico, the company increased oil production by more than 10 percent relative to the second quarter of 2017, averaging 126,000 BOPD during the quarter. Production of approximately 840,000 BOE was deferred during the quarter as a result of hurricanes Harvey and Irma. The company's hub-and-spoke infrastructure continues to deliver significant value with new tiebacks at Horn Mountain and Marlin. Anadarko also added new tieback opportunities as the apparent high bidder on 10 blocks in the most recent Gulf of Mexico lease sale.
International and Alaska sales volume averaged 102,000 barrels per day, slightly less than the prior quarter due to the timing of liftings in Algeria. The International Tribunal for the Law of the Sea (ITLOS) has defined the border between Ghana and Côte d'Ivoire, which enables continued development in the TEN field. In addition, the partnership received approval from the Ghanaian government for the Jubilee full-field plan of development earlier this month, with drilling operations expected to commence in 2018. Anadarko also is continuing to generate substantial momentum with its Mozambique LNG project, having finalized the "marine concession" agreements with the Government of Mozambique during the quarter. These agreements marked the completion of the foundational Legal and Contractual Framework. Subsequent to quarter end, Anadarko also reached a 20-year Sale and Purchase Agreement (SPA) for 2.6 million tonnes of LNG per annum with PTT Public Company Limited of Thailand. The SPA is pending approval by the Government of Thailand.
OPERATIONS REPORT
For additional details on Anadarko's third-quarter 2017 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL SUMMARY
Anadarko ended the third quarter of 2017 with $5.25 billion of cash on hand. In September, the company announced a $2.5 billion share-repurchase program, which is authorized to extend through the end of 2018. Subsequently, Anadarko entered into an ASR agreement to complete the repurchase of $1.0 billion of shares prior to the end of 2017. In October, Anadarko entered into a definitive agreement to sell its Moxa asset in southwest Wyoming for approximately $350 million.
CONFERENCE CALL TOMORROW AT 8:00 A.M. CDT, 9:00 A.M. EDT
Anadarko will host a conference call on Wednesday, Nov. 1, 2017, at 8 a.m. Central (9 a.m. Eastern) to discuss third-quarter results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 2812178. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Ten pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
|
(1) |
See the accompanying table for details of certain items affecting comparability. |
|
(2) |
See the accompanying Adjusted EBITDAX (Margin) table for a reconciliation of GAAP to the non-GAAP financial measure and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors. |
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 2016, the company had 1.72 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 realize its expectations regarding performance; to successfully execute upon its capital program; to efficiently identify and deploy capital resources; to finalize the capital program for 2018; to meet financial and operating guidance and achieve the production levels identified in this news release; to meet the long-term goals identified in this news release; to consummate the transactions described in this release; to successfully complete the share-repurchase program; to successfully drill, complete, test and produce the wells identified in this news release; to timely complete and commercially operate the projects, infrastructure and drilling prospects identified in this news release; to finalize the necessary steps to ensure operatorship; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
|
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 September 30, 2017 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(699) |
$ |
(1.27) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(98) |
(62) |
(0.11) |
||||||||
|
Gains (losses) on divestitures, net |
(194) |
(123) |
(0.23) |
|||||||||
|
Impairments - exploration assets |
(106) |
(82) |
(0.15) |
|||||||||
|
Change in uncertain tax positions |
(5) |
(0.01) |
||||||||||
|
Certain items affecting comparability |
$ |
(398) |
(272) |
(0.50) |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(427) |
$ |
(0.77) |
||||||||
|
* |
Includes $(39) million related to interest-rate derivatives and $(59) million related to commodity derivatives. |
|
Quarter Ended September 30, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(830) |
$ |
(1.61) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(88) |
(56) |
(0.11) |
||||||||
|
Gains (losses) on divestitures, net |
(414) |
(261) |
(0.51) |
|||||||||
|
Impairments - producing properties |
(27) |
(17) |
(0.03) |
|||||||||
|
Restructuring charges |
(112) |
(71) |
(0.14) |
|||||||||
|
Tax indemnification |
39 |
25 |
0.05 |
|||||||||
|
Change in uncertain tax positions |
— |
9 |
0.02 |
|||||||||
|
Certain items affecting comparability |
$ |
(602) |
(371) |
(0.72) |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(459) |
$ |
(0.89) |
||||||||
|
* |
Includes $(84) million related to interest-rate derivatives and $(4) million related to commodity derivatives. |
|
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 | |||||||
|
millions |
2017 |
2016 | |||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(699) |
$ |
(830) |
|||
|
Interest expense |
230 |
220 |
|||||
|
Income tax expense (benefit) |
(425) |
(260) |
|||||
|
DD&A |
1,083 |
1,069 |
|||||
|
Exploration expense |
751 |
304 |
|||||
|
(Gains) losses on divestitures, net |
194 |
414 |
|||||
|
Impairments |
— |
27 |
|||||
|
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives |
98 |
88 |
|||||
|
Restructuring charges |
3 |
112 |
|||||
|
Consolidated Adjusted EBITDAX (Margin) (Non-GAAP) |
$ |
1,235 |
$ |
1,144 |
|||
|
Total barrels of oil equivalent (BOE) |
58 |
72 |
|||||
|
Consolidated Adjusted EBITDAX (Margin) per BOE |
$ |
21.29 |
$ |
15.89 |
|||
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.
|
September 30, 2017 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt (GAAP) |
$ |
15,573 |
$ |
3,372 |
$ |
12,201 |
|||||||
|
Less cash and cash equivalents |
5,251 |
153 |
5,098 |
||||||||||
|
Net debt (Non-GAAP) |
$ |
10,322 |
$ |
3,219 |
$ |
7,103 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
10,322 |
$ |
7,103 |
|||||||||
|
Total equity |
13,922 |
10,782 |
|||||||||||
|
Adjusted capitalization |
$ |
24,244 |
$ |
17,885 |
|||||||||
|
Net debt to adjusted capitalization ratio |
43% |
40% |
|||||||||||
|
* |
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) | |||||||||||||||
|
Quarter Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
millions |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(641) |
$ |
(747) |
$ |
(1,250) |
$ |
(2,356) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,083 |
1,069 |
3,235 |
3,202 |
|||||||||||
|
Deferred income taxes |
(854) |
(301) |
(1,026) |
(1,121) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
678 |
255 |
2,144 |
300 |
|||||||||||
|
Impairments |
— |
27 |
383 |
61 |
|||||||||||
|
(Gains) losses on divestitures, net |
194 |
414 |
(815) |
516 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
— |
2 |
124 |
|||||||||||
|
Total (gains) losses on derivatives, net |
82 |
24 |
(33) |
634 |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
16 |
64 |
21 |
229 |
|||||||||||
|
Other |
68 |
53 |
225 |
256 |
|||||||||||
|
Changes in assets and liabilities |
13 |
(73) |
(267) |
32 |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities* |
$ |
639 |
$ |
785 |
$ |
2,619 |
$ |
1,877 |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,242) |
$ |
(291) |
$ |
(26) |
$ |
(1,256) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(155) |
$ |
2,092 |
$ |
(527) |
$ |
2,421 |
|||||||
|
Capital Expenditures |
|||||||||||||||
|
Exploration and production and other |
$ |
976 |
$ |
586 |
$ |
2,877 |
$ |
1,921 |
|||||||
|
Midstream - Anadarko** |
131 |
16 |
258 |
45 |
|||||||||||
|
Midstream - WES |
224 |
95 |
661 |
355 |
|||||||||||
|
Total |
1,331 |
697 |
3,796 |
2,321 |
|||||||||||
|
* |
Restructuring charges (excluding noncash share-based compensation) were $3 million for the quarter ended September 30, 2017, $110 million for the quarter ended September 30, 2016, $20 million for the nine months ended September 30, 2017, and $334 million for the nine months ended September 30, 2016. Cash payments for restructuring charges were $2 million for the quarter ended September 30, 2017, $35 million for the quarter ended September 30, 2016, $52 million for the nine months ended September 30, 2017, and $217 million for the nine months ended September 30, 2016. |
|
** |
Excludes Western Gas Partners, LP (WES). |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Nine Months Ended | ||||||||||||||
|
Summary Financial Information |
September 30, |
September 30, | |||||||||||||
|
millions except per-share amounts |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
1,567 |
$ |
1,239 |
$ |
4,652 |
$ |
3,214 |
|||||||
|
Natural-gas sales |
269 |
435 |
1,090 |
1,121 |
|||||||||||
|
Natural-gas liquids sales |
265 |
227 |
768 |
640 |
|||||||||||
|
Gathering, processing, and marketing sales |
509 |
350 |
1,417 |
895 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(114) |
(358) |
1,052 |
(388) |
|||||||||||
|
Total |
2,496 |
1,893 |
8,979 |
5,482 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
257 |
198 |
748 |
608 |
|||||||||||
|
Oil and gas transportation |
220 |
256 |
698 |
744 |
|||||||||||
|
Exploration |
751 |
304 |
2,371 |
506 |
|||||||||||
|
Gathering, processing, and marketing |
398 |
291 |
1,108 |
758 |
|||||||||||
|
General and administrative |
280 |
362 |
840 |
1,116 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,083 |
1,069 |
3,235 |
3,202 |
|||||||||||
|
Production, property, and other taxes |
159 |
148 |
449 |
422 |
|||||||||||
|
Impairments |
— |
27 |
383 |
61 |
|||||||||||
|
Other operating expense |
123 |
31 |
157 |
54 |
|||||||||||
|
Total |
3,271 |
2,686 |
9,989 |
7,471 |
|||||||||||
|
Operating Income (Loss) |
(775) |
(793) |
(1,010) |
(1,989) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
230 |
220 |
680 |
657 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
— |
2 |
124 |
|||||||||||
|
(Gains) losses on derivatives, net |
82 |
25 |
(33) |
629 |
|||||||||||
|
Other (income) expense, net |
(21) |
(31) |
(43) |
(86) |
|||||||||||
|
Total |
291 |
214 |
606 |
1,324 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(1,066) |
(1,007) |
(1,616) |
(3,313) |
|||||||||||
|
Income tax expense (benefit) |
(425) |
(260) |
(366) |
(957) |
|||||||||||
|
Net Income (Loss) |
(641) |
(747) |
(1,250) |
(2,356) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
58 |
83 |
182 |
200 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(699) |
$ |
(830) |
$ |
(1,432) |
$ |
(2,556) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(1.27) |
$ |
(1.61) |
$ |
(2.60) |
$ |
(5.00) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(1.27) |
$ |
(1.61) |
$ |
(2.61) |
$ |
(5.00) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
553 |
517 |
552 |
512 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
553 |
517 |
552 |
512 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
565 |
$ |
203 |
$ |
1,408 |
$ |
209 |
|||||||
|
Impairments of unproved properties |
113 |
52 |
736 |
91 |
|||||||||||
|
Geological and geophysical, exploration overhead, and other expense |
73 |
49 |
227 |
206 |
|||||||||||
|
Total |
751 |
304 |
2,371 |
506 |
|||||||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
September 30, |
December 31, | ||||||||||
|
millions |
2017 |
2016 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
5,251 |
$ |
3,184 |
|||||||
|
Accounts receivable, net of allowance |
1,882 |
1,728 |
|||||||||
|
Other current assets |
340 |
354 |
|||||||||
|
Net properties and equipment |
27,832 |
32,168 |
|||||||||
|
Other assets |
2,152 |
2,226 |
|||||||||
|
Goodwill and other intangible assets |
5,671 |
5,904 |
|||||||||
|
Total Assets |
$ |
43,128 |
$ |
45,564 |
|||||||
|
Short-term debt |
149 |
42 |
|||||||||
|
Other current liabilities |
3,534 |
3,286 |
|||||||||
|
Long-term debt |
15,424 |
15,281 |
|||||||||
|
Deferred income taxes |
3,378 |
4,324 |
|||||||||
|
Asset retirement obligations |
2,747 |
2,802 |
|||||||||
|
Other long-term liabilities |
3,974 |
4,332 |
|||||||||
|
Common stock |
57 |
57 |
|||||||||
|
Paid-in capital |
11,972 |
11,875 |
|||||||||
|
Retained earnings |
160 |
1,704 |
|||||||||
|
Treasury stock |
(1,070) |
(1,033) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(337) |
(391) |
|||||||||
|
Total stockholders' equity |
10,782 |
12,212 |
|||||||||
|
Noncontrolling interests |
3,140 |
3,285 |
|||||||||
|
Total Equity |
13,922 |
15,497 |
|||||||||
|
Total Liabilities and Equity |
$ |
43,128 |
$ |
45,564 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,573 |
$ |
15,323 |
|||||||
|
Total equity |
13,922 |
15,497 |
|||||||||
|
Total |
$ |
29,495 |
$ |
30,820 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
53% |
50% |
|||||||||
|
Total equity |
47% |
50% |
|||||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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 September 30, 2017 |
|||||||||||||||||||||||||||||
|
United States |
266 |
1,086 |
88 |
25 |
100 |
9 |
$ |
46.89 |
$ |
2.69 |
$ |
31.07 |
|||||||||||||||||
|
Algeria |
60 |
— |
4 |
6 |
— |
— |
52.91 |
— |
32.98 |
||||||||||||||||||||
|
Other International |
27 |
— |
— |
2 |
— |
— |
51.95 |
— |
— |
||||||||||||||||||||
|
Total |
353 |
1,086 |
92 |
33 |
100 |
9 |
$ |
48.31 |
$ |
2.69 |
$ |
31.15 |
|||||||||||||||||
|
Quarter Ended September 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,003 |
122 |
22 |
184 |
11 |
$ |
41.29 |
$ |
2.36 |
$ |
18.87 |
|||||||||||||||||
|
Algeria |
65 |
— |
7 |
7 |
— |
— |
45.88 |
— |
23.74 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
1 |
— |
— |
45.61 |
— |
— |
||||||||||||||||||||
|
Total |
317 |
2,003 |
129 |
30 |
184 |
11 |
$ |
42.49 |
$ |
2.36 |
$ |
19.13 |
|||||||||||||||||
|
Nine Months Ended September 30, 2017 |
|||||||||||||||||||||||||||||
|
United States |
259 |
1,392 |
96 |
71 |
380 |
27 |
$ |
47.63 |
$ |
2.87 |
$ |
27.43 |
|||||||||||||||||
|
Algeria |
63 |
— |
5 |
18 |
— |
1 |
51.54 |
— |
34.02 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
7 |
— |
— |
51.70 |
— |
— |
||||||||||||||||||||
|
Total |
350 |
1,392 |
101 |
96 |
380 |
28 |
$ |
48.66 |
$ |
2.87 |
$ |
27.77 |
|||||||||||||||||
|
Nine Months Ended September 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
230 |
2,164 |
124 |
63 |
593 |
34 |
$ |
36.52 |
$ |
1.89 |
$ |
17.78 |
|||||||||||||||||
|
Algeria |
63 |
— |
6 |
18 |
— |
1 |
42.27 |
— |
23.55 |
||||||||||||||||||||
|
Other International |
16 |
— |
— |
4 |
— |
— |
40.80 |
— |
— |
||||||||||||||||||||
|
Total |
309 |
2,164 |
130 |
85 |
593 |
35 |
$ |
37.91 |
$ |
1.89 |
$ |
18.04 |
|||||||||||||||||
|
Average Daily Sales Volumes MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended September 30, 2017 |
626 |
58 |
|||||||||||||||||||||||||||
|
Quarter Ended September 30, 2016 |
780 |
72 |
|||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2017 |
683 |
187 |
|||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2016 |
800 |
219 |
|||||||||||||||||||||||||||
|
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 September 30, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,145 |
$ |
269 |
$ |
253 |
$ |
12 |
$ |
4 |
$ |
— |
||||||||||||
|
Algeria |
291 |
— |
12 |
— |
— |
— |
||||||||||||||||||
|
Other International |
131 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,567 |
$ |
269 |
$ |
265 |
$ |
12 |
$ |
4 |
$ |
— |
||||||||||||
|
Quarter Ended September 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
884 |
$ |
435 |
$ |
212 |
$ |
66 |
$ |
(2) |
$ |
(1) |
||||||||||||
|
Algeria |
276 |
— |
15 |
— |
— |
— |
||||||||||||||||||
|
Other International |
79 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,239 |
$ |
435 |
$ |
227 |
$ |
66 |
$ |
(2) |
$ |
(1) |
||||||||||||
|
Nine Months Ended September 30, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
3,368 |
$ |
1,090 |
$ |
720 |
$ |
27 |
$ |
(1) |
$ |
(3) |
||||||||||||
|
Algeria |
885 |
— |
48 |
— |
— |
— |
||||||||||||||||||
|
Other International |
399 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
4,652 |
$ |
1,090 |
$ |
768 |
$ |
27 |
$ |
(1) |
$ |
(3) |
||||||||||||
|
Nine Months Ended September 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
2,305 |
$ |
1,121 |
$ |
602 |
$ |
214 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Algeria |
734 |
— |
38 |
— |
— |
— |
||||||||||||||||||
|
Other International |
175 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
3,214 |
$ |
1,121 |
$ |
640 |
$ |
214 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of October 31, 2017 | ||||||||||||||
|
Note: Guidance excludes 2017 sales volumes associated with the Eagleford, Marcellus, West Chalk/Eaglebine, Utah CBM and Moxa divestitures. | ||||||||||||||
|
4th-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
56 |
— |
58 |
224 |
— |
228 |
||||||||
|
Total Sales Volumes (MBOE/d) |
609 |
— |
630 |
614 |
— |
625 |
||||||||
|
Oil (MBbl/d) |
357 |
— |
364 |
343 |
— |
348 |
||||||||
|
United States |
279 |
— |
283 |
257 |
— |
260 |
||||||||
|
Algeria |
51 |
— |
53 |
59 |
— |
60 |
||||||||
|
Ghana |
27 |
— |
28 |
27 |
— |
28 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,000 |
— |
1,035 |
1,065 |
— |
1,085 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
84 |
— |
88 |
87 |
— |
90 |
||||||||
|
Algeria |
2 |
— |
4 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(1.50) |
— |
2.50 |
(2.75) |
— |
1.25 |
||||||||
|
United States |
(2.00) |
— |
2.00 |
(3.00) |
— |
1.00 |
||||||||
|
Algeria |
— |
— |
4.00 |
(2.00) |
— |
2.00 |
||||||||
|
Ghana |
— |
— |
4.00 |
(2.00) |
— |
2.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.40) |
— |
(0.20) |
(0.35) |
— |
0.25 |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of October 31, 2017 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
4th-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
100 |
— |
110 |
410 |
— |
420 |
||||||||
|
Minerals and Other |
45 |
— |
65 |
280 |
— |
300 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.40 |
— |
4.65 |
3.95 |
— |
4.30 |
||||||||
|
Oil & Gas Transportation |
3.50 |
— |
3.70 |
3.60 |
— |
3.80 |
||||||||
|
Depreciation, Depletion, and Amortization |
19.00 |
— |
19.20 |
17.75 |
— |
17.85 |
||||||||
|
Production Taxes (% of Product Revenue) |
6.0% |
— |
7.0% |
6.0% |
— |
7.0% |
||||||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
240 |
— |
260 |
1,060 |
— |
1,080 |
||||||||
|
Other Operating Expense |
30 |
— |
50 |
185 |
— |
205 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
10 |
— |
40 |
1,445 |
— |
1,475 |
||||||||
|
Cash |
65 |
— |
85 |
280 |
— |
300 |
||||||||
|
Interest Expense (net) |
220 |
— |
235 |
900 |
— |
915 |
||||||||
|
Other (Income) Expense |
(25) |
— |
(15) |
(65) |
— |
(55) |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Current) |
60% |
— |
70% |
60% |
— |
70% |
||||||||
|
Rest of Company (60% Current/40% Deferred for Q4 and (50)% Current/150% Deferred for Total Year) |
30% |
— |
40% |
30% |
— |
40% |
||||||||
|
Noncontrolling Interest |
50 |
— |
60 |
230 |
— |
240 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
534 |
— |
538 |
548 |
— |
549 |
||||||||
|
Diluted |
534 |
— |
538 |
548 |
— |
549 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
1,065 |
— |
1,265 |
4,200 |
— |
4,400 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of October 31, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
857 |
$ |
2.10 |
$ |
2.85 |
$ |
3.64 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
As of October 31, 2017 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$550 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 – 2046 |
Sept. 2022 |
6.809% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2023 |
6.761% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended September 30, 2017 |
Quarter Ended September 30, 2016 | ||||||||||||||||||||||
|
Oil MBbls/d |
Natural Gas |
NGLs |
Total |
Oil MBbls/d |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
129 |
980 |
78 |
370 |
126 |
1,034 |
78 |
376 |
|||||||||||||||
|
Gulf of Mexico |
126 |
106 |
10 |
154 |
65 |
77 |
6 |
84 |
|||||||||||||||
|
International and Alaska |
98 |
— |
4 |
102 |
93 |
— |
7 |
100 |
|||||||||||||||
|
Same-Store Sales |
353 |
1,086 |
92 |
626 |
284 |
1,111 |
91 |
560 |
|||||||||||||||
|
Divestitures* |
— |
— |
— |
— |
33 |
892 |
38 |
220 |
|||||||||||||||
|
Total |
353 |
1,086 |
92 |
626 |
317 |
2,003 |
129 |
780 |
|||||||||||||||
|
Nine Months Ended September 30, 2017 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
|
Oil MBbls/d |
Natural Gas |
NGLs |
Total |
Oil MBbls/d |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
120 |
1,042 |
81 |
374 |
124 |
1,074 |
76 |
379 |
|||||||||||||||
|
Gulf of Mexico |
121 |
118 |
10 |
151 |
59 |
78 |
6 |
78 |
|||||||||||||||
|
International and Alaska |
102 |
— |
5 |
107 |
89 |
— |
6 |
95 |
|||||||||||||||
|
Same-Store Sales |
343 |
1,160 |
96 |
632 |
272 |
1,152 |
88 |
552 |
|||||||||||||||
|
Divestitures* |
7 |
232 |
5 |
51 |
37 |
1,012 |
42 |
248 |
|||||||||||||||
|
Total |
350 |
1,392 |
101 |
683 |
309 |
2,164 |
130 |
800 |
|||||||||||||||
|
* |
Includes Eagleford, Marcellus, Eaglebine, Utah CBM, East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage. |
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-third-quarter-2017-results-300546718.html
SOURCE Anadarko Petroleum Corporation
Article Date
10/31/2017Anadarko Schedules Third-Quarter 2017 Earnings Conference Call for Nov. 1
Source: PR Newswire
HOUSTON, Oct. 16, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Wednesday, Nov. 1, 2017, at 8 a.m. CDT (9 a.m. EDT) to discuss its third-quarter 2017 financial and operating results. Earnings will be released after close of market on Tuesday, Oct. 31. The full text of the release will be available on the company's website at www.anadarko.com.
Third-Quarter 2017 Results
Wednesday, Nov. 1, 2017
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877-883-0383
International dial-in number: 412-902-6506
Confirmation number: 2812178
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 2812178 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
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Anadarko Contacts
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-third-quarter-2017-earnings-conference-call-for-nov-1-300537470.html
SOURCE Anadarko Petroleum Corporation
Article Date
10/16/201710/4/2017 - Anadarko Announces Leadership Changes
Anadarko Announces Leadership Changes
Source: PR Newswire
HOUSTON, Oct. 4, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced a consolidation of its leadership structure. Since the beginning of 2015, Anadarko has sold nearly $7.5 billion of non-core assets in order to reposition and focus its business to deliver better returns and growth across commodity cycles. These management changes align with the evolution of the portfolio and strategic direction the company has taken.
Effective immediately, Danny Brown, formerly Executive Vice President (EVP), International and Deepwater Operations, has been named EVP, U.S. Onshore Operations, with responsibility for the company's upstream and midstream activity in Colorado, Texas, Utah and Wyoming. Mitch Ingram, formerly EVP, Global LNG, has been named EVP, International & Deepwater Operations and Project Management, overseeing Anadarko's development and production activities in Algeria, Ghana, the Gulf of Mexico and Mozambique. Ingram will also assume responsibility for the company's worldwide project-management and construction activities. In addition, the company announced Ernie Leyendecker, formerly EVP, International and Deepwater Exploration, has been named EVP, Exploration, with responsibility for the company's worldwide exploration efforts. U.S. onshore exploration is being combined with Leyendecker's prior duties, consolidating all of the company's exploration activities under his direction. Brad Holly, formerly EVP, U.S. Onshore Exploration and Production, is leaving the company to pursue other interests.
"By consolidating our leadership structure, we expect to achieve greater consistency and results across the organization with regard to operational execution, health, safety, and environmental performance, and project management," said Al Walker, Anadarko Chairman, President and CEO. "We have successfully narrowed the focus of our business and concentrated development activities in world-class material, scalable assets. Consistent with this approach, our executive management team needed to contract accordingly. Anadarko will continue to direct most of its investing toward our short- and intermediate-cash-cycling opportunities in the U.S. onshore and tieback opportunities in the Gulf of Mexico, while continuing to build longer-term value through our emerging LNG business and selective deepwater exploration. We expect the operating environment for our industry to remain volatile and, through our increasing use of technology to enhance safety and improve efficiencies to optimize our exceptional asset footprint, we are very well positioned to manage across cycles. Along with my congratulations to Danny, Mitch and Ernie, I want to express my appreciation to Brad for his 20 years of service and contributions to Anadarko. We wish him all the best as he moves forward in his career."
Brown began his career with the company in 1998. Prior to serving as EVP, International and Deepwater Operations, he held a variety of positions within Anadarko, including: Sr. Vice President, International and Deepwater Operations; Vice President, Operations for Anadarko's Southern and Appalachia Region; Vice President, Corporate Planning; General Manager of the Maverick Basin and the company's Freestone/Chalk area (U.S. onshore); Business Advisor for Planning and Reserves Administration in the Gulf of Mexico; and engineering roles in both the U.S. onshore and the Gulf of Mexico. He holds a Bachelor of Science in mechanical engineering from Texas A&M University and an MBA from Rice University, where he was a Jones Scholar Award recipient. Brown is a registered Professional Engineer in the state of Texas and serves on the Board of Advisors at the World Affairs Council.
Ingram has more than 30 years of experience in the oil and natural gas industry and joined Anadarko in 2015 as EVP, Global LNG. Prior to joining the company, Ingram worked with BG Group, where he served as a member of the company's Executive Committee in the role of Executive Vice President – Technical. He also held positions of increasing responsibilities with BG Group's LNG project in Queensland Australia, where he was the Managing Director of QGC. Prior to BG, Ingram was with Occidental Oil & Gas for 20 years, where he held several U.K. and international positions in project management, developments and operations. He holds a bachelor's degree in mechanical engineering from Robert Gordon University.
Leyendecker has more than 30 years of experience and joined the company in 2002. He most recently served as EVP, International and Deepwater Exploration. During his career, Leyendecker has held positions of increasing responsibility including: Sr. Vice President, International Exploration; Sr. Vice President, Gulf of Mexico Exploration; Vice President of Corporate Planning; and General Manager for Worldwide Exploration Engineering, Planning and International Negotiations. He holds a Bachelor of Science in petroleum engineering from Texas A&M University. He is a member of the Society of Petroleum Engineers, the Association of Petroleum Geologists and the Houston Geological Society.
(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 2016, the company had 1.72 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 complete its previously announced share-repurchase program; to meet operating and production guidance; and to efficiently identify and deploy capital resources. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-leadership-changes-300530841.html
SOURCE Anadarko Petroleum Corporation
Article Date
10/4/2017Anadarko Announces $2.5 Billion Share-Repurchase Program
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 20, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its board of directors has authorized a $2.5 billion share-repurchase program. The authorization extends through the end of 2018, and repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
"We believe this is a very attractive use of our cash given the value of our assets and the highly accretive nature of this program," said Al Walker, Anadarko Chairman, President and CEO. "At the current share price, this represents approximately 10 percent of the company's outstanding common shares, and we will initially target $1 billion of share repurchases prior to year-end 2017.
"Separately, we want to highlight and reaffirm the guidance we have previously provided for the deepwater Gulf of Mexico (GOM), DJ and Delaware basin assets," added Walker. "In the deepwater GOM, we continue to expect average production rates approaching 130,000 barrels of oil per day (BOPD) for the full-year 2017. In the Delaware and DJ basins, we are on track to deliver our combined projected exit rate of approximately 150,000 BOPD in 2017. Our ability to continue to meet previous targets is indicative of the quality of the company's assets and the efforts of our organization to deliver strong performance, despite challenges from recent storms.
"Going forward, we will continue to demonstrate financial discipline with a focus on returns. Our 2018 upstream investment plan is anticipated to produce substantial free cash flow, assuming an average oil price of $50 per barrel, while total capital spending, including midstream investments, should be approximately break-even to discretionary cash flow from operations," said Walker.
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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 2016, the company had 1.72 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 complete the share repurchase program; to meet operating guidance and achieve the production levels identified in this news release; to efficiently identify and deploy capital resources; and to finalize the capital program for 2018. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-announces-25-billion-share-repurchase-program-300523151.html
SOURCE Anadarko Petroleum Corporation
Article Date
9/20/20178/3/2017 - Anadarko Mourns Loss Of Director Rick George
Anadarko Mourns Loss Of Director Rick George
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 3, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) is saddened by the loss of a valued member of our Board of Directors, Richard L. "Rick" George. George, who joined the Anadarko board in 2012, passed away on Aug. 1 as a result of complications from acute myeloid leukemia.
"We are deeply saddened by the news of Rick's passing, and owe Rick a great debt of gratitude for the leadership he provided not just on our Board of Directors, but for the entire energy industry," said Al Walker, Anadarko Chairman, President and CEO. "We hope to honor him by leading with the same vision, passion and integrity that he did. We extend our deepest condolences to Julie and the George family."
George served as Chief Executive Officer of Suncor Energy Inc. for two decades, helping pioneer Canada's oil-sands industry. He was named Canadian Energy Person of the Year in 2011 by the Energy Council of Canada and was inducted into the Canadian Petroleum Hall of Fame in 2008. George was also named a member of the Order of Canada in 2007 for his leadership in the development of Canada's natural resources sector, for his efforts to provide economic opportunities to Aboriginal communities, and for his commitment to sustainable development. He was 67.
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ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-mourns-loss-of-director-rick-george-300499427.html
SOURCE Anadarko Petroleum Corporation
Article Date
8/3/20178/2/2017 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 2, 2017 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable Sept. 27, 2017, to stockholders of record at the close of business on Sept. 13, 2017.
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.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
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ANADARKO CONTACTS
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-declares-dividend-300498723.html
SOURCE Anadarko Petroleum Corporation
Article Date
8/2/2017Anadarko Reaches Significant Mozambique LNG Milestone
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that it had finalized two agreements with the Government of Mozambique – together known as the "marine concessions" – which would allow it to design, build and operate the marine facilities for its LNG project in northern Mozambique. This follows the publication of the Mozambican Government Decrees approving those agreements.
"This is a key milestone on the path to a final investment decision (FID) for our initial two-train LNG project," said Mitch Ingram, Anadarko Executive Vice President, Global LNG. "It marks the completion of the core components of the Legal and Contractual Framework with the Government. We will now look ahead with our plans to begin resettlement, which will enable the construction of the LNG plant. In addition, we continue to make good progress with our efforts to secure long-term LNG Sales and Purchase Agreements (SPAs) with premier buyers, and we will intensify our work to put in place the necessary financing for the project. We expect to take FID once the SPAs and financing are in place."
Anadarko is developing Mozambique's first onshore LNG plant consisting of two initial LNG trains with a total capacity of 12 million tonnes per annum (MTPA) to support the Golfinho/Atum field located entirely within Offshore Area 1.
Anadarko operates Offshore Area 1 with a 26.5-percent working interest. Co-venturers include Empresa Nacional de Hidrocarbonetos E.P. (ENH) (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (16 percent), Bharat PetroResources Ltd. (10 percent), PTT Exploration & Production Plc (8.5 percent), and Oil India Ltd. (4 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 2016, the company had approximately 1.72 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 approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 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:
Robin Fielder, robin.fielder@anadarko.com, +1 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, +1 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, +1 832.636.7727
MEDIA:
John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, +1 832.636.2912
Helen Wells, helen.wells@anadarko.com, +1 832.636.2366
View original content:http://www.prnewswire.com/news-releases/anadarko-reaches-significant-mozambique-lng-milestone-300496387.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/31/20177/24/2017 - Anadarko Announces Second-Quarter 2017 Results
Anadarko Announces Second-Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 24, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its second-quarter 2017 results, reporting a net loss attributable to common stockholders of $415 million, or $0.76 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 $8 million, or $0.01 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the second quarter of 2017 was $857 million.
SECOND-QUARTER HIGHLIGHTS
"Our portfolio delivered good operating results and cash flow during the second quarter with significantly improved cash margins and increased oil volumes year-over-year, even with the temporary production impacts associated with our response efforts in Colorado," said Al Walker, Anadarko Chairman, President and CEO. "Our successful divestitures further strengthened the company's cash position, while providing flexibility for the second half of the year and beyond. The current market conditions require lower capital intensity given the volatility of margins realized in this operating environment. As such, we are reducing our level of investments by $300 million for the full year, and adjusting full-year sales-volume guidance to reflect recent divestitures and the deferred production associated with the Colorado response. We feel this is a prudent move, while still expecting to average approximately 130,000 barrels of oil per day in the deepwater Gulf of Mexico and exit the year at around 150,000 barrels of oil per day from the Delaware and DJ basins combined."
OPERATIONAL HIGHLIGHTS
Anadarko's second-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 57 million barrels of oil equivalent (BOE), or an average of 631,000 BOE per day.
During the second quarter, Anadarko achieved record oil sales volume in the Delaware Basin of West Texas averaging approximately 33,000 barrels of oil per day, a 52-percent increase over the second quarter of 2016. Importantly, Anadarko is in the final stages of securing operatorship for approximately 70 percent of the acreage position, which was previously part of the joint-venture agreement that recently concluded with Shell. Anadarko's working and net-revenue interest remains unchanged, and the company's efforts can begin to evolve from capturing operatorship and appraising the prior Area of Mutual Interest to development of this world-class asset. In addition, the company continues to expand takeaway capacity having recently reached an agreement to be an anchor shipper on a residue-gas line going from the Western Gas Partners, LP (WES)-operated Ramsey plant and future WES-operated Mentone plant to the Waha area. Anadarko also concluded a tranche of crude oil pipeline capacity from the Permian Basin to Gulf Coast markets.
In the DJ Basin, oil sales volume for the quarter averaged 76,000 barrels per day. The company continued to refine its completions program and achieve greater drilling efficiencies with record cycle times for short-, mid- and longer-length laterals. The company's new completion design is yielding cumulative production improvements of more than 35 percent compared to the core type-curves provided during the March Investor Conference. During the quarter, Anadarko also mobilized significant resources in its response to the Notice to Operators issued by Colorado's oil and gas regulatory authority, which included the company's additional efforts to inspect its vertical well inventory and remove all associated one-inch return lines.
In the Deepwater Gulf of Mexico, Anadarko's oil sales volume averaged 113,000 barrels per day, as the company successfully completed several planned maintenance activities and facility upgrades. The first development well of the Horn Mountain Deep discovery was brought on line ahead of schedule and is currently producing approximately 12,000 barrels of oil per day. In addition, field production continued at a nine-year high at K2, with a new tieback brought on production in April, which is currently producing more than 9,000 BOE per day. The company also expanded its industry-leading leasehold position in the recent deepwater Gulf lease sale by being awarded 11 new leases near existing opportunities and infrastructure.
