HOUSTON, TX--(Marketwired - May 6, 2013) - Anadarko Petroleum Corporation (
First-Quarter 2013 Highlights
- Achieved record daily sales volumes of 793,000 barrels of oil equivalent (BOE)
- Monetized assets totaling more than $1.2 billion
- Initiated oil production at the El Merk project in Algeria
- Delivered outstanding deepwater success in the Gulf of Mexico's Shenandoah Basin
"The record first-quarter 2013 results reflect our commitment to accelerate value by increasing production in our core operating areas, selectively monetizing assets and delivering large-scale projects on budget," said Anadarko President and CEO Al Walker. "We achieved a 16-percent year-over-year increase in oil sales volumes, primarily driven by 25,000 barrels-per-day growth from our U.S. onshore assets, plus the benefit of an accelerated tanker lifting at Jubilee. In addition, we monetized more than $1.2 billion of assets, including the $860 million carried-interest agreement at Heidelberg, and achieved first oil at our El Merk development in Algeria. I'm also very proud of our very active global deepwater exploration program that continues to deliver industry-leading success and differentiating value."
Operations Summary Anadarko reported total sales volumes of 71 million BOE, or 793,000 BOE per day, during the first quarter. Liquids sales volumes averaged 345,000 BOE per day, which includes 257,000 barrels of oil per day. Natural gas volumes averaged approximately 2.7 billion cubic feet per day. As a result of this performance, Anadarko has increased its full-year 2013 sales-volumes guidance to a range of 279 to 287 million BOE from a previous range of 279 to 285 million BOE.
Anadarko's Wattenberg field achieved record quarterly sales volumes, averaging more than 113,000 BOE per day, which included a 45-percent increase in liquids sales volumes over the first quarter of 2012. The Eagleford Shale also delivered record performance and surpassed a production milestone of 50 million BOE during the quarter, with total liquids sales volumes averaging approximately 28,000 barrels per day, representing a 60-percent increase over the first quarter of 2012. Anadarko also achieved record sales volumes during the quarter in the Marcellus Shale, the East Texas Horizontal play and in its Permian oil assets.
During the quarter, Anadarko and its partners achieved first oil at the El Merk project in Algeria. Production from El Merk is expected to steadily increase throughout 2013 to a net 30,000 barrels of oil per day as additional production facilities and fields are brought on line.
Exploration Summary Anadarko and its partners announced two new successful deepwater wells in the Gulf of Mexico's emerging Shenandoah Basin. Anadarko's Shenandoah-2 well, located in Walker Ridge block 51, encountered more than 1,000 net feet of oil pay, establishing Shenandoah as one of the company's largest Gulf of Mexico oil discoveries to date. In addition, the Coronado well, located in Walker Ridge block 98, encountered more than 400 net feet of oil pay, while drilling activity at the nearby Yucatan well in Walker Ridge block 95 is ongoing. Subsequent to quarter end, Anadarko announced the Phobos discovery, located in Sigsbee Escarpment block 39. The well encountered approximately 250 net feet of oil pay in the Wilcox formation, and future appraisal activity is now being evaluated.
Offshore Mozambique, Anadarko discovered a new, distinct natural gas reservoir in its Offshore Area 1 block. The Orca-1 discovery well, announced in April, encountered more than 190 net feet of natural gas pay and provides additional options and flexibility for future development.
The company is continuing its active worldwide deepwater exploration program with six deepwater wells currently drilling.
Financial Summary
Anadarko ended the quarter with approximately $3.7 billion of cash on hand and also improved its net-debt-to-adjusted-capitalization ratio (2) to 32 percent at the end of the first quarter compared to 34 percent at the end of 2012. In addition to the $1.2 billion of monetizations, Anadarko also completed the sale of its Liberty and Rome natural gas gathering systems in the Marcellus Shale to its subsidiary, Western Gas Partners, LP (
Operations Report For more details on Anadarko's operations and exploration program, please refer to the comprehensive report on first-quarter 2013 activity. The report is available at www.anadarko.com on the Investor Relations page.
Conference Call Tomorrow at 9 a.m. CDT, 10 a.m. EDT Anadarko will host a conference call on Tuesday, May 7, 2013, at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2013. The dial-in number is 855.812.0464 in the United States, or 970.300.2271 internationally. The confirmation number is 36701180. 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 Eight pages of summary financial data follow, including current hedge positions and updated financial and production guidance.
