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News Releases - Anadarko
Anadarko Announces Second-Quarter Results
Click here for PDF version
HOUSTON --(BUSINESS WIRE)--Aug. 3, 2009--
Anadarko Petroleum Corporation (NYSE: APC) today announced a
second-quarter 2009 net loss from continuing operations attributable to
common stockholders of $224 million, or $0.47 per share (diluted). These
results include certain items typically excluded by the investment
community in published estimates. In total, these items decreased the
net loss by approximately $39 million, or $0.09 per share (diluted) on
an after-tax basis. (1) Cash flow from continuing operations
in the second quarter of 2009 was $1.228 billion, and discretionary cash
flow totaled $1.545 billion. (2)
SECOND-QUARTER 2009 HIGHLIGHTS
-
Achieved 4-percent sequential volume growth over first-quarter 2009
-
Reduced lease operating expense per barrel of oil equivalent (BOE) by
12 percent from first-quarter 2009
-
Announced a deepwater discovery in the Gulf of Mexico
-
Strengthened liquidity by effectively accessing the capital markets
"The strength of Anadarko's portfolio was clearly demonstrated during
the quarter, as we delivered record sales volumes (from retained
properties) and improved lease operating expenses relative to both the
prior-year period and the first quarter of 2009," Anadarko Chairman and
CEO Jim Hackett said. "We are continuing to drive down costs to better
align them with the current commodity-price environment. I am also very
pleased with the excellent performance of our exploration teams, which
have announced six deepwater discoveries so far this year. Additionally,
during the quarter we continued to prudently manage our balance sheet by
accessing the capital markets to substantially strengthen our liquidity
position."
Last week, Anadarko announced the Vito discovery in the Gulf of Mexico
in Mississippi Canyon block 984. The well encountered more than 250 net
feet of oil pay, and the partners are currently evaluating the data and
timing of future appraisal activity. During the second quarter, Anadarko
announced the Samurai discovery in the Gulf of Mexico in Green Canyon
block 432, which is 12 miles north of the company's Marco Polo facility.
The discovery well encountered more than 120 feet of net oil pay. The
company plans to drill an appraisal well within the next year. These
discoveries add to the deepwater discoveries announced during the first
quarter of this year at the Heidelberg and Shenandoah wells in the Gulf
of Mexico and the Tweneboa and Mahogany Deep discoveries offshore Ghana.
Anadarko plans to drill several significant appraisal wells and at least
six high-impact exploration wells during the remainder of 2009, with
each exploration well targeting resources of more than 100 million BOE.
"Anadarko's exploration success," continued Hackett, "coupled with our
strong operational performance and the advancement of our three mega
projects, including the recent approval of the Jubilee Phase I Plan of
Development and Unitization Agreement by the Ghanaian government,
continues to deliver excellent value today and positions the company to
continue to do so in the future."
Second-quarter 2009 sales volumes of natural gas, crude oil and natural
gas liquids totaled 56 million BOE, or 617,000 BOE per day, comprised of
natural gas sales volumes that averaged 2.336 billion cubic feet per
day, oil sales volumes that averaged 182,000 barrels per day and natural
gas liquids sales volumes that averaged 46,000 barrels per day.
CONFERENCE CALL TOMORROW AT 9 A.M. CDT, 10 A.M. EDT
Anadarko will host a conference call on Tuesday Aug. 4, at 9 a.m.
Central Daylight Time (10 a.m. Eastern Daylight Time) to discuss
second-quarter results and the company's outlook for the remainder of
2009. The dial-in number is 888.713.4214 in the United States or
617.213.4866 internationally. The confirmation number is 22769023. For
complete instructions on how to participate in the conference call, or
to listen to the live audio webcast and slide presentation, please visit www.anadarko.com.
A replay of the call will also be available on the Web site for
approximately 30 days following the conference call.
ANADARKO OPERATIONS REPORT
For more details on Anadarko's operations, please refer to the
comprehensive report on second-quarter activity. The report will be
available at www.anadarko.com
on the Investor Relations page.
FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge
positions, financial guidance and supplemental production guidance.
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 2008, the company had approximately 2.3
billion barrels of oil equivalent of proved reserves, making it one of
the world's largest independent exploration and production companies.
For more information about Anadarko, please visit www.anadarko.com.
(1) See the accompanying table for details of certain items
affecting comparability.