Internationally, sales volume averaged 93,000 barrels per day, an increase of 25 percent over the second quarter of 2016. The year-over-year increase was largely driven by the startup of the TEN development offshore Ghana in the third-quarter of 2016. In addition, Anadarko is completing many of the core components of the legal and contractual framework for its LNG project in Mozambique. The progress helps position the company to advance negotiations in securing long-term LNG offtake contracts as it continues toward a final investment decision.
OPERATIONS REPORT
For additional details on Anadarko's second-quarter 2017 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
CONFERENCE CALL TOMORROW AT 7:30 A.M. CDT, 8:30 A.M. EDT
Anadarko will host a conference call on Tuesday, July 25, 2017, at 7:30 a.m. Central (8:30 a.m. Eastern) to discuss second-quarter results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4412190. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Ten pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
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 2016, the company had 1.72 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 realize its expectations regarding performance, including Anadarko's ability to successfully execute upon its capital program; to meet financial and operating guidance contained in this news release, including the impact of response efforts in Colorado; to successfully drill, complete, test and produce the wells identified in this news release; to timely complete and commercially operate the projects and drilling prospects identified in this news release; to finalize the necessary steps to ensure operatorship; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Andy Taylor, andy.taylor@anadarko.com, 832.636.3089
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
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, 2017 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(415) |
$ |
(0.76) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(45) |
(29) |
(0.05) |
||||||||
|
Gains (losses) on divestitures, net |
205 |
130 |
0.24 |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(10) |
(7) |
(0.02) |
|||||||||
|
Exploration assets |
(82) |
(65) |
(0.12) |
|||||||||
|
Restructuring charges |
(18) |
(11) |
(0.02) |
|||||||||
|
Change in uncertain tax positions |
— |
(10) |
(0.02) |
|||||||||
|
Certain items affecting comparability |
$ |
50 |
8 |
0.01 |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(423) |
$ |
(0.77) |
||||||||
|
* Includes $(104) million related to interest-rate derivatives and $59 million related to commodity derivatives. | ||||||||||||
|
Quarter Ended June 30, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(692) |
$ |
(1.36) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(371) |
(234) |
(0.46) |
||||||||
|
Gains (losses) on divestitures, net |
(104) |
(66) |
(0.13) |
|||||||||
|
Impairments |
(18) |
(11) |
(0.02) |
|||||||||
|
Restructuring charges |
(48) |
(30) |
(0.06) |
|||||||||
|
Loss on early extinguishment of debt |
(124) |
(78) |
(0.15) |
|||||||||
|
Third-party well and platform decommissioning obligation |
56 |
35 |
0.07 |
|||||||||
|
Change in uncertain tax positions |
— |
(4) |
(0.01) |
|||||||||
|
Certain items affecting comparability |
$ |
(609) |
(388) |
(0.76) |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(304) |
$ |
(0.60) |
||||||||
|
* |
Includes $(213) million related to interest-rate derivatives, $(154) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales. | |||||||||||
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.
|
June 30, 2017 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt (GAAP) |
$ |
15,480 |
$ |
3,281 |
$ |
12,199 |
|||||||
|
Less cash and cash equivalents |
6,008 |
189 |
5,819 |
||||||||||
|
Net debt (Non-GAAP) |
$ |
9,472 |
$ |
3,092 |
$ |
6,380 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
9,472 |
$ |
6,380 |
|||||||||
|
Total equity |
14,656 |
11,472 |
|||||||||||
|
Adjusted capitalization |
$ |
24,128 |
$ |
17,852 |
|||||||||
|
Net debt to adjusted capitalization ratio |
39% |
36% |
|||||||||||
|
* |
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) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
millions |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(334) |
$ |
(611) |
$ |
(609) |
$ |
(1,609) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,037 |
984 |
2,152 |
2,133 |
|||||||||||
|
Deferred income taxes |
488 |
(407) |
(172) |
(820) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
454 |
10 |
1,466 |
45 |
|||||||||||
|
Impairments |
10 |
18 |
383 |
34 |
|||||||||||
|
(Gains) losses on divestitures, net |
(205) |
104 |
(1,009) |
102 |
|||||||||||
|
Loss on early extinguishment of debt |
2 |
124 |
2 |
124 |
|||||||||||
|
Total (gains) losses on derivatives, net |
32 |
311 |
(115) |
610 |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
13 |
60 |
5 |
165 |
|||||||||||
|
Other |
74 |
88 |
157 |
203 |
|||||||||||
|
Changes in assets and liabilities |
(714) |
548 |
(280) |
105 |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities* |
$ |
857 |
$ |
1,229 |
$ |
1,980 |
$ |
1,092 |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(506) |
$ |
8 |
$ |
1,216 |
$ |
(965) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(174) |
$ |
(2,790) |
$ |
(372) |
$ |
329 |
|||||||
|
Capital Expenditures** |
$ |
1,210 |
$ |
728 |
$ |
2,465 |
$ |
1,624 |
|||||||
|
* |
Restructuring charges (excluding noncash share-based compensation) were $18 million for the quarter ended June 30, 2017, $44 million for the quarter ended June 30, 2016, $17 million for the six months ended June 30, 2017, and $224 million for the six months ended June 30, 2016. Cash payments for restructuring charges were $31 million for the quarter ended June 30, 2017, $103 million for the quarter ended June 30, 2016, $50 million for the six months ended June 30, 2017, and $182 million for the six months ended June 30, 2016. | ||||||||||||||
|
** |
Includes Western Gas Partners, LP (WES) capital expenditures of $151 million for the quarter ended June 30, 2017, and $120 million for the quarter ended June 30, 2016, $437 million for the six months ended June 30, 2017, and $260 million for the six months ended June 30, 2016. | ||||||||||||||
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
Summary Financial Information |
June 30, |
June 30, | |||||||||||||
|
millions except per-share amounts |
2017 |
2016 |
2017 |
2016 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
1,422 |
$ |
1,125 |
$ |
3,085 |
$ |
1,975 |
|||||||
|
Natural-gas sales |
319 |
320 |
821 |
686 |
|||||||||||
|
Natural-gas liquids sales |
214 |
235 |
503 |
413 |
|||||||||||
|
Gathering, processing, and marketing sales |
464 |
305 |
908 |
545 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
297 |
(70) |
1,166 |
(30) |
|||||||||||
|
Total |
2,716 |
1,915 |
6,483 |
3,589 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
233 |
202 |
491 |
410 |
|||||||||||
|
Oil and gas transportation |
229 |
246 |
478 |
488 |
|||||||||||
|
Exploration |
535 |
76 |
1,620 |
202 |
|||||||||||
|
Gathering, processing, and marketing |
359 |
252 |
710 |
467 |
|||||||||||
|
General and administrative |
291 |
305 |
560 |
754 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,037 |
984 |
2,152 |
2,133 |
|||||||||||
|
Other taxes |
135 |
157 |
290 |
274 |
|||||||||||
|
Impairments |
10 |
18 |
383 |
34 |
|||||||||||
|
Other operating expense |
12 |
7 |
34 |
23 |
|||||||||||
|
Total |
2,841 |
2,247 |
6,718 |
4,785 |
|||||||||||
|
Operating Income (Loss) |
(125) |
(332) |
(235) |
(1,196) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
227 |
217 |
450 |
437 |
|||||||||||
|
Loss on early extinguishment of debt |
2 |
124 |
2 |
124 |
|||||||||||
|
(Gains) losses on derivatives, net |
32 |
307 |
(115) |
604 |
|||||||||||
|
Other (income) expense, net |
(14) |
(55) |
(22) |
(55) |
|||||||||||
|
Total |
247 |
593 |
315 |
1,110 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(372) |
(925) |
(550) |
(2,306) |
|||||||||||
|
Income tax expense (benefit) |
(38) |
(314) |
59 |
(697) |
|||||||||||
|
Net Income (Loss) |
(334) |
(611) |
(609) |
(1,609) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
81 |
81 |
124 |
117 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(415) |
$ |
(692) |
$ |
(733) |
$ |
(1,726) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(0.76) |
$ |
(1.36) |
$ |
(1.34) |
$ |
(3.39) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(0.76) |
$ |
(1.36) |
$ |
(1.34) |
$ |
(3.39) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
552 |
510 |
552 |
510 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
552 |
510 |
552 |
510 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
367 |
$ |
(5) |
$ |
843 |
$ |
6 |
|||||||
|
Impairments of unproved properties |
87 |
15 |
623 |
39 |
|||||||||||
|
Geological and geophysical, exploration overhead, and other expense |
81 |
66 |
154 |
157 |
|||||||||||
|
Total |
$ |
535 |
$ |
76 |
$ |
1,620 |
$ |
202 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
June 30, |
December 31, | ||||||||||
|
millions |
2017 |
2016 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
6,008 |
$ |
3,184 |
|||||||
|
Accounts receivable, net of allowance |
1,654 |
1,728 |
|||||||||
|
Other current assets |
322 |
354 |
|||||||||
|
Net properties and equipment |
28,516 |
32,168 |
|||||||||
|
Other assets |
2,134 |
2,226 |
|||||||||
|
Goodwill and other intangible assets |
5,714 |
5,904 |
|||||||||
|
Total Assets |
$ |
44,348 |
$ |
45,564 |
|||||||
|
Short-term debt |
44 |
42 |
|||||||||
|
Other current liabilities |
3,110 |
3,286 |
|||||||||
|
Long-term debt |
15,436 |
15,281 |
|||||||||
|
Deferred income taxes |
4,232 |
4,324 |
|||||||||
|
Asset retirement obligations |
2,717 |
2,802 |
|||||||||
|
Other long-term liabilities |
4,153 |
4,332 |
|||||||||
|
Common stock |
57 |
57 |
|||||||||
|
Paid-in capital |
11,941 |
11,875 |
|||||||||
|
Retained earnings |
887 |
1,704 |
|||||||||
|
Treasury stock |
(1,070) |
(1,033) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(343) |
(391) |
|||||||||
|
Total stockholders' equity |
11,472 |
12,212 |
|||||||||
|
Noncontrolling interests |
3,184 |
3,285 |
|||||||||
|
Total Equity |
14,656 |
15,497 |
|||||||||
|
Total Liabilities and Equity |
$ |
44,348 |
$ |
45,564 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,480 |
$ |
15,323 |
|||||||
|
Total equity |
14,656 |
15,497 |
|||||||||
|
Total |
$ |
30,136 |
$ |
30,820 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
51% |
50% |
|||||||||
|
Total equity |
49% |
50% |
|||||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 2017 |
|||||||||||||||||||||||||||||
|
United States |
243 |
1,238 |
89 |
22 |
113 |
8 |
$ |
46.68 |
$ |
2.84 |
$ |
24.82 |
|||||||||||||||||
|
Algeria |
59 |
— |
5 |
6 |
— |
— |
48.20 |
— |
30.48 |
||||||||||||||||||||
|
Other International |
29 |
— |
— |
2 |
— |
— |
49.44 |
— |
— |
||||||||||||||||||||
|
Total |
331 |
1,238 |
94 |
30 |
113 |
8 |
$ |
47.19 |
$ |
2.84 |
$ |
25.14 |
|||||||||||||||||
|
Quarter Ended June 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
227 |
2,188 |
126 |
20 |
199 |
12 |
$ |
40.25 |
$ |
1.61 |
$ |
19.42 |
|||||||||||||||||
|
Algeria |
59 |
— |
5 |
5 |
— |
1 |
46.65 |
— |
24.13 |
||||||||||||||||||||
|
Other International |
10 |
— |
— |
1 |
— |
— |
47.37 |
— |
— |
||||||||||||||||||||
|
Total |
296 |
2,188 |
131 |
26 |
199 |
13 |
$ |
41.77 |
$ |
1.61 |
$ |
19.60 |
|||||||||||||||||
|
Six Months Ended June 30, 2017 |
|||||||||||||||||||||||||||||
|
United States |
256 |
1,547 |
100 |
46 |
280 |
18 |
$ |
48.01 |
$ |
2.93 |
$ |
25.79 |
|||||||||||||||||
|
Algeria |
64 |
— |
6 |
12 |
— |
1 |
50.89 |
— |
34.36 |
||||||||||||||||||||
|
Other International |
29 |
— |
— |
5 |
— |
— |
51.57 |
— |
— |
||||||||||||||||||||
|
Total |
349 |
1,547 |
106 |
63 |
280 |
19 |
$ |
48.84 |
$ |
2.93 |
$ |
26.27 |
|||||||||||||||||
|
Six Months Ended June 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
229 |
2,245 |
125 |
41 |
409 |
23 |
$ |
34.07 |
$ |
1.68 |
$ |
17.24 |
|||||||||||||||||
|
Algeria |
62 |
— |
5 |
11 |
— |
1 |
40.35 |
— |
23.43 |
||||||||||||||||||||
|
Other International |
14 |
— |
— |
3 |
— |
— |
37.55 |
— |
— |
||||||||||||||||||||
|
Total |
305 |
2,245 |
130 |
55 |
409 |
24 |
$ |
35.51 |
$ |
1.68 |
$ |
17.49 |
|||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended June 30, 2017 |
631 |
57 |
|||||||||||||||||||||||||||
|
Quarter Ended June 30, 2016 |
792 |
72 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2017 |
713 |
129 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2016 |
809 |
147 |
|||||||||||||||||||||||||||
|
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, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,032 |
$ |
319 |
$ |
200 |
$ |
14 |
$ |
(1) |
$ |
— |
||||||||||||
|
Algeria |
260 |
— |
14 |
— |
— |
— |
||||||||||||||||||
|
Other International |
130 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,422 |
$ |
319 |
$ |
214 |
$ |
14 |
$ |
(1) |
$ |
— |
||||||||||||
|
Quarter Ended June 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
830 |
$ |
320 |
$ |
223 |
$ |
60 |
$ |
2 |
$ |
(2) |
||||||||||||
|
Algeria |
252 |
— |
12 |
— |
— |
— |
||||||||||||||||||
|
Other International |
43 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,125 |
$ |
320 |
$ |
235 |
$ |
60 |
$ |
2 |
$ |
(2) |
||||||||||||
|
Six Months Ended June 30, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
2,223 |
$ |
821 |
$ |
467 |
$ |
15 |
$ |
(5) |
$ |
(3) |
||||||||||||
|
Algeria |
594 |
— |
36 |
— |
— |
— |
||||||||||||||||||
|
Other International |
268 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
3,085 |
$ |
821 |
$ |
503 |
$ |
15 |
$ |
(5) |
$ |
(3) |
||||||||||||
|
Six Months Ended June 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
1,421 |
$ |
686 |
$ |
390 |
$ |
148 |
$ |
15 |
$ |
— |
||||||||||||
|
Algeria |
458 |
— |
23 |
— |
— |
— |
||||||||||||||||||
|
Other International |
96 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,975 |
$ |
686 |
$ |
413 |
$ |
148 |
$ |
15 |
$ |
— |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 24, 2017 | ||||||||||||||
|
Note: Guidance excludes 2017 sales volumes associated with the Eagleford, Marcellus, West Chalk/Eaglebine, and Utah CBM divestitures. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
58 |
— |
60 |
231 |
— |
235 |
||||||||
|
Total Sales Volumes (MBOE/d) |
630 |
— |
652 |
633 |
— |
644 |
||||||||
|
Oil (MBbl/d) |
355 |
— |
361 |
346 |
— |
351 |
||||||||
|
United States |
266 |
— |
270 |
262 |
— |
265 |
||||||||
|
Algeria |
63 |
— |
64 |
59 |
— |
60 |
||||||||
|
Ghana |
26 |
— |
27 |
25 |
— |
26 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,085 |
— |
1,120 |
1,140 |
— |
1,165 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
91 |
— |
95 |
91 |
— |
93 |
||||||||
|
Algeria |
4 |
— |
5 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(3.50) |
— |
0.50 |
(3.50) |
— |
0.50 |
||||||||
|
United States |
(4.00) |
— |
— |
(4.00) |
— |
— |
||||||||
|
Algeria |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Ghana |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.50) |
— |
(0.30) |
(0.40) |
— |
(0.20) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 24, 2017 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
115 |
— |
125 |
415 |
— |
435 |
||||||||
|
Minerals and Other |
45 |
— |
65 |
200 |
— |
220 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.45 |
— |
4.65 |
3.80 |
— |
4.30 |
||||||||
|
Oil & Gas Transportation |
3.40 |
— |
3.60 |
3.55 |
— |
3.70 |
||||||||
|
Depreciation, Depletion, and Amortization |
18.90 |
— |
19.15 |
17.85 |
— |
17.95 |
||||||||
|
Production Taxes (% of Product Revenue) |
7.0 |
% |
— |
8.0 |
% |
6.5 |
% |
— |
7.5 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative (excludes restructuring charges) |
260 |
— |
280 |
1,000 |
— |
1,050 |
||||||||
|
Other Operating Expense |
120 |
— |
130 |
160 |
— |
170 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
145 |
— |
165 |
885 |
— |
985 |
||||||||
|
Cash |
65 |
— |
85 |
275 |
— |
295 |
||||||||
|
Interest Expense (net) |
220 |
— |
235 |
895 |
— |
915 |
||||||||
|
Other (Income) Expense |
(15) |
— |
(5) |
(40) |
— |
(25) |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Current) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company ((200)% Current/300% Deferred for Q3 and |
20 |
% |
— |
30 |
% |
20 |
% |
— |
30 |
% | ||||
|
Noncontrolling Interest |
50 |
— |
60 |
235 |
— |
255 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
552 |
— |
554 |
552 |
— |
554 |
||||||||
|
Diluted |
552 |
— |
554 |
553 |
— |
555 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
1,100 |
— |
1,200 |
4,200 |
— |
4,400 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of July 24, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
857 |
$ |
2.10 |
$ |
2.85 |
$ |
3.64 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$550 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.418% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 – 2046 |
Sept. 2022 |
6.809% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2023 |
6.761% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended June 30, 2017 |
Quarter Ended June 30, 2016 | ||||||||||||||||||||||
|
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 |
115 |
1,042 |
79 |
368 |
123 |
1,093 |
76 |
382 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
113 |
109 |
9 |
140 |
56 |
73 |
6 |
74 |
|||||||||||||||
|
International and Alaska |
99 |
— |
5 |
104 |
81 |
— |
5 |
86 |
|||||||||||||||
|
Same-Store Sales |
327 |
1,151 |
93 |
612 |
260 |
1,166 |
87 |
542 |
|||||||||||||||
|
Divestitures* |
4 |
87 |
1 |
19 |
36 |
1,022 |
44 |
250 |
|||||||||||||||
|
Total |
331 |
1,238 |
94 |
631 |
296 |
2,188 |
131 |
792 |
|||||||||||||||
|
Six Months Ended June 30, 2017 |
Six Months Ended June 30, 2016 | ||||||||||||||||||||||
|
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 |
116 |
1,078 |
83 |
379 |
123 |
1,094 |
73 |
378 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
119 |
119 |
10 |
149 |
57 |
78 |
7 |
77 |
|||||||||||||||
|
International and Alaska |
104 |
— |
6 |
110 |
87 |
— |
5 |
92 |
|||||||||||||||
|
Same-Store Sales |
339 |
1,197 |
99 |
638 |
267 |
1,172 |
85 |
547 |
|||||||||||||||
|
Divestitures* |
10 |
350 |
7 |
75 |
38 |
1,073 |
45 |
262 |
|||||||||||||||
|
Total |
349 |
1,547 |
106 |
713 |
305 |
2,245 |
130 |
809 |
|||||||||||||||
|
* |
Includes Eagleford, Marcellus, Eaglebine, Utah CBM, East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage. | ||||||||||||||||||||||
View original content with multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-second-quarter-2017-results-300493031.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/24/2017Anadarko Schedules Second-Quarter 2017 Earnings Conference Call for July 25
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 10, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Tuesday, July 25, 2017, at 7:30 a.m. CDT (8:30 a.m. EDT) to discuss its second-quarter 2017 financial and operating results. Earnings will be released after close of market on Monday, July 24. The full text of the release will be available on the company's website at www.anadarko.com.
Second-Quarter 2017 Results
Tuesday, July 25, 2017
7:30 a.m. CDT (8:30 a.m. EDT)
Dial-in number: 877-883-0383
International dial-in number: 412-902-6506
Confirmation number: 4412190
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 4412190 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
View original content:http://www.prnewswire.com/news-releases/anadarko-schedules-second-quarter-2017-earnings-conference-call-for-july-25-300485594.html
SOURCE Anadarko Petroleum Corporation
Article Date
7/10/2017Anadarko to Participate in Upcoming Energy Conferences
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, June 13, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Al Walker, Chairman, President and CEO, will participate in the 2017 Wells Fargo West Coast Energy Conference on Tuesday, June 20, 2017, at 7:30 a.m. PDT in San Francisco.
Additionally, Bob Gwin, Anadarko Executive Vice President, Finance and Chief Financial Officer, will present at the J.P. Morgan Energy Equity Conference on Tuesday, June 27, 2017, at 11:20 a.m. EDT in New York.
A link to the audio webcast presentations will be available in the Investor section at www.anadarko.com, with replays available on the company's website for approximately 30 days following the events.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
6/13/2017Anadarko to Present at Upcoming Energy Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 17, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Ernie Leyendecker, Anadarko Executive Vice President, International and Deepwater Exploration, will present at the 2017 UBS Global Oil and Gas Conference on Tuesday, May 23, 2017, at 7:30 a.m. CDT.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
5/17/2017SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Anadarko Petroleum Corporation of Class Action Lawsuit and Upcoming Deadline - APC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 12, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Anadarko Petroleum Corporation ("Anadarko" or the "Company") (NYSE: APC) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 17-cv-01372, is on behalf of a class consisting of investors who purchased or otherwise acquired Anadarko securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Anadarko securities between February 17, 2016 and May 2, 2017, both dates inclusive, you have until July 3, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Oil and Gas Exploration and Production, Midstream, and Marketing.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Anadarko's maintenance and safety protocols in respect to certain of its vertical wells were inadequate; (ii) due to the foregoing shortcomings, these wells were at an increased risk of explosion; and (iii) that as a result of the foregoing, Anadarko's public statements were materially false and misleading at all relevant times.
On April 17, 2017, a deadly explosion killed two individuals and critically injured another in a recently built home located within 170 feet of an Anadarko well. On April 26, 2017, post-market, The Denver Post reported that Anadarko "plans to shut down 3,000 vertical wells in northeastern Colorado" following the April 17 explosion.
On this news, Anadarko's share price fell $2.84, or 4.73%, to close at $57.12 on April 27, 2017.
On May 2, 2017, the Frederick-Firestone Fire Protection District, through a joint effort with the Firestone Police Department and with the assistance of the Colorado Bureau of Investigation, concluded that the fatal home explosion on April 17 was linked to a faulty gas line connected to an old well owned by Anadarko. Officials stated that the gas line had been abandoned, but not disconnected from the wellhead and sealed at both ends. Consequently, the line only stopped leaking gas after Anadarko shut down 3,000 wells in the region following the explosion.
On this news, Anadarko's share price fell $4.54, or 8.07%, to close at $51.74 on May 3, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
Article Date
5/12/20175/10/2017 - Anadarko Announces Leadership Changes
Anadarko Announces Leadership Changes
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 10, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its board of directors has named Daniel E. Brown Executive Vice President, International and Deepwater Operations and Bradley J. Holly Executive Vice President, U.S. Onshore Exploration and Production. Darrell E. Hollek, formerly Executive Vice President, Operations, will serve as a senior adviser until his retirement later this year.
"Danny and Brad have each been with Anadarko for the last two decades, and have demonstrated outstanding leadership abilities during their careers," Anadarko Chairman, President and CEO Al Walker said. "We are fortunate to have widely respected, experienced and proven leaders like Danny and Brad to drive the next chapter of growth and value creation for Anadarko's U.S. onshore, deepwater Gulf of Mexico and international assets. We owe Darrell our gratitude for his many contributions over the last 37 years. He was instrumental in leading many areas of the company over the years, as well as helping to build the deep opportunity set our portfolio offers today. We will continue to benefit from his insight over the next several months in his advisory role and wish him all the best in retirement."
Brown began his career with the company in 1998. Most recently, Brown served as Senior Vice President, International and Deepwater Operations since August 2016. He has held a variety of positions within Anadarko, including Vice President, Operations for Anadarko's Southern and Appalachia Region, Vice President, Corporate Planning, General Manager of the Maverick Basin and the company's Freestone/Chalk area (U.S. onshore), Business Advisor for Planning and Reserves Administration in the Gulf of Mexico, and engineering roles in both the U.S. onshore and the Gulf of Mexico. He holds a Bachelor of Science in Mechanical Engineering from Texas A&M University and a MBA from Rice University, where he was a Jones Scholar Award recipient. Brown is a registered Professional Engineer in the state of Texas and serves on the Board of Advisors at the World Affairs Council.
Holly began his career in 1994 with Amoco and joined Anadarko in 1997. He most recently served as Senior Vice President, U.S. Onshore Exploration and Production. During his more than 20 years of experience, Holly has held positions of increasing responsibility in onshore and offshore engineering and management. He served as Senior Vice President, Operations for Anadarko's Rocky Mountain Region, Vice President, Operations for the Southern and Appalachia Region, and General Manager of Anadarko's Greater Natural Buttes area in eastern Utah and the Maverick Basin, which included the Eagleford Shale development in southern Texas. Prior to that, he served as Reserves and Planning Manager for the Southern and Appalachia Region and was a reservoir engineer and development supervisor on Anadarko's Marco Polo and K2 developments in the deepwater Gulf of Mexico.
Holly is a past Chairman of the Colorado Oil & Gas Association (COGA), and currently serves on the Board of Trustees for Mile High United Way and the Industry Advisory Board for the Texas Tech Petroleum Engineering Department. He is also a member of the Society of Petroleum Engineers. Colorado Governor John Hickenlooper appointed Holly to the Task Force on State and Local Regulation of Oil and Gas Operations in 2014. He also serves as the Chairman of Protect Colorado, and he is a member of the inaugural class of the Colorado Fellows Program. Holly holds a Bachelor of Science in Petroleum Engineering from Texas Tech University, and he is a graduate of the Harvard Business School Advanced Management Program.
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 2016, the company had 1.72 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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
5/10/20175/10/2017 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 10, 2017 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable June 28, 2017, to stockholders of record at the close of business on June 14, 2017.
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.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
5/10/2017IMPORTANT SHAREHOLDER ALERT: Lundin Law PC Announces Securities Class Action Lawsuit against Anadarko Petroleum Corporation and Encourages Investors with Losses to Contact the Firm
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
LOS ANGELES, May 8, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Anadarko Petroleum Corporation ("Anadarko" or the "Company") (NYSE: APC) concerning possible violations of federal securities laws between February 17, 2016 through May 2, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm in advance of the July 3, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Anadarko made false and misleading statements and/or failed to disclose: that the Company's maintenance and safety protocols concerning certain of its vertical wells were inadequate; that due to those shortcomings, these wells were at an increased risk of explosion; and that as a result of the above, Anadarko's public statements were materially false and misleading at all relevant times.
On April 17, 2017, a deadly explosion killed two people and critically injured another in a home located within 170 feet of an Anadarko well. On April 26, 2017, The Denver Post reported that the Company "plans to shut down 3,000 vertical wells in northeastern Colorado" following the April 17 explosion. On May 2, 2017, the Frederick-Firestone Fire Protection District concluded that the fatal home explosion on April 17 was linked to a faulty gas line connected to an Anadarko well. Upon release of this news, Anadarko shares fell in value materially, which caused investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
brian@lundinlawpc.com
http://lundinlawpc.com/
SOURCE Lundin Law PC
Article Date
5/8/2017Anadarko Issues Statement Regarding Firestone Accident
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 2, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) provided the following statement regarding the Frederick-Firestone Fire Protection District's results of investigation into the tragic accident in Firestone, Colo., which occurred on April 17.
"I know I speak for everyone at Anadarko when I say that our thoughts and prayers remain with the Martinez and Irwin families as they continue to mourn the loss of their loved ones," said Al Walker, Anadarko Chairman, President and CEO. "The safety of our employees and the people who live and work in the communities in which we operate is our number one priority. Consistent with that, and out of an abundance of caution, last week we shut in our vertical wells in the Oak Meadows area and throughout the basin. We hope that doing so also provided some additional reassurance to the community in the wake of this tragic accident. We will continue to take all necessary and appropriate steps in that regard, and will continue to cooperate fully with all ongoing investigations to ensure we fully understand the basis for the fire district's conclusions and that no stone is left unturned prior to any final determinations."
The company also will continue to work with the Colorado Oil and Gas Conservation Commission (COGCC) on additional steps or actions the agency deems necessary.
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 the timing of operational activities and determinations or other factors related to investigatory efforts. See "Risk Factors" in the company's 2016 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:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
5/2/2017Anadarko Announces First-Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 2, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its first-quarter 2017 results, reporting a net loss attributable to common stockholders of $318 million, or $0.58 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 $12 million, or $0.02 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the first quarter of 2017 was $1.12 billion.
FIRST-QUARTER HIGHLIGHTS
"The first quarter of 2017 provides a clear picture of the power of our streamlined portfolio and the three 'Ds', with record oil sales volume, significantly improved margins and strong cash flow," said Al Walker, Anadarko Chairman, President and CEO. "We have largely completed our divestiture program and ended the quarter with nearly $6 billion of cash on hand. These actions have increased our liquids product mix which, combined with the strengthening of commodity prices, substantially expanded our margins year over year. During the quarter, we continued to increase activity in the Delaware and DJ basins, adding six rigs to bring our current total to 21 across the U.S. onshore. In March, we also announced a 1.5-billion-barrel increase to our estimated net resources in the two basins, which now total more than 5 billion BOE. This proven performance, continuing efficiency gains and financial flexibility have us well positioned to deliver a compound annual oil growth rate of better than 15 percent over the next five years at current commodity prices while spending within cash inflows."
OPERATIONS SUMMARY
Anadarko's first-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 795,000 BOE per day. On a divestiture-adjusted basis, sales volume totaled approximately 61 million BOE, or 672,000 BOE per day.(2)
OPERATIONAL HIGHLIGHTS
During the first quarter of 2017, Anadarko continued to accelerate drilling activity in the U.S. onshore. The company achieved an all-time high for oil sales volume in the Delaware Basin, averaging approximately 31,000 barrels of oil per day. The company added five operated rigs during the quarter and has added one more subsequent to quarter-end, bringing the total number of operated rigs in the Delaware Basin to 15. The company continues to take action to establish operatorship in sections where it was not previously determined and expects these activities to result in operatorship of approximately 70 percent within the Area of Mutual Interest. In the DJ Basin, Anadarko's sales volume averaged 242,000 BOE per day. The company added one rig, bringing its total operated rig count to six, all drilling multi-well development pads.
In the Deepwater Gulf of Mexico, Anadarko's sales volume more than doubled year over year to approximately 160,000 BOE per day, reflecting the benefit of last December's property acquisition from Freeport-McMoRan and the continued strong performance at Lucius and Caesar/Tonga. The company continued to advance its hub-and-spoke opportunities, with field production at K2 reaching a nine-year record. Anadarko also drilled the first development well at Horn Mountain, encountering more than 70 net feet of oil pay, and expects to bring it on line later this year. In addition, the Calpurnia exploration well encountered nearly 60 net feet of oil pay in Miocene-aged sands. Calpurnia is expected to be tied back to one of Anadarko's nearby operated facilities in the Green Canyon protraction area. Anadarko recently completed drilling operations at the Shenandoah-6 appraisal and sidetrack well, which did not encounter the oil-water contact in the eastern portion of the field. The company has currently suspended appraisal activity in the field while it evaluates the path forward.
Internationally, the company increased sales volume by approximately 17 percent year over year, driven by oil volumes from the TEN project offshore Ghana, which achieved first oil in August 2016. During the quarter, Anadarko also announced the Purple Angel discovery offshore Colombia, which is located approximately three miles from its previously announced Kronos discovery. Subsequent to quarter-end, the company made its third discovery offshore Colombia at the Gorgon prospect, which encountered 260-360 net feet of natural gas pay. The drillship in Colombia will be mobilized to West Africa in the second quarter to continue the company's exploration and appraisal program offshore Côte d'Ivoire.
OPERATIONS REPORT
For additional details on Anadarko's first-quarter 2017 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Wednesday, May 3, 2017, at 8 a.m. Central (9 a.m. Eastern) to discuss first-quarter results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 3348513. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Ten pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of divestiture-adjusted volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2016, the company had 1.72 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 realize its expectations regarding performance, including Anadarko's ability to successfully execute upon its capital program; to meet financial and operating guidance contained in this news release; to meet the long-term goals identified in this news release; to successfully drill, complete, test and produce the wells identified in this news release; and to timely complete and commercially operate the projects and drilling prospects identified in this news release. See "Risk Factors" in the company's 2016 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.
Cautionary Note to Investors -The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. We may use terms in this presentation, such as "estimated net resources," and similar terms and quantities of "estimated proved reserves" using underlying management assumptions that the SEC's guidelines strictly prohibit us from including in filings with the SEC. These quantities may not constitute "reserves" within the meaning of the SEC's rules. Estimates and drilling locations have not been risked by our management. Actual quantities that may be ultimately recovered from our interests may differ substantially. Factors affecting ultimate recovery include the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and our actual drilling results, including geological and mechanical factors affecting recovery rates. Such estimates may change significantly as development of our oil and gas assets provide additional data.