(1) See the accompanying table for details of certain items affecting comparability.
(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2012, the company had approximately 2.56 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 drill, develop and commercially operate the drilling prospects identified in this news release. See "Risk Factors" in the company's 2012 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
| Anadarko Petroleum Corporation Certain Items Affecting Comparability | ||||||||||||
| Quarter Ended March 31, 2013 | ||||||||||||
| Before | After | Per Share | ||||||||||
| millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
| Unrealized gains (losses) on derivatives, net * | $ | (246 | ) | $ | (156 | ) | $ | (0.31 | ) | |||
| Gains (losses) on divestitures, net | 144 | 90 | 0.18 | |||||||||
| Impairments | (29 | ) | (19 | ) | (0.04 | ) | ||||||
| Algeria exceptional profits tax settlement | (33 | ) | - | - | ||||||||
| Deepwater Horizon settlement and related costs | (3 | ) | (2 | ) | - | |||||||
| $ | (167 | ) | $ | (87 | ) | $ | (0.17 | ) | ||||
| * For the quarter ended March 31, 2013, before-tax unrealized gains (losses) on derivatives, net includes $(334) million related to commodity derivatives, $92 million related to other derivatives, and $(4) million related to gathering, processing, and marketing sales. | ||||||||||||
| Quarter Ended March 31, 2012 | ||||||||||||
| Before | After | Per Share | ||||||||||
| millions except per-share amounts | Tax | Tax | (diluted) | |||||||||
| Unrealized gains (losses) on derivatives, net * | $ | 142 | $ | 90 | $ | 0.18 | ||||||
| Gains (losses) on divestitures, net | (17 | ) | (11 | ) | (0.02 | ) | ||||||
| Impairments, including unproved properties | (53 | ) | (34 | ) | (0.07 | ) | ||||||
| Change in uncertain tax positions (FIN 48) | - | 12 | 0.03 | |||||||||
| Algeria exceptional profits tax settlement | 1,804 | 1,804 | 3.60 | |||||||||
| Tronox damage claim settlement | (275 | ) | (175 | ) | (0.35 | ) | ||||||
| Deepwater Horizon settlement and related costs | (8 | ) | (5 | ) | (0.01 | ) | ||||||
| $ | 1,593 | $ | 1,681 | $ | 3.36 | |||||||
| * For the quarter ended March 31, 2012, before-tax unrealized gains (losses) on derivatives, net includes $(89) million related to commodity derivatives, $236 million related to other derivatives, and $(5) million related to gathering, processing, and marketing sales. | ||||||||||||
| Reconciliation of GAAP to Non-GAAP Measures | |||||||||
| Below are reconciliations of cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), free cash flow (non-GAAP), and adjusted free cash flow (non-GAAP), as well as net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes fluctuations in assets and liabilities. Management uses free cash flow and adjusted free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance. | |||||||||
| Quarter Ended | |||||||||
| March 31, | |||||||||
| millions | 2013 | 2012 | |||||||
| Net cash provided by operating activities | $ | 2,503 | $ | 1,891 | |||||
| Add back | |||||||||
| Deepwater Horizon settlement and related costs | 3 | (22 | ) | ||||||
| Algeria exceptional profits tax settlement | (450 | ) | - | ||||||
| Change in accounts receivable | (40 | ) | 27 | ||||||
| Change in accounts payable and accrued expenses | 158 | 258 | |||||||
| Change in other items-net | (118 | ) | (232 | ) | |||||
| Discretionary cash flow from operations | $ | 2,056 | $ | 1,922 | |||||