U.S. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2016, File No. 001-08968, available from us at www.anadarko.com or by writing to us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
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, 2017 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common (GAAP) |
$ |
(318) |
$ |
(0.58) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
155 |
99 |
0.18 |
||||||||
|
Gains (losses) on divestitures, net |
804 |
509 |
0.92 |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(373) |
(237) |
(0.43) |
|||||||||
|
Exploration assets |
(532) |
(338) |
(0.61) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(21) |
(0.04) |
|||||||||
|
Certain items affecting comparability |
$ |
54 |
12 |
0.02 |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(330) |
$ |
(0.60) |
||||||||
|
* Includes $12 million related to interest-rate derivatives, $141 million related to commodity derivatives, and $2 million related to gathering, processing, and marketing sales. | ||||||||||||
|
Quarter Ended March 31, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders (GAAP) |
$ |
(1,034) |
$ |
(2.03) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(404) |
(255) |
(0.50) |
||||||||
|
Gains (losses) on divestitures, net |
2 |
1 |
— |
|||||||||
|
Impairments |
(16) |
(10) |
(0.02) |
|||||||||
|
Restructuring charges |
(203) |
(128) |
(0.25) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(73) |
(0.14) |
|||||||||
|
Certain items affecting comparability |
$ |
(621) |
(465) |
(0.91) |
||||||||
|
Adjusted net income (loss) (Non-GAAP) |
$ |
(569) |
$ |
(1.12) |
||||||||
|
* Includes $(325) million related to interest-rate derivatives, $(75) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales. | ||||||||||||
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.
|
March 31, 2017 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt (GAAP) |
$ |
15,326 |
$ |
3,120 |
$ |
12,206 |
|||||||
|
Less cash and cash equivalents |
5,831 |
123 |
5,708 |
||||||||||
|
Net debt (Non-GAAP) |
$ |
9,495 |
$ |
2,997 |
$ |
6,498 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
9,495 |
$ |
6,498 |
|||||||||
|
Total equity |
15,079 |
11,856 |
|||||||||||
|
Adjusted capitalization |
$ |
24,574 |
$ |
18,354 |
|||||||||
|
Net debt to adjusted capitalization ratio |
39 |
% |
35 |
% | |||||||||
|
* |
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) | |||||||
|
Quarter Ended | |||||||
|
March 31, | |||||||
|
millions |
2017 |
2016 | |||||
|
Cash Flows from Operating Activities |
|||||||
|
Net income (loss) |
$ |
(275) |
$ |
(998) |
|||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||
|
Depreciation, depletion, and amortization |
1,115 |
1,149 |
|||||
|
Deferred income taxes |
(660) |
(413) |
|||||
|
Dry hole expense and impairments of unproved properties |
1,012 |
35 |
|||||
|
Impairments |
373 |
16 |
|||||
|
(Gains) losses on divestitures, net |
(804) |
(2) |
|||||
|
Total (gains) losses on derivatives, net |
(147) |
299 |
|||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
(8) |
105 |
|||||
|
Other |
83 |
115 |
|||||
|
Changes in assets and liabilities |
434 |
(443) |
|||||
|
Net Cash Provided by (Used in) Operating Activities* |
$ |
1,123 |
$ |
(137) |
|||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
1,722 |
$ |
(973) |
|||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(198) |
$ |
3,119 |
|||
|
Capital Expenditures** |
$ |
1,255 |
$ |
896 |
|||
|
* |
Restructuring charges (excluding share-based compensation) were $180 million for the quarter ended March 31, 2016. Cash payments for restructuring charges were $19 million for the quarter ended March 31, 2017, and $79 million for the quarter ended March 31, 2016. |
|
** |
Includes Western Gas Partners, LP (WES) capital expenditures of $286 million for the quarter ended March 31, 2017, and $140 million for the quarter ended March 31, 2016. |
|
Anadarko Petroleum Corporation | |||||||
|
(Unaudited) | |||||||
|
Quarter Ended | |||||||
|
Summary Financial Information |
March 31, | ||||||
|
millions except per-share amounts |
2017 |
2016 | |||||
|
Consolidated Statements of Income |
|||||||
|
Revenues and Other |
|||||||
|
Oil sales |
$ |
1,663 |
$ |
850 |
|||
|
Natural-gas sales |
502 |
366 |
|||||
|
Natural-gas liquids sales |
289 |
178 |
|||||
|
Gathering, processing, and marketing sales |
444 |
240 |
|||||
|
Gains (losses) on divestitures and other, net |
869 |
40 |
|||||
|
Total |
3,767 |
1,674 |
|||||
|
Costs and Expenses |
|||||||
|
Oil and gas operating |
258 |
208 |
|||||
|
Oil and gas transportation |
249 |
242 |
|||||
|
Exploration |
1,085 |
126 |
|||||
|
Gathering, processing, and marketing |
351 |
215 |
|||||
|
General and administrative |
269 |
449 |
|||||
|
Depreciation, depletion, and amortization |
1,115 |
1,149 |
|||||
|
Other taxes |
155 |
117 |
|||||
|
Impairments |
373 |
16 |
|||||
|
Other operating expense |
22 |
16 |
|||||
|
Total |
3,877 |
2,538 |
|||||
|
Operating Income (Loss) |
(110) |
(864) |
|||||
|
Other (Income) Expense |
|||||||
|
Interest expense |
223 |
220 |
|||||
|
(Gains) losses on derivatives, net |
(147) |
297 |
|||||
|
Other (income) expense, net |
(8) |
— |
|||||
|
Total |
68 |
517 |
|||||
|
Income (Loss) Before Income Taxes |
(178) |
(1,381) |
|||||
|
Income tax expense (benefit) |
97 |
(383) |
|||||
|
Net Income (Loss) |
(275) |
(998) |
|||||
|
Net income (loss) attributable to noncontrolling interests |
43 |
36 |
|||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(318) |
$ |
(1,034) |
|||
|
Per Common Share |
|||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(0.58) |
$ |
(2.03) |
|||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(0.58) |
$ |
(2.03) |
|||
|
Average Number of Common Shares Outstanding—Basic |
551 |
509 |
|||||
|
Average Number of Common Shares Outstanding—Diluted |
551 |
509 |
|||||
|
Exploration Expense |
|||||||
|
Dry hole expense |
$ |
476 |
$ |
11 |
|||
|
Impairments of unproved properties |
537 |
24 |
|||||
|
Geological and geophysical expense |
37 |
37 |
|||||
|
Exploration overhead and other |
35 |
54 |
|||||
|
Total |
$ |
1,085 |
$ |
126 |
|||
|
Anadarko Petroleum Corporation | |||||||||
|
(Unaudited) | |||||||||
|
March 31, |
December 31, | ||||||||
|
millions |
2017 |
2016 | |||||||
|
Condensed Balance Sheets |
|||||||||
|
Cash and cash equivalents |
$ |
5,831 |
$ |
3,184 |
|||||
|
Accounts receivable, net of allowance |
1,577 |
1,728 |
|||||||
|
Other current assets |
299 |
354 |
|||||||
|
Net properties and equipment |
29,065 |
32,168 |
|||||||
|
Other assets |
2,182 |
2,226 |
|||||||
|
Goodwill and other intangible assets |
5,739 |
5,904 |
|||||||
|
Total Assets |
$ |
44,693 |
$ |
45,564 |
|||||
|
Short-term debt |
42 |
42 |
|||||||
|
Other current liabilities |
3,720 |
3,286 |
|||||||
|
Long-term debt |
15,284 |
15,281 |
|||||||
|
Deferred income taxes |
3,664 |
4,324 |
|||||||
|
Asset retirement obligations |
2,684 |
2,802 |
|||||||
|
Other long-term liabilities |
4,220 |
4,332 |
|||||||
|
Common stock |
57 |
57 |
|||||||
|
Paid-in capital |
11,914 |
11,875 |
|||||||
|
Retained earnings |
1,330 |
1,704 |
|||||||
|
Treasury stock |
(1,054) |
(1,033) |
|||||||
|
Accumulated other comprehensive income (loss) |
(391) |
(391) |
|||||||
|
Total stockholders' equity |
11,856 |
12,212 |
|||||||
|
Noncontrolling interests |
3,223 |
3,285 |
|||||||
|
Total Equity |
15,079 |
15,497 |
|||||||
|
Total Liabilities and Equity |
$ |
44,693 |
$ |
45,564 |
|||||
|
Capitalization |
|||||||||
|
Total debt |
$ |
15,326 |
$ |
15,323 |
|||||
|
Total equity |
15,079 |
15,497 |
|||||||
|
Total |
$ |
30,405 |
$ |
30,820 |
|||||
|
Capitalization Ratios |
|||||||||
|
Total debt |
50 |
% |
50 |
% | |||||
|
Total equity |
50 |
% |
50 |
% | |||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 2017 |
|||||||||||||||||||||||||||||
|
United States |
269 |
1,859 |
112 |
24 |
167 |
10 |
$ |
49.23 |
$ |
3.00 |
$ |
26.57 |
|||||||||||||||||
|
Algeria |
70 |
— |
6 |
6 |
— |
1 |
53.20 |
— |
37.57 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
53.77 |
— |
— |
||||||||||||||||||||
|
Total |
367 |
1,859 |
118 |
33 |
167 |
11 |
$ |
50.34 |
$ |
3.00 |
$ |
27.17 |
|||||||||||||||||
|
Quarter Ended March 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
232 |
2,303 |
122 |
21 |
210 |
11 |
$ |
28.04 |
$ |
1.75 |
$ |
14.98 |
|||||||||||||||||
|
Algeria |
65 |
— |
6 |
6 |
— |
— |
34.62 |
— |
22.78 |
||||||||||||||||||||
|
Other International |
18 |
— |
— |
2 |
— |
— |
32.27 |
— |
— |
||||||||||||||||||||
|
Total |
315 |
2,303 |
128 |
29 |
210 |
11 |
$ |
29.65 |
$ |
1.75 |
$ |
15.32 |
|||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended March 31, 2017 |
795 |
72 |
|||||||||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
827 |
75 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil |
Natural Gas |
NGLs |
Oil |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended March 31, 2017 |
||||||||||||||||||||||||
|
United States |
$ |
1,191 |
$ |
502 |
$ |
267 |
$ |
1 |
$ |
(4) |
$ |
(3) |
||||||||||||
|
Algeria |
334 |
— |
22 |
— |
— |
— |
||||||||||||||||||
|
Other International |
138 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,663 |
$ |
502 |
$ |
289 |
$ |
1 |
$ |
(4) |
$ |
(3) |
||||||||||||
|
Quarter Ended March 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
591 |
$ |
366 |
$ |
167 |
$ |
88 |
$ |
13 |
$ |
2 |
||||||||||||
|
Algeria |
206 |
— |
11 |
— |
— |
— |
||||||||||||||||||
|
Other International |
53 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
850 |
$ |
366 |
$ |
178 |
$ |
88 |
$ |
13 |
$ |
2 |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 2, 2017 | ||||||||||||||
|
Note: Guidance excludes 2017 sales volumes associated with the Eagleford and Marcellus divestitures. | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
57 |
— |
59 |
235 |
— |
239 |
||||||||
|
Total Sales Volumes (MBOE/d) |
626 |
— |
648 |
644 |
— |
655 |
||||||||
|
Oil (MBbl/d) |
336 |
— |
342 |
357 |
— |
362 |
||||||||
|
United States |
248 |
— |
252 |
273 |
— |
276 |
||||||||
|
Algeria |
61 |
— |
62 |
59 |
— |
60 |
||||||||
|
Ghana |
27 |
— |
28 |
25 |
— |
26 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,215 |
— |
1,250 |
1,170 |
— |
1,200 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
89 |
— |
93 |
91 |
— |
94 |
||||||||
|
Algeria |
5 |
— |
6 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(4.20) |
— |
(0.20) |
(4.30) |
— |
(0.30) |
||||||||
|
United States |
(5.00) |
— |
(1.00) |
(5.00) |
— |
(1.00) |
||||||||
|
Algeria |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Ghana |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.50) |
— |
(0.30) |
(0.40) |
— |
(0.20) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 2, 2017 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
95 |
— |
105 |
400 |
— |
420 |
||||||||
|
Minerals and Other |
40 |
— |
60 |
180 |
— |
200 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
4.15 |
— |
4.35 |
3.90 |
— |
4.40 |
||||||||
|
Oil & Gas Transportation |
3.40 |
— |
3.60 |
3.50 |
— |
3.65 |
||||||||
|
Depreciation, Depletion, and Amortization |
18.15 |
— |
18.40 |
17.70 |
— |
17.80 |
||||||||
|
Production Taxes (% of Product Revenue) |
7.0 |
% |
— |
8.0 |
% |
6.5 |
% |
— |
7.5 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative (excludes restructuring charges) |
260 |
— |
280 |
1,000 |
— |
1,050 |
||||||||
|
Other Operating Expense |
5 |
— |
10 |
30 |
— |
40 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
95 |
— |
125 |
885 |
— |
985 |
||||||||
|
Cash |
55 |
— |
75 |
235 |
— |
255 |
||||||||
|
Interest Expense (net) |
215 |
— |
230 |
880 |
— |
900 |
||||||||
|
Other (Income) Expense |
(5) |
— |
5 |
(15) |
— |
— |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% Deferred for Q2 and 100% Current for Total Year) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company ((10)% Current/110% Deferred for Q2 and (150)% Current/250% Deferred for Total Year) |
25 |
% |
— |
35 |
% |
25 |
% |
— |
35 |
% | ||||
|
Noncontrolling Interest |
45 |
— |
55 |
205 |
— |
225 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
552 |
— |
554 |
552 |
— |
554 |
||||||||
|
Diluted |
552 |
— |
554 |
553 |
— |
555 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
1,050 |
— |
1,250 |
4,500 |
— |
4,700 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of May 2, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
As of May 2, 2017 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory |
Rate Paid |
Rate Received |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended March 31, 2017 |
Quarter Ended March 31, 2016 | ||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Total |
Oil MBbls/d |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
119 |
1,146 |
88 |
398 |
130 |
1,128 |
71 |
389 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
125 |
129 |
12 |
159 |
58 |
85 |
7 |
79 |
|||||||||||||||
|
International and Alaska |
109 |
— |
6 |
115 |
93 |
— |
6 |
99 |
|||||||||||||||
|
Same-Store Sales |
353 |
1,275 |
106 |
672 |
281 |
1,213 |
84 |
567 |
|||||||||||||||
|
Divestitures* |
14 |
584 |
12 |
123 |
34 |
1,090 |
44 |
260 |
|||||||||||||||
|
Total |
367 |
1,859 |
118 |
795 |
315 |
2,303 |
128 |
827 |
|||||||||||||||
|
* |
Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, Eagleford, and Marcellus. |
PDF - http://mma.prnewswire.com/media/507079/Anadarko_1Q17_OpsReport.pdf
SOURCE Anadarko Petroleum Corporation
Article Date
5/2/2017Anadarko Issues Statement Regarding Colorado Operations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 26, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) provided the following statement regarding the tragic home explosion and fire in Firestone, Colo., that occurred on April 17.
"This terrible tragedy has left all of us with heavy hearts, and the families and their loved ones are in our thoughts and prayers," said Al Walker, Anadarko Chairman, President and CEO. "Words cannot express how saddened we are that this occurred in a community where many of our employees, their families, and friends live and work. We share the community's gratitude for the courageous response of neighbors and nearby construction crews who quickly came to the aid of the family, as well as the first responders and others who made sure surrounding homes were kept safe."
While there is still much that is not yet known regarding the potential contributing factors, Anadarko operates an older vertical well that was drilled by a previous operator in 1993 and is located approximately 200 feet from where the home was recently built. As such, the company has been working cooperatively with fire officials and state regulatory agencies in their investigations since the time of the accident.
While these events remain under active investigation and much remains to be determined, in an abundance of caution, since the company operates more than 3,000 producing vertical wells of the same vintage, it has taken proactive measures to shut in all vertical wells across the counties in northeast Colorado where it operates. The wells will remain shut in until the company's field personnel can conduct additional inspections and testing of the associated equipment, such as facilities and underground lines associated with each wellhead. Particular focus is being placed on areas where housing and commercial developments are occurring in close proximity to existing infrastructure. The wells will not be restarted until each has undergone and passed these additional inspections. Anadarko currently anticipates the process will take two to four weeks, depending on weather. The wells currently account for total production of about 13,000 net barrels of oil equivalent per day.
"Our teams will remain actively engaged with residents in the Firestone community," said Brad Holly, Anadarko Sr. Vice President, U.S. Onshore Exploration and Production. "Colorado residents must feel safe in their own homes, and I want to be clear that we are committed to understanding all that we can about this tragedy as we work with each investigating agency until causes can be determined."
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 the timing of operational activities and determinations or other factors related to investigatory efforts. See "Risk Factors" in the company's 2016 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.
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Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
SOURCE Anadarko Petroleum Corporation
Article Date
4/26/2017Anadarko Schedules First-Quarter 2017 Earnings Conference Call for May 3
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 11, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Wednesday, May 3, 2017, at 8 a.m. CDT (9 a.m. EDT) to discuss its first-quarter 2017 financial and operating results. Earnings will be released after close of market on Tuesday, May 2. The full text of the release will be available on the company's website at www.anadarko.com.
First-Quarter 2017 Results
Wednesday, May 3, 2017
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Participant access code: 3348513
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter access code 3348513 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
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Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
4/11/2017Oceaneering Announces Anadarko Constellation Umbilical Contract
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 6, 2017 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) announced that it secured a contract from Anadarko Petroleum Corporation ("Anadarko") (NYSE: APC) to supply the umbilical for Anadarko's Constellation subsea tieback in the U.S. Gulf of Mexico.
The contract is for a dynamic and static electro-hydraulic steel tube control umbilical, and associated hardware. Oceaneering plans to design and manufacture the umbilical at its facility in Panama City, Florida.
The control umbilical for the Constellation project is expected to be used to transmit hydraulic control fluid and chemicals, as well as provide the electrical power and fiber optic requirements to operate and monitor the subsea wells which are located in approximately 1,370 meters (4,500 feet) of water within Green Canyon Block 627. The umbilical is expected to be tied back to Anadarko's Constitution spar.
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include the statements concerning Oceaneering's planned design and manufacturing location, as well as the expected use and tie back of the umbilicals. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions, including risks and uncertainties related to counterparty performance under contracts and market conditions and other economic factors affecting Oceaneering's business. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For more information on the Company, please visit www.oceaneering.com.
Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707
SOURCE Oceaneering International, Inc.
Article Date
4/6/2017Anadarko Announces 2017 Initial Capital Program And Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 7, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its 2017 initial capital expectations and guidance. The company will also host an investor conference call tomorrow to discuss recent updates and expectations, including:
HIGHLIGHTS
"Our 2017 initial capital program is designed to leverage our streamlined portfolio and sharpened focus on higher-margin oil production, which is expected to generate stronger returns and substantial cash flow to fund material growth over the next five years," said Al Walker, Anadarko Chairman, President and CEO. "With a growing lower-risk resource base of more than 6.5 billion BOE (barrels of oil equivalent) in our premier U.S. focus areas of the Delaware and DJ basins, and the deepwater Gulf of Mexico, I believe Anadarko is poised to deliver exceptional value in 2017 and well beyond.
"In 2017, we plan to allocate approximately 80 percent of our total capital program toward our U.S. onshore upstream and midstream activities, and our expanded position in the deepwater Gulf of Mexico," added Walker. "These investments provide the foundation for our increased five-year oil growth expectations of more than 15 percent on a compounded annual basis at current prices, and we are prepared to be flexible throughout the year if we see the opportunity in the Delaware and DJ basins to accelerate activity to capture additional value. Furthermore, sustained oil production from our deepwater Gulf of Mexico, Algeria and Ghana assets is expected to generate significant free cash flow to support growth and fund future value creation through exploration success and our LNG business."
|
2017 Initial Capital Expectations ($4.5 - $4.7 Billion)(1) | |||||||
|
By Area |
Billions |
By Type |
|||||
|
U.S. Onshore |
$ |
1.9 |
U.S. Focus Areas* |
80 |
% | ||
|
Deepwater & Int'l. Operations |
1.1 |
Int'l. Cash Generation** |
2 |
% | |||
|
Deepwater & Int'l. Exploration/LNG |
0.8 |
Future Upside (Exploration & LNG) |
15 |
% | |||
|
Midstream |
0.6 |
Corporate |
3 |
% | |||
|
Note: All amounts are approximates. | |||||||
|
* U.S. onshore upstream and midstream, and deepwater Gulf of Mexico | |||||||
|
** Algeria and Ghana operations |
|
Initial Sales-Volume Expectations(2) | |||
|
2017 Initial Expectations |
2016 | ||
|
Total (MMBOE) |
235 – 239 |
210 | |
|
Oil (MBOPD) |
357 – 362 |
287 | |
U.S. ONSHORE
During 2016, Anadarko high-graded its U.S. onshore portfolio by divesting a number of natural-gas-weighted assets and concentrating its top-tier positions in the Delaware and DJ basins, which resulted in an expected 25-percent increase in liquids composition from the U.S. onshore relative to 2015 on a same-store-sales basis.(2)
In the Delaware Basin in West Texas, Anadarko increased its estimated net resources in the Wolfcamp A formation by about 50 percent to more than 3 billion BOE of net resources. In addition, the company estimates it has more than 1 billion BOE of incremental potential upside on its acreage in the Wolfcamp B, C and D formations, the Bone Spring, and Avalon Shale opportunities. In 2017, the company plans to invest approximately $820 million in Delaware Basin upstream activities, with an additional $560 million of Anadarko capital allocated toward the expansion of its midstream backbone to enable future growth. Anadarko plans to average 10 to 14 operated drilling rigs during the year and drill more than 150 operated mid-lateral-equivalent wells.
In the DJ Basin of northeast Colorado, Anadarko increased its estimated net resources by about 33 percent as a result of improved recoveries and additional down-spacing opportunities. The company now estimates it has more than 2 billion BOE of net resources within its development area, with additional upside on its acreage in the greater DJ Basin. In 2017, Anadarko plans to invest approximately $840 million in DJ Basin upstream activities, average five to six operated rigs and drill approximately 290 mid-lateral-equivalent wells.
"We expect our current 2017 U.S. onshore capital allocation to deliver significant oil growth toward the end of the year as we overcome the effects of last year's reduced activity levels on our shorter-cycle onshore opportunities," added Walker. "We anticipate achieving an exit rate of approximately 50,000 barrels of oil per day in the Delaware Basin, which is more than 80-percent higher than 2016, and in the DJ Basin, we expect our oil-production exit rate to be about 100,000 barrels per day, a 30-percent increase over the prior year."
DEEPWATER & INTERNATIONAL OPERATIONS
In 2017, Anadarko expects to invest approximately $1.1 billion in its deepwater Gulf of Mexico, Algeria and Ghana assets.
In the Gulf of Mexico, the company plans to continue leveraging its premier infrastructure position and drill approximately seven development tiebacks during the year. In addition, Anadarko expects to benefit from a full year of production from the recently acquired Freeport-McMoRan properties, which doubled Anadarko's sales volumes to more than 160,000 BOE per day at the end of last year. Minimal capital investments are expected to be required in 2017 to maintain the steady, long-lived, high-margin oil production provided by the company's strong cash-generating assets in Algeria and offshore Ghana.
DEEPWATER & INTERNATIONAL EXPLORATION AND LNG
Exploration and LNG development continue to be differentiating components of Anadarko's business. In 2017, the company expects to invest approximately $770 million in its deepwater and international exploration program and LNG project in Mozambique.
During the year, Anadarko plans to drill up to 10 exploration/appraisal wells in the deepwater Gulf of Mexico, Côte d'Ivoire, and Colombia, where Anadarko recently added to its previous exploration success with another discovery at the Purple Angel prospect.
The company expects to continue advancing the Mozambique LNG project where it has made good progress on the legal and contractual framework, and recently submitted a Development Plan to the Government of Mozambique for the Golfinho/Atum discoveries.
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Wednesday, March 8, 2017, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss its initial 2017 capital program and guidance. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4377341. To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
INVESTOR BOOK
Anadarko's updated Investor Book is available on the company's website at http://investors.anadarko.com/investor-kit.
Four pages of supplemental materials including the company's initial 2017 guidance, updated hedging positions and a reconciliation of same-store-sales volumes are provided in the tables attached to this release.
(1) Does not include capital investments made by Western Gas Partners, LP (NYSE: WES).
(2) See the accompanying table for a reconciliation of same-store-sales volumes, which reflects both divestitures and acquisitions.
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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 2016, the company had 1.72 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 execute upon its capital program; to meet financial and operating guidance contained in this news release; to meet the long-term goals identified in this news release; to successfully drill, complete, test and produce the wells identified in this news release; and to successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2016 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.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resources," "resource base," "potential upside," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2016, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
2017 Q1 Guidance | ||||||||||||||
|
Note: Guidance excludes 2017 sales volumes associated with the Eagleford and Marcellus* divestitures. | ||||||||||||||
|
1st-Qtr. |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
59 |
— |
61 |
235 |
— |
239 |
||||||||
|
Total Sales Volumes (MBOE/d) |
656 |
— |
678 |
644 |
— |
655 |
||||||||
|
Oil (MBbl/d) |
351 |
— |
356 |
357 |
— |
362 |
||||||||
|
United States |
253 |
— |
256 |
273 |
— |
276 |
||||||||
|
Algeria |
70 |
— |
71 |
59 |
— |
60 |
||||||||
|
Ghana |
28 |
— |
29 |
25 |
— |
26 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,260 |
— |
1,300 |
1,165 |
— |
1,195 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
96 |
— |
100 |
90 |
— |
93 |
||||||||
|
Algeria |
5 |
— |
7 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs. NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(4.90) |
— |
(0.90) |
(5.10) |
— |
(1.00) |
||||||||
|
United States |
(6.00) |
— |
(2.00) |
(6.00) |
— |
(2.00) |
||||||||
|
Algeria |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Ghana |
(2.00) |
— |
2.00 |
(2.00) |
— |
2.00 |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.35) |
— |
(0.15) |
(0.35) |
— |
(0.15) |
||||||||
|
* Pending |
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
2017 Q1 Guidance | ||||||||||||||
|
Note: Guidance excludes 2017 sales volumes associated with the Eagleford and Marcellus* divestitures. | ||||||||||||||
|
1st-Qtr. |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
75 |
— |
85 |
380 |
— |
400 |
||||||||
|
Minerals and Other |
55 |
— |
75 |
180 |
— |
200 |
||||||||
|
Costs and Expenses |
||||||||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Oil & Gas Direct Operating |
3.90 |
— |
4.10 |
4.00 |
— |
4.50 |
||||||||
|
Oil & Gas Transportation |
3.40 |
— |
3.60 |
3.50 |
— |
3.65 |
||||||||
|
Depreciation, Depletion, and Amortization |
15.75 |
— |
16.10 |
17.80 |
— |
17.90 |
||||||||
|
Production Taxes (% of Product Revenue) |
6.5 |
% |
— |
7.5 |
% |
6.5 |
% |
— |
7.5 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
260 |
— |
280 |
1,000 |
— |
1,050 |
||||||||
|
Other Operating Expense |
20 |
— |
30 |
30 |
— |
40 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
210 |
— |
240 |
450 |
— |
550 |
||||||||
|
Cash |
55 |
— |
75 |
235 |
— |
255 |
||||||||
|
Interest Expense (net) |
215 |
— |
230 |
845 |
— |
865 |
||||||||
|
Other (Income) Expense |
(5) |
— |
5 |
(15) |
— |
— |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% current) |
60 |
% |
— |
70 |
% |
60 |
% |
— |
70 |
% | ||||
|
Rest of Company (100% deferred) |
5 |
% |
— |
15 |
% |
30 |
% |
— |
40 |
% | ||||
|
Noncontrolling Interest |
70 |
— |
75 |
255 |
— |
275 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
551 |
— |
553 |
552 |
— |
554 |
||||||||
|
Diluted |
552 |
— |
554 |
553 |
— |
555 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expectations |
950 |
— |
1,150 |
4,500 |
— |
4,700 |
||||||||
|
____________________ |
|
* Pending |
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of March 7, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(Thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Anadarko Petroleum Corporation | |||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||
|
Average Daily Sales Volumes | |||||||||||
|
Oil |
Natural Gas |
NGLs |
Total | ||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d | ||||||||
|
Quarter Ended March 31, 2016 |
|||||||||||
|
U.S. Onshore |
130 |
1,128 |
71 |
389 |
|||||||
|
Deepwater Gulf of Mexico |
58 |
85 |
7 |
79 |
|||||||
|
International and Alaska |
93 |
— |
6 |
99 |
|||||||
|
Same-Store Sales |
281 |
1,213 |
84 |
567 |
|||||||
|
Divestitures** |
34 |
1,090 |
44 |
260 |
|||||||
|
Total |
315 |
2,303 |
128 |
827 |
|||||||
|
Quarter Ended June 30, 2016 |
|||||||||||
|
U.S. Onshore |
127 |
1,127 |
77 |
392 |
|||||||
|
Deepwater Gulf of Mexico |
56 |
73 |
6 |
74 |
|||||||
|
International and Alaska |
81 |
— |
5 |
86 |
|||||||
|
Same-Store Sales |
264 |
1,200 |
88 |
552 |
|||||||
|
Divestitures** |
32 |
988 |
43 |
240 |
|||||||
|
Total |
296 |
2,188 |
131 |
792 |
|||||||
|
Quarter Ended September 30, 2016 |
|||||||||||
|
U.S. Onshore |
131 |
1,067 |
79 |
388 |
|||||||
|
Deepwater Gulf of Mexico |
65 |
77 |
6 |
84 |
|||||||
|
International and Alaska |
93 |
— |
7 |
100 |
|||||||
|
Same-Store Sales |
289 |
1,144 |
92 |
572 |
|||||||
|
Divestitures** |
28 |
859 |
37 |
208 |
|||||||
|
Total |
317 |
2,003 |
129 |
780 |
|||||||
|
Quarter Ended December 31, 2016 |
|||||||||||
|
U.S. Onshore |
125 |
1,099 |
80 |
388 |
|||||||
|
Deepwater Gulf of Mexico |
69 |
82 |
8 |
91 |
|||||||
|
International and Alaska |
107 |
— |
8 |
115 |
|||||||
|
Acquisitions* |
12 |
11 |
1 |
15 |
|||||||
|
Same-Store Sales |
313 |
1,192 |
97 |
609 |
|||||||
|
Divestitures** |
23 |
689 |
27 |
165 |
|||||||
|
Total |
336 |
1,881 |
124 |
774 |
|||||||
|
Year Ended December 31, 2016 |
|||||||||||
|
U.S. Onshore |
129 |
1,105 |
77 |
390 |
|||||||
|
Deepwater Gulf of Mexico |
62 |
79 |
7 |
82 |
|||||||
|
International and Alaska |
93 |
— |
6 |
99 |
|||||||
|
Acquisitions* |
3 |
3 |
— |
4 |
|||||||
|
Same-Store Sales |
287 |
1,187 |
90 |
575 |
|||||||
|
Divestitures** |
29 |
906 |
38 |
218 |
|||||||
|
Total |
316 |
2,093 |
128 |
793 |
|||||||
|
* |
Includes volumes related to the acquisition of Gulf of Mexico assets on December 15, 2016. |
|
** |
Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, Eagleford, and Marcellus (pending). |
SOURCE Anadarko Petroleum Corporation
Article Date
3/7/20172/13/2017 - Western Gas Announces Management Promotions
Western Gas Announces Management Promotions
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 13, 2017 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP" and collectively the "Partnerships") announced that effective today Benjamin M. Fink has been named President and CEO. Fink has served as the Sr. Vice President (SVP), Finance and CFO of WES since 2009 and of WGP since its formation in 2012. Don Sinclair, in anticipation of his ultimate retirement, has stepped down from his WES and WGP officer positions, as well as his role as SVP, Midstream at the Partnerships' sponsor, Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko"). Sinclair will continue to serve as Senior Advisor to Anadarko and the Partnerships. Fink also will replace Sinclair as a director of the Partnerships and will remain the Partnerships' principal financial and accounting officer until his successor is named.
"Don has been a tremendous part of the success of both Western Gas partnerships since he joined us as President in 2009," said Robert Gwin, Chairman of WES and WGP. "We thank him for his seven years of leadership and contributions, and are very happy that he has chosen to remain part of our organizations in an advisory capacity, as he possesses a unique combination of industry knowledge and commercial talent.
"We are very pleased that Ben will succeed Don, ensuring the continuity of our successful strategy and execution," added Gwin. "Over the past seven years, Ben's financial and tactical leadership has been a critical component of the exceptional performance that Western Gas has consistently delivered to its stakeholders, and I am confident that he, along with his talented leadership team, will advance Western Gas through its next stage of growth."
In addition, Craig W. Collins has been named SVP, Operations and Chief Operating Officer of the Partnerships, and Philip H. Peacock has been named SVP, General Counsel and Corporate Secretary of the Partnerships. Peacock previously served as Vice President, General Counsel and Corporate Secretary beginning in 2012.
BENJAMIN M. FINK
Fink has 25 years of financial and operational experience and joined Anadarko in 2006. He holds a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania, and is a Chartered Financial Analyst.
CRAIG W. COLLINS
Collins joined Anadarko in 2003 and has held positions of increasing responsibility including general manager of midstream commercial development, and most recently as director of midstream engineering. He holds a Bachelor of Science degree in Chemical Engineering from Texas A&M University and a Master of Business Administration degree from Rice University.
PHILIP H. PEACOCK
Peacock joined Western Gas in 2012. Previously, he was a partner practicing corporate and securities law at the law firm of Andrews Kurth LLP, which he joined in 2003. Peacock holds a Bachelor of Arts degree from Princeton University, a Master of Arts degree from the University of Houston, and a Juris Doctor degree from the University of Virginia. He is licensed to practice law in the state of Texas.
Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream energy assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania and Texas, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas, and gathering, stabilizing and transporting condensate, natural gas liquids and crude oil for Anadarko, as well as for other producers and customers.
Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.
For more information about Western Gas Partners, LP and Western Gas Equity Partners, LP, please visit www.westerngas.com.
This news release contains forward-looking statements. Western Gas Partners and Western Gas Equity Partners believe that their 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. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the ability to obtain new sources of natural gas supplies; the effect of fluctuations in commodity prices and the demand for natural gas and related products; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" sections of WES's and WGP's most recent Forms 10-K and Forms 10-Q filed with the Securities and Exchange Commission and in their other public filings and press releases. Western Gas Partners and Western Gas Equity Partners undertake no obligation to publicly update or revise any forward-looking statements.
WESTERN GAS CONTACT
Jonathon E. VandenBrand
Director, Investor Relations
jon.vandenbrand@anadarko.com
832.636.6000
SOURCE Western Gas
Article Date
2/13/2017Anadarko Announces Board Of Directors Election
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 9, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the election of Claire S. Farley to serve as an independent director of the company, effective today.
"Claire is a respected leader in the energy industry with a tremendous track record of success, including far-reaching experience in finance, strategic investments, mergers and acquisitions, and exploration and new ventures," said Anadarko Chairman, President and CEO Al Walker. "We are grateful to have her exceptional strategic focus in the boardroom."
CLAIRE S. FARLEY
Farley, 57, serves as Vice Chair of Energy, advising KKR & Co. L.P.'s Energy group. Prior to joining KKR in 2011, she was co-founder and co-CEO of RPM Energy LLC, a privately owned oil and natural gas exploration and development company, which partnered with KKR. Prior to founding RPM Energy, Ms. Farley was a Senior Advisor at Jefferies Randall & Dewey, a global oil and gas industry advisor, and was Co-President of Jefferies Randall & Dewey from February 2005 to July 2008. Prior to that, Ms. Farley served as Chief Executive Officer of Randall & Dewey, an oil and gas asset transaction advisory firm, from September 2002 until February 2005, when Randall and Dewey became the Oil and Gas Investment Banking Group of Jefferies & Company. Ms. Farley has extensive oil and gas exploration expertise, holding several positions within Texaco from 1981 to 1999, including President of Worldwide Exploration and New Ventures, President of North American Production and Chief Executive Officer of Hydro-Texaco, Inc. Ms. Farley also served as Chief Executive Officer of Intelligent Diagnostics Corporation from October 1999 to January 2001 and of Trade-Ranger Inc. from January 2001 to May 2002.
Ms. Farley serves as a director of LyondellBasell Industries N.V. and TechnipFMC plc. In addition to her public directorships, Ms. Farley also is a board member of Samson Resources, a private company, and the Houston advisory board of the Nature Conservancy. Ms. Farley holds a B.S. in geology from Emory University.
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 2016, the company had 1.72 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
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
2/9/20172/9/2017 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 9, 2017 /PRNewswire/ -- The board of directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable March 22, 2017, to stockholders of record at the close of business on March 8, 2017.
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.
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 2016, the company had approximately 1.72 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
2/9/2017Anadarko Announces 2016 Fourth-Quarter And Full-Year Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2016 fourth-quarter results, reporting a net loss attributable to common stockholders of $515 million, or $0.94 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 $243 million, or $0.44 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the fourth quarter of 2016 was $1.12 billion.
For the year ended Dec. 31, 2016, Anadarko reported a net loss attributable to common stockholders of $3.07 billion, or $5.90 per share (diluted). Full-year 2016 net cash provided by operating activities totaled $3.00 billion.