| Anadarko Petroleum Corporation Reconciliation of GAAP to Non-GAAP Measures | |||||||||||||||
| Quarter Ended | |||||||||||||||
| March 31, | |||||||||||||||
| millions | 2013 | 2012 | |||||||||||||
| Discretionary cash flow from operations | $ | 2,056 | $ | 1,922 | |||||||||||
| Less capital expenditures * | 1,747 | 1,790 | |||||||||||||
| Free cash flow | $ | 309 | $ | 132 | |||||||||||
| Collection of Algeria exceptional profits tax receivable | 450 | - | |||||||||||||
| Adjusted free cash flow | $ | 759 | $ | 132 | |||||||||||
| * Includes Western Gas Partners, LP (WES) capital expenditures of $299 million and $98 million for the three months ended March 31, 2013 and 2012, respectively. | |||||||||||||||
| Quarter Ended | Quarter Ended | ||||||||||||||
| March 31, 2013 | March 31, 2012 | ||||||||||||||
| millions except per-share amounts | After Tax | Per Share (diluted) | After Tax | Per Share (diluted) | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 460 | $ | 0.91 | $ | 2,156 | $ | 4.28 | |||||||
| Certain items affecting comparability | (87 | ) | (0.17 | ) | 1,681 | 3.36 | |||||||||
| Adjusted net income (loss) | $ | 547 | $ | 1.08 | $ | 475 | $ | 0.92 | |||||||
| Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. | |||||||||||||||
| millions | March 31, 2013 | ||||||||||||||
| Total debt | $ | 13,663 | |||||||||||||
| Less cash and cash equivalents | 3,735 | ||||||||||||||
| Net debt | $ | 9,928 | |||||||||||||
| Net debt | $ | 9,928 | |||||||||||||
| Stockholders' equity | 21,090 | ||||||||||||||
| Adjusted capitalization | $ | 31,018 | |||||||||||||
| Net debt to adjusted capitalization ratio | 32 | % | |||||||||||||
| Anadarko Petroleum Corporation (Unaudited) | ||||||||
| Quarter Ended | ||||||||
| Summary Financial Information | March 31, | |||||||
| millions except per-share amounts | 2013 | 2012 | ||||||
| Consolidated Statements of Income | ||||||||
| Revenues and Other | ||||||||
| Natural-gas sales | $ | 807 | $ | 573 | ||||
| Oil and condensate sales | 2,377 | 2,244 | ||||||
| Natural-gas liquids sales | 303 | 342 | ||||||
| Gathering, processing, and marketing sales | 231 | 253 | ||||||
| Gains (losses) on divestitures and other, net | 175 | 35 | ||||||
| Total | 3,893 | 3,447 | ||||||
| Costs and Expenses | ||||||||
| Oil and gas operating | 247 | 242 | ||||||
| Oil and gas transportation and other | 255 | 240 | ||||||
| Exploration | 264 | 244 | ||||||
| Gathering, processing, and marketing | 199 | 189 | ||||||
| General and administrative | 272 | 269 | ||||||
| Depreciation, depletion, and amortization | 1,022 | 930 | ||||||
| Other taxes | 280 | 377 | ||||||
| Impairments | 29 | 50 | ||||||
| Algeria exceptional profits tax settlement | 33 | (1,804 | ) | |||||
| Deepwater Horizon settlement and related costs | 3 | 8 | ||||||
| Total | 2,604 | 745 | ||||||
| Operating Income (Loss) | 1,289 | 2,702 | ||||||
| Other (Income) Expense | ||||||||
| Interest expense | 164 | 186 | ||||||
| (Gains) losses on derivatives, net | 191 | (284 | ) | |||||
| Other (income) expense, net | (6 | ) | 265 | |||||
| Total | 349 | 167 | ||||||
| Income (Loss) Before Income Taxes | 940 | 2,535 | ||||||
| Income Tax Expense (Benefit) | 456 | 352 | ||||||
| Net Income (Loss) | $ | 484 | $ | 2,183 | ||||
| Net Income Attributable to Noncontrolling Interests | 24 | 27 | ||||||
| Net Income (Loss) Attributable to Common Stockholders | $ | 460 | $ | 2,156 | ||||
| Per Common Share | ||||||||
| Net income (loss) attributable to common stockholders-basic | $ | 0.91 | $ | 4.30 | ||||
| Net income (loss) attributable to common stockholders-diluted | $ | 0.91 | $ | 4.28 | ||||
| Average Number of Common Shares Outstanding-Basic | 501 | 499 | ||||||
| Average Number of Common Shares Outstanding-Diluted | 503 | 501 | ||||||
| Exploration Expense | ||||||||
| Dry hole expense | $ | 158 | $ | 89 | ||||
| Impairments of unproved properties | 19 | 60 | ||||||
| Geological and geophysical expense | 37 | 35 | ||||||
| Exploration overhead and other | 50 | 60 | ||||||
| Total | $ | 264 | $ | 244 | ||||
| Anadarko Petroleum Corporation (Unaudited) | ||||||||
| Quarter Ended | ||||||||
| Summary Financial Information | March 31, | |||||||
| millions | 2013 | 2012 | ||||||
| Cash Flows from Operating Activities | ||||||||
| Net income (loss) | $ | 484 | $ | 2,183 | ||||
| Depreciation, depletion, and amortization | 1,022 | 930 | ||||||
| Deferred income taxes | 162 | 210 | ||||||
| Dry hole expense and impairments of unproved properties | 177 | 149 | ||||||
| Impairments | 29 | 50 | ||||||
| (Gains) losses on divestitures, net | (144 | ) | 17 | |||||
| Unrealized (gains) losses on derivatives, net | 246 | (142 | ) | |||||
| Deepwater Horizon settlement and related costs | 3 | 8 | ||||||
| Algeria exceptional profits tax settlement | 33 | (1,804 | ) | |||||
| Tronox-related contingent loss | - | 275 | ||||||
| Other | 44 | 46 | ||||||
| Discretionary Cash Flow from Operations | 2,056 | 1,922 | ||||||
| Deepwater Horizon settlement and related costs | (3 | ) | 22 | |||||
| Algeria exceptional profits tax settlement | 450 | - | ||||||
| (Increase) decrease in accounts receivable | 40 | (27 | ) | |||||
| Increase (decrease) in accounts payable and accrued expenses | (158 | ) | (258 | ) | ||||
| Other items-net | 118 | 232 | ||||||
| Net Cash Provided by Operating Activities | $ | 2,503 | $ | 1,891 | ||||
| Capital Expenditures | $ | 1,747 | $ | 1,790 | ||||
| March 31, | December 31, | |||||||
| millions | 2013 | 2012 | ||||||
| Condensed Balance Sheets | ||||||||
| Cash and cash equivalents | $ | 3,735 | $ | 2,471 | ||||
| Accounts receivable, net of allowance | 2,760 | 2,747 | ||||||
| Algeria exceptional profits tax settlement | 280 | 730 | ||||||
| Other current assets | 535 | 847 | ||||||
| Net properties and equipment | 38,970 | 38,398 | ||||||
| Other assets | 1,630 | 1,716 | ||||||
| Goodwill and other intangible assets | 5,678 | 5,680 | ||||||
| Total Assets | $ | 53,588 | $ | 52,589 | ||||
| Current asset retirement obligations | 387 | 298 | ||||||
| Other current liabilities | 3,685 | 3,696 | ||||||
| Long-term debt | 13,663 | 13,269 | ||||||
| Deferred income taxes | 8,964 | 8,759 | ||||||
| Other long-term liabilities | 4,559 | 4,685 | ||||||
| Stockholders' equity | 21,090 | 20,629 | ||||||
| Noncontrolling interests | 1,240 | 1,253 | ||||||
| Total Liabilities and Equity | $ | 53,588 | $ | 52,589 | ||||
| Capitalization | ||||||||
| Total debt | $ | 13,663 | $ | 13,269 | ||||
| Stockholders' equity | 21,090 | 20,629 | ||||||
| Total | $ | 34,753 | $ | 33,898 | ||||
| Capitalization Ratios | ||||||||
| Total debt | 39 | % | 39 | % | ||||
| Stockholders' equity | 61 | % | 61 | % | ||||
| Anadarko Petroleum Corporation (Unaudited) |
| Sales Volumes and Prices | |||||||||||||||||||||
| Average Daily Volumes | Sales Volumes | Average Sales Price | |||||||||||||||||||