2016 HIGHLIGHTS
"Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company's competitive focus going forward," said Al Walker, Anadarko Chairman, President and CEO. "As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRan's Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three 'Ds' to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 290 million BOE, or an average of 793,000 BOE per day. Fourth-quarter 2016 sales volumes of oil, natural gas and NGLs averaged approximately 774,000 BOE per day.
In 2016, Anadarko organically added 300 million BOE of proved reserves before the effects of price revisions. Anadarko's costs incurred were $5.63 billion, which includes $2.45 billion of acquisition costs. The company's oil and natural gas exploration and development costs were $3.21 billion.(3) The company estimates its proved reserves at year-end 2016 totaled 1.72 billion BOE, with 77 percent of its reserves categorized as proved developed. At year-end 2016, Anadarko's proved reserves were comprised of 57 percent liquids and 43 percent natural gas.
OPERATING HIGHLIGHTS
In 2016, Anadarko reduced its capital investments by approximately 50 percent relative to 2015, excluding capital investments associated with Western Gas Partners, LP (NYSE: WES), yet delivered significant sales-volume increases in its two most attractive U.S. onshore operating areas – the Delaware and DJ basins. Sales volumes in the Delaware Basin averaged approximately 45,000 BOE per day, including an increase of 8,000 barrels of oil per day (BOPD), representing a 50-percent increase over 2015. In the DJ Basin, sales volumes averaged 244,000 BOE per day – a 20,000-BOE per day increase over 2015. The company increased rig activity in both basins during the year, ending 2016 with nine operated rigs in the Delaware Basin and five operated rigs in the DJ Basin, compared to six rigs in the Delaware and two in the DJ in the first quarter of 2016.
In December, Anadarko closed the acquisition of Freeport-McMoRan's deepwater Gulf of Mexico properties for $1.8 billion net of purchase-price adjustments, providing the company with the largest number of floating production facilities in the Gulf and doubling its net sales volumes from the region to more than 160,000 BOE per day. Also in the Gulf, the company announced exploration success at the Warrior prospect, which is a likely tieback to the company's Marco Polo facility. Anadarko expects to spud an appraisal well to Warrior in the second quarter of 2017. Additionally, a successful appraisal well was drilled at the Phobos discovery, which is being evaluated as a possible tieback to Anadarko's Lucius facility.
Internationally, Anadarko's operations in Algeria continued to produce at their highest level since 2009, with gross production averaging 404,000 BOE per day during the fourth quarter. Meanwhile, the TEN project offshore Ghana, which achieved first oil in August, successfully ramped gross production to an average of approximately 54,000 BOPD in December.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2016 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko ended 2016 with $3.2 billion of cash on hand. During the year, the company generated $3.0 billion of net cash provided by operating activities and closed monetizations totaling more than $4.0 billion. Anadarko also has announced the divestitures of its Eagleford and Marcellus shale positions totaling more than $3.5 billion, which are expected to close during the first quarter of 2017. During the fourth quarter, the company redeemed its remaining $750 million of 2017 debt maturities. Subsequent to year end, the company further strengthened its liquidity position by renewing its $2.0 billion, 364-day credit facility with a new maturity in 2018.
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Wednesday, Feb. 1, 2017, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2016 results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 9799112. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Nine pages of summary financial data follow, including costs incurred, proved reserves and current hedge positions.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of same-store sales volumes, which reflects both acquisitions and divestitures.
(3) 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.
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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 2016, the company had 1.72 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 realize its expectations regarding performance, finalize year-end reserves, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com 832.636.8736
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com 832.636.1462
Jim Grant, james.grant@anadarko.com 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com 832.636.7727
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, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(515) |
$ |
(0.94) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
304 |
193 |
0.35 |
||||||||
|
Gains (losses) on divestitures, net |
(241) |
(155) |
(0.28) |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(166) |
(101) |
(0.18) |
|||||||||
|
Exploration assets |
(149) |
(115) |
(0.21) |
|||||||||
|
Restructuring charges |
(26) |
(16) |
(0.03) |
|||||||||
|
Early termination of rig |
(49) |
(32) |
(0.06) |
|||||||||
|
Loss on early extinguishment of debt |
(31) |
(20) |
(0.04) |
|||||||||
|
Environmental reserves |
21 |
13 |
0.03 |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
(10) |
(0.02) |
||||||||||
|
Certain items affecting comparability |
$ |
(337) |
(243) |
(0.44) |
||||||||
|
Adjusted net income (loss) |
$ |
(272) |
$ |
(0.50) |
||||||||
|
* |
Includes $483 million related to interest-rate derivatives and $(179) million related to commodity derivatives. |
|
Quarter Ended December 31, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(1,250) |
$ |
(2.45) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
139 |
88 |
0.17 |
||||||||
|
Gains (losses) on divestitures, net (after noncontrolling interest) |
(7) |
(5) |
(0.01) |
|||||||||
|
Impairments |
||||||||||||
|
Producing properties (after noncontrolling interest) |
(1,205) |
(761) |
(1.50) |
|||||||||
|
Exploration assets |
(144) |
(93) |
(0.18) |
|||||||||
|
Clean Water Act penalty accrual |
(70) |
(70) |
(0.14) |
|||||||||
|
Settlement accrual |
(74) |
(47) |
(0.09) |
|||||||||
|
Inventory adjustments |
(38) |
(25) |
(0.05) |
|||||||||
|
Environmental reserves |
(29) |
(18) |
(0.03) |
|||||||||
|
Other adjustments |
(13) |
(10) |
(0.02) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(13) |
(0.03) |
|||||||||
|
Certain items affecting comparability |
$ |
(1,441) |
(954) |
(1.88) |
||||||||
|
Adjusted net income (loss) |
$ |
(296) |
$ |
(0.57) |
||||||||
|
* |
Includes $32 million related to interest-rate derivatives, $106 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 oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year excluding acquisition costs and certain obligations to be paid in future periods.
|
millions |
Year Ended | ||||
|
Costs incurred |
$ |
5,633 |
|||
|
Costs incurred related to the Gulf of Mexico acquisition* |
(2,454) |
||||
|
Asset retirement obligation liabilities incurred |
(191) |
||||
|
Cash expenditures for asset retirement obligations |
222 |
||||
|
Oil and natural gas exploration and development costs |
$ |
3,210 |
|||
|
* |
Includes capitalized asset retirement costs. |
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, 2016 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
15,323 |
$ |
3,119 |
$ |
12,204 |
|||||||
|
Less cash and cash equivalents |
3,184 |
359 |
2,825 |
||||||||||
|
Net debt |
$ |
12,139 |
$ |
2,760 |
$ |
9,379 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
12,139 |
$ |
9,379 |
|||||||||
|
Total equity |
15,497 |
12,212 |
|||||||||||
|
Adjusted capitalization |
$ |
27,636 |
$ |
21,591 |
|||||||||
|
Net debt to adjusted capitalization ratio |
44 |
% |
43 |
% | |||||||||
|
* |
Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
Cash Flow Information | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
millions |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(452) |
$ |
(1,524) |
$ |
(2,808) |
$ |
(6,812) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,099 |
1,022 |
4,301 |
4,603 |
|||||||||||
|
Deferred income taxes |
(117) |
(525) |
(1,238) |
(3,152) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
313 |
274 |
613 |
2,267 |
|||||||||||
|
Impairments |
166 |
1,504 |
227 |
5,075 |
|||||||||||
|
(Gains) losses on divestitures, net |
241 |
19 |
757 |
1,022 |
|||||||||||
|
Loss on early extinguishment of debt |
31 |
— |
155 |
— |
|||||||||||
|
Total (gains) losses on derivatives, net |
(342) |
(223) |
292 |
(100) |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
38 |
84 |
267 |
335 |
|||||||||||
|
Other |
86 |
101 |
342 |
320 |
|||||||||||
|
Changes in assets and liabilities* |
60 |
(475) |
92 |
(5,435) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities** |
$ |
1,123 |
$ |
257 |
$ |
3,000 |
$ |
(1,877) |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,506) |
$ |
(1,075) |
$ |
(2,762) |
$ |
(4,771) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(413) |
$ |
(314) |
$ |
2,008 |
$ |
220 |
|||||||
|
Capital Expenditures*** |
$ |
993 |
$ |
1,313 |
$ |
3,314 |
$ |
5,888 |
|||||||
|
* |
The year ended December 31, 2015, includes a $5,210 million decrease for the Tronox-related contingent liability. |
|
** |
Restructuring charges (excluding stock-based compensation) were $23 million for the quarter ended December 31, 2016, and $357 million for the year ended December 31, 2016. Cash payments for restructuring charges were $30 million for the quarter ended December 31, 2016, and $247 million for the year ended December 31, 2016. |
|
*** |
Includes Western Gas Partners, LP (WES) capital expenditures of $135 million for the quarter ended December 31, 2016, and $120 million for the quarter ended December 31, 2015, $491 million for the year ended December 31, 2016, and $525 million for the year ended December 31, 2015. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
Summary Financial Information |
December 31, |
December 31, | |||||||||||||
|
millions except per-share amounts |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
1,454 |
$ |
1,156 |
$ |
4,668 |
$ |
5,420 |
|||||||
|
Natural-gas sales |
443 |
395 |
1,564 |
2,007 |
|||||||||||
|
Natural-gas liquids sales |
281 |
189 |
921 |
833 |
|||||||||||
|
Gathering, processing, and marketing sales |
399 |
294 |
1,294 |
1,226 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(190) |
19 |
(578) |
(788) |
|||||||||||
|
Total |
2,387 |
2,053 |
7,869 |
8,698 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
203 |
230 |
811 |
1,014 |
|||||||||||
|
Oil and gas transportation |
258 |
264 |
1,002 |
1,117 |
|||||||||||
|
Exploration |
440 |
384 |
946 |
2,644 |
|||||||||||
|
Gathering, processing, and marketing |
329 |
256 |
1,087 |
1,054 |
|||||||||||
|
General and administrative |
324 |
288 |
1,440 |
1,176 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,099 |
1,022 |
4,301 |
4,603 |
|||||||||||
|
Other taxes |
114 |
93 |
536 |
553 |
|||||||||||
|
Impairments |
166 |
1,504 |
227 |
5,075 |
|||||||||||
|
Other operating expense |
64 |
154 |
118 |
271 |
|||||||||||
|
Total |
2,997 |
4,195 |
10,468 |
17,507 |
|||||||||||
|
Operating Income (Loss) |
(610) |
(2,142) |
(2,599) |
(8,809) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
233 |
209 |
890 |
825 |
|||||||||||
|
Loss on early extinguishment of debt |
31 |
— |
155 |
— |
|||||||||||
|
(Gains) losses on derivatives, net |
(343) |
(222) |
286 |
(99) |
|||||||||||
|
Other (income) expense, net |
(15) |
40 |
(101) |
149 |
|||||||||||
|
Tronox-related contingent loss |
— |
— |
— |
5 |
|||||||||||
|
Total |
(94) |
27 |
1,230 |
880 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(516) |
(2,169) |
(3,829) |
(9,689) |
|||||||||||
|
Income tax expense (benefit) |
(64) |
(645) |
(1,021) |
(2,877) |
|||||||||||
|
Net Income (Loss) |
(452) |
(1,524) |
(2,808) |
(6,812) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
63 |
(274) |
263 |
(120) |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(515) |
$ |
(1,250) |
$ |
(3,071) |
$ |
(6,692) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(0.94) |
$ |
(2.45) |
$ |
(5.90) |
$ |
(13.18) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(0.94) |
$ |
(2.45) |
$ |
(5.90) |
$ |
(13.18) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
551 |
508 |
522 |
508 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
551 |
508 |
522 |
508 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
188 |
$ |
193 |
$ |
397 |
$ |
1,052 |
|||||||
|
Impairments of unproved properties |
125 |
81 |
216 |
1,215 |
|||||||||||
|
Geological and geophysical expense |
40 |
63 |
121 |
168 |
|||||||||||
|
Exploration overhead and other |
87 |
47 |
212 |
209 |
|||||||||||
|
Total |
$ |
440 |
$ |
384 |
$ |
946 |
$ |
2,644 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
December 31, |
December 31, | ||||||||||
|
millions |
2016 |
2015 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
3,184 |
$ |
939 |
|||||||
|
Accounts receivable, net of allowance |
1,728 |
2,469 |
|||||||||
|
Other current assets |
354 |
573 |
|||||||||
|
Net properties and equipment |
32,168 |
33,751 |
|||||||||
|
Other assets |
2,226 |
2,268 |
|||||||||
|
Goodwill and other intangible assets |
5,904 |
6,331 |
|||||||||
|
Total Assets |
$ |
45,564 |
$ |
46,331 |
|||||||
|
Short-term debt |
42 |
32 |
|||||||||
|
Other current liabilities |
3,286 |
4,148 |
|||||||||
|
Long-term debt |
15,281 |
15,636 |
|||||||||
|
Deferred income taxes |
4,324 |
5,400 |
|||||||||
|
Asset retirement obligations |
2,802 |
1,750 |
|||||||||
|
Other long-term liabilities |
4,332 |
3,908 |
|||||||||
|
Common stock |
57 |
52 |
|||||||||
|
Paid-in capital |
11,875 |
9,265 |
|||||||||
|
Retained earnings |
1,704 |
4,880 |
|||||||||
|
Treasury stock |
(1,033) |
(995) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(391) |
(383) |
|||||||||
|
Total stockholders' equity |
12,212 |
12,819 |
|||||||||
|
Noncontrolling interests |
3,285 |
2,638 |
|||||||||
|
Total Equity |
15,497 |
15,457 |
|||||||||
|
Total Liabilities and Equity |
$ |
45,564 |
$ |
46,331 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,323 |
$ |
15,668 |
|||||||
|
Total equity |
15,497 |
15,457 |
|||||||||
|
Total |
$ |
30,820 |
$ |
31,125 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
50 |
% |
50 |
% | |||||||
|
Total equity |
50 |
% |
50 |
% | |||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
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, 2016 |
|||||||||||||||||||||||||||||
|
United States |
240 |
1,881 |
116 |
22 |
173 |
10 |
$ |
46.31 |
$ |
2.56 |
$ |
24.24 |
|||||||||||||||||
|
Algeria |
68 |
— |
8 |
6 |
— |
1 |
49.39 |
— |
30.10 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
47.18 |
— |
— |
||||||||||||||||||||
|
Total |
336 |
1,881 |
124 |
31 |
173 |
11 |
$ |
47.01 |
$ |
2.56 |
$ |
24.62 |
|||||||||||||||||
|
Quarter Ended December 31, 2015 |
|||||||||||||||||||||||||||||
|
United States |
229 |
2,068 |
112 |
21 |
190 |
10 |
$ |
37.83 |
$ |
2.08 |
$ |
16.86 |
|||||||||||||||||
|
Algeria |
68 |
— |
6 |
7 |
— |
— |
44.69 |
— |
30.04 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
1 |
— |
— |
44.42 |
— |
— |
||||||||||||||||||||
|
Total |
316 |
2,068 |
118 |
29 |
190 |
10 |
$ |
39.71 |
$ |
2.08 |
$ |
17.52 |
|||||||||||||||||
|
Year Ended December 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,093 |
122 |
85 |
766 |
44 |
$ |
39.06 |
$ |
2.04 |
$ |
19.32 |
|||||||||||||||||
|
Algeria |
64 |
— |
6 |
24 |
— |
2 |
44.15 |
— |
25.63 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
7 |
— |
— |
43.18 |
— |
— |
||||||||||||||||||||
|
Total |
316 |
2,093 |
128 |
116 |
766 |
46 |
$ |
40.34 |
$ |
2.04 |
$ |
19.64 |
|||||||||||||||||
|
Year Ended December 31, 2015 |
|||||||||||||||||||||||||||||
|
United States |
232 |
2,334 |
124 |
85 |
852 |
45 |
$ |
45.00 |
$ |
2.36 |
$ |
17.03 |
|||||||||||||||||
|
Algeria |
59 |
— |
6 |
22 |
— |
2 |
51.93 |
— |
29.85 |
||||||||||||||||||||
|
Other International |
26 |
— |
— |
9 |
— |
— |
51.09 |
— |
— |
||||||||||||||||||||
|
Total |
317 |
2,334 |
130 |
116 |
852 |
47 |
$ |
46.79 |
$ |
2.36 |
$ |
17.61 |
|||||||||||||||||
|
Average Daily Sales Volumes MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
774 |
71 |
|||||||||||||||||||||||||||
|
Quarter Ended December 31, 2015 |
779 |
71 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2016 |
793 |
290 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2015 |
836 |
305 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil |
Natural Gas |
NGLs |
Oil |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
1,025 |
$ |
443 |
$ |
259 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
Algeria |
309 |
— |
22 |
— |
— |
— |
||||||||||||||||||
|
Other International |
120 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,454 |
$ |
443 |
$ |
281 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
Quarter Ended December 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
799 |
$ |
395 |
$ |
173 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Algeria |
282 |
— |
16 |
— |
— |
— |
||||||||||||||||||
|
Other International |
75 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,156 |
$ |
395 |
$ |
189 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Year Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
3,330 |
$ |
1,564 |
$ |
861 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Algeria |
1,043 |
— |
60 |
— |
— |
— |
||||||||||||||||||
|
Other International |
295 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
4,668 |
$ |
1,564 |
$ |
921 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Year Ended December 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
3,817 |
$ |
2,007 |
$ |
769 |
$ |
6 |
$ |
312 |
$ |
17 |
||||||||||||
|
Algeria |
1,125 |
— |
64 |
— |
— |
— |
||||||||||||||||||
|
Other International |
478 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
5,420 |
$ |
2,007 |
$ |
833 |
$ |
6 |
$ |
312 |
$ |
17 |
||||||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Estimated Year-End Proved Reserves 2014 - 2016 | |||||||||
|
MMBOE |
2016 |
2015 |
2014 | ||||||
|
Proved Reserves |
|||||||||
|
Beginning of year |
2,057 |
2,858 |
2,792 |
||||||
|
Reserves additions and revisions |
|||||||||
|
Discoveries and extensions |
40 |
29 |
63 |
||||||
|
Infill-drilling additions |
69 |
89 |
577 |
||||||
|
Drilling-related reserves additions and revisions |
109 |
118 |
640 |
||||||
|
Other non-price-related revisions |
191 |
289 |
(137) |
||||||
|
Net organic reserves additions |
300 |
407 |
503 |
||||||
|
Acquisition of proved reserves in place |
97 |
1 |
— |
||||||
|
Price-related revisions |
(147) |
(624) |
(1) |
||||||
|
Total reserves additions and revisions |
250 |
(216) |
502 |
||||||
|
Sales in place |
(294) |
(279) |
(124) |
||||||
|
Production |
(291) |
(306) |
(312) |
||||||
|
End of year |
1,722 |
2,057 |
2,858 |
||||||
|
Proved Developed Reserves |
|||||||||
|
Beginning of year |
1,632 |
1,969 |
2,003 |
||||||
|
End of year |
1,325 |
1,632 |
1,969 |
||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of January 31, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
As of January 31, 2017 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
Quarter Ended December 31, 2015 | ||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Total |
Oil |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
147 |
1,704 |
102 |
533 |
159 |
1,559 |
82 |
501 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
69 |
82 |
8 |
91 |
54 |
115 |
6 |
79 |
|||||||||||||||
|
International and Alaska |
107 |
— |
8 |
115 |
96 |
— |
6 |
102 |
|||||||||||||||
|
Same-Store Sales |
323 |
1,786 |
118 |
739 |
309 |
1,674 |
94 |
682 |
|||||||||||||||
|
Acquisition* |
12 |
11 |
1 |
15 |
— |
— |
— |
— |
|||||||||||||||
|
Divestitures** |
1 |
84 |
5 |
20 |
7 |
394 |
24 |
97 |
|||||||||||||||
|
Total |
336 |
1,881 |
124 |
774 |
316 |
2,068 |
118 |
779 |
|||||||||||||||
|
Year Ended December 31, 2016 |
Year Ended December 31, 2015 | ||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Total |
Oil |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
155 |
1,737 |
100 |
545 |
160 |
1,618 |
92 |
522 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
62 |
79 |
7 |
82 |
53 |
152 |
7 |
85 |
|||||||||||||||
|
International and Alaska |
93 |
— |
6 |
99 |
94 |
— |
6 |
100 |
|||||||||||||||
|
Same-Store Sales |
310 |
1,816 |
113 |
726 |
307 |
1,770 |
105 |
707 |
|||||||||||||||
|
Acquisition* |
3 |
3 |
— |
4 |
— |
— |
— |
— |
|||||||||||||||
|
Divestitures** |
3 |
274 |
15 |
63 |
10 |
564 |
25 |
129 |
|||||||||||||||
|
Total |
316 |
2,093 |
128 |
793 |
317 |
2,334 |
130 |
836 |
|||||||||||||||
|
* |
Includes volumes related to the acquisition of Gulf of Mexico assets on December 15, 2016. |
|
** |
Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, EOR, Bossier, and Powder River Basin CBM. |
PDF - http://mma.prnewswire.com/media/463433/APC_4Q16_OpsReport_1_31_17.pdf
SOURCE Anadarko Petroleum Corporation
Article Date
1/31/2017Anadarko To Host Investor Conference Call on March 8
Source: PR Newswire
HOUSTON, Jan. 24, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Wednesday, March 8, 2017, at 8 a.m. CST (9 a.m. EST) to discuss its 2017 capital program and guidance.
Wednesday, March 8, 2017
8 a.m. CST (9 a.m. EST)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Confirmation number: 4377341
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 4377341 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
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Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
1/24/2017Anadarko Schedules Year-End 2016 Earnings Conference Call for Feb. 1
Source: PR Newswire
HOUSTON, Jan. 18, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Wednesday, Feb. 1, 2017, at 8 a.m. CST (9 a.m. EST) to discuss its fourth-quarter and year-end 2016 financial and operating results. Earnings will be released after close of market on Tuesday, Jan. 31. The full text of the release will be available on the company's website at www.anadarko.com.
2016 Results
Wednesday, Feb. 1, 2017
8 a.m. CST (9 a.m. EST)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 9799112 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Contacts
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
1/18/2017Anadarko Announces Sale Of Eagleford Shale Assets
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 12, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) announced today it has agreed to sell its Eagleford Shale assets in South Texas for approximately $2.3 billion to Sanchez Energy Corporation and Blackstone Group LP. Anadarko's sponsored master limited partnership, Western Gas Partners, LP (NYSE: WES), will continue to own and operate its midstream assets in South Texas and is expected to benefit from drilling commitments made by the buyers in conjunction with this transaction.
"The ongoing success of our portfolio-management activities provides us with the flexibility to further accelerate capital investments in our higher-return oil opportunities in the Delaware Basin, the DJ Basin, and the deepwater Gulf of Mexico, which drive our ability to deliver a 12- to 14-percent five-year compounded annual oil growth rate," said Al Walker, Anadarko Chairman, President and CEO. "We are deeply grateful to the team at Anadarko, which has built the Eagleford Shale into a coveted asset that will continue to be an important domestic source of energy for our nation."
The divestiture includes approximately 155,000 net acres primarily located in Dimmit and Webb counties. At the end of the fourth quarter of 2016, sales volumes from these properties totaled approximately 45,000 barrels of liquids per day and approximately 131 million cubic feet of natural gas per day.
The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions and adjustments.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to consummate the transactions described in this release, realize its expectations regarding performance and drill, develop and commercially operate the projects identified in this release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
1/12/2017Anadarko Announces Sale Of Marcellus Shale Natural Gas Assets
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Dec. 21, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) announced today it has agreed to sell its operated and non-operated upstream assets and operated midstream assets in the Marcellus Shale of north-central Pennsylvania to Alta Marcellus Development, LLC, a wholly owned subsidiary of Alta Resources Development, LLC, for approximately $1.24 billion. The midstream assets in the Marcellus owned by Western Gas Partners, LP (NYSE: WES), Anadarko's sponsored master limited partnership, are excluded from the agreement.
"With this transaction, we have announced or closed monetizations totaling well in excess of $5 billion in 2016, while principally focusing Anadarko's U.S. onshore activities on our world-class oil-levered assets in the Delaware and DJ basins," said Al Walker, Anadarko Chairman, President and CEO. "Our Marcellus team has done a superb job of maximizing the value of our position in this natural gas play, and we are grateful for their efforts and dedication."
The Marcellus Shale divestiture includes approximately 195,000 net acres and, at the end of the third quarter of 2016, sales volumes from these properties totaled approximately 470 million cubic feet per day.
The transaction is expected to close during the first quarter of 2017, subject to customary closing conditions and adjustments. Jefferies LLC marketed the assets, and Sidley Austin LLP served as Anadarko's legal counsel.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to consummate the transactions described in this release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
12/21/201612/15/2016 - Anadarko Closes Deepwater Gulf of Mexico Acquisition and Raises Oil-Growth Expectations
Anadarko Closes Deepwater Gulf of Mexico Acquisition and Raises Oil-Growth Expectations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Dec. 15, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) announced today it has closed the acquisition of Freeport-McMoRan Oil & Gas's deepwater Gulf of Mexico assets. The transaction is effective Aug. 1, 2016. Anadarko also increased its oil-growth expectations and discussed plans to further accelerate its rig activity in the Delaware and DJ basins. In addition, the company provided an update on its deepwater drilling activities in the Gulf of Mexico, highlighted by successes at Warrior and Phobos, which add to its inventory of future tieback opportunities, as well as a successful development well in the Heidelberg field.
ACQUISITION BENEFITS
"As a result of closing this transaction, Anadarko now operates the largest number of floating production facilities in the deepwater Gulf of Mexico, which provides a competitive advantage to leverage this infrastructure into attractive new investment opportunities," said Anadarko Chairman, President and CEO Al Walker. "This region continues to play a key role in our portfolio by contributing to our higher-margin oil growth profile, while generating substantial future free cash flow to accelerate the growth of our world-class U.S. onshore assets in the Delaware and DJ basins. The expanded portfolio of deepwater facilities provides numerous hub-and-spoke opportunities that can generate rates of return of better than 50 percent at today's prices. Given our industry-leading capabilities in deepwater project management, production solutions and exploration success, adding these high-quality assets greatly improves our ability to deliver strong performance in a volatile commodity environment."
INCREASED OIL-GROWTH OUTLOOK
At the time the acquisition was announced, Anadarko indicated the acquired assets would generate substantial free cash flow over time, which would facilitate increased investment in the U.S. onshore and position the company to deliver a five-year compounded oil growth rate of 10 to 12 percent in a $50 to $60 oil-price environment. As previously announced, in anticipation of closing the acquisition, Anadarko added two rigs in each of its Delaware and DJ basin positions early in the fourth quarter. Going forward, the company plans to further increase activity in each area, with expectations of ending the first quarter of 2017 with 14 operated rigs in the Delaware Basin and six operated rigs in the DJ Basin. This compares to seven operated rigs and one operated rig in each of these basins, respectively, at the end of the third-quarter 2016. The company's new investments in these basins generate rates of return of 35 percent to more than 60 percent at today's prices.
"As a result of our large and well-located acreage positions, improving cost structure, midstream infrastructure advantages, and commodity-price outlook, we now believe we have the ability to deliver a five-year compounded annual oil growth rate of 12 to 14 percent, while investing within expected cash inflows," said Walker.
RECENT DRILLING ACTIVITY ADDS TO POTENTIAL TIEBACK INVENTORY
Further highlighting the value of Anadarko's deepwater Gulf of Mexico tieback and exploration program, the company today announced its Warrior exploration well encountered more than 210 net feet of oil pay in multiple high-quality Miocene-aged reservoirs. The Warrior discovery is located approximately 3 miles from the Anadarko-operated K2 field and is expected to be tied back to its Marco Polo production facility. Anadarko is the operator at Warrior with a 65-percent working interest. Other partners include Ecopetrol (20 percent) and Mitsubishi Corporation Exploration Co., Ltd. (15 percent).
At the Phobos appraisal well, which is located approximately 12 miles south of the Anadarko-operated Lucius facility, the company has already encountered more than 90 net feet of high-quality oil pay in a Pliocene-aged reservoir similar to the nearby Lucius field. This secondary accumulation was present in the Phobos discovery well and will be evaluated for tieback to the Lucius facility. Meanwhile, drilling is ongoing toward the primary objective in the Wilcox formation. Anadarko has a 100-percent working interest at Phobos.
At the Heidelberg field, the fifth production well currently being drilled has encountered the reservoir sand with more than 150 net feet of oil pay to date. The well will be completed immediately following drilling operations and is expected to be brought on production early next year.
"The successes to date at Warrior and Phobos further demonstrate the value of our assets in the deepwater Gulf of Mexico and our tieback strategy. It also illustrates why we have tremendous confidence in the potential of our '3 Ds' – the Deepwater, Delaware and DJ – to drive growth and value for many years to come," added Walker. "We look forward to providing further details on these successful developments and other results during the first quarter of next year."
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to realize its expectations regarding performance and timely complete and commercially operate the projects and drilling prospects identified in this release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
12/15/201611/18/2016 - Anadarko to Present at Upcoming Energy Event
Anadarko to Present at Upcoming Energy Event
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 18, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Bob Gwin, Anadarko Executive Vice President, Finance and CFO, will present at the Jefferies Annual Energy Conference on Tuesday, Nov. 29, 2016, at 9 a.m. CST in Houston.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
11/18/201611/11/2016 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 10, 2016 /PRNewswire/ -- The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable Dec. 28, 2016, to stockholders of record at the close of business on Dec. 14, 2016.
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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
11/11/2016Anadarko to Participate at Upcoming Global Energy Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Nov. 10, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Al Walker, Anadarko Chairman, President and CEO, will participate at the Bank of America Merrill Lynch 2016 Global Energy Conference on Thursday, Nov. 17, 2016, at 7:30 a.m. EST in Miami.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
11/10/201610/31/2016 - Anadarko Announces Third-Quarter 2016 Results
Anadarko Announces Third-Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 31, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the third quarter of 2016, including a net loss attributable to common stockholders of $830 million, or $1.61 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $371 million or $0.72 per share (diluted) on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2016 was $785 million.
HIGHLIGHTS
"Anadarko delivered strong operating performance and generated net cash of $785 million during the quarter," said Al Walker, Anadarko Chairman, President and CEO. "We are increasing our 2016 full-year divestiture-adjusted(2) sales-volume guidance by 8 million BOE from the midpoint of our initial expectations and further enhancing our financial position with line of sight to more than $4 billion of monetizations for the year. We have accelerated activity with two additional rigs in both the Delaware Basin and the DJ Basin in conjunction with our $2 billion deepwater Gulf of Mexico property acquisition, which remains on track to close prior to year end. Collectively, these actions and results have streamlined our operations, strengthened our financial position and provide confidence in our ability to deliver a 10- to 12-percent compounded annual oil growth rate over the next five years."
OPERATIONS SUMMARY
Anadarko's third-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 780,000 BOE per day.
In the Delaware Basin of West Texas, Anadarko increased oil sales volumes by approximately 10,000 barrels per day to 27,000 barrels per day, a 60-percent increase relative to the third quarter of 2015 and a 22-percent increase over the second quarter of this year. Anadarko is currently running eight rigs in the basin as it continues to delineate the stacked-pay potential across its 580,000-gross-acre position. In the DJ Basin of northeast Colorado, the company increased sales volumes by 28,000 BOE per day over the third quarter of 2015, averaging 248,000 BOE per day.
In the Gulf of Mexico, the company increased oil sales volumes by 10,000 barrels per day to 65,000 barrels per day, an 18-percent increase over the third quarter of 2015. This increase was primarily driven by the company's low-cost development activity as it tied back newly completed wells to Lucius, K2 and Caesar/Tonga. The company also announced the acquisition of Freeport McMoRan's deepwater Gulf of Mexico assets, which will be immediately accretive upon closing. The transaction, which will double both Anadarko's total Gulf of Mexico production and its working interest in Lucius, is expected to close during the fourth quarter of this year and is subject to customary closing conditions.
Internationally, the TEN complex offshore Ghana achieved first oil on time and on budget and is currently producing approximately 40,000 gross barrels of oil per day as it continues to ramp up toward facility capacity. Additionally, the company conducted a successful drillstem test of its Paon field offshore Côte d'Ivoire as it continues to evaluate the potential commerciality of this discovery.
OPERATIONS REPORT
For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted(2) information, please refer to the comprehensive report on third-quarter 2016 activity. The report is available at www.anadarko.com.
FINANCIAL SUMMARY
Anadarko ended the third quarter with approximately $4 billion of cash on hand, which was significantly enhanced by the company's successful $2.16 billion equity offering during the quarter and its successful monetization program year to date. Anadarko plans to use approximately $1.8 billion of its cash on hand to fund the Gulf of Mexico acquisition and plans to redeem its remaining $750 million of senior notes due September 2017. During the third quarter, the company signed an agreement to divest its Carthage assets in East Texas for more than $1 billion, with the transaction expected to close by year end. As a result of these actions taken throughout the year to strengthen the company's financial position, both Moody's and S&P recently improved their ratings outlook to "stable."