| Natural Gas | Crude Oil & Condensate | NGLs | Natural Gas | Crude Oil & Condensate | NGLs | Natural Gas | Crude Oil & Condensate | NGLs | |||||||||||||
| MMcf/d | MBbls/d | MBbls/d | Bcf | MMBbls | MMBbls | Per Mcf | Per Bbl | Per Bbl | |||||||||||||
| Quarter Ended March 31, 2013 | |||||||||||||||||||||
| United States | 2,689 | 159 | 88 | 242 | 14 | 8 | $ | 3.33 | $ | 97.32 | $ | 38.17 | |||||||||
| Algeria | - | 53 | - | - | 5 | - | - | 112.91 | - | ||||||||||||
| Other International | - | 45 | - | - | 4 | - | - | 111.32 | - | ||||||||||||
| Total | 2,689 | 257 | 88 | 242 | 23 | 8 | $ | 3.33 | $ | 102.97 | $ | 38.17 | |||||||||
| Quarter Ended March 31, 2012 | |||||||||||||||||||||
| United States | 2,416 | 138 | 80 | 220 | 12 | 7 | $ | 2.60 | $ | 105.75 | $ | 47.09 | |||||||||
| Algeria | - | 50 | - | - | 5 | - | - | 119.57 | - | ||||||||||||
| Other International | - | 33 | - | - | 3 | - | - | 120.64 | - | ||||||||||||
| Total | 2,416 | 221 | 80 | 220 | 20 | 7 | $ | 2.60 | $ | 111.07 | $ | 47.09 | |||||||||
| Average Daily Volumes MBOE/d | Sales Volumes MMBOE | |||
| Quarter Ended March 31, 2013 | 793 | 71 | ||
| Quarter Ended March 31, 2012 | 704 | 64 |
| Sales Revenue and Commodity Derivatives | ||||||||||||||||||||||||||||||||
| Sales | Commodity Derivatives Gain (Loss) | |||||||||||||||||||||||||||||||
| Crude Oil & | Natural Gas | Crude Oil & Condensate | NGLs | |||||||||||||||||||||||||||||
| millions | Natural Gas | Condensate | NGLs | Realized | Unrealized | Realized | Unrealized | Realized | Unrealized | |||||||||||||||||||||||
| Quarter Ended March 31, 2013 | ||||||||||||||||||||||||||||||||
| United States | $ | 807 | $ | 1,393 | $ | 303 | $ | 67 | $ | (269 | ) | $ | 1 | $ | (60 | ) | $ | 2 | $ | (5 | ) | |||||||||||
| Algeria | - | 537 | - | - | - | (19 | ) | - | - | - | ||||||||||||||||||||||
| Other International | - | 447 | - | - | - | - | - | - | - | |||||||||||||||||||||||
| Total | $ | 807 | $ | 2,377 | $ | 303 | $ | 67 | $ | (269 | ) | $ | (18 | ) | $ | (60 | ) | $ | 2 | $ | (5 | ) | ||||||||||
| Quarter Ended March 31, 2012 | ||||||||||||||||||||||||||||||||
| United States | $ | 573 | $ | 1,339 | $ | 342 | $ | 170 | $ | 86 | $ | (5 | ) | $ | (173 | ) | $ | - | $ | (2 | ) | |||||||||||
| Algeria | - | 538 | - | - | - | (28 | ) | - | - | - | ||||||||||||||||||||||
| Other International | - | 367 | - | - | - | - | - | - | - | |||||||||||||||||||||||
| Total | $ | 573 | $ | 2,244 | $ | 342 | $ | 170 | $ | 86 | $ | (33 | ) | $ | (173 | ) | $ | - | $ | (2 | ) | |||||||||||
| Anadarko Petroleum Corporation | |||||||||
| Financial and Operating External Guidance | |||||||||
| As of May 6, 2013 | |||||||||
| 2nd Qtr | Total Year | ||||||||
| Guidance | Guidance | ||||||||
| Units | Units | ||||||||
| Total Sales (MMBOE) | 67 | - | 69 | 279 | - | 287 | |||
| Total Sales (MBOE/d) | 736 | - | 758 | 764 | - | 786 | |||
| Crude Oil (MBbl/d): | 230 | - | 234 | 264 | - | 268 | |||
| United States | 154 | - | 158 | 169 | - | 171 | |||
| Algeria | 47 | - | 48 | 59 | - | 61 | |||
| Other International | 27 | - | 29 | 34 | - | 36 | |||
| Natural Gas (MMcf/d): | |||||||||
| United States | 2,575 | - | 2,650 | 2,510 | - | 2,540 | |||
| Natural Gas Liquids (MBbl/d): | |||||||||
| United States | 73 | - | 79 | 80 | - | 95 | |||
| $ / Unit | $ / Unit | ||||||||
| Price Differentials vs NYMEX (w/o hedges) | |||||||||
| Crude Oil ($/Bbl): | 3.00 | - | 6.00 | 5.00 | - | 8.00 | |||
| United States | 1.00 | - | 3.00 | 1.00 | - | 3.00 | |||