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Tuesday, Nov. 1, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss third-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 8528639. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Eleven pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance, consummate the transactions described in this news release and identify and complete additional monetization transactions, reduce its debt, timely complete and commercially operate the projects and drilling prospects identified in this news release, and achieve production expectations on its projects. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP) and total debt (GAAP) to net debt (non-GAAP), 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 September 30, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(830) |
$ |
(1.61) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(88) |
(56) |
(0.11) |
||||||||
|
Gains (losses) on divestitures, net |
(414) |
(261) |
(0.51) |
|||||||||
|
Impairments - producing properties |
(27) |
(17) |
(0.03) |
|||||||||
|
Restructuring charges |
(112) |
(71) |
(0.14) |
|||||||||
|
Tax indemnification |
39 |
25 |
0.05 |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
9 |
0.02 |
|||||||||
|
Certain items affecting comparability |
$ |
(602) |
(371) |
(0.72) |
||||||||
|
Adjusted net income (loss) |
$ |
(459) |
$ |
(0.89) |
||||||||
|
* Includes $(84) million related to interest-rate derivatives and $(4) million related to commodity derivatives. |
|
Quarter Ended September 30, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(2,235) |
$ |
(4.41) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(360) |
(227) |
(0.45) |
||||||||
|
Gains (losses) on divestitures, net (after noncontrolling interest) |
(613) |
(388) |
(0.76) |
|||||||||
|
Impairments |
||||||||||||
|
Producing properties |
(758) |
(479) |
(0.94) |
|||||||||
|
Exploration assets |
(787) |
(698) |
(1.38) |
|||||||||
|
Inventory adjustments |
(33) |
(22) |
(0.04) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(28) |
(0.05) |
|||||||||
|
Other adjustments |
(40) |
(35) |
(0.07) |
|||||||||
|
Certain items affecting comparability |
$ |
(2,591) |
(1,877) |
(3.69) |
||||||||
|
Adjusted net income (loss) |
$ |
(358) |
$ |
(0.72) |
||||||||
|
* Includes $(407) million related to interest-rate derivatives, $46 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 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.
|
September 30, 2016 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
15,878 |
$ |
2,935 |
$ |
12,943 |
|||||||
|
Less cash and cash equivalents |
3,980 |
146 |
3,834 |
||||||||||
|
Net debt |
$ |
11,898 |
$ |
2,789 |
$ |
9,109 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
11,898 |
$ |
9,109 |
|||||||||
|
Total equity |
15,912 |
12,600 |
|||||||||||
|
Adjusted capitalization |
$ |
27,810 |
$ |
21,709 |
|||||||||
|
Net debt to adjusted capitalization ratio |
43 |
% |
42 |
% | |||||||||
|
* Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP. |
|
Anadarko Petroleum Corporation Cash Flow Information (Unaudited) | |||||||||||||||
|
Quarter Ended |
Nine Months Ended | ||||||||||||||
|
September 30, |
September 30, | ||||||||||||||
|
millions |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(747) |
$ |
(2,160) |
$ |
(2,356) |
$ |
(5,288) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,069 |
1,111 |
3,202 |
3,581 |
|||||||||||
|
Deferred income taxes |
(301) |
(1,440) |
(1,121) |
(2,627) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
255 |
953 |
300 |
1,993 |
|||||||||||
|
Impairments |
27 |
758 |
61 |
3,571 |
|||||||||||
|
(Gains) losses on divestitures, net |
414 |
578 |
516 |
1,003 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
— |
124 |
— |
|||||||||||
|
Total (gains) losses on derivatives, net |
24 |
281 |
634 |
123 |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
64 |
79 |
229 |
251 |
|||||||||||
|
Other |
53 |
145 |
256 |
219 |
|||||||||||
|
Changes in assets and liabilities* |
(73) |
822 |
32 |
(4,960) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities** |
$ |
785 |
$ |
1,127 |
$ |
1,877 |
$ |
(2,134) |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(291) |
$ |
(911) |
$ |
(1,256) |
$ |
(3,696) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
2,092 |
$ |
(315) |
$ |
2,421 |
$ |
534 |
|||||||
|
Capital Expenditures*** |
$ |
697 |
$ |
1,352 |
$ |
2,321 |
$ |
4,575 |
|||||||
|
* |
The nine months ended September 30, 2015, includes a $5,210 million decrease for the Tronox-related contingent liability. |
|
** |
Restructuring charges (excluding stock-based compensation) were $110 million for the quarter ended September 30, 2016, and $334 million for the nine months ended September 30, 2016. Cash payments for restructuring charges were $35 million for the quarter ended September 30, 2016, and $217 million for the nine months ended September 30, 2016. |
|
*** |
Includes Western Gas Partners, LP (WES) capital expenditures of $95 million for the quarter ended September 30, 2016, and $127 million for the quarter ended September 30, 2015, $355 million for the nine months ended September 30, 2016, and $405 million for the nine months ended September 30, 2015. |
|
Anadarko Petroleum Corporation (Unaudited) | |||||||||||||||
|
Quarter Ended |
Nine Months Ended | ||||||||||||||
|
Summary Financial Information |
September 30, |
September 30, | |||||||||||||
|
millions except per-share amounts |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil and condensate sales |
$ |
1,239 |
$ |
1,229 |
$ |
3,214 |
$ |
4,264 |
|||||||
|
Natural-gas sales |
435 |
484 |
1,121 |
1,612 |
|||||||||||
|
Natural-gas liquids sales |
227 |
183 |
640 |
644 |
|||||||||||
|
Gathering, processing, and marketing sales |
350 |
334 |
895 |
932 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(358) |
(542) |
(388) |
(807) |
|||||||||||
|
Total |
1,893 |
1,688 |
5,482 |
6,645 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
198 |
262 |
608 |
784 |
|||||||||||
|
Oil and gas transportation |
256 |
265 |
744 |
853 |
|||||||||||
|
Exploration |
304 |
1,074 |
506 |
2,260 |
|||||||||||
|
Gathering, processing, and marketing |
291 |
289 |
758 |
798 |
|||||||||||
|
General and administrative |
362 |
303 |
1,116 |
888 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,069 |
1,111 |
3,202 |
3,581 |
|||||||||||
|
Other taxes |
148 |
127 |
422 |
460 |
|||||||||||
|
Impairments |
27 |
758 |
61 |
3,571 |
|||||||||||
|
Other operating expense |
31 |
48 |
54 |
117 |
|||||||||||
|
Total |
2,686 |
4,237 |
7,471 |
13,312 |
|||||||||||
|
Operating Income (Loss) |
(793) |
(2,549) |
(1,989) |
(6,667) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
220 |
199 |
657 |
616 |
|||||||||||
|
Loss on early extinguishment of debt |
— |
— |
124 |
— |
|||||||||||
|
(Gains) losses on derivatives, net |
25 |
282 |
629 |
123 |
|||||||||||
|
Other (income) expense, net |
(31) |
47 |
(86) |
109 |
|||||||||||
|
Tronox-related contingent loss |
— |
— |
— |
5 |
|||||||||||
|
Total |
214 |
528 |
1,324 |
853 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(1,007) |
(3,077) |
(3,313) |
(7,520) |
|||||||||||
|
Income tax expense (benefit) |
(260) |
(917) |
(957) |
(2,232) |
|||||||||||
|
Net Income (Loss) |
(747) |
(2,160) |
(2,356) |
(5,288) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
83 |
75 |
200 |
154 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(830) |
$ |
(2,235) |
$ |
(2,556) |
$ |
(5,442) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(1.61) |
$ |
(4.41) |
$ |
(5.00) |
$ |
(10.73) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(1.61) |
$ |
(4.41) |
$ |
(5.00) |
$ |
(10.73) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
517 |
508 |
512 |
508 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
517 |
508 |
512 |
508 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
203 |
$ |
817 |
$ |
209 |
$ |
859 |
|||||||
|
Impairments of unproved properties |
52 |
136 |
91 |
1,134 |
|||||||||||
|
Geological and geophysical expense |
12 |
67 |
81 |
105 |
|||||||||||
|
Exploration overhead and other |
37 |
54 |
125 |
162 |
|||||||||||
|
Total |
$ |
304 |
$ |
1,074 |
$ |
506 |
$ |
2,260 |
|||||||
|
Anadarko Petroleum Corporation (Unaudited) | |||||||||||
|
September 30, |
December 31, | ||||||||||
|
millions |
2016 |
2015 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
3,980 |
$ |
939 |
|||||||
|
Accounts receivable, net of allowance |
1,591 |
2,469 |
|||||||||
|
Other current assets |
347 |
573 |
|||||||||
|
Net properties and equipment |
31,099 |
33,751 |
|||||||||
|
Other assets |
2,203 |
2,268 |
|||||||||
|
Goodwill and other intangible assets |
6,197 |
6,331 |
|||||||||
|
Total Assets |
$ |
45,417 |
$ |
46,331 |
|||||||
|
Short-term debt |
788 |
32 |
|||||||||
|
Other current liabilities |
2,974 |
4,148 |
|||||||||
|
Long-term debt |
15,090 |
15,636 |
|||||||||
|
Deferred income taxes |
4,343 |
5,400 |
|||||||||
|
Other long-term liabilities |
6,310 |
5,658 |
|||||||||
|
Stockholders' equity |
12,600 |
12,819 |
|||||||||
|
Noncontrolling interests |
3,312 |
2,638 |
|||||||||
|
Total Equity |
$ |
15,912 |
$ |
15,457 |
|||||||
|
Total Liabilities and Equity |
$ |
45,417 |
$ |
46,331 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,878 |
$ |
15,668 |
|||||||
|
Total equity |
15,912 |
15,457 |
|||||||||
|
Total |
$ |
31,790 |
$ |
31,125 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
50 |
% |
50 |
% | |||||||
|
Total equity |
50 |
% |
50 |
% | |||||||
|
Anadarko Petroleum Corporation (Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
Average Sales Price | |||||||||||||||||||||||||||
|
Oil & |
Oil & |
Oil & |
|||||||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs | |||||||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MMBbls |
Bcf |
MMBbls |
Per Bbl |
Per Mcf |
Per Bbl | |||||||||||||||||||||
|
Quarter Ended September 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,003 |
122 |
22 |
184 |
11 |
$ |
41.29 |
$ |
2.36 |
$ |
18.87 |
|||||||||||||||||
|
Algeria |
65 |
— |
7 |
7 |
— |
— |
45.88 |
— |
23.74 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
1 |
— |
— |
45.61 |
— |
— |
||||||||||||||||||||
|
Total |
317 |
2,003 |
129 |
30 |
184 |
11 |
$ |
42.49 |
$ |
2.36 |
$ |
19.13 |
|||||||||||||||||
|
Quarter Ended September 30, 2015 |
|||||||||||||||||||||||||||||
|
United States |
224 |
2,186 |
117 |
21 |
201 |
11 |
$ |
43.48 |
$ |
2.41 |
$ |
15.83 |
|||||||||||||||||
|
Algeria |
49 |
— |
5 |
4 |
— |
1 |
47.86 |
— |
25.18 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
46.30 |
— |
— |
||||||||||||||||||||
|
Total |
301 |
2,186 |
122 |
28 |
201 |
12 |
$ |
44.45 |
$ |
2.41 |
$ |
16.26 |
|||||||||||||||||
|
Nine Months Ended September 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
230 |
2,164 |
124 |
63 |
593 |
34 |
$ |
36.52 |
$ |
1.89 |
$ |
17.78 |
|||||||||||||||||
|
Algeria |
63 |
— |
6 |
18 |
— |
1 |
42.27 |
— |
23.55 |
||||||||||||||||||||
|
Other International |
16 |
— |
— |
4 |
— |
— |
40.80 |
— |
— |
||||||||||||||||||||
|
Total |
309 |
2,164 |
130 |
85 |
593 |
35 |
$ |
37.91 |
$ |
1.89 |
$ |
18.04 |
|||||||||||||||||
|
Nine Months Ended September 30, 2015 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,424 |
128 |
64 |
662 |
35 |
$ |
47.37 |
$ |
2.44 |
$ |
17.08 |
|||||||||||||||||
|
Algeria |
56 |
— |
6 |
15 |
— |
2 |
54.90 |
— |
29.79 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
8 |
— |
— |
52.58 |
— |
— |
||||||||||||||||||||
|
Total |
317 |
2,424 |
134 |
87 |
662 |
37 |
$ |
49.16 |
$ |
2.44 |
$ |
17.63 |
|||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended September 30, 2016 |
780 |
72 |
|||||||||||||||||||||||||||
|
Quarter Ended September 30, 2015 |
787 |
73 |
|||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2016 |
800 |
219 |
|||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2015 |
855 |
234 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil & Condensate |
Natural Gas |
NGLs |
Oil & Condensate |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended September 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
884 |
$ |
435 |
$ |
212 |
$ |
66 |
$ |
(2) |
$ |
(1) |
||||||||||||
|
Algeria |
276 |
— |
15 |
— |
— |
— |
||||||||||||||||||
|
Other International |
79 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,239 |
$ |
435 |
$ |
227 |
$ |
66 |
$ |
(2) |
$ |
(1) |
||||||||||||
|
Quarter Ended September 30, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
897 |
$ |
484 |
$ |
170 |
$ |
1 |
$ |
78 |
$ |
— |
||||||||||||
|
Algeria |
214 |
— |
13 |
— |
— |
— |
||||||||||||||||||
|
Other International |
118 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,229 |
$ |
484 |
$ |
183 |
$ |
1 |
$ |
78 |
$ |
— |
||||||||||||
|
Nine Months Ended September 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
2,305 |
$ |
1,121 |
$ |
602 |
$ |
214 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Algeria |
734 |
— |
38 |
— |
— |
— |
||||||||||||||||||
|
Other International |
175 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
3,214 |
$ |
1,121 |
$ |
640 |
$ |
214 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Nine Months Ended September 30, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
3,018 |
$ |
1,612 |
$ |
596 |
$ |
6 |
$ |
228 |
$ |
17 |
||||||||||||
|
Algeria |
843 |
— |
48 |
— |
— |
— |
||||||||||||||||||
|
Other International |
403 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
4,264 |
$ |
1,612 |
$ |
644 |
$ |
6 |
$ |
228 |
$ |
17 |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of October 31, 2016 | ||||||||||||||
|
Note: Guidance excludes 2016 sales volumes associated with the East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage* divestitures. | ||||||||||||||
|
4th-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
64 |
— |
66 |
262 |
— |
264 |
||||||||
|
Total Sales Volumes (MBOE/d) |
696 |
— |
717 |
716 |
— |
721 |
||||||||
|
Oil (MBbl/d) |
307 |
— |
314 |
304 |
— |
308 |
||||||||
|
United States |
223 |
— |
227 |
225 |
— |
227 |
||||||||
|
Algeria |
57 |
— |
59 |
61 |
— |
62 |
||||||||
|
Ghana |
27 |
— |
28 |
18 |
— |
19 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,685 |
— |
1,725 |
1,785 |
— |
1,800 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
101 |
— |
105 |
104 |
— |
106 |
||||||||
|
Algeria |
6 |
— |
8 |
5 |
— |
6 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(5.20) |
— |
(1.40) |
(5.50) |
— |
(2.50) |
||||||||
|
United States |
(6.00) |
— |
(2.00) |
(6.00) |
— |
(3.00) |
||||||||
|
Algeria |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Ghana |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.45) |
— |
(0.35) |
(0.45) |
— |
(0.35) |
||||||||
|
* Pending |
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of October 31, 2016 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
4th-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
45 |
— |
65 |
185 |
— |
195 |
||||||||
|
Minerals and Other |
35 |
— |
55 |
170 |
— |
180 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
3.60 |
— |
3.90 |
2.95 |
— |
3.05 |
||||||||
|
Oil & Gas Transportation |
3.35 |
— |
3.55 |
3.35 |
— |
3.45 |
||||||||
|
Depreciation, Depletion, and Amortization |
15.25 |
— |
15.75 |
14.80 |
— |
15.00 |
||||||||
|
Production Taxes (% of Product Revenue) |
7.5 |
% |
— |
8.5 |
% |
8.0 |
% |
— |
9.0 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative (excludes restructuring charges) |
245 |
— |
265 |
980 |
— |
1,005 |
||||||||
|
Other Operating Expense |
20 |
— |
30 |
75 |
— |
85 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
165 |
— |
185 |
450 |
— |
550 |
||||||||
|
Cash |
50 |
— |
70 |
250 |
— |
270 |
||||||||
|
Interest Expense (net) |
220 |
— |
235 |
875 |
— |
890 |
||||||||
|
Other (Income) Expense |
— |
— |
5 |
— |
— |
10 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% current) |
60 |
% |
— |
70 |
% |
65 |
% |
— |
75 |
% | ||||
|
Rest of Company (60% Current/40% Deferred for Q4 and 30% Current/70% Deferred for Total Year) |
25 |
% |
— |
35 |
% |
25 |
% |
— |
35 |
% | ||||
|
Noncontrolling Interest |
65 |
— |
70 |
265 |
— |
270 |
||||||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
550 |
— |
552 |
521 |
— |
522 |
||||||||
|
Diluted |
550 |
— |
552 |
522 |
— |
523 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
885 |
— |
985 |
2,850 |
— |
2,950 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of October 31, 2016 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2016 |
|||||||||
|
WTI |
65 |
$ |
41.54 |
$ |
53.08 |
$ |
62.25 | ||
|
Brent |
18 |
$ |
47.22 |
$ |
59.44 |
$ |
69.47 | ||
|
83 |
$ |
42.77 |
$ |
54.46 |
$ |
63.82 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
As of October 31, 2016 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory |
Rate Paid |
Rate Received |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
Quarter Ended March 31, 2015 | ||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total |
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
160 |
2,017 |
102 |
598 |
164 |
2,007 |
117 |
615 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
58 |
85 |
7 |
79 |
46 |
221 |
6 |
89 |
|||||||||||||||
|
International and Alaska |
93 |
— |
6 |
99 |
107 |
— |
7 |
114 |
|||||||||||||||
|
Same-Store Sales |
311 |
2,102 |
115 |
776 |
317 |
2,228 |
130 |
818 |
|||||||||||||||
|
Divestitures* |
4 |
201 |
13 |
51 |
18 |
510 |
13 |
116 |
|||||||||||||||
|
Total |
315 |
2,303 |
128 |
827 |
335 |
2,738 |
143 |
934 |
|||||||||||||||
|
Quarter Ended June 30, 2016 |
Quarter Ended June 30, 2015 | ||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total |
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
156 |
1,925 |
109 |
586 |
170 |
1,771 |
110 |
575 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
56 |
73 |
6 |
74 |
57 |
113 |
7 |
83 |
|||||||||||||||
|
International and Alaska |
81 |
— |
5 |
86 |
87 |
— |
6 |
93 |
|||||||||||||||
|
Same-Store Sales |
293 |
1,998 |
120 |
746 |
314 |
1,884 |
123 |
751 |
|||||||||||||||
|
Divestitures* |
3 |
190 |
11 |
46 |
4 |
470 |
13 |
95 |
|||||||||||||||
|
Total |
296 |
2,188 |
131 |
792 |
318 |
2,354 |
136 |
846 |
|||||||||||||||
|
Quarter Ended September 30, 2016 |
Quarter Ended September 30, 2015 | ||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total |
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
158 |
1,824 |
109 |
571 |
155 |
1,648 |
96 |
526 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
65 |
77 |
6 |
84 |
55 |
158 |
7 |
88 |
|||||||||||||||
|
International and Alaska |
93 |
— |
7 |
100 |
85 |
— |
5 |
90 |
|||||||||||||||
|
Same-Store Sales |
316 |
1,901 |
122 |
755 |
295 |
1,806 |
108 |
704 |
|||||||||||||||
|
Divestitures* |
1 |
102 |
7 |
25 |
6 |
380 |
14 |
83 |
|||||||||||||||
|
Total |
317 |
2,003 |
129 |
780 |
301 |
2,186 |
122 |
787 |
|||||||||||||||
|
* Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage (pending), EOR, Bossier, and Powder River Basin CBM. |
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Nine Months Ended September 30, 2016 |
Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total |
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
158 |
1,922 |
108 |
587 |
163 |
1,807 |
107 |
572 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
59 |
78 |
6 |
78 |
53 |
164 |
7 |
87 |
|||||||||||||||
|
International and Alaska |
89 |
— |
6 |
95 |
92 |
— |
6 |
98 |
|||||||||||||||
|
Same-Store Sales |
306 |
2,000 |
120 |
760 |
308 |
1,971 |
120 |
757 |
|||||||||||||||
|
Divestitures* |
3 |
164 |
10 |
40 |
9 |
453 |
14 |
98 |
|||||||||||||||
|
Total |
309 |
2,164 |
130 |
800 |
317 |
2,424 |
134 |
855 |
|||||||||||||||
|
Year Ended December 31, 2015 | |||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||||||
|
U.S. Onshore |
163 |
1,788 |
105 |
566 |
|||||||||||||||||||
|
Deepwater Gulf of Mexico |
53 |
152 |
7 |
85 |
|||||||||||||||||||
|
International and Alaska |
94 |
— |
6 |
100 |
|||||||||||||||||||
|
Same-Store Sales |
310 |
1,940 |
118 |
751 |
|||||||||||||||||||
|
Divestitures* |
7 |
394 |
12 |
85 |
|||||||||||||||||||
|
Total |
317 |
2,334 |
130 |
836 |
|||||||||||||||||||
|
* Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage (pending), EOR, Bossier, and Powder River Basin CBM. |
PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/3Q16-OpsReport-10-31-16.pdf
SOURCE Anadarko Petroleum Corporation
Article Date
10/31/2016Anadarko Schedules Third-Quarter 2016 Earnings Conference Call for Nov. 1
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 18, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Tuesday, Nov. 1, 2016, at 8 a.m. CDT (9 a.m. EDT) to discuss its third-quarter 2016 financial and operating results. Earnings will be released after close of market on Monday, Oct. 31. The full text of the release will be available on the company's website at www.anadarko.com.
Third-Quarter 2016 Results
Tuesday, Nov. 1, 2016
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877-883-0383
International dial-in number: 412-902-6506
Confirmation number: 8528639
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 8528639 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Anadarko Contacts
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jim Grant, james.grant@anadarko.com, 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
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SOURCE Anadarko Petroleum Corporation
Article Date
10/18/2016Anadarko Prices Public Offering Of 35,250,000 Shares Of Common Stock
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 12, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that it has priced a registered underwritten public offering of 35,250,000 shares of its common stock for total gross proceeds (before estimated fees and expenses) of approximately $1,921 million. Anadarko has granted the underwriter a 30-day option to purchase up to 5,287,500 additional shares of its common stock. The offering is expected to settle and close on Sept. 16, 2016, subject to customary closing conditions. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Net proceeds from the offering are expected to be used to fund the previously announced acquisition of deepwater Gulf of Mexico assets from an unaffiliated third party, and any remaining net proceeds will be used for general corporate purposes. The offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Anadarko intends to use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities LLC is acting as the sole underwriter for the offering. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus. An investor may obtain free copies of both the preliminary prospectus supplement and the accompanying base prospectus by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, Anadarko or the book-running manager will arrange to send you the preliminary prospectus supplement and the accompanying base prospectus if you request them by contacting J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling toll-free at (866) 803-9204, or by e-mail at prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offer is being made only through the preliminary prospectus supplement and the accompanying base prospectus, which is part of a shelf registration statement that became effective on Aug. 12, 2016.
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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 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 close on the offering and acquisition discussed in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
9/12/2016Anadarko Announces Public Offering Of 35,250,000 Shares Of Common Stock
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 12, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced a registered underwritten public offering of 35,250,000 shares of its common stock. Anadarko expects to grant the underwriter a 30-day option to purchase up to 5,287,500 additional shares of its common stock. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Net proceeds from the offering are expected to be used to fund the previously announced acquisition of deepwater Gulf of Mexico assets from an unaffiliated third party, and any remaining net proceeds will be used for general corporate purposes. The offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Anadarko intends to use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities LLC is acting as the sole underwriter for the offering. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus. An investor may obtain free copies of both the preliminary prospectus supplement and the accompanying base prospectus by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, Anadarko or the book-running manager will arrange to send you the preliminary prospectus supplement and the accompanying base prospectus if you request them by contacting J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling toll-free at (866) 803-9204, or by e-mail at prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offer is being made only through the preliminary prospectus supplement and the accompanying base prospectus, which is part of a shelf registration statement that became effective on Aug. 12, 2016.
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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 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 close on the offering and acquisition discussed in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
9/12/2016Anadarko Announces $2 Billion Property Acquisition
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 12, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) announced today it has entered into a definitive agreement to acquire the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2.0 billion. The transaction, effective Aug. 1, 2016, is expected to close prior to year end.
TRANSACTION HIGHLIGHTS
"This immediately accretive, bolt-on transaction strengthens our industry-leading position in the Gulf of Mexico and is a catalyst for the company's oil-growth objectives, with quality assets being acquired at an attractive price to create significant value," said Anadarko Chairman, President and CEO Al Walker. "We expect these acquired assets to generate substantial free cash flow,(1) enhancing our ability to increase U.S. onshore activity in the Delaware and DJ basins. Our current plans are to add two rigs in each play later this year, and to increase activity further thereafter, with an expectation of more than doubling our production to at least 600,000 BOE per day collectively from these two basins over the next five years. This increased activity would drive a company-wide 10- to 12-percent compounded annual growth rate in oil volumes over the same time horizon in a $50 to $60 oil-price environment, while investing within cash flows. Additionally, the transaction expands Anadarko's infrastructure in the Gulf, adds to our unmatched inventory of low-cost, subsea tieback opportunities, and bolsters optionality with new exploration prospects. The company's Gulf of Mexico position, with the addition of these properties, will have net sales volumes of approximately 155,000 BOE per day, comprised of approximately 85-percent oil."
DOUBLING OWNERSHIP IN LUCIUS
Anadarko's operated Lucius facility in the deepwater Gulf of Mexico continues to achieve strong reservoir performance and facility productivity. As a result of this performance, the company is increasing the estimated ultimate recovery of the field to more than 400 million BOE from the previous 300-plus million BOE. Additionally, gross oil sales volumes through the facility recently surpassed 100,000 barrels of oil per day (BOPD). Under the terms of the transaction, Anadarko will increase its working interest in Lucius to approximately 49 percent from its previous 23.8-percent ownership, enabling the company to further capitalize on additional future value-adding opportunities at Lucius.
ATTRACTIVE ACQUISITION METRICS
The acquisition and development cost of the acquired properties, excluding a total of approximately $300 million of materials inventory and seismic, is approximately $13.50 per BOE for the estimated proved reserves to be acquired. The assets are being acquired at an estimated EBITDAX multiple(1)(2) of 1.5 for the expected sales volumes over the coming 12 months, using the current futures strip price for oil and natural gas. Please see the supplemental information available at www.anadarko.com for additional details on the transaction.
GUIDANCE
Upon closing, the transaction is expected to add approximately 80,000 BOE per day to Anadarko's sales-volume guidance – more than 80 percent of which is comprised of oil. The company also is expected to increase its 2016 full-year capital guidance, not including the acquisition, to a range of $2.8 to $3.0 billion, primarily reflecting the increased activity in the Delaware and DJ basins.
Jefferies Group LLC and Latham & Watkins LLP are serving as advisors to Anadarko on the acquisition.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call tomorrow, Sept. 13, 2016, at 8 a.m. CDT (9 a.m. EDT) to answer questions regarding the transaction. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 3595942. 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.
(1) Management has presented herein certain forward-looking non-GAAP financial measures, including free cash flow and EBITDAX. These non-GAAP financial measures exclude certain amounts that are included in the corresponding financial measures determined in accordance with GAAP as follows:
Due to the forward-looking nature of the above non-GAAP financial measures, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, Anadarko is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.
(2) EBITDAX multiple is defined as Enterprise Value (market value + debt – cash and cash equivalents + noncontrolling interests) divided by EBITDAX.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance, timely complete and commercially operate the projects and drilling prospects identified in this presentation, reduce its debt, consummate the transactions described in this news release and identify and complete additional transactions, achieve further drilling cost reductions and efficiencies, and achieve production expectations on our projects. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to Investors - The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko may use terms in this news release, such as "estimated ultimate recovery," "EUR," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. These quantities may not constitute "reserves" within the meaning of the SEC's rules. EUR estimates and drilling locations have not been risked by Anadarko's management. Actual quantities that may be ultimately recovered from Anadarko's interests may differ substantially. Factors affecting ultimate recovery include the scope of Anadarko's ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and Anadarko's actual drilling results, including geological and mechanical factors affecting recovery rates. Such estimates may change significantly as development of Anadarko's oil and gas assets provide additional data.
U.S. Investors are urged to consider closely the oil and gas disclosures in Anadarko's Form 10-K for the year ended December 31, 2015, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
9/12/20169/8/2016 - Anadarko to Present at Upcoming Energy Event
Anadarko to Present at Upcoming Energy Event
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 8, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Bob Gwin, Anadarko Executive Vice President, Finance and CFO, will present at the 2016 UBS Houston Energy Bus-less Tour on Wednesday, Sept. 14, 2016 at 10 a.m. CDT.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
9/8/2016Anadarko Names Robin Fielder Vice President, Investor Relations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Sept. 7, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced Robin Fielder has been named Vice President, Investor Relations, reporting to John Colglazier, Senior Vice President, Investor Relations and Communications. Effective Nov. 1, 2016, Fielder will assume leadership of the company's Investor Relations organization, with Colglazier serving in an advisory capacity as Senior Vice President until his retirement early next year.
"This is a well-deserved opportunity for Robin, and we are confident in her ability to lead our investor relations efforts going forward," said Anadarko Chairman, President and CEO Al Walker. "Robin brings exceptional experience to the role having already built trusted relationships with many of our investors during her tenure in Investor Relations. Her background as an engineer working various areas of Anadarko's worldwide upstream and U.S. midstream operations, enables her to provide unique insight into our business for the investment community.
"It's hard to capture the many contributions John has made over his career in working to ensure our investors had timely, consistent and accurate information when making investment decisions about our industry and company," added Walker. "He has built one of the most respected investor relations programs in our industry. Both individually and collectively, John and his organization have been routinely recognized by third-party organizations for exceptional and peer-leading performance. John has developed a very talented staff, including Robin, capable of carrying that success forward, and we are glad he will continue with us to help in the transition over the coming months. We all wish him the best in his retirement next year and thank him for all he has done to make Anadarko a better company."
Fielder has nearly 15 years of experience in the oil and natural gas industry, beginning her career with Anadarko in 2002. She has held a variety of positions with the company, including General Manager of East Texas and North Louisiana, Worldwide Operations Business Advisor and various exploration and operations engineering positions in both the U.S. onshore and the Gulf of Mexico. Fielder served as Director, Investor Relations from 2014 to 2016. She holds a Bachelor of Science in petroleum engineering from Texas A&M University, and is a registered Professional Engineer in the state of Texas and a member of the Society of Petroleum Engineers.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Photo - http://photos.prnewswire.com/prnh/20160907/405293
SOURCE Anadarko Petroleum Corporation
Article Date
9/7/20168/23/2016 - Anadarko Announces Leadership Changes
Anadarko Announces Leadership Changes
Source: PR Newswire
HOUSTON, Aug. 23, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Darrell Hollek, formerly Executive Vice President, U.S. Onshore Exploration and Production, has been named Executive Vice President, Operations with responsibility for the company's U.S. onshore exploration, production and midstream activities, along with its Gulf of Mexico and international operations. The company also announced Ernie Leyendecker, formerly Sr. Vice President, International Exploration, has been named Executive Vice President, International and Deepwater Exploration.
Bob Daniels, formerly Executive Vice President, International and Deepwater Exploration, will continue as an Executive Vice President and member of the company's Executive Committee until his retirement later this year. Jim Kleckner, formerly Executive Vice President, International and Deepwater Operations also is retiring.
"We are fortunate to have the quality and depth of leadership to make these appointments and to effect executive management succession with such talented individuals," Anadarko Chairman, President and CEO Al Walker said. "Darrell and Ernie have significant experience and strong leadership track records of success as they assume these expanded responsibilities. They have been instrumental in advancing Anadarko's exploration, production and development worldwide, and we are confident they will continue to create value for our stakeholders. I would also like to express my sincere appreciation to Bob for his enduring contributions as a pioneer who helped solidify Anadarko's reputation as an industry-leading exploration company, and also to Jim for his leadership and numerous successes over his distinguished career. They each made Anadarko a better company."
Hollek has been with the company since 1980, when he joined as a field engineer. Since that time he has held positions of increasing responsibilities overseeing global deepwater drilling, international, Gulf of Mexico and U.S. onshore exploration and production, as well as environmental, health, safety and regulatory. Hollek will also remain a director of Western Gas Holdings, LLC, a subsidiary of Anadarko, and Western Gas Equity Holdings, LLC, the general partner of Western Gas Equity Partners, LP (NYSE: WGP), a publicly traded midstream limited partnership.
Leyendecker has more than 30 years of experience and joined the company in 2002. He has held positions of increasing responsibility including General Manager for Worldwide Exploration Engineering, Planning and International Negotiations, Vice President of Corporate Planning and Sr. Vice President, Gulf of Mexico Exploration.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Photo - http://photos.prnewswire.com/prnh/20160823/400638
Photo - http://photos.prnewswire.com/prnh/20160823/400637
SOURCE Anadarko Petroleum Corporation
Article Date
8/23/2016Anadarko to Participate in Upcoming Energy Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 10, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Brad Holly, Anadarko Senior Vice President of Rockies Operations, will present at EnerCom's The Oil & Gas Conference® on Tuesday, Aug. 16, 2016, at 2:45 p.m. MDT in Denver.
A link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
8/10/20168/2/2016 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 2, 2016 /PRNewswire/ -- The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable Sept. 28, 2016, to stockholders of record at the close of business on Sept. 14, 2016.
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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
8/2/20167/26/2016 - Anadarko Announces Board Of Directors Election
Anadarko Announces Board Of Directors Election
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 26, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the election of David E. Constable to serve as an independent director of the company, effective immediately.
"David's experience as a public company CEO, as well as his project-management expertise and international business experience, make him a particularly good fit for our Board of Directors," said Anadarko Chairman, President and CEO Al Walker. "We are incredibly fortunate to have the benefit of David's global perspective in the Board room."
DAVID CONSTABLE
Constable, 54, is the former President and CEO of Sasol Limited, a leading international integrated energy and chemicals company based in South Africa. During his tenure at Sasol, Constable drove a comprehensive, group-wide change program, which culminated in the roll-out of the organization's new operating model and the related structures, processes and systems to ensure enhanced efficiencies and effectiveness. Prior to Sasol, Mr. Constable spent nearly 30 years at Fluor Corporation, where he served in various leadership positions, including as Group President of Operations. He currently serves as a director of ABB Ltd, and is a member of The Business Council and the World Economic Forum International Business Council. Mr. Constable holds a bachelor's degree in civil engineering from the University of Alberta, and graduated from the International Management Program at the Thunderbird School of Global Management, as well as the Advanced Management Program at the Wharton School at the University of Pennsylvania.
Photo - http://photos.prnewswire.com/prnh/20160726/393245
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
SOURCE Anadarko Petroleum Corporation
Article Date
7/26/20167/26/2016 - Anadarko Announces Second-Quarter 2016 Results
Anadarko Announces Second-Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 26, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the second quarter of 2016, including a net loss attributable to common stockholders of $692 million, or $1.36 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $388 million or $0.76 per share (diluted) on an after-tax basis.(1) Cash flow from operating activities in the second quarter of 2016 was $1.229 billion. Discretionary cash flow from operations totaled $669 million.(2)
HIGHLIGHTS
"Our portfolio continues to perform exceptionally well, and we've continued to significantly reduce our cost structure throughout the year," said Al Walker, Anadarko Chairman, President and CEO. "As a result of the record sales volumes from our Lucius and Caesar/Tonga fields in the Gulf of Mexico, as well as the improving well performance in the Delaware and DJ basins, we are increasing the midpoint of our full-year divestiture-adjusted(3) sales-volume guidance by 2 million BOE (barrels of oil equivalent). Additionally, we've been very successful monetizing assets through the first six months of this year and have increased the high end of our target range to $3.5 billion in total proceeds expected by year end. As stated previously, we intend to use sales proceeds to retire debt, including the remaining $750 million of 2017 maturities. In addition, should the commodity-price outlook continue to improve, we will evaluate redeploying some of the additional cash generated via operations and asset sales toward our highest-quality U.S. onshore opportunities."
OPERATIONS SUMMARY
Anadarko's second-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 72 million BOE, or an average of 792,000 BOE per day.
In the Delaware Basin of West Texas, Anadarko averaged record net sales volumes of 41,000 BOE per day, and exited the quarter at approximately 45,000 BOE per day. The company has continued its delineation program, running six rigs to further its understanding of both the vertical and areal potential across its 600,000-gross-acre position in the heart of the play. In the DJ Basin of northeast Colorado, Anadarko continued to optimize the performance of its base production during the second quarter, achieving record net sales volumes of approximately 243,000 BOE per day.
In the Gulf of Mexico, the company achieved several production records. The Lucius platform achieved a 24-hour gross production record and averaged sales volumes above the facility's 80,000 barrels of oil per day (BOPD) nameplate capacity. In addition, the company's Constitution spar recently achieved a production record of 65,000 BOPD, and its K2 complex also achieved an eight-year-high production rate of 28,000 BOPD. During the quarter, Anadarko continued to advance its understanding of the Shenandoah discovery, as it encountered more than 1,040 net feet of oil pay in the Shenandoah-5 appraisal well, expanding the eastern extent of the field. Additionally, the company increased its working interest in Shenandoah to 33 percent and added several new exploration opportunities to the portfolio by participating in a preferential-right process.
Internationally, the TEN field offshore Ghana is 97-percent complete with installation, hook-up and commissioning on schedule and first oil expected in the third quarter of 2016. At the adjacent Jubilee field, following maintenance on the floating production, storage and offloading vessel (FPSO) and implementation of new production and offtake procedures, production has ramped back up and is expected to average approximately 85,000 BOPD during the second half of the year. The partnership determined a long-term solution to convert the FPSO to a permanently moored facility, with the work program expected to be completed in the first half of 2017. Until the work program is complete, shuttle tankers will continue to be utilized to deliver offtake. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program with the drilling of the Paon-3AR horizontal sidetrack, which will be followed by a drillstem and interference testing program in the third quarter. In advancing the Mozambique LNG project, Anadarko achieved a significant milestone by submitting the Resettlement Plan for government review.
OPERATIONS REPORT
For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted(3) information, please refer to the comprehensive report on second-quarter 2016 activity. The report is available at www.anadarko.com.
FINANCIAL SUMMARY
Anadarko ended the second quarter with approximately $1.4 billion of cash on hand. Year to date, Anadarko has generated approximately $2.5 billion in monetizations, including proceeds received during the second quarter from the secondary offering of Western Gas Equity Partners (NYSE: WGP) common units and divestitures of the company's Wamsutter and non-core Permian assets.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Wednesday, July 27, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss second-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 0728576. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.
(3) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and Flash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko's ability to realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance, identify and complete additional monetization transactions, reduce its debt, timely complete and commercially operate the projects and drilling prospects identified in this news release, and successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP) and free cash flow (non-GAAP), and total debt (GAAP) to net debt (non-GAAP), each as required under Regulation G of the Securities Exchange Act of 1934. The Company also provides non-GAAP definitions and reconciliations on its website located at www.anadarko.com/investor-kit. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.
|
Quarter Ended June 30, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(692) |
$ |
(1.36) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(371) |
(234) |
(0.46) |
||||||||
|
Gains (losses) on divestitures, net |
(104) |
(66) |
(0.13) |
|||||||||
|
Impairments |
(18) |
(11) |
(0.02) |
|||||||||
|
Restructuring charges |
(48) |
(30) |
(0.06) |
|||||||||
|
Loss on early extinguishment of debt |
(124) |
(78) |
(0.15) |
|||||||||
|
Third-party well and platform decommissioning obligation |
56 |
35 |
0.07 |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(4) |
(0.01) |
|||||||||
|
Certain items affecting comparability |
$ |
(609) |
(388) |
(0.76) |
||||||||
|
Adjusted net income (loss) |
$ |
(304) |
$ |
(0.60) |
||||||||
|
* Includes $(213) million related to interest-rate derivatives, $(154) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales. | ||||||||||||
|
Quarter Ended June 30, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
61 |
$ |
0.12 |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
229 |
145 |
0.28 |
||||||||
|
Gains (losses) on divestitures, net |
(91) |
(77) |
(0.15) |
|||||||||
|
Impairments |
(30) |
(20) |
(0.04) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
9 |
0.02 |
|||||||||
|
Certain items affecting comparability |
$ |
108 |
57 |
0.11 |
||||||||
|
Adjusted net income (loss) |
$ |
4 |
$ |
0.01 |
||||||||
|
* Includes $312 million related to interest-rate derivatives and $(83) million related to commodity derivatives. | ||||||||||||
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management believes that discretionary cash flow from operations and free cash flow are useful to management and investors as a measure of a company's ability to internally fund its capital expenditures and to service or incur additional debt. These measures eliminate the impact of certain items that management does not consider to be indicative of the Company's performance from period to period.
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
millions |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Net cash provided by (used in) operating activities |
$ |
1,229 |
$ |
1,243 |
$ |
1,092 |
$ |
(3,261) |
|||||||
|
Add back |
|||||||||||||||
|
Increase (decrease) in accounts receivable |
(876) |
462 |
(922) |
105 |
|||||||||||
|
(Increase) decrease in accounts payable and accrued expenses |
314 |
(81) |
717 |
198 |
|||||||||||
|
Other items, net |
14 |
(339) |
100 |
269 |
|||||||||||
|
Tronox settlement payment |
— |
— |
— |
5,215 |
|||||||||||
|
Certain nonoperating and other excluded items |
(12) |
— |
168 |
26 |
|||||||||||
|
Current taxes related to asset monetizations |
— |
88 |
— |
316 |
|||||||||||
|
Discretionary cash flow from operations |
$ |
669 |
$ |
1,373 |
$ |
1,155 |
$ |
2,868 |
|||||||
|
Less capital expenditures* |
728 |
1,401 |
1,624 |
3,223 |
|||||||||||
|
Free cash flow** |
$ |
(59) |
$ |
(28) |
$ |
(469) |
$ |
(355) |
|||||||
|
* Includes Western Gas Partners, LP (WES) capital expenditures of $120 million for the quarter ended June 30, 2016, and $122 million for the quarter ended June 30, 2015, $260 million for the six months ended June 30, 2016, and $278 million for the six months ended June 30, 2015. | |||||||||||||||
|
** Free cash flow for the six months ended June 30, 2015, includes a $595 million current tax benefit associated with the Tronox settlement. | |||||||||||||||
Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko's net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.
|
June 30, 2016 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
15,673 |
$ |
2,960 |
$ |
12,713 |
|||||||
|
Less cash and cash equivalents |
1,394 |
160 |
1,234 |
||||||||||
|
Net debt |
$ |
14,279 |
$ |
2,800 |
$ |
11,479 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
14,279 |
$ |
11,479 |
|||||||||
|
Total equity |
14,600 |
11,281 |
|||||||||||
|
Adjusted capitalization |
$ |
28,879 |
$ |
22,760 |
|||||||||
|
Net debt to adjusted capitalization ratio |
49 |
% |
50 |
% | |||||||||
|
* Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP. | |||||||||||||
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
Summary Financial Information |
June 30, |
June 30, | |||||||||||||
|
millions except per-share amounts |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil and condensate sales |
$ |
1,125 |
$ |
1,616 |
$ |
1,975 |
$ |
3,035 |
|||||||
|
Natural-gas sales |
320 |
487 |
$ |
686 |
1,128 |
||||||||||
|
Natural-gas liquids sales |
235 |
229 |
413 |
461 |
|||||||||||
|
Gathering, processing, and marketing sales |
305 |
305 |
545 |
598 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(70) |
(1) |
(30) |
(265) |
|||||||||||
|
Total |
1,915 |
2,636 |
3,589 |
4,957 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
202 |
226 |
410 |
522 |
|||||||||||
|
Oil and gas transportation |
246 |
283 |
488 |
588 |
|||||||||||
|
Exploration |
76 |
103 |
202 |
1,186 |
|||||||||||
|
Gathering, processing, and marketing |
252 |
255 |
467 |
509 |
|||||||||||
|
General and administrative |
305 |
278 |
754 |
585 |
|||||||||||
|
Depreciation, depletion, and amortization |
984 |
1,214 |
2,133 |
2,470 |
|||||||||||
|
Other taxes |
157 |
151 |
274 |
333 |
|||||||||||
|
Impairments |
18 |
30 |
34 |
2,813 |
|||||||||||
|
Other operating expense |
7 |
6 |
23 |
69 |
|||||||||||
|
Total |
2,247 |
2,546 |
4,785 |
9,075 |
|||||||||||
|
Operating Income (Loss) |
(332) |
90 |
(1,196) |
(4,118) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
217 |
201 |
437 |
417 |
|||||||||||
|
Loss on early extinguishment of debt |
124 |
— |
124 |
— |
|||||||||||
|
(Gains) losses on derivatives, net |
307 |
(311) |
604 |
(159) |
|||||||||||
|
Other (income) expense, net |
(55) |
15 |
(55) |
62 |
|||||||||||
|
Tronox-related contingent loss |
— |
— |
— |
5 |
|||||||||||
|
Total |
593 |
(95) |
1,110 |
325 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(925) |
185 |
(2,306) |
(4,443) |
|||||||||||
|
Income tax expense (benefit) |
(314) |
77 |
(697) |
(1,315) |
|||||||||||
|
Net Income (Loss) |
(611) |
108 |
(1,609) |
(3,128) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
81 |
47 |
117 |
79 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(692) |
$ |
61 |
$ |
(1,726) |
$ |
(3,207) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(1.36) |
$ |
0.12 |
$ |
(3.39) |
$ |
(6.32) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(1.36) |
$ |
0.12 |
$ |
(3.39) |
$ |
(6.32) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
510 |
508 |
510 |
507 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
510 |
509 |
510 |
507 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
(5) |
$ |
13 |
$ |
6 |
$ |
42 |
|||||||
|
Impairments of unproved properties |
15 |
18 |
39 |
998 |
|||||||||||
|
Geological and geophysical expense |
32 |
16 |
69 |
38 |
|||||||||||
|
Exploration overhead and other |
34 |
56 |
88 |
108 |
|||||||||||
|
Total |
$ |
76 |
$ |
103 |
$ |
202 |
$ |
1,186 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Six Months Ended | ||||||||||||||
|
Summary Financial Information |
June 30, |
June 30, | |||||||||||||
|
millions |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(611) |
$ |
108 |
$ |
(1,609) |
$ |
(3,128) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
984 |
1,214 |
2,133 |
2,470 |
|||||||||||
|
Deferred income taxes |
(407) |
11 |
(820) |
(1,187) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
10 |
31 |
45 |
1,040 |
|||||||||||
|
Impairments |
18 |
30 |
34 |
2,813 |
|||||||||||
|
(Gains) losses on divestitures, net |
104 |
91 |
102 |
425 |
|||||||||||
|
Loss on early extinguishment of debt |
124 |
— |
124 |
— |
|||||||||||
|
Total (gains) losses on derivatives, net |
311 |
(310) |
610 |
(158) |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
60 |
81 |
165 |
172 |
|||||||||||
|
Other |
88 |
29 |
203 |
74 |
|||||||||||
|
Changes in assets and liabilities |
|||||||||||||||
|
Tronox-related contingent liability |
— |
— |
— |
(5,210) |
|||||||||||
|
(Increase) decrease in accounts receivable |
876 |
(462) |
922 |
(105) |
|||||||||||
|
Increase (decrease) in accounts payable and accrued expenses |
(314) |
81 |
(717) |
(198) |
|||||||||||
|
Other items, net |
(14) |
339 |
(100) |
(269) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
1,229 |
$ |
1,243 |
$ |
1,092 |
$ |
(3,261) |
|||||||
|
Capital Expenditures |
$ |
728 |
$ |
1,401 |
$ |
1,624 |
$ |
3,223 |
|||||||
|
June 30, |
December 31, | ||||||||||
|
millions |
2016 |
2015 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
1,394 |
$ |
939 |
|||||||
|
Accounts receivable, net of allowance |
1,500 |
2,469 |
|||||||||
|
Other current assets |
318 |
573 |
|||||||||
|
Net properties and equipment |
32,345 |
33,751 |
|||||||||
|
Other assets |
2,239 |
2,268 |
|||||||||
|
Goodwill and other intangible assets |
6,237 |
6,331 |
|||||||||
|
Total Assets |
$ |
44,033 |
$ |
46,331 |
|||||||
|
Short-term debt |
32 |
32 |
|||||||||
|
Other current liabilities |
3,212 |
4,148 |
|||||||||
|
Long-term debt |
15,641 |
15,636 |
|||||||||
|
Deferred income taxes |
4,686 |
5,400 |
|||||||||
|
Other long-term liabilities |
5,862 |
5,658 |
|||||||||
|
Stockholders' equity |
11,281 |
12,819 |
|||||||||
|
Noncontrolling interests |
3,319 |
2,638 |
|||||||||
|
Total Equity |
$ |
14,600 |
$ |
15,457 |
|||||||
|
Total Liabilities and Equity |
$ |
44,033 |
$ |
46,331 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,673 |
$ |
15,668 |
|||||||
|
Total equity |
14,600 |
15,457 |
|||||||||
|
Total |
$ |
30,273 |
$ |
31,125 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
52 |
% |
50 |
% | |||||||
|
Total equity |
48 |
% |
50 |
% | |||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
Average Sales Price | |||||||||||||||||||||||||||
|
Oil & |
Oil & |
Oil & |
|||||||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs | |||||||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MMBbls |
Bcf |
MMBbls |
Per Bbl |
Per Mcf |
Per Bbl | |||||||||||||||||||||
|
Quarter Ended June 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
227 |
2,188 |
126 |
20 |
199 |
12 |
$ |
40.25 |
$ |
1.61 |
$ |
19.42 |
|||||||||||||||||
|
Algeria |
59 |
— |
5 |
5 |
— |
1 |
46.65 |
— |
24.13 |
||||||||||||||||||||
|
Other International |
10 |
— |
— |
1 |
— |
— |
47.37 |
— |
— |
||||||||||||||||||||
|
Total |
296 |
2,188 |
131 |
26 |
199 |
13 |
$ |
41.77 |
$ |
1.61 |
$ |
19.60 |
|||||||||||||||||
|
Quarter Ended June 30, 2015 |
|||||||||||||||||||||||||||||
|
United States |
240 |
2,354 |
130 |
21 |
215 |
12 |
$ |
54.14 |
$ |
2.28 |
$ |
17.98 |
|||||||||||||||||
|
Algeria |
50 |
— |
6 |
5 |
— |
— |
60.24 |
— |
31.11 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
61.82 |
— |
— |
||||||||||||||||||||
|
Total |
318 |
2,354 |
136 |
29 |
215 |
12 |
$ |
55.78 |
$ |
2.28 |
$ |
18.50 |
|||||||||||||||||
|
Six Months Ended June 30, 2016 |
|||||||||||||||||||||||||||||
|
United States |
229 |
2,245 |
125 |
41 |
409 |
23 |
$ |
34.07 |
$ |
1.68 |
$ |
17.24 |
|||||||||||||||||
|
Algeria |
62 |
— |
5 |
11 |
— |
1 |
40.35 |
— |
23.43 |
||||||||||||||||||||
|
Other International |
14 |
— |
— |
3 |
— |
— |
37.55 |
— |
— |
||||||||||||||||||||
|
Total |
305 |
2,245 |
130 |
55 |
409 |
24 |
$ |
35.51 |
$ |
1.68 |
$ |
17.49 |
|||||||||||||||||
|
Six Months Ended June 30, 2015 |
|||||||||||||||||||||||||||||
|
United States |
238 |
2,545 |
134 |
43 |
461 |
24 |
$ |
49.23 |
$ |
2.45 |
$ |
17.63 |
|||||||||||||||||
|
Algeria |
60 |
— |
6 |
11 |
— |
1 |
57.80 |
— |
32.01 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
5 |
— |
— |
55.69 |
— |
— |
||||||||||||||||||||
|
Total |
326 |
2,545 |
140 |
59 |
461 |
25 |
$ |
51.37 |
$ |
2.45 |
$ |
18.24 |
|||||||||||||||||
|
Average Daily Sales Volumes MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended June 30, 2016 |
792 |
72 |
|||||||||||||||||||||||||||
|
Quarter Ended June 30, 2015 |
846 |
77 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2016 |
809 |
147 |
|||||||||||||||||||||||||||
|
Six Months Ended June 30, 2015 |
890 |
161 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil & Condensate |
Natural Gas |
NGLs |
Oil & Condensate |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended June 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
830 |
$ |
320 |
$ |
223 |
$ |
60 |
$ |
2 |
$ |
(2) |
||||||||||||
|
Algeria |
252 |
— |
12 |
— |
— |
— |
||||||||||||||||||
|
Other International |
43 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,125 |
$ |
320 |
$ |
235 |
$ |
60 |
$ |
2 |
$ |
(2) |
||||||||||||
|
Quarter Ended June 30, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
1,181 |
$ |
487 |
$ |
213 |
$ |
3 |
$ |
77 |
$ |
2 |
||||||||||||
|
Algeria |
277 |
— |
16 |
— |
— |
— |
||||||||||||||||||
|
Other International |
158 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,616 |
$ |
487 |
$ |
229 |
$ |
3 |
$ |
77 |
$ |
2 |
||||||||||||
|
Six Months Ended June 30, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
1,421 |
$ |
686 |
$ |
390 |
$ |
148 |
$ |
15 |
$ |
— |
||||||||||||
|
Algeria |
458 |
— |
23 |
— |
— |
— |
||||||||||||||||||
|
Other International |
96 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,975 |
$ |
686 |
$ |
413 |
$ |
148 |
$ |
15 |
$ |
— |
||||||||||||
|
Six Months Ended June 30, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
2,121 |
$ |
1,128 |
$ |
426 |
$ |
5 |
$ |
150 |
$ |
17 |
||||||||||||
|
Algeria |
629 |
— |
35 |
— |
— |
— |
||||||||||||||||||
|
Other International |
285 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
3,035 |
$ |
1,128 |
$ |
461 |
$ |
5 |
$ |
150 |
$ |
17 |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 26, 2016 | ||||||||||||||
|
Note: Guidance excludes 2016 sales volumes associated with the East Chalk and Wamsutter divestitures. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
68 |
— |
70 |
277 |
— |
281 |
||||||||
|
Total Sales Volumes (MBOE/d) |
739 |
— |
761 |
757 |
— |
768 |
||||||||
|
Oil (MBbl/d) |
301 |
— |
307 |
303 |
— |
308 |
||||||||
|
United States |
222 |
— |
225 |
223 |
— |
226 |
||||||||
|
Algeria |
62 |
— |
64 |
63 |
— |
64 |
||||||||
|
Ghana |
17 |
— |
18 |
17 |
— |
18 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
1,895 |
— |
1,935 |
2,000 |
— |
2,020 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
114 |
— |
118 |
114 |
— |
117 |
||||||||
|
Algeria |
5 |
— |
7 |
5 |
— |
7 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(6.70) |
— |
(2.20) |
(6.90) |
— |
(2.50) |
||||||||
|
United States |
(8.00) |
— |
(3.00) |
(8.00) |
— |
(3.00) |
||||||||
|
Algeria |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Ghana |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.55) |
— |
(0.40) |
(0.45) |
— |
(0.35) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of July 26, 2016 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability. | ||||||||||||||
|
3rd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
20 |
— |
40 |
120 |
— |
140 |
||||||||
|
Minerals and Other |
35 |
— |
55 |
155 |
— |
175 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
3.15 |
— |
3.30 |
3.05 |
— |
3.25 |
||||||||
|
Oil & Gas Transportation |
3.20 |
— |
3.40 |
3.25 |
— |
3.45 |
||||||||
|
Depreciation, Depletion, and Amortization |
14.90 |
— |
15.35 |
14.80 |
— |
15.00 |
||||||||
|
Production Taxes (% of Product Revenue) |
8.0 |
% |
— |
9.0 |
% |
8.0 |
% |
— |
9.0 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative (excludes restructuring charges) |
245 |
— |
265 |
950 |
— |
1,000 |
||||||||
|
Other Operating Expense |
25 |
— |
35 |
75 |
— |
85 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
40 |
— |
60 |
350 |
— |
450 |
||||||||
|
Cash |
50 |
— |
70 |
260 |
— |
280 |
||||||||
|
Interest Expense (net) |
210 |
— |
225 |
865 |
— |
885 |
||||||||
|
Other (Income) Expense (includes noncontrolling interest) |
70 |
— |
80 |
250 |
— |
275 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% current) |
60 |
% |
— |
70 |
% |
65 |
% |
— |
75 |
% | ||||
|
Rest of Company (10% Current/90% Deferred for Q3 and Total Year) |
35 |
% |
— |
45 |
% |
30 |
% |
— |
40 |
% | ||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
510 |
— |
511 |
510 |
— |
511 |
||||||||
|
Diluted |
510 |
— |
511 |
511 |
— |
512 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
650 |
— |
750 |
2,600 |
— |
2,800 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of July 26, 2016 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2016 |
|||||||||
|
WTI |
65 |
$ |
41.54 |
$ |
53.08 |
$ |
62.25 | ||
|
Brent |
18 |
$ |
47.22 |
$ |
59.44 |
$ |
69.47 | ||
|
83 |
$ |
42.77 |
$ |
54.46 |
$ |
63.82 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives
| |||||
|
As of July 26, 2016 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$50 Million |
Sept. 2016 – 2026 |
Sept. 2016 |
5.910% |
3M LIBOR |
|
Swap |
$50 Million |
Sept. 2016 – 2046 |
Sept. 2016 |
6.290% |
3M LIBOR |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
Quarter Ended March 31, 2015 | ||||||||||||||||||||||
|
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d |
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d | ||||||||||||||||
|
U.S. Onshore |
162 |
2,125 |
110 |
626 |
166 |
2,138 |
125 |
647 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
58 |
85 |
7 |
79 |
46 |
221 |
6 |
89 |
|||||||||||||||
|
International and Alaska |
93 |
— |
6 |
99 |
107 |
— |
7 |
114 |
|||||||||||||||
|
Same-Store Sales |
313 |
2,210 |
123 |
804 |
319 |
2,359 |
138 |
850 |
|||||||||||||||
|
Divestitures* |
2 |
93 |
5 |
23 |
16 |
379 |
5 |
84 |
|||||||||||||||
|
Total |
315 |
2,303 |
128 |
827 |
335 |
2,738 |
143 |
934 |
|||||||||||||||
|
Quarter Ended June 30, 2016 |
Quarter Ended June 30, 2015 | ||||||||||||||||||||||
|
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d |
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d | ||||||||||||||||
|
U.S. Onshore |
157 |
2,033 |
116 |
612 |
172 |
1,889 |
117 |
604 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
56 |
73 |
6 |
74 |
57 |
113 |
7 |
83 |
|||||||||||||||
|
International and Alaska |
81 |
— |
5 |
86 |
87 |
— |
6 |
93 |
|||||||||||||||
|
Same-Store Sales |
294 |
2,106 |
127 |
772 |
316 |
2,002 |
130 |
780 |
|||||||||||||||
|
Divestitures* |
2 |
82 |
4 |
20 |
2 |
352 |
6 |
66 |
|||||||||||||||
|
Total |
296 |
2,188 |
131 |
792 |
318 |
2,354 |
136 |
846 |
|||||||||||||||
|
Six Months Ended June 30, 2016 |
Six Months Ended June 30, 2015 | ||||||||||||||||||||||
|
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d |
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d | ||||||||||||||||
|
U.S. Onshore |
159 |
2,079 |
113 |
618 |
169 |
2,013 |
122 |
626 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
57 |
78 |
7 |
77 |
51 |
167 |
7 |
86 |
|||||||||||||||
|
International and Alaska |
87 |
— |
5 |
92 |
97 |
— |
6 |
103 |
|||||||||||||||
|
Same-Store Sales |
303 |
2,157 |
125 |
787 |
317 |
2,180 |
135 |
815 |
|||||||||||||||
|
Divestitures* |
2 |
88 |
5 |
22 |
9 |
365 |
5 |
75 |
|||||||||||||||
|
Total |
305 |
2,245 |
130 |
809 |
326 |
2,545 |
140 |
890 |
|||||||||||||||
|
* Includes Wamsutter, East Chalk, EOR, Bossier, and Powder River Basin CBM. |
|
Average Daily Sales Volumes | |||||||||||||||||||
|
Year Ended December 31, 2015 | |||||||||||||||||||
|
Oil & Condensate MBbls/d |
Natural Gas MMcf/d |
NGLs MBbls/d |
Total MBOE/d | ||||||||||||||||
|
U.S. Onshore |
163 |
1,909 |
111 |
593 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
53 |
152 |
7 |
85 |
|||||||||||||||
|
International and Alaska |
94 |
— |
6 |
100 |
|||||||||||||||
|
Same-Store Sales |
310 |
2,061 |
124 |
778 |
|||||||||||||||
|
Divestitures* |
7 |
273 |
6 |
58 |
|||||||||||||||
|
Total |
317 |
2,334 |
130 |
836 |
|||||||||||||||
|
* Includes Wamsutter, East Chalk, EOR, Bossier, and Powder River Basin CBM. |
PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/APC-2Q16-OpsReport.pdf
SOURCE Anadarko Petroleum Corporation
Article Date
7/26/2016Anadarko Schedules Second-Quarter 2016 Earnings Conference Call for July 27
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 11, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Wednesday, July 27, 2016, at 8 a.m. CDT (9 a.m. EDT) to discuss its second-quarter 2016 financial and operating results. Earnings will be released after close of market on Tuesday, July 26. The full text of the release will be available on the company's website at www.anadarko.com.
Second-Quarter 2016 Results
Wednesday, July 27, 2016
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877-883-0383
International dial-in number: 412-902-6506
Confirmation number: 0728576
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 0728576 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
7/11/2016Anadarko to Participate in Upcoming Energy Conferences
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, June 14, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Al Walker, Chairman, President and CEO, will participate in the 2016 Wells Fargo West Coast Energy Conference on Tuesday, June 21, 2016, at 7:30 a.m. PDT in San Francisco.
Additionally, Bob Gwin, Anadarko Executive Vice President, Finance and Chief Financial Officer, will present at the J.P. Morgan Inaugural Energy Equity Conference on Tuesday, June 28, 2016, at 8:40 a.m. EDT in New York.
A link to the audio webcast presentations will be available in the Investor section at www.anadarko.com, with replays available on the company's website for approximately 30 days following the events.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
6/14/2016Anadarko to Present at Upcoming Energy Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 17, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Bob Gwin, Anadarko Executive Vice President, Finance and CFO, will present at the 2016 UBS Global Oil and Gas Conference on Tuesday, May 24, 2016, at 11:55 a.m. CDT.
The link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
5/17/20165/10/2016 - Anadarko Declares Dividend
Anadarko Declares Dividend
Source: PR Newswire
HOUSTON, May 10, 2016 /PRNewswire/ -- The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable June 22, 2016, to stockholders of record at the close of business on June 8, 2016.
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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
5/10/2016Anadarko to Participate in Upcoming Energy Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 5, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Ernie Leyendecker, Anadarko Senior Vice President of International Exploration, will present at the Citi 2016 Global Energy & Utilities Conference on Wednesday, May 11, 2016, at 8 a.m. EDT in Boston.
A link to the audio webcast presentation will be available in the Investor section at www.anadarko.com. The replay and slide presentation also will be available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
ANADARKO CONTACTS
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
5/5/2016Anadarko Announces First-Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 2, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million.(2)
FIRST-QUARTER 2016 HIGHLIGHTS
"During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko Chairman, President and CEO. "Year to date, we've closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures. We've also removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities. Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis. These actions combined with our continued focus on financial discipline, operational excellence and best-in-class capital allocation, support our ability to enhance and preserve value in a volatile market environment."
OPERATIONS HIGHLIGHTS
Anadarko's first-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 75 million BOE, or an average of 823,000 BOE per day, on a divestiture-adjusted basis.(4)
Anadarko's 2016 U.S. onshore capital investments are primarily focused in the Delaware and DJ basins. In the Delaware Basin of West Texas, Anadarko delivered a year-over-year increase in sales volumes of approximately 47 percent, or about 12,000 BOE per day. As previously announced, the company's successful appraisal and delineation program also resulted in an increase to its net recoverable resource estimate in the basin to more than 2 billion BOE from its previous estimate of more than 1 billion BOE. In the DJ Basin of northeast Colorado, the company achieved a year-over-year sales-volume increase of approximately 11 percent, or about 24,000 BOE per day.
In the Gulf of Mexico, the company increased year-over-year liquids sales volumes in the first quarter by 25 percent, largely driven by achieving first oil at Heidelberg ahead of schedule, continued outperformance at Lucius, and the contributions from our capital-efficient tieback program. Also during the first quarter, the floating production, storage and offloading (FPSO) vessel arrived at the TEN field offshore Ghana. The TEN development is more than 90-percent complete and remains on schedule for first oil in the third quarter of this year. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program, encountering approximately 100 net feet of vertical pay in the company's first horizontal deepwater well at Paon-5A. The company plans to drill the Paon-3AR sidetrack well in the second quarter, followed by a drillstem and interference testing program, as it works to advance the Paon discovery toward commerciality.
OPERATIONS REPORT
For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted information, please refer to the comprehensive report on first-quarter 2016 activity. The report is available at www.anadarko.com.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Tuesday, May 3, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 1750264. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.
(3) Does not include capital investments associated with Western Gas Partners, LP (NYSE: WES).
(4) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resource estimate," "net recoverable resource estimate," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2015, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
|
Anadarko Petroleum Corporation | ||||||||||||
|
Certain Items Affecting Comparability | ||||||||||||
|
Quarter Ended March 31, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(404) |
$ |
(255) |
$ |
(0.50) |
||||||
|
Gains (losses) on divestitures, net |
2 |
1 |
— |
|||||||||
|
Impairments |
(16) |
(10) |
(0.02) |
|||||||||
|
Restructuring charges |
(203) |
(128) |
(0.25) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(73) |
(0.14) |
|||||||||
|
$ |
(621) |
$ |
(465) |
$ |
(0.91) |
|||||||
|
* Includes $(325) million related to interest-rate derivatives, $(75) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales. |
|
Quarter Ended March 31, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(243) |
$ |
(153) |
$ |
(0.30) |
||||||
|
Gains (losses) on divestitures, net |
(334) |
(252) |
(0.50) |
|||||||||
|
Impairments, including unproved properties |
(3,718) |
(2,353) |
(4.64) |
|||||||||
|
Early termination of rig |
(50) |
(50) |
(0.10) |
|||||||||
|
Third-party well and platform decommissioning obligation |
(22) |
(14) |
(0.03) |
|||||||||
|
Interest expense related to Tronox settlement |
(5) |
(3) |
(0.01) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(78) |
(0.15) |
|||||||||
|
$ |
(4,372) |
$ |
(2,903) |
$ |
(5.73) |
|||||||
|
* Includes $(205) million related to interest-rate derivatives, $(37) million related to commodity derivatives, and $(1) million related to gathering, processing, and marketing sales. |
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), as well as to free cash flow (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.
|
Quarter Ended |
Quarter Ended | ||||||||||||||
|
March 31, 2016 |
March 31, 2015 | ||||||||||||||
|
After |
Per Share |
After |
Per Share | ||||||||||||
|
millions except per-share amounts |
Tax |
(diluted) |
Tax |
(diluted) | |||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(1,034) |
$ |
(2.03) |
$ |
(3,268) |
$ |
(6.45) |
|||||||
|
Less certain items affecting comparability |
(465) |
(0.91) |
(2,903) |
(5.73) |
|||||||||||
|
Adjusted net income (loss) |
$ |
(569) |
$ |
(1.12) |
$ |
(365) |
$ |
(0.72) |
|||||||
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt.
|
Quarter Ended | |||||||
|
March 31, | |||||||
|
millions |
2016 |
2015 | |||||
|
Net cash provided by (used in) operating activities |
$ |
(137) |
$ |
(4,504) |
|||
|
Add back |
|||||||
|
Increase (decrease) in accounts receivable |
(46) |
(357) |
|||||
|
(Increase) decrease in accounts payable and accrued expenses |
403 |
279 |
|||||
|
Other items, net |
86 |
608 |
|||||
|
Tronox settlement payment |
— |
5,215 |
|||||
|
Certain nonoperating and other excluded items |
180 |
26 |
|||||
|
Current taxes related to asset monetizations and Tronox tax position |
— |
228 |
|||||
|
Discretionary cash flow from operations |
$ |
486 |
$ |
1,495 |
|||
|
Quarter Ended | |||||||
|
March 31, | |||||||
|
millions |
2016 |
2015 | |||||
|
Discretionary cash flow from operations |
$ |
486 |
$ |
1,495 |
|||
|
Less capital expenditures* |
896 |
1,822 |
|||||
|
Free cash flow** |
$ |
(410) |
$ |
(327) |
|||
|
* Includes Western Gas Partners, LP (WES) capital expenditures of $140 million for the quarter ended March 31, 2016, and $156 million for the quarter ended March 31, 2015. |
|
** Free cash flow for the quarter ended March 31, 2015, includes a $561 million current tax benefit associated with the Tronox settlement. |
Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.