| Algeria | 10.00 | - | 12.00 | 12.00 | - | 15.00 | |||
| Other International | 10.00 | - | 12.00 | 10.00 | - | 13.00 | |||
| Natural Gas ($/Mcf): | |||||||||
| United States | (0.05) | - | (0.15) | (0.05) | - | (0.15) | |||
| Anadarko Petroleum Corporation | ||||||||||
| Financial and Operating External Guidance | ||||||||||
| As of May 6, 2013 | ||||||||||
| 2nd Qtr | Total Year | |||||||||
| Guidance | Guidance * | |||||||||
| $ MM | $ MM | |||||||||
| Other Revenues: | ||||||||||
| Marketing and Gathering Margin | 25 | - | 35 | 150 | - | 170 | ||||
| Minerals and Other | 25 | - | 35 | 120 | - | 140 | ||||
| Costs and Expenses: | ||||||||||
| $ / BOE | $ / BOE | |||||||||
| Oil & Gas Direct Operating | 4.00 | - | 4.20 | 3.90 | - | 4.05 | ||||
| Oil & Gas Transportation/Other | 3.75 | - | 3.95 | 3.55 | - | 3.75 | ||||
| Depreciation, Depletion and Amortization | 14.25 | - | 14.50 | 14.50 | - | 14.75 | ||||
| Production Taxes (% of Product Revenue) | 7.5% | - | 8.5% | 7.5% | - | 9.5% | ||||
| $ MM | $ MM | |||||||||
| General and Administrative | 280 | - | 290 | 1,050 | - | 1,150 | ||||
| Exploration Expense | ||||||||||
| Non-Cash | 150 | - | 175 | 900 | - | 1,000 | ||||
| Cash | 105 | - | 115 | 475 | - | 525 | ||||
| Interest Expense (net) | 185 | - | 190 | 710 | - | 720 | ||||
| Other (Income)/Expense | 15 | - | 25 | 75 | - | 95 | ||||
| Tax Rate: | ||||||||||
| Algeria (All current) | 45% | - | 50% | 45% | - | 50% | ||||
| Rest of Company (10% Current for 2Q and 20% for FY) | 45% | - | 55% | 45% | - | 55% | ||||
| Avg. Shares Outstanding (MM): | ||||||||||
| Basic | 501 | - | 502 | 502 | - | 503 | ||||
| Diluted | 504 | - | 505 | 504 | - | 505 | ||||
| Capital Investment (Excluding Western Gas Partners, LP): | $ MM | $ MM | ||||||||
| APC Capital Expenditures | 1,700 | - | 1,900 | 7,200 | - | 7,600 | ||||
| * Excludes items affecting comparability | ||||||||||
| Anadarko Petroleum Corporation | |||||||||||||
| Commodity Hedge Positions (Excluding Natural Gas Basis) | |||||||||||||
| As of May 6, 2013 | |||||||||||||
| Weighted Average Price per Barrel | |||||||||||||
| Volume (MBbl/d) | Floor Sold | Floor Purchased | Ceiling Sold | ||||||||||
| Crude Oil | |||||||||||||
| Three-Way Collars | |||||||||||||
| 2013 | |||||||||||||
| Brent | 26 | $ | 85.00 | $ | 105.00 | $ | 125.15 | ||||||
| Fixed Price - Financial | |||||||||||||
| 2013 | |||||||||||||
| Brent | 61 | $ | 108.72 | ||||||||||
| WTI | 47 | $ | 94.43 | ||||||||||
| 108 | $ | 102.50 | |||||||||||
| Weighted Average Price per MMBtu | |||||||||||||
| Volume (thousand MMBtu/d) | Floor Sold | Floor Purchased | Ceiling Sold | ||||||||||
| Natural Gas | |||||||||||||
| Two-Way Collars | |||||||||||||
| 2013 (April - October) | 600 | n/a | $ | 3.18 | $ | 4.00 | |||||||
| Three-Way Collars | |||||||||||||
| 2014 | 600 | $ | 2.75 | $ | 3.75 | $ | 5.01 | ||||||
| Fixed Price - Financial | |||||||||||||
| 2013 | 1,185 | $ | 4.00 | ||||||||||
| 2014 | 600 | $ | 4.26 | ||||||||||
| Interest Rate Derivatives | ||||||||||
| As of May 6, 2013 | ||||||||||
| Instrument | Notional Amt. | Start Date | Maturity | Rate Paid | Rate Received | |||||
| Swap | $750 Million | June 2014 | June 2024 | 6.00% | 3M LIBOR | |||||
| Swap | $1,100 Million | June 2014 | June 2044 | 5.57% | 3M LIBOR | |||||
| Swap | $50 Million | Sept. 2016 | Sept. 2026 | 5.91% | 3M LIBOR | |||||
| Swap | $750 Million | Sept. 2016 | Sept. 2046 | 5.86% | 3M LIBOR | |||||