|
March 31, 2016 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
18,751 |
$ |
3,049 |
$ |
15,702 |
|||||||
|
Less cash and cash equivalents |
2,947 |
111 |
2,836 |
||||||||||
|
Net debt |
$ |
15,804 |
$ |
2,938 |
$ |
12,866 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
15,804 |
$ |
12,866 |
|||||||||
|
Total equity |
14,701 |
11,686 |
|||||||||||
|
Adjusted capitalization |
$ |
30,505 |
$ |
24,552 |
|||||||||
|
Net debt to adjusted capitalization ratio |
52 |
% |
52 |
% | |||||||||
|
* Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP. |
|
Anadarko Petroleum Corporation | |||||||
|
(Unaudited) | |||||||
|
Quarter Ended | |||||||
|
Summary Financial Information |
March 31, | ||||||
|
millions except per-share amounts |
2016 |
2015 | |||||
|
Consolidated Statements of Income |
|||||||
|
Revenues and Other |
|||||||
|
Oil and condensate sales |
$ |
850 |
$ |
1,419 |
|||
|
Natural-gas sales |
366 |
641 |
|||||
|
Natural-gas liquids sales |
178 |
232 |
|||||
|
Gathering, processing, and marketing sales |
240 |
293 |
|||||
|
Gains (losses) on divestitures and other, net |
40 |
(264) |
|||||
|
Total |
1,674 |
2,321 |
|||||
|
Costs and Expenses |
|||||||
|
Oil and gas operating |
208 |
296 |
|||||
|
Oil and gas transportation |
242 |
305 |
|||||
|
Exploration |
126 |
1,083 |
|||||
|
Gathering, processing, and marketing |
215 |
254 |
|||||
|
General and administrative |
449 |
307 |
|||||
|
Depreciation, depletion, and amortization |
1,149 |
1,256 |
|||||
|
Other taxes |
117 |
182 |
|||||
|
Impairments |
16 |
2,783 |
|||||
|
Other operating expense |
16 |
63 |
|||||
|
Total |
2,538 |
6,529 |
|||||
|
Operating Income (Loss) |
(864) |
(4,208) |
|||||
|
Other (Income) Expense |
|||||||
|
Interest expense |
220 |
216 |
|||||
|
(Gains) losses on derivatives, net |
297 |
152 |
|||||
|
Other (income) expense, net |
— |
47 |
|||||
|
Tronox-related contingent loss |
— |
5 |
|||||
|
Total |
517 |
420 |
|||||
|
Income (Loss) Before Income Taxes |
(1,381) |
(4,628) |
|||||
|
Income tax expense (benefit) |
(383) |
(1,392) |
|||||
|
Net Income (Loss) |
(998) |
(3,236) |
|||||
|
Net income (loss) attributable to noncontrolling interests |
36 |
32 |
|||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(1,034) |
$ |
(3,268) |
|||
|
Per Common Share |
|||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(2.03) |
$ |
(6.45) |
|||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(2.03) |
$ |
(6.45) |
|||
|
Average Number of Common Shares Outstanding—Basic |
509 |
507 |
|||||
|
Average Number of Common Shares Outstanding—Diluted |
509 |
507 |
|||||
|
Exploration Expense |
|||||||
|
Dry hole expense |
$ |
11 |
$ |
29 |
|||
|
Impairments of unproved properties |
24 |
980 |
|||||
|
Geological and geophysical expense |
37 |
22 |
|||||
|
Exploration overhead and other |
54 |
52 |
|||||
|
Total |
$ |
126 |
$ |
1,083 |
|||
|
Anadarko Petroleum Corporation | |||||||
|
(Unaudited) | |||||||
|
Quarter Ended | |||||||
|
Summary Financial Information |
March 31, | ||||||
|
millions |
2016 |
2015 | |||||
|
Cash Flows from Operating Activities |
|||||||
|
Net income (loss) |
$ |
(998) |
$ |
(3,236) |
|||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||
|
Depreciation, depletion, and amortization |
1,149 |
1,256 |
|||||
|
Deferred income taxes |
(413) |
(1,198) |
|||||
|
Dry hole expense and impairments of unproved properties |
35 |
1,009 |
|||||
|
Impairments |
16 |
2,783 |
|||||
|
(Gains) losses on divestitures, net |
(2) |
334 |
|||||
|
Total (gains) losses on derivatives, net |
299 |
152 |
|||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
105 |
91 |
|||||
|
Other |
115 |
45 |
|||||
|
Changes in assets and liabilities |
|||||||
|
Tronox-related contingent liability |
— |
(5,210) |
|||||
|
(Increase) decrease in accounts receivable |
46 |
357 |
|||||
|
Increase (decrease) in accounts payable and accrued expenses |
(403) |
(279) |
|||||
|
Other items, net |
(86) |
(608) |
|||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
(137) |
$ |
(4,504) |
|||
|
Capital Expenditures |
$ |
896 |
$ |
1,822 |
|||
|
March 31, |
December 31, | ||||||||||
|
millions |
2016 |
2015 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
2,947 |
$ |
939 |
|||||||
|
Accounts receivable, net of allowance |
2,392 |
2,469 |
|||||||||
|
Other current assets |
428 |
573 |
|||||||||
|
Net properties and equipment |
33,526 |
33,751 |
|||||||||
|
Other assets |
2,304 |
2,268 |
|||||||||
|
Goodwill and other intangible assets |
6,325 |
6,331 |
|||||||||
|
Total Assets |
$ |
47,922 |
$ |
46,331 |
|||||||
|
Short-term debt |
3,025 |
32 |
|||||||||
|
Other current liabilities |
3,632 |
4,148 |
|||||||||
|
Long-term debt |
15,726 |
15,636 |
|||||||||
|
Deferred income taxes |
4,940 |
5,400 |
|||||||||
|
Other long-term liabilities |
5,898 |
5,658 |
|||||||||
|
Stockholders' equity |
11,686 |
12,819 |
|||||||||
|
Noncontrolling interests |
3,015 |
2,638 |
|||||||||
|
Total Equity |
$ |
14,701 |
$ |
15,457 |
|||||||
|
Total Liabilities and Equity |
$ |
47,922 |
$ |
46,331 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
18,751 |
$ |
15,668 |
|||||||
|
Total equity |
14,701 |
15,457 |
|||||||||
|
Total |
$ |
33,452 |
$ |
31,125 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
56 |
% |
50 |
% | |||||||
|
Total equity |
44 |
% |
50 |
% | |||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices | |||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
Average Sales Price | |||||||||||||||||||||||||||
|
Oil & |
Oil & |
Oil & |
|||||||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs | |||||||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MMBbls |
Bcf |
MMBbls |
Per Bbl |
Per Mcf |
Per Bbl | |||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
232 |
2,303 |
122 |
21 |
210 |
11 |
$ |
28.04 |
$ |
1.75 |
$ |
14.98 |
|||||||||||||||||
|
Algeria |
65 |
— |
6 |
6 |
— |
— |
34.62 |
— |
22.78 |
||||||||||||||||||||
|
Other International |
18 |
— |
— |
2 |
— |
— |
32.27 |
— |
— |
||||||||||||||||||||
|
Total |
315 |
2,303 |
128 |
29 |
210 |
11 |
$ |
29.65 |
$ |
1.75 |
$ |
15.32 |
|||||||||||||||||
|
— |
— |
— |
|||||||||||||||||||||||||||
|
Quarter Ended March 31, 2015 |
|||||||||||||||||||||||||||||
|
United States |
237 |
2,738 |
136 |
22 |
246 |
12 |
$ |
44.19 |
$ |
2.60 |
$ |
17.29 |
|||||||||||||||||
|
Algeria |
70 |
— |
7 |
6 |
— |
1 |
56.02 |
— |
32.75 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
2 |
— |
— |
49.55 |
— |
— |
||||||||||||||||||||
|
Total |
335 |
2,738 |
143 |
30 |
246 |
13 |
$ |
47.12 |
$ |
2.60 |
$ |
18.00 |
|||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
827 |
75 |
|||||||||||||||||||||||||||
|
Quarter Ended March 31, 2015 |
934 |
84 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives | ||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil & Condensate |
Natural Gas |
NGLs |
Oil & Condensate |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended March 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
591 |
$ |
366 |
$ |
167 |
$ |
88 |
$ |
13 |
$ |
2 |
||||||||||||
|
Algeria |
206 |
— |
11 |
— |
— |
— |
||||||||||||||||||
|
Other International |
53 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
850 |
$ |
366 |
$ |
178 |
$ |
88 |
$ |
13 |
$ |
2 |
||||||||||||
|
Quarter Ended March 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
940 |
$ |
641 |
$ |
213 |
$ |
2 |
$ |
73 |
$ |
15 |
||||||||||||
|
Algeria |
352 |
— |
19 |
— |
— |
— |
||||||||||||||||||
|
Other International |
127 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,419 |
$ |
641 |
$ |
232 |
$ |
2 |
$ |
73 |
$ |
15 |
||||||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 2, 2016 | ||||||||||||||
|
Note: Guidance excludes 2016 sales volumes associated with the East Chalk divestiture. | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
71 |
— |
73 |
282 |
— |
286 |
||||||||
|
Total Sales Volumes (MBOE/d) |
780 |
— |
802 |
770 |
— |
781 |
||||||||
|
Oil (MBbl/d) |
296 |
— |
302 |
306 |
— |
311 |
||||||||
|
United States |
219 |
— |
222 |
222 |
— |
225 |
||||||||
|
Algeria |
59 |
— |
61 |
59 |
— |
60 |
||||||||
|
Ghana |
18 |
— |
19 |
25 |
— |
26 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
2,140 |
— |
2,180 |
2,060 |
— |
2,080 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
123 |
— |
127 |
117 |
— |
120 |
||||||||
|
Algeria |
4 |
— |
6 |
5 |
— |
7 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(6.70) |
— |
(2.20) |
(6.90) |
— |
(2.40) |
||||||||
|
United States |
(8.00) |
— |
(3.00) |
(8.00) |
— |
(3.00) |
||||||||
|
Algeria |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Ghana |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.40) |
— |
(0.15) |
(0.40) |
— |
(0.20) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
As of May 2, 2016 | ||||||||||||||
|
Note: Guidance excludes items affecting comparability | ||||||||||||||
|
2nd-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
10 |
— |
30 |
110 |
— |
130 |
||||||||
|
Minerals and Other |
35 |
— |
55 |
165 |
— |
185 |
||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Costs and Expenses |
||||||||||||||
|
Oil & Gas Direct Operating |
3.05 |
— |
3.20 |
3.10 |
— |
3.30 |
||||||||
|
Oil & Gas Transportation |
3.30 |
— |
3.50 |
3.40 |
— |
3.60 |
||||||||
|
Depreciation, Depletion, and Amortization |
14.90 |
— |
15.25 |
15.80 |
— |
16.00 |
||||||||
|
Production Taxes (% of Product Revenue) |
8.0 |
% |
— |
9.0 |
% |
8.0 |
% |
— |
9.0 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative (excludes restructuring charges) |
245 |
— |
265 |
950 |
— |
1,000 |
||||||||
|
Other Operating Expense |
5 |
— |
15 |
55 |
— |
65 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
40 |
— |
60 |
350 |
— |
450 |
||||||||
|
Cash |
65 |
— |
85 |
280 |
— |
300 |
||||||||
|
Interest Expense (net) |
215 |
— |
230 |
880 |
— |
900 |
||||||||
|
Other (Income) Expense |
35 |
— |
45 |
150 |
— |
175 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% current) |
70 |
% |
— |
75 |
% |
70 |
% |
— |
75 |
% | ||||
|
Rest of Company (10% Current for Q2 and Total Year) |
35 |
% |
— |
45 |
% |
30 |
% |
— |
40 |
% | ||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
509 |
— |
510 |
509 |
— |
510 |
||||||||
|
Diluted |
509 |
— |
510 |
510 |
— |
511 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
700 |
— |
800 |
2,600 |
— |
2,800 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of May 2, 2016 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2016 |
|||||||||
|
WTI |
65 |
$ |
41.54 |
$ |
53.08 |
$ |
62.25 | ||
|
Brent |
18 |
$ |
47.22 |
$ |
59.44 |
$ |
69.47 | ||
|
83 |
$ |
42.77 |
$ |
54.46 |
$ |
63.82 | |||
|
Interest-Rate Derivatives
| |||||
|
As of May 2, 2016 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory |
Rate Paid |
Rate Received |
|
Swap |
$50 Million |
Sept. 2016 – 2026 |
Sept. 2016 |
5.910% |
3M LIBOR |
|
Swap |
$50 Million |
Sept. 2016 – 2046 |
Sept. 2016 |
6.290% |
3M LIBOR |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended March 31, 2016 |
Quarter Ended March 31, 2015 | ||||||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total |
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
163 |
2,206 |
114 |
645 |
167 |
2,232 |
129 |
668 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
58 |
85 |
7 |
79 |
46 |
221 |
6 |
89 |
|||||||||||||||
|
International and Alaska |
93 |
— |
6 |
99 |
107 |
— |
7 |
114 |
|||||||||||||||
|
Same-Store Sales |
314 |
2,291 |
127 |
823 |
320 |
2,453 |
142 |
871 |
|||||||||||||||
|
Divestitures* |
1 |
12 |
1 |
4 |
15 |
285 |
1 |
63 |
|||||||||||||||
|
Total |
315 |
2,303 |
128 |
827 |
335 |
2,738 |
143 |
934 |
|||||||||||||||
|
* Includes East Chalk, EOR, Bossier, and Powder River Basin CBM. East Chalk was classified as held for sale at March 31, 2016, and closed in April 2016. |
|
Average Daily Sales Volumes | |||||||||||||||||||
|
Year Ended December 31, 2015 | |||||||||||||||||||
|
Oil & |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
U.S. Onshore |
165 |
2,003 |
116 |
615 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
53 |
152 |
7 |
85 |
|||||||||||||||
|
International and Alaska |
94 |
— |
6 |
100 |
|||||||||||||||
|
Same-Store Sales |
312 |
2,155 |
129 |
800 |
|||||||||||||||
|
Divestitures* |
5 |
179 |
1 |
36 |
|||||||||||||||
|
Total |
317 |
2,334 |
130 |
836 |
|||||||||||||||
|
* Includes East Chalk, EOR, Bossier, and Powder River Basin CBM. East Chalk was classified as held for sale at March 31, 2016, and closed in April 2016. |
SOURCE Anadarko Petroleum Corporation
Article Date
5/2/2016Anadarko Announces Pricing Of Its Tender Offer For Its 6.375% Notes Due 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 22, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE:APC) ("Anadarko") announced today the determination of the pricing for its previously announced tender offer to purchase for cash its outstanding 6.375% Senior Notes due 2017 (the "Notes"). Earlier today, Anadarko announced that it had increased the aggregate principal amount of Notes it would accept in the offer (the "Maximum Tender Amount") to $1,250,000,000 and had accepted for purchase only the Maximum Tender Amount of the principal amount of Notes validly tendered prior to 5:00 p.m., New York City time, on April 21, 2016 (such date and time, the "Early Tender Date").
The tender offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated April 8, 2016 (the "Offer to Purchase"), and the related Letter of Transmittal.
Anadarko will pay holders of Notes that were validly tendered prior to the Early Tender Date and accepted for purchase the Total Consideration of $1,063.56 for each $1,000 principal amount of its Notes accepted for purchase, plus accrued and unpaid interest up to, but not including, the Early Settlement Date (as defined below). The applicable Total Consideration for each $1,000 principal amount of Notes validly tendered prior to the Early Tender Date and accepted for purchase was determined in the manner described in the Offer to Purchase, calculated as of 2:00 p.m., New York City time, on April 22, 2016 (the "Pricing Time"). Anadarko has elected to make payment for the Notes it has accepted for purchase on April 25, 2016 (the "Early Settlement Date").
The Total Consideration is detailed in the table below.
|
Title of Security |
CUSIP Number |
Principal Amount Outstanding |
Maximum Tender Amount |
Reference U.S. Treasury Security |
Bloomberg Reference Page |
Fixed Spread |
Early Tender Premium |
Total Consideration (1)(2) | ||||||||
|
6.375% Senior Notes due 2017 |
032511BH9 |
$2.0 billion |
$1.25 billion |
0.875% U.S. Treasury Note due March 31, 2018 |
FIT1 |
90 bps |
$30.00 |
$1,063.56 | ||||||||
|
(1) |
Per $1,000 principal amount of Notes validly tendered. | ||||||||||||||||
|
(2) |
Based upon a Reference Yield (as defined in the Offer to Purchase) of 0.822% as of the Pricing Time and the resulting tender offer yield of 1.722%; excludes accrued and unpaid interest. The Total Consideration includes the Early Tender Premium. | ||||||||||||||||
Notes tendered pursuant to the tender offer may no longer be withdrawn, except as required by law (as determined by Anadarko).
The tender offer will expire at 11:59 p.m., New York City time, on May 5, 2016, unless extended or earlier terminated. Because the aggregate principal amount of the Notes validly tendered (and not validly withdrawn) before the Early Tender Date exceeded the Maximum Tender Amount, Anadarko will accept only the Notes tendered prior to the Early Tender Date on a prorated basis as provided in the Offer to Purchase and will not accept any Notes tendered after the Early Tender Date.
The tender offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase.
Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as dealer managers for the tender offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related tender offer materials are available by contacting D.F. King & Co., Inc. at (800) 387-0017 (toll-free), (212) 269-5550 (banks and brokers) or by email at apc@dfking.com. Questions regarding the tender offer should be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect) or Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 357-0422 (collect).
This press release does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to the Notes.
The tender offer for the Notes is only being made pursuant to the tender offer documents, including the Offer to Purchase that Anadarko has distributed to holders of the Notes. The tender offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the tender offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the dealer managers or any other licensed broker or dealer on behalf of Anadarko.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, Anadarko had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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, not all of which are within Anadarko's control. See Risk Factors in Anadarko's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
4/22/2016Anadarko Announces Increase In Maximum Tender Amount And Early Tender Results Of Its Tender Offer For Its 6.375% Senior Notes Due 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 22, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE:APC) ("Anadarko") announced today that it has amended the terms of its previously announced tender offer to purchase for cash its outstanding 6.375% Senior Notes due 2017 (the "Notes") to increase the aggregate principal amount of Notes that may be purchased to $1,250,000,000 from $1,000,000,000 (as so amended, the "Maximum Tender Amount"). All other terms of the tender offer, as previously announced, remain unchanged. Anadarko also announced the early tender results of the tender offer. The tender offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated April 8, 2016 (the "Offer to Purchase"), and the related Letter of Transmittal.
The table below identifies the principal amount of Notes validly tendered prior to 5:00 p.m., New York City time, on April 21, 2016 (such date and time, the "Early Tender Date"). Anadarko has accepted for purchase only the Maximum Tender Amount of the principal amount of the Notes validly tendered prior to the Early Tender Date. Anadarko has elected to make payment for the Notes it has accepted for purchase on April 25, 2016 (the "Early Settlement Date").
|
Title of Security |
CUSIP Number |
Principal Amount Outstanding |
Maximum Tender Amount |
Principal Amount Tendered |
Principal Amount Accepted | |||||
|
6.375% Senior Notes due 2017 |
032511BH9 |
$2.0 billion |
$1.25 billion |
$1.43 billion |
$1.25 billion |
Holders of Notes that were validly tendered prior to the Early Tender Date and accepted for purchase will receive the Total Consideration, which includes an early tender premium of $30.00 per $1,000 principal amount of the Notes (the "Early Tender Premium"), plus accrued and unpaid interest up to, but not including, the Early Settlement Date. The Total Consideration for each $1,000 principal amount of Notes validly tendered prior to the Early Tender Date and accepted for purchase will be determined in the manner described in the Offer to Purchase, calculated as of 2:00 p.m., New York City time, on April 22, 2016.
Notes tendered pursuant to the tender offer may no longer be withdrawn, except as required by law (as determined by Anadarko).
The tender offer will expire at 11:59 p.m., New York City time, on May 5, 2016, unless extended or earlier terminated. Because the aggregate principal amount of the Notes validly tendered (and not validly withdrawn) before the Early Tender Date exceeded the Maximum Tender Amount, Anadarko will accept only the Notes tendered prior to the Early Tender Date on a prorated basis as provided in the Offer to Purchase and will not accept any Notes tendered after the Early Tender Date.
The tender offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase.
Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as dealer managers for the tender offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related tender offer materials are available by contacting D.F. King & Co., Inc. at (800) 387-0017 (toll-free), (212) 269-5550 (banks and brokers) or by email at apc@dfking.com. Questions regarding the tender offer should be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect) or Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 357-0422 (collect).
This press release does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to the Notes.
The tender offer for the Notes is only being made pursuant to the tender offer documents, including the Offer to Purchase that Anadarko has distributed to holders of the Notes. The tender offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the tender offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the dealer managers or any other licensed broker or dealer on behalf of Anadarko.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, Anadarko had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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, not all of which are within Anadarko's control. See Risk Factors in Anadarko's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
4/22/2016Anadarko Schedules First-Quarter 2016 Earnings Conference Call for May 3
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 21, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Tuesday, May 3, 2016, at 8 a.m. CDT (9 a.m. EDT) to discuss its first-quarter 2016 financial and operating results. Earnings will be released after close of market on Monday, May 2. The full text of the release will be available on the company's website at www.anadarko.com.
First-Quarter 2016 Results
Tuesday, May 3, 2016
8 a.m. CDT (9 a.m. EDT)
Dial-in number: 877.883.0383
International dial-in number: 412.902.6506
Participant access code: 1750264
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter access code 1750264 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Anadarko Contacts
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
4/21/20164/8/2016 - Anadarko Announces Tender Offer For Up To $1.0 Billion Of Its 6.375% Senior Notes Due 2017
Anadarko Announces Tender Offer For Up To $1.0 Billion Of Its 6.375% Senior Notes Due 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 8, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko") announced today a tender offer to purchase for cash up to $1.0 billion in aggregate principal amount (the "Maximum Tender Amount") of its outstanding 6.375% Senior Notes due 2017 (the "Notes"). The tender offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated April 8, 2016 (the "Offer to Purchase") and the related Letter of Transmittal.
The following table sets forth some of the terms of the tender offer, which are more fully set forth in the Offer to Purchase and Letter of Transmittal:
|
Title |
CUSIP |
Principal |
Maximum |
Reference |
Bloomberg |
Fixed |
Early |
Hypothetical | ||||||||
|
6.375% Senior Notes due 2017 |
032511BH9 |
$2.0 billion |
$1.0 billion |
0.875% U.S. Treasury Note due March 31, 2018 |
FIT1 |
90 bps |
$30.00 |
$1,065.31 | ||||||||
|
(1) |
Per $1,000 principal amount of Notes validly tendered. |
|
(2) |
Based upon a Reference Yield (as defined below) of 0.700% as of 2:00 p.m., New York City time, on April 7, 2016 and the resulting tender offer yield of 1.600%; excludes accrued and unpaid interest. The Hypothetical Total Consideration includes the Early Tender Premium. |
Anadarko reserves the right, but is under no obligation, to increase the Maximum Tender Amount at any time, subject to compliance with applicable law. If holders of Notes validly tender Notes in an aggregate principal amount in excess of the Maximum Tender Amount, Anadarko will accept for purchase an amount of Notes equal to such Maximum Tender Amount and will pay holders of such validly tendered Notes in accordance with the proration procedures set forth in the Offer to Purchase.
The tender offer will expire at 11:59 p.m., New York City time, on May 5, 2016 (such date and time, as it may be extended, the "Expiration Date"), unless extended or earlier terminated. Holders of Notes that are validly tendered prior to 5:00 p.m., New York City time, on April 21, 2016 (such date and time, as it may be extended, the "Early Tender Date") and accepted for purchase will receive the Total Consideration (as defined below and in the Offer to Purchase), which includes the early tender premium (the "Early Tender Premium") set forth in the table above. Holders tendering Notes after the Early Tender Date but before the Expiration Date will be eligible to receive only the tender offer consideration (the "Tender Offer Consideration"), which will equal the Total Consideration less the Early Tender Premium. Because Anadarko intends to accept for payment all Notes validly tendered before the Early Tender Date, subject to the Maximum Tender Amount and the other terms and conditions described in the Offer to Purchase, there is no assurance as to the amount of Notes, if any, that Anadarko will accept that are tendered after the Early Tender Date. No tenders submitted after the Expiration Date will be valid.
Anadarko may elect, in its sole discretion, to settle the tender offer with respect to Notes validly tendered before the Early Tender Date promptly following the Early Tender Date, which Anadarko expects would be on or about April 25, 2016, assuming that the Early Tender Date is not extended. The settlement date, if necessary, for Notes validly tendered after the Early Tender Date and before the Expiration Date (or for Notes validly tendered before the Expiration Date if Anadarko does not elect to have an early settlement date) will occur promptly following the Expiration Date and is expected to be May 6, 2016, assuming that the Expiration Date is not extended. Anadarko will pay accrued and unpaid interest from and including the last interest payment date applicable to the Notes up to, but not including, the applicable settlement date for Notes accepted for purchase.
Tendered Notes may be withdrawn from the tender offer prior to 5:00 p.m., New York City time, on April 21, 2016 (such date and time, as it may be extended, the "Withdrawal Deadline"). Holders of Notes who validly tender their Notes after the Withdrawal Deadline but before the Expiration Date may not withdraw their Notes except in the limited circumstances described in the Offer to Purchase.
The "Total Consideration" for each $1,000 principal amount of Notes validly tendered prior to the Early Tender Date and accepted for purchase pursuant to the tender offer will be determined by reference to the fixed spread (the "Fixed Spread") specified in the table above for the Notes over the yield (the "Reference Yield") based on the bid-side price of the U.S. Treasury Security specified in the table above (the "Reference Treasury Security"), as calculated by Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. at 2:00 p.m., New York City time, on April 22, 2016, assuming that the Early Tender Date is not extended. The Total Consideration also includes the Early Tender Premium.
The tender offer is conditioned upon the satisfaction of certain customary conditions. Subject to applicable law, Anadarko may also terminate the tender offer at any time before the Expiration Date in its sole discretion.
Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as dealer managers for the tender offer. The information agent and tender agent is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and related tender offer materials are available by contacting D.F. King & Co., Inc. at (800) 387-0017 (toll-free), (212) 269-5550 (banks and brokers) or email apc@dfking.com. Questions regarding the tender offer should be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect) or Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 357-0422 (collect).
This press release does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to the Notes.
The tender offer for the Notes is only being made pursuant to the tender offer documents, including the Offer to Purchase that Anadarko is distributing to holders of the Notes. The tender offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the tender offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the dealer managers or any other licensed broker or dealer on behalf of Anadarko.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, Anadarko had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
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 the satisfaction of all conditions set forth in the Offer to Purchase, not all of which are within Anadarko's control. See Risk Factors in Anadarko's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
4/8/2016Anadarko Announces Closing Of $3.0 Billion Senior Notes Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 17, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced it has closed its registered public offering of $3.0 billion aggregate principal amount of senior notes comprised of $800 million 4.85-percent senior notes due 2021, $1.1 billion 5.55-percent senior notes due 2026 and $1.1 billion 6.60-percent senior notes due 2046.
The company intends to use the net proceeds from the offering, along with cash on hand, to retire its 5.95-percent senior notes prior to or at maturity in September 2016 and its 6.375-percent senior notes prior to or at maturity in September 2017.
"We are very pleased the market confirmed we are a solidly investment-grade issuer with significant capital markets access, enabling us to continue to manage through the low commodity price environment without the need to issue equity to achieve our business objectives," said Bob Gwin, Anadarko's Executive Vice President, Finance and CFO. "The combination of strategic actions we've taken to date, including this offering, reducing the dividend, executing upon our asset monetizations, and driving down expenses, have continued to improve the financial strength of the company, with a clear path to reducing net and gross debt going forward."
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 realize its expectations in this challenging economic environment and meet financial and operating guidance; reduce its net and gross debt; and to meet the objectives identified in this news release. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
3/17/2016Anadarko Announces Pricing Of $3.0 Billion Of Senior Notes
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 14, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced it has priced its registered public offering of $3.0 billion aggregate principal amount of senior notes comprised of $800 million 4.85-percent senior notes due 2021, $1.1 billion 5.55-percent senior notes due 2026 and $1.1 billion 6.60-percent senior notes due 2046.
Anadarko expects to close the offering on March 17, 2016, subject to customary closing conditions, and intends to use the net proceeds from the offering to refinance its 5.95-percent senior notes prior to or at maturity in September 2016 and the remaining net proceeds to refinance a portion of its 6.375-percent senior notes prior to or at maturity in September 2017, and in the interim may use such net proceeds for general corporate purposes.
Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. The offering is being made only by means of a prospectus and related prospectus supplement. An investor may obtain free copies of both the prospectus and related prospectus supplement by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, Anadarko or any underwriter participating in this offering will arrange to send a prospectus as supplemented to an investor, if requested, by contacting Barclays Capital Inc. at 1-888-603-5847 or by emailing barclaysprospectus@broadridge.com or by mail to Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322 or by emailing dg.prospectus_requests@baml.com or by mail to Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, 222 Broadway, 11th Floor, New York, New York 10038; or Mizuho Securities USA Inc. at 1-866-271-7403 or by mail to Mizuho Securities USA Inc., Attention: Debt Capital Markets, 320 Park Avenue, New York, New York 10022.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer is being made only through the prospectus as supplemented, which is part of a shelf registration statement that became effective on Nov. 8, 2013, as amended on June 3, 2015.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
3/14/2016Anadarko Announces 2016 Capital Program And Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 1, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its 2016 initial capital expectations and guidance, concurrent with its 2016 Investor Conference Call.
2016 INVESTOR CONFERENCE CALL HIGHLIGHTS
"In 2016, we will continue our disciplined and focused approach, preserving and building value by leveraging our best-in-class capital allocation, enhancing operational efficiencies and continuing an active monetization program," said Al Walker, Anadarko Chairman, President and CEO. "We are committed to again investing well within cash inflows from a combination of anticipated discretionary cash flow and our ongoing monetizations, with the expectation of also reducing net debt during the year. As we announced last week, we have already closed or announced monetizations totaling approximately $1.3 billion, and we expect our cash position to be further strengthened during the year through substantial cost reductions and additional identified monetization opportunities. We will also benefit from the recent action by our Board to reduce our dividend, which will provide approximately $450 million of additional cash this year."
2016 INITIAL SALES-VOLUME AND CAPITAL EXPECTATIONS
|
Initial 2016 Capital Expectations ($2.6 - $2.8 Billion)(1) | ||||||||
|
Billions |
Billions |
|||||||
|
By Area |
By Cash Cycle (E&P only) | |||||||
|
U.S. Onshore |
$ |
1.1 |
Short Cash Cycle |
$ |
1.5 |
|||
|
International |
0.7 |
Mid Cash Cycle |
0.5 |
|||||
|
Gulf of Mexico |
0.7 |
Long Cash Cycle |
0.5 |
|||||
|
Midstream & Other |
0.2 |
|||||||
|
Note: All amounts are approximates. |
|
Divestiture-Adjusted(2) Sales-Volume Expectations | |||
|
2016 Initial Expectations |
2015 | ||
|
Total (MMBOE) |
282 – 286 |
292 | |
|
Oil (MBOPD) |
308 – 313 |
312 | |
U.S. ONSHORE
Anadarko's U.S. onshore activities will be reduced the most, by almost $2.5 billion in capital investments year over year, as the company preserves its opportunities, including in two of the highest-returning onshore assets in North America – the Delaware and DJ basins – for a more compelling price environment. The company is reducing its U.S. onshore rig count by 80 percent to five operated rigs, from an average of 25 in 2015, while focusing on its base production and retaining the flexibility to leverage its inventory of approximately 230 drilled but intentionally uncompleted wells. In the Delaware Basin, Anadarko plans to run four operated rigs, which will be directed toward delineation and lease maintenance rather than development activities. To date, the company's successful activities in this play have reduced well costs, identified additional prospective zones and doubled the estimated recoverable resources to more than 2 billion BOE. In the DJ Basin, the company expects to operate one rig, compared to seven in 2015.
GULF OF MEXICO
Anadarko's 2016 Gulf of Mexico program will focus on the company's capital-efficient tieback oil opportunities, as well as on advancing appraisal activities. By leveraging its existing infrastructure, Anadarko's tieback opportunities offer returns of more than 30 percent at today's strip prices. These activities will include tiebacks at Lucius, Caesar/Tonga and K2. In addition, Anadarko plans to advance existing discoveries through appraisal activities at Shenandoah and Phobos. One exploration well is planned at the Warrior prospect, which if successful, could be a tieback to K2.
INTERNATIONAL
In 2016, Anadarko's planned international activity will include efforts to advance its Paon oil discovery offshore Côte d'Ivoire toward potential development with one appraisal well, a drillstem test, and two exploration wells. Once activities are completed in Côte d'Ivoire, the rig is scheduled to return to Colombia to conduct additional exploration drilling activities. Offshore Ghana, the company expects to achieve first oil at the TEN complex in the third quarter of 2016. In Mozambique, Anadarko expects minimal funding in 2016 as it works three parallel paths toward a Final Investment Decision (FID) for its LNG project. These processes include securing the necessary legal and contractual framework, progressing more than 8 million tonnes per annum of off-take toward long-term sales contracts and advancing project financing.
Four pages of supplemental materials including the company's 2016 initial guidance, updated hedging positions and a reconciliation of divestiture-adjusted sales volumes are provided in the tables attached to this release.
(1) Does not include capital investments by Western Gas Partners, LP (NYSE: WES).
(2) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance; reduce its net debt; meet the objectives identified in this news release; consummate the transactions described in this news release and identify and complete additional transactions; execute the 2016 capital program; drill, develop and commercially operate the drilling prospects identified in this news release; achieve production and budget expectations on its mega projects; and successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "recoverable resource," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2015, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
March 1, 2016 | ||||||||||||||
|
Note: Guidance excludes 2016 sales volumes associated with pending East Chalk divestiture. | ||||||||||||||
|
1st-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
Units |
Units | |||||||||||||
|
Total Sales Volumes (MMBOE) |
74 |
— |
76 |
282 |
— |
286 |
||||||||
|
Total Sales Volumes (MBOE/d) |
813 |
— |
835 |
770 |
— |
781 |
||||||||
|
Oil (MBbl/d) |
311 |
— |
316 |
308 |
— |
313 |
||||||||
|
United States |
229 |
— |
232 |
222 |
— |
225 |
||||||||
|
Algeria |
64 |
— |
65 |
59 |
— |
60 |
||||||||
|
Ghana |
18 |
— |
19 |
27 |
— |
28 |
||||||||
|
Natural Gas (MMcf/d) |
||||||||||||||
|
United States |
2,250 |
— |
2,290 |
2,030 |
— |
2,060 |
||||||||
|
Natural Gas Liquids (MBbl/d) |
||||||||||||||
|
United States |
119 |
— |
123 |
117 |
— |
120 |
||||||||
|
Algeria |
5 |
— |
7 |
5 |
— |
7 |
||||||||
|
$ / Unit |
$ / Unit | |||||||||||||
|
Price Differentials vs. NYMEX (w/o hedges) |
||||||||||||||
|
Oil ($/Bbl) |
(7.00) |
— |
(2.00) |
(7.00) |
— |
(2.00) |
||||||||
|
United States |
(8.00) |
— |
(3.00) |
(8.00) |
— |
(3.00) |
||||||||
|
Algeria |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Ghana |
(3.00) |
— |
— |
(4.00) |
— |
(1.00) |
||||||||
|
Natural Gas ($/Mcf) |
||||||||||||||
|
United States |
(0.40) |
— |
(0.15) |
(0.40) |
— |
(0.20) |
||||||||
|
Anadarko Petroleum Corporation | ||||||||||||||
|
Financial and Operating External Guidance | ||||||||||||||
|
March 1, 2016 | ||||||||||||||
|
Note: Guidance excludes 2016 sales volumes associated with pending East Chalk divestiture. | ||||||||||||||
|
1st-Qtr |
Full-Year | |||||||||||||
|
Guidance (see Note) |
Guidance (see Note) | |||||||||||||
|
$ MM |
$ MM | |||||||||||||
|
Other Revenues |
||||||||||||||
|
Marketing and Gathering Margin |
15 |
— |
35 |
145 |
— |
165 |
||||||||
|
Minerals and Other |
45 |
— |
65 |
185 |
— |
205 |
||||||||
|
Costs and Expenses |
||||||||||||||
|
$ / BOE |
$ / BOE | |||||||||||||
|
Oil & Gas Direct Operating |
3.00 |
— |
3.15 |
3.20 |
— |
3.40 |
||||||||
|
Oil & Gas Transportation |
3.40 |
— |
3.60 |
3.55 |
— |
3.75 |
||||||||
|
Depreciation, Depletion, and Amortization |
14.90 |
— |
15.25 |
15.80 |
— |
16.00 |
||||||||
|
Production Taxes (% of Product Revenue) |
8.0 |
% |
— |
9.0 |
% |
8.0 |
% |
— |
9.0 |
% | ||||
|
$ MM |
$ MM | |||||||||||||
|
General and Administrative |
280 |
— |
300 |
975 |
— |
1,025 |
||||||||
|
Other Operating Expense |
25 |
— |
35 |
55 |
— |
65 |
||||||||
|
Exploration Expense |
||||||||||||||
|
Non-Cash |
60 |
— |
80 |
350 |
— |
450 |
||||||||
|
Cash |
50 |
— |
70 |
280 |
— |
300 |
||||||||
|
Interest Expense (net) |
205 |
— |
215 |
840 |
— |
860 |
||||||||
|
Other (Income) Expense |
50 |
— |
60 |
200 |
— |
225 |
||||||||
|
Taxes |
||||||||||||||
|
Algeria (100% current) |
70 |
% |
— |
75 |
% |
70 |
% |
— |
75 |
% | ||||
|
Rest of Company (1Q 5% current; Total Year 10% current) |
30 |
% |
— |
40 |
% |
30 |
% |
— |
40 |
% | ||||
|
Avg. Shares Outstanding (MM) |
||||||||||||||
|
Basic |
508 |
— |
509 |
509 |
— |
510 |
||||||||
|
Diluted |
509 |
— |
510 |
510 |
— |
511 |
||||||||
|
Capital Investment (Excluding Western Gas Partners, LP) |
$ MM |
$ MM | ||||||||||||
|
APC Capital Expenditures |
800 |
— |
900 |
2,600 |
— |
2,800 |
||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of March 1, 2016 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2016 |
|||||||||
|
WTI |
65 |
$ |
41.54 |
$ |
53.08 |
$ |
62.25 | ||
|
Brent |
18 |
$ |
47.22 |
$ |
59.44 |
$ |
69.47 | ||
|
83 |
$ |
42.77 |
$ |
54.46 |
$ |
63.82 | |||
|
Interest-Rate Derivatives | |||||
|
As of March 1, 2016 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$50 Million |
Sept. 2016 - Sept. 2026 |
Sept. 2016 |
5.910% |
3M LIBOR |
|
Swap |
$50 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2016 |
6.290% |
3M LIBOR |
|
Swap |
$500 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2020 |
6.569% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||
|
Reconciliation of Divestiture-Adjusted Sales Volumes | |||||||||||
|
Average Daily Sales Volumes | |||||||||||
|
Oil & |
|||||||||||
|
Condensate |
Natural Gas |
NGLs |
Total | ||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d | ||||||||
|
Quarter Ended March 31, 2015 |
|||||||||||
|
U.S. Onshore |
167 |
2,232 |
129 |
668 |
|||||||
|
Deepwater Gulf of Mexico |
46 |
221 |
6 |
89 |
|||||||
|
International and Alaska |
107 |
— |
7 |
114 |
|||||||
|
Divestiture-Adjusted Sales |
320 |
2,453 |
142 |
871 |
|||||||
|
Divestitures* |
15 |
285 |
1 |
63 |
|||||||
|
Total |
335 |
2,738 |
143 |
934 |
|||||||
|
Quarter Ended June 30, 2015 |
|||||||||||
|
U.S. Onshore |
173 |
1,976 |
122 |
625 |
|||||||
|
Deepwater Gulf of Mexico |
57 |
113 |
7 |
83 |
|||||||
|
International and Alaska |
87 |
— |
6 |
92 |
|||||||
|
Divestiture-Adjusted Sales |
317 |
2,089 |
135 |
800 |
|||||||
|
Divestitures* |
1 |
265 |
1 |
46 |
|||||||
|
Total |
318 |
2,354 |
136 |
846 |
|||||||
|
Quarter Ended September 30, 2015 |
|||||||||||
|
U.S. Onshore |
160 |
1,870 |
109 |
581 |
|||||||
|
Deepwater Gulf of Mexico |
55 |
158 |
7 |
88 |
|||||||
|
International and Alaska |
84 |
— |
5 |
89 |
|||||||
|
Divestiture-Adjusted Sales |
299 |
2,028 |
121 |
758 |
|||||||
|
Divestitures* |
2 |
158 |
1 |
29 |
|||||||
|
Total |
301 |
2,186 |
122 |
787 |
|||||||
|
Quarter Ended December. 31, 2015 |
|||||||||||
|
U.S. Onshore |
164 |
1,940 |
105 |
592 |
|||||||
|
Deepwater Gulf of Mexico |
54 |
115 |
6 |
80 |
|||||||
|
International and Alaska |
96 |
— |
6 |
102 |
|||||||
|
Divestiture-Adjusted Sales |
314 |
2,055 |
117 |
774 |
|||||||
|
Divestitures* |
2 |
13 |
1 |
5 |
|||||||
|
Total |
316 |
2,068 |
118 |
779 |
|||||||
|
Year Ended December 31, 2015 |
|||||||||||
|
U.S. Onshore |
165 |
2,003 |
116 |
615 |
|||||||
|
Deepwater Gulf of Mexico |
53 |
152 |
7 |
85 |
|||||||
|
International and Alaska |
94 |
— |
6 |
100 |
|||||||
|
Divestiture-Adjusted Sales |
312 |
2,155 |
129 |
800 |
|||||||
|
Divestitures* |
5 |
179 |
1 |
36 |
|||||||
|
Total |
317 |
2,334 |
130 |
836 |
|||||||
|
* |
Includes EOR, Bossier, Powder River Basin CBM, and East Chalk (transaction pending). |
SOURCE Anadarko Petroleum Corporation
Article Date
3/1/2016Anadarko Announces Monetizations Totaling Approximately $1.3 Billion
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 24, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced it has closed or signed agreements to monetize approximately $1.3 billion of assets since the beginning of the year. The monetizations include the forward sale of future royalty income from its natural soda ash interest, the divestiture of its East Chalk asset, and the sale of its interest in the Maverick Basin gathering system.
"These monetizations continue our track record of actively managing our portfolio," said Anadarko Chairman, President and CEO Al Walker. "Consistent with that, we have identified other significant asset monetization opportunities that we will continue to actively pursue during the year. Our actions to date, which include significantly lowering our 2016 capital spending, improving our cost structure, sharply reducing the dividend and monetizing assets, continue to demonstrate our commitment to financial discipline and managing our portfolio in a prudent manner, while investing within cash inflows and reducing net debt, without the need to issue equity."
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. 10, 2016, Anadarko signed a sales agreement with an affiliate of Zarvona Energy LLC, to divest Anadarko's interest in the East Chalk area, primarily located in Tyler and Jasper counties, Texas, for approximately $105 million. The transaction is expected to close early in the second quarter of 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.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 realize its expectations in this challenging economic environment and meet financial and operating guidance; reduce its net debt; to meet the objectives identified in this news release; and to consummate the transactions described in this news release and identify and complete additional transactions. See "Risk Factors" in the company's 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
ANADARKO CONTACTS
MEDIA:
John Christiansen, John.Christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
2/24/2016Anadarko to Participate in Upcoming Energy Summit
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 19, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that Executive Vice President, International and Deepwater Exploration, Bob Daniels will participate in the Credit Suisse 21st Annual Energy Summit on Wednesday, Feb. 24, 2016, at 8:40 a.m. MST in Vail, Colo.
A link to the audio webcast presentation will be available at www.anadarko.com, with replays available on the company's website for approximately 30 days following the event.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
Anadarko Contacts
Investors:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
2/19/2016Anadarko To Host Investor Conference Call on March 1
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 19, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host an investor conference call on Tuesday, March 1, 2016, at 8 a.m. CST (9 a.m. EST) to discuss its 2016 capital program and guidance.
Tuesday, March 1, 2016
8 a.m. CST (9 a.m. EST)
Dial-in number: 877.879.1183
International dial-in number: 412.902.6703
Confirmation number: 0878565
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time, and enter confirmation number 0878565 when prompted.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
ANADARKO CONTACTS
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
2/19/20162/9/2016 - Anadarko Declares Reduced Dividend
Anadarko Declares Reduced Dividend
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 9, 2016 /PRNewswire/ -- The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common stock of 5 cents per share, payable March 23, 2016, to stockholders of record at the close of business on March 9, 2016. The quarterly dividend represents a 22-cent reduction from the prior level of 27 cents per share.
"We believe this adjustment to our dividend is the appropriate action to take in the current environment," said Al Walker, Anadarko Chairman, President and CEO. "On an annualized basis, this action provides approximately $450 million of additional cash available to enhance our operations and financial flexibility. Our Board will continue to evaluate the appropriate dividend on a quarterly basis."
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 continue its dividend program and execute its 2016 capital program within expected cash inflows in the current economic environment. See "Risk Factors" in the company's 2014 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:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
SOURCE Anadarko Petroleum Corporation
Article Date
2/9/2016Anadarko Announces 2015 Fourth-Quarter And Full-Year Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 1, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.45 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 $954 million, or $1.88 per share (diluted), on an after-tax basis.(1) Cash flow from operating activities in the fourth quarter of 2015 was $257 million, and discretionary cash flow totaled $810 million.(2)
For the year ended Dec. 31, 2015, Anadarko reported a net loss attributable to common stockholders of $6.692 billion, or $13.18 per share (diluted). Full-year 2015 net cash used in operating activities was $1.877 billion. Discretionary cash flow for the year totaled $4.657 billion.(2)
2015 HIGHLIGHTS
"As discussed last year at this time, we did not expect oil prices to recover in 2015 and believed it could take well into 2016 before markets would stabilize on a sustained basis, costs would become more aligned with the new operating environment and investments in short-cycle assets would be more attractive. Therefore, value enhancement drove our capital-allocation philosophy," said Anadarko Chairman, President and CEO Al Walker. "As a result, we reduced our year-over-year spending in 2015 by more than $3 billion, down nearly 40 percent from the previous year, with the largest portion of this reduction coming from our short-cycle opportunities. Through the hard work and innovation of our employees, we exceeded our initial expectations on nearly every operating metric. We dramatically improved efficiencies and reduced controllable spending by approximately $500 million, while enhancing our base production, and delivering an incremental 25,000 barrels per day of higher-margin oil sales volumes. In addition, we closed $2 billion of monetizations, significantly in excess of our initial expectations.
"As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action," added Walker. "In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014. On March 1, we will host an investor conference call and look forward to going into greater detail at that time about our definitive 2016 capital plans and expectations.
"We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending, leverage our competitive advantages and protect our balance sheet, will serve our shareholders well. These actions should enable us to successfully manage through the current market volatility and position Anadarko for future success."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled 305 million barrels of oil equivalent (BOE), or an average of 836,000 BOE per day. Fourth-quarter 2015 sales volumes of crude oil, natural gas and NGLs averaged approximately 779,000 BOE per day.
Anadarko organically added 407 million BOE of proved reserves in 2015 before the effects of price revisions and incurred oil and natural gas exploration and development costs of approximately $5.8 billion.(2) The company estimates its proved reserves at year-end 2015 totaled approximately 2.06 billion BOE, with nearly 80 percent of its reserves categorized as proved developed. At year-end 2015, Anadarko's proved reserves were comprised of 52 percent liquids and 48 percent natural gas.
OPERATING HIGHLIGHTS
In 2015, Anadarko increased its percentage of capital investments in longer cash cycle opportunities, such as advancing its large-scale deepwater projects and exploration. The company's U.S. onshore investments were primarily allocated toward the Wattenberg field in northeastern Colorado and the Delaware Basin in West Texas, both of which demonstrated strong growth year over year. In the Wattenberg field, relative to 2014, Anadarko reduced drilling costs per foot by 50 percent and completion costs by 32 percent, while increasing oil sales volumes almost 30 percent. Anadarko also continued to successfully delineate its top-tier 600,000-gross-acre position with multiple stacked play opportunities in the Delaware Basin. With estimated ultimate recoveries (EURs) already approaching 1 million BOE per well in the Wolfcamp Shale, encouraging results from the Second Bone Spring formation, improved efficiencies, cost reductions, and expanded midstream infrastructure, the company expects to increase its identified drilling locations and recoverable-resource estimates in the basin beyond the current estimates of more than 1 billion BOE as the program continues to advance.
Anadarko also continued to demonstrate its industry-leading project management expertise as its Lucius development in the Gulf of Mexico achieved first oil on budget and on schedule in January 2015. Subsequent to year-end, the Anadarko-operated Heidelberg spar successfully achieved first oil with excellent safety performance, three months ahead of schedule and under budget.
During 2015, Anadarko made significant progress advancing its Mozambique LNG project. Milestones included the signing of a Unitization and Unit Operating agreement with Eni for the development of the natural gas resources that straddle Offshore Area 1 and Offshore Area 4, signing a Memorandum of Understanding with the Government of Mozambique to provide natural gas from the development for domestic use, selecting a contractor for the initial onshore development, and progressing more than 8 million tonnes per annum of LNG offtake to long-term sales contracts. Offshore Ghana, the third-party operated TEN development was more than 80-percent complete at year-end and on track to achieve first oil in the third quarter of 2016.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2015 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko ended 2015 with $939 million of cash on hand, which reflects remittance of the $5.2 billion final payment resolving the Tronox Adversary Proceeding. In December, the company extended the maturity of its $3 billion unsecured revolving credit facility to January 2021, and in January 2016, Anadarko renewed its $2 billion 364-day credit facility to a new maturity in 2017, further supporting the company's strong liquidity position.
During the year, the company generated approximately $4.7 billion of discretionary cash flow(2) and $2.0 billion from monetizations, which more than covered its capital investments of approximately $5.9 billion, including approximately $525 million of capital investments by its subsidiary Western Gas Partners, LP (NYSE: WES).
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Tuesday, Feb. 2, 2016, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2015 results. The dial-in number is 844.836.8743 in the U.S. or 412.317.5438 internationally. Participants can register for the conference at http://dpregister.com/10077883. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.
FINANCIAL DATA
Nine pages of summary financial data follow, including costs incurred, proved reserves and current hedge positions.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.
(3) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and 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 realize its expectations regarding performance in this challenging economic environment, finalize year-end reserves, and timely complete and commercially operate the projects and drilling prospects identified in this news release, receipt of final approval of the Unitization and Unit Operating agreement from the Government of Mozambique, the ability of Anadarko and the Government of Mozambique to finalize the legal and contractual framework relating to the Memorandum of Understanding, and Anadarko's ability to enter into a definitive agreement with the contractor for onshore development, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park in Mozambique, increase its recoverable-resource estimate in the Delaware Basin, and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2014 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.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their regulatory filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definition for such items. Anadarko uses terms in this news release such as "estimated ultimate recoveries," "recoverable-resource estimate," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2014, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, Stephanie.Moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, John.Colglazier@anadarko.com, 832.636.2306
Jeremy Smith, Jeremy.Smith@anadarko.com, 832.636.1544
Shandell Szabo, Shandell.Szabo@anadarko.com, 832.636.3977
|
Anadarko Petroleum Corporation | ||||||||||||
|
Certain Items Affecting Comparability | ||||||||||||
|
Quarter Ended December 31, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
139 |
$ |
88 |
$ |
0.17 |
||||||
|
Gains (losses) on divestitures, net (after noncontrolling interest) |
(7) |
(5) |
(0.01) |
|||||||||
|
Impairments |
||||||||||||
|
Producing properties (after noncontrolling interest) |
(1,205) |
(761) |
(1.50) |
|||||||||
|
Exploration assets |
(144) |
(93) |
(0.18) |
|||||||||
|
Clean Water Act penalty accrual |
(70) |
(70) |
(0.14) |
|||||||||
|
Settlement accrual |
(74) |
(47) |
(0.09) |
|||||||||
|
Inventory adjustments |
(38) |
(25) |
(0.05) |
|||||||||
|
Environmental reserves |
(29) |
(18) |
(0.03) |
|||||||||
|
Other adjustments |
(13) |
(10) |
(0.02) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
(13) |
(0.03) |
|||||||||
|
$ |
(1,441) |
$ |
(954) |
$ |
(1.88) |
|||||||
|
* Includes $106 million related to commodity derivatives, $32 million related to other derivatives, and $1 million related to gathering, processing, and marketing sales. |
|
Quarter Ended December 31, 2014 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
(254) |
$ |
(162) |
$ |
(0.32) |
||||||
|
Gains (losses) on divestitures, net |
(303) |
(192) |
(0.38) |
|||||||||
|
Impairments, including unproved properties |
(548) |
(346) |
(0.68) |
|||||||||
|
Inventory adjustments |
(60) |
(38) |
(0.07) |
|||||||||
|
Cash received in early settlement of oil derivatives |
126 |
80 |
0.16 |
|||||||||
|
Litigation settlement |
50 |
32 |
0.06 |
|||||||||
|
Interest expense related to Tronox settlement |
(22) |
(14) |
(0.03) |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
— |
58 |
0.11 |
|||||||||
|
$ |
(1,011) |
$ |
(582) |
$ |
(1.15) |
|||||||
|
* Includes $40 million related to commodity derivatives, $(293) million related to other derivatives, and $(1) million related to gathering, processing, and marketing sales. |
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), as well as free cash flow (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.
|
Quarter Ended |
Quarter Ended | ||||||||||||||
|
December 31, 2015 |
December 31, 2014 | ||||||||||||||
|
After |
Per Share |
After |
Per Share | ||||||||||||
|
millions except per-share amounts |
Tax |
(diluted) |
Tax |
(diluted) | |||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(1,250) |
$ |
(2.45) |
$ |
(395) |
$ |
(0.78) |
|||||||
|
Less certain items affecting comparability |
(954) |
(1.88) |
(582) |
(1.15) |
|||||||||||
|
Adjusted net income (loss) |
$ |
(296) |
$ |
(0.57) |
$ |
187 |
$ |
0.37 |
|||||||
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt.
|
Quarter Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
millions |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Net cash provided by (used in) operating activities |
$ |
257 |
$ |
1,952 |
$ |
(1,877) |
$ |
8,466 |
|||||||
|
Add back |
|||||||||||||||
|
Increase (decrease) in accounts receivable |
25 |
1 |
2 |
(103) |
|||||||||||
|
(Increase) decrease in accounts payable and accrued expenses |
422 |
706 |
995 |
(97) |
|||||||||||
|
Other items, net |
28 |
(163) |
(772) |
71 |
|||||||||||
|
Tronox settlement payment |
— |
— |
5,215 |
— |
|||||||||||
|
Certain nonoperating and other excluded items |
70 |
1 |
96 |
119 |
|||||||||||
|
Current taxes related to asset monetizations and Tronox tax position |
8 |
(95) |
998 |
938 |
|||||||||||
|
Discretionary cash flow from operations |
$ |
810 |
$ |
2,402 |
$ |
4,657 |
$ |
9,394 |
|||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
millions |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Discretionary cash flow from operations |
$ |
810 |
$ |
2,402 |
$ |
4,657 |
$ |
9,394 |
|||||||
|
Less capital expenditures* |
1,313 |
2,169 |
5,888 |
9,256 |
|||||||||||
|
Free cash flow |
$ |
(503) |
$ |
233 |
$ |
(1,231) |
$ |
138 |
|||||||
|
* Includes Western Gas Partners, LP (WES) capital expenditures of $120 million for the quarter ended December 31, 2015, $206 million for the quarter ended December 31, 2014, $525 million for the year ended December 31, 2015, and $696 million for the year ended December 31, 2014. |
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Presented below are reconciliations of costs incurred (GAAP) to oil and natural gas exploration and development costs (non-GAAP) and total debt (GAAP) to net debt (non-GAAP). 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. Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.
|
Year Ended | |||||||||||||
|
December 31, | |||||||||||||
|
millions |
2015 | ||||||||||||
|
Costs incurred |
$ |
5,753 |
|||||||||||
|
Asset retirement obligation liabilities incurred |
(207) |
||||||||||||
|
Cash expenditures for asset retirement obligations |
298 |
||||||||||||
|
Oil and natural gas exploration and development costs |
$ |
5,844 |
|||||||||||
|
December 31, 2015 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
15,751 |
$ |
2,707 |
$ |
13,044 |
|||||||
|
Less cash and cash equivalents |
939 |
100 |
839 |
||||||||||
|
Net debt |
$ |
14,812 |
$ |
2,607 |
$ |
12,205 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
14,812 |
$ |
12,205 |
|||||||||
|
Total equity |
15,457 |
12,819 |
|||||||||||
|
Adjusted capitalization |
$ |
30,269 |
$ |
25,024 |
|||||||||
|
Net debt to adjusted capitalization ratio |
49 |
% |
49 |
% | |||||||||
|
* Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
Summary Financial Information |
December 31, |
December 31, | |||||||||||||
|
millions except per-share amounts |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil and condensate sales |
$ |
1,156 |
$ |
1,982 |
$ |
5,420 |
$ |
9,748 |
|||||||
|
Natural-gas sales |
395 |
811 |
2,007 |
3,849 |
|||||||||||
|
Natural-gas liquids sales |
189 |
351 |
833 |
1,572 |
|||||||||||
|
Gathering, processing, and marketing sales |
294 |
278 |
1,226 |
1,206 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
19 |
(245) |
(788) |
2,095 |
|||||||||||
|
Total |
2,053 |
3,177 |
8,698 |
18,470 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
230 |
310 |
1,014 |
1,171 |
|||||||||||
|
Oil and gas transportation |
264 |
287 |
1,117 |
1,116 |
|||||||||||
|
Exploration |
384 |
639 |
2,644 |
1,639 |
|||||||||||
|
Gathering, processing, and marketing |
256 |
259 |
1,054 |
1,030 |
|||||||||||
|
General and administrative |
288 |
332 |
1,176 |
1,316 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,022 |
1,215 |
4,603 |
4,550 |
|||||||||||
|
Other taxes |
93 |
263 |
553 |
1,244 |
|||||||||||
|
Impairments |
1,504 |
322 |
5,075 |
836 |
|||||||||||
|
Other operating expense |
154 |
29 |
271 |
165 |
|||||||||||
|
Total |
4,195 |
3,656 |
17,507 |
13,067 |
|||||||||||
|
Operating Income (Loss) |
(2,142) |
(479) |
(8,809) |
5,403 |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
209 |
199 |
825 |
772 |
|||||||||||
|
(Gains) losses on derivatives, net |
(222) |
(256) |
(99) |
197 |
|||||||||||
|
Other (income) expense, net |
40 |
8 |
149 |
20 |
|||||||||||
|
Tronox-related contingent loss |
— |
22 |
5 |
4,360 |
|||||||||||
|
Total |
27 |
(27) |
880 |
5,349 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(2,169) |
(452) |
(9,689) |
54 |
|||||||||||
|
Income Tax Expense (Benefit) |
(645) |
(102) |
(2,877) |
1,617 |
|||||||||||
|
Net Income (Loss) |
(1,524) |
(350) |
(6,812) |
(1,563) |
|||||||||||
|
Net Income (Loss) Attributable to Noncontrolling Interests |
(274) |
45 |
(120) |
187 |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(1,250) |
$ |
(395) |
$ |
(6,692) |
$ |
(1,750) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(2.45) |
$ |
(0.78) |
$ |
(13.18) |
$ |
(3.47) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(2.45) |
$ |
(0.78) |
$ |
(13.18) |
$ |
(3.47) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
508 |
507 |
508 |
506 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
508 |
507 |
508 |
506 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
193 |
$ |
235 |
$ |
1,052 |
$ |
762 |
|||||||
|
Impairments of unproved properties |
81 |
267 |
1,215 |
483 |
|||||||||||
|
Geological and geophysical expense |
63 |
75 |
168 |
168 |
|||||||||||
|
Exploration overhead and other |
47 |
62 |
209 |
226 |
|||||||||||
|
Total |
$ |
384 |
$ |
639 |
$ |
2,644 |
$ |
1,639 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
Summary Financial Information |
December 31, |
December 31, | |||||||||||||
|
millions |
2015 |
2014 |
2015 |
2014 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(1,524) |
$ |
(350) |
$ |
(6,812) |
$ |
(1,563) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,022 |
1,215 |
4,603 |
4,550 |
|||||||||||
|
Deferred income taxes |
(525) |
105 |
(3,152) |
(105) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
274 |
502 |
2,267 |
1,245 |
|||||||||||
|
Impairments |
1,504 |
322 |
5,075 |
836 |
|||||||||||
|
(Gains) losses on divestitures, net |
19 |
303 |
1,022 |
(1,891) |
|||||||||||
|
Total (gains) losses on derivatives, net |
(223) |
(255) |
(100) |
207 |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
84 |
509 |
335 |
371 |
|||||||||||
|
Other |
101 |
123 |
320 |
327 |
|||||||||||
|
Changes in assets and liabilities |
|||||||||||||||
|
Tronox-related contingent liability |
— |
22 |
(5,210) |
4,360 |
|||||||||||
|
(Increase) decrease in accounts receivable |
(25) |
(1) |
(2) |
103 |
|||||||||||
|
Increase (decrease) in accounts payable and accrued expenses |
(422) |
(706) |
(995) |
97 |
|||||||||||
|
Other items, net |
(28) |
163 |
772 |
(71) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
$ |
257 |
$ |
1,952 |
$ |
(1,877) |
$ |
8,466 |
|||||||
|
Capital Expenditures |
$ |
1,313 |
$ |
2,169 |
$ |
5,888 |
$ |
9,256 |
|||||||
|
December 31, |
December 31, | ||||||||||
|
millions |
2015 |
2014 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
939 |
$ |
7,369 |
|||||||
|
Accounts receivable, net of allowance |
2,469 |
2,527 |
|||||||||
|
Other current assets |
574 |
603 |
|||||||||
|
Net properties and equipment |
33,751 |
41,589 |
|||||||||
|
Other assets |
2,350 |
2,310 |
|||||||||
|
Goodwill and other intangible assets |
6,331 |
6,569 |
|||||||||
|
Total Assets |
$ |
46,414 |
$ |
60,967 |
|||||||
|
Short-term debt |
33 |
— |
|||||||||
|
Other current liabilities |
4,148 |
5,024 |
|||||||||
|
Tronox-related contingent liability |
— |
5,210 |
|||||||||
|
Long-term debt |
15,718 |
15,092 |
|||||||||
|
Deferred income taxes |
5,400 |
8,527 |
|||||||||
|
Other long-term liabilities |
5,658 |
4,796 |
|||||||||
|
Stockholders' equity |
12,819 |
19,725 |
|||||||||
|
Noncontrolling interests |
2,638 |
2,593 |
|||||||||
|
Total Equity |
$ |
15,457 |
$ |
22,318 |
|||||||
|
Total Liabilities and Equity |
$ |
46,414 |
$ |
60,967 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,751 |
$ |
15,092 |
|||||||
|
Total equity |
15,457 |
22,318 |
|||||||||
|
Total |
$ |
31,208 |
$ |
37,410 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
50 |
% |
40 |
% | |||||||
|
Total equity |
50 |
% |
60 |
% | |||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
Average Sales Price | |||||||||||||||||||||||||||
|
Oil & |
Oil & |
Oil & |
|||||||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs |
Condensate |
Natural Gas |
NGLs | |||||||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MMBbls |
Bcf |
MMBbls |
Per Bbl |
Per Mcf |
Per Bbl | |||||||||||||||||||||
|
Quarter Ended December 31, 2015 |
|||||||||||||||||||||||||||||
|
United States |
229 |
2,068 |
112 |
21 |
190 |
10 |
$ |
37.83 |
$ |
2.08 |
$ |
16.86 |
|||||||||||||||||
|
Algeria |
68 |
— |
6 |
7 |
— |
— |
44.69 |
— |
30.04 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
1 |
— |
— |
44.42 |
— |
— |
||||||||||||||||||||
|
Total |
316 |
2,068 |
118 |
29 |
190 |
10 |
$ |
39.71 |
$ |
2.08 |
$ |
17.52 |
|||||||||||||||||
|
Quarter Ended December 31, 2014 |
|||||||||||||||||||||||||||||
|
United States |
220 |
2,549 |
119 |
20 |
234 |
12 |
$ |
68.66 |
$ |
3.46 |
$ |
27.57 |
|||||||||||||||||
|
Algeria |
70 |
— |
10 |
6 |
— |
1 |
79.80 |
— |
54.02 |
||||||||||||||||||||
|
Other International |
10 |
— |
— |
1 |
— |
— |
81.64 |
— |
— |
||||||||||||||||||||
|
Total |
300 |
2,549 |
129 |
27 |
234 |
13 |
$ |
71.67 |
$ |
3.46 |
$ |
29.63 |
|||||||||||||||||
|
Year Ended December 31, 2015 |
|||||||||||||||||||||||||||||
|
United States |
232 |
2,334 |
124 |
85 |
852 |
45 |
$ |
45.00 |
$ |
2.36 |
$ |
17.03 |
|||||||||||||||||
|
Algeria |
59 |
— |
6 |
22 |
— |
2 |
51.93 |
— |
29.85 |
||||||||||||||||||||
|
Other International |
26 |
— |
— |
9 |
— |
— |
51.09 |
— |
— |
||||||||||||||||||||
|
Total |
317 |
2,334 |
130 |
116 |
852 |
47 |
$ |
46.79 |
$ |
2.36 |
$ |
17.61 |
|||||||||||||||||
|
Year Ended December 31, 2014 |
|||||||||||||||||||||||||||||
|
United States |
203 |
2,589 |
116 |
74 |
945 |
43 |
$ |
87.99 |
$ |
4.07 |
$ |
35.48 |
|||||||||||||||||
|
Algeria |
66 |
— |
3 |
24 |
— |
1 |
98.53 |
— |
56.16 |
||||||||||||||||||||
|
Other International |
23 |
— |
— |
8 |
— |
— |
103.42 |
— |
— |
||||||||||||||||||||
|
Total |
292 |
2,589 |
119 |
106 |
945 |
44 |
$ |
91.58 |
$ |
4.07 |
$ |
36.01 |
|||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
||||||||||||||||||||||||||||
|
Quarter Ended December 31, 2015 |
779 |
71 |
|||||||||||||||||||||||||||
|
Quarter Ended December 31, 2014 |
854 |
79 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2015 |
836 |
305 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2014 |
843 |
308 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil & Condensate |
Natural Gas |
NGLs |
Oil & Condensate |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended December 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
799 |
$ |
395 |
$ |
173 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Algeria |
282 |
— |
16 |
— |
— |
— |
||||||||||||||||||
|
Other International |
75 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,156 |
$ |
395 |
$ |
189 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Quarter Ended December 31, 2014 |
||||||||||||||||||||||||
|
United States |
$ |
1,394 |
$ |
811 |
$ |
301 |
$ |
149 |
$ |
22 |
$ |
3 |
||||||||||||
|
Algeria |
514 |
— |
50 |
335 |
— |
— |
||||||||||||||||||
|
Other International |
74 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,982 |
$ |
811 |
$ |
351 |
$ |
484 |
$ |
22 |
$ |
3 |
||||||||||||
|
Year Ended December 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
3,817 |
$ |
2,007 |
$ |
769 |
$ |
6 |
$ |
312 |
$ |
17 |
||||||||||||
|
Algeria |
1,125 |
— |
64 |
— |
— |
— |
||||||||||||||||||
|
Other International |
478 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
5,420 |
$ |
2,007 |
$ |
833 |
$ |
6 |
$ |
312 |
$ |
17 |
||||||||||||
|
Year Ended December 31, 2014 |
||||||||||||||||||||||||
|
United States |
$ |
6,519 |
$ |
3,849 |
$ |
1,509 |
$ |
81 |
$ |
(85) |
$ |
6 |
||||||||||||
|
Algeria |
2,372 |
— |
63 |
375 |
— |
— |
||||||||||||||||||
|
Other International |
857 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
9,748 |
$ |
3,849 |
$ |
1,572 |
$ |
456 |
$ |
(85) |
$ |
6 |
||||||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Estimated Year-End Proved Reserves 2013 - 2015 | |||||||||
|
MMBOE |
2015 |
2014 |
2013 | ||||||
|
Proved Reserves |
|||||||||
|
Beginning of year |
2,858 |
2,792 |
2,560 |
||||||
|
Reserves additions and revisions |
|||||||||
|
Discoveries and extensions |
29 |
63 |
145 |
||||||
|
Infill-drilling additions |
89 |
577 |
410 |
||||||
|
Drilling-related reserves additions and revisions |
118 |
640 |
555 |
||||||
|
Other non-price-related revisions |
289 |
(137) |
(40) |
||||||
|
Net organic reserves additions |
407 |
503 |
515 |
||||||
|
Acquisition of proved reserves in place |
1 |
— |
36 |
||||||
|
Price-related revisions |
(624) |
(1) |
(23) |
||||||
|
Total reserves additions and revisions |
(216) |
502 |
528 |
||||||
|
Sales in place |
(279) |
(124) |
(12) |
||||||
|
Production |
(306) |
(312) |
(284) |
||||||
|
End of year |
2,057 |
2,858 |
2,792 |
||||||
|
Proved Developed Reserves |
|||||||||
|
Beginning of year |
1,969 |
2,003 |
1,883 |
||||||
|
End of year |
1,632 |
1,969 |
2,003 |
||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of February 1, 2016 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Crude Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2016 |
|||||||||
|
WTI |
65 |
$ |
41.54 |
$ |
53.08 |
$ |
62.25 | ||
|
Brent |
18 |
$ |
47.22 |
$ |
59.44 |
$ |
69.47 | ||
|
83 |
$ |
42.77 |
$ |
54.46 |
$ |
63.82 | |||
|
Interest-Rate Derivatives
| |||||
|
As of February 1, 2016 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory |
Rate Paid |
Rate Received |
|
Swap |
$50 Million |
Sept. 2016 - Sept. 2026 |
Sept. 2016 |
5.910% |
3M LIBOR |
|
Swap |
$50 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2016 |
6.290% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2018 |
6.310% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2016 - Sept. 2046 |
Sept. 2021 |
6.724% |
3M LIBOR |
|
Swap |
$200 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2018 |
6.049% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2020 |
6.569% |
3M LIBOR |
|
Swap |
$500 Million |
Sept. 2017 - Sept. 2047 |
Sept. 2021 |
6.654% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended December 31, 2015 |
Quarter Ended December 31, 2014 | ||||||||||||||||||||||
|
Oil & |
Oil & |
||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Total |
Condensate |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d |
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d | ||||||||||||||||
|
U.S. Onshore |
166 |
1,958 |
106 |
598 |
152 |
2,088 |
113 |
613 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
54 |
115 |
6 |
80 |
47 |
179 |
6 |
83 |
|||||||||||||||
|
International and Alaska |
96 |
— |
6 |
102 |
88 |
— |
10 |
98 |
|||||||||||||||
|
Same-Store Sales |
316 |
2,073 |
118 |
780 |
287 |
2,267 |
129 |
794 |
|||||||||||||||
|
Divestitures* |
— |
(5) |
— |
(1) |
13 |
282 |
— |
60 |
|||||||||||||||
|
Total |
316 |
2,068 |
118 |
779 |
300 |
2,549 |
129 |
854 |
|||||||||||||||
|
Year Ended December 31, 2015 |
Year Ended December 31, 2014 | ||||||||||||||||||||||
|
Oil & |
Oil & |
||||||||||||||||||||||
|
Condensate |
Natural Gas |
NGLs |
Total |
Condensate |
Natural Gas |
NGLs |
Total | ||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d |
MBbls/d |
MMcf/d |
MBbls/d |
MBOE/d | ||||||||||||||||
|
U.S. Onshore |
167 |
2,017 |
117 |
620 |
136 |
2,092 |
110 |
595 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
53 |
152 |
7 |
85 |
45 |
195 |
6 |
83 |
|||||||||||||||
|
International and Alaska |
94 |
— |
6 |
100 |
94 |
— |
3 |
97 |
|||||||||||||||
|
Same-Store Sales |
314 |
2,169 |
130 |
805 |
275 |
2,287 |
119 |
775 |
|||||||||||||||
|
Divestitures* |
3 |
165 |
— |
31 |
17 |
302 |
— |
68 |
|||||||||||||||
|
Total |
317 |
2,334 |
130 |
836 |
292 |
2,589 |
119 |
843 |
|||||||||||||||
|
* Includes China, Pinedale/Jonah, EOR, Bossier, and Powder River Basin CBM. |
PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/328123-4q15-operations.pdf
SOURCE Anadarko Petroleum Corporation
Article Date
2/1/2016Anadarko Schedules Year-End 2015 Earnings Conference Call for Feb. 2
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 18, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) will host a conference call on Tuesday, Feb. 2, 2016, at 8 a.m. CST (9 a.m. EST) to discuss its fourth-quarter and year-end 2015 financial and operating results. Earnings will be released after close of market on Monday, Feb. 1. The full text of the release will be available on the company's website at www.anadarko.com.
2015 Results
Tuesday, Feb. 2, 2016
8 a.m. CST (9 a.m. EST)
Dial-in number: 844.836.8743
International dial-in number: 412.317.5438
Individuals who would like to participate should dial the applicable dial-in number listed above approximately 15 minutes before the scheduled conference call time. Pre-registration is available through the investor relations page at www.anadarko.com. Pre-registrants will be issued a personal identification number to use when dialing in to the live conference call, which will enable the participant to bypass the operator and gain immediate access to the call.
To access the live audio webcast and related presentation materials, please visit the investor relations section of the company's website at www.anadarko.com. A replay of the conference call will also be available on the website for approximately 30 days following the call.
Anadarko Contacts
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO
SOURCE Anadarko Petroleum Corporation
Article Date
1/18/2016Projects & Assets
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