(2) See the accompanying table for a reconciliation of GAAP
to non-GAAP financial measures and a statement indicating why management
believes the non-GAAP financial measures provide useful information for
investors.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance, however,
can be given that such expectations will prove to have been correct. A
number of factors could cause actual results to differ materially from
the projections, anticipated results or other expectations expressed in
this news release, including Anadarko's ability to achieve its
production targets, successfully manage its capital expenditures, and
timely complete and commercially operate the drilling prospects
identified in this news release. See "Risk Factors" in the
company's 2008 Annual Report on Form 10-K and other public filings and
press releases. Anadarko undertakes no obligation to publicly update or
revise any forward-looking statements.
Cautionary Note to U.S. Investors: The United States Securities and
Exchange Commission ("SEC") permits oil and gas companies, in their
filings with the SEC, to disclose only proved reserves that a company
has demonstrated by actual production or conclusive formation tests to
be economically and legally producible under existing economic and
operating conditions. Anadarko uses certain terms in this news release,
such as "resources" and similar terms that the SEC's guidelines strictly
prohibit Anadarko from including in filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in Anadarko's Form 10-K for
the year ended Dec. 31, 2008, File No. 001-08968, available from
Anadarko at www.anadarko.com
or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake
Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. You
can also obtain this form from the SEC by calling 1-800-SEC-0330.
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Anadarko Petroleum Corporation
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Certain Items Affecting Comparability
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Quarter Ended June 30, 2009
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Before
|
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After
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Per Share
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millions except per share amounts
|
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Tax
|
|
Tax
|
|
(diluted)
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Unrealized gains (losses) on derivatives, net
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$
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(467
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)
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|
$
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(298
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)
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(0.63
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)
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Realized gains on interest rate swaps
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552
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352
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0.74
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Gains (losses) on divestitures, net
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8
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5
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0.02
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Impairments
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(23
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)
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(15
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)
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(0.03
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)
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Other adjustments
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(57
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)
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(37
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)
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(0.08
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)
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Change in uncertain tax positions (FIN48)
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-
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32
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0.07
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$
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13
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$
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39
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$
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0.09
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Quarter Ended June 30, 2008
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Before
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After
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Per Share
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millions except per share amounts
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Tax
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Tax
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(diluted)
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Unrealized gains (losses) on derivatives, net
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$
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(1,603
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)
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$
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(1,020
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)
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(2.17
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)
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Gains (losses) on divestitures, net
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335
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212
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0.45
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Impairments
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(11
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)
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(7
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)
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(0.01
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)
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$
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(1,279
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)
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$
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(815
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)
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|
$
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(1.73
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)
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|
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Reconciliation of GAAP to Non-GAAP Measures
Below is a reconciliation of cash provided by operating activities
(GAAP) to discretionary cash flow and free cash flow (non-GAAP) and net
income from continuing operations (GAAP) to adjusted net income from
continuing operations (non-GAAP) as required under Regulation G of the
Securities Exchange Act of 1934. The company uses discretionary cash
flow and free cash flow to demonstrate the company's ability to
internally fund capital expenditures and to service or incur additional
debt. It is useful in comparisons of oil and gas exploration and
production companies because it excludes fluctuations in assets and
liabilities. The company uses adjusted net income from continuing
operations to evaluate the company's operational trends and performance.
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Quarter Ended
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Year to Date
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June 30
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June 30
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millions
|
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2009
|
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2008
|
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2009
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2008
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Cash Flow
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Net cash provided by operating activities - continuing operations
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$
|
1,228
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$
|
482
|
|
$
|
1,761
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|
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$
|
2,504
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Add back:
|
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|
|
|
|
|
|
|
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Change in accounts receivable
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|
|
118
|
|
|
|
1,060
|
|
|
(138
|
)
|
|
|
648
|
|
Change in accounts payable and accrued expenses
|
|
|
(432
|
)
|
|
|
736
|
|
|
157
|
|
|
|
823
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Change in other items - net
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631
|
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|
|
33
|
|
|
506
|
|
|
|
206
|
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Discretionary Cash Flow from Continuing Operations*
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$
|
1,545
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|
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$
|
2,311
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$
|
2,286
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$
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4,181
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|
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* Discretionary cash flow from continuing operations for the
quarter and six months ended June 30, 2009 was increased by a
current tax benefit of $190 million and $105 million,
respectively. However, actual cash tax (refunds) payments for the
quarter and six months ended June 30, 2009 were $(11) million and
$195 million, respectively. For the quarter and six months ended
June 30, 2008, discretionary cash flow from continuing operations
was reduced by current tax expense of $258 million and $567
million, respectively. However, actual cash tax payments for the
quarter and six months ended June 30, 2008 were $783 million and
$486 million, respectively.
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Anadarko Petroleum Corporation
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Reconciliation of GAAP to Non-GAAP Measures
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June 30, 2009
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Quarter
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Year
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millions
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Ended
|
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to Date
|
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Discretionary cash flow from continuing operations
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|
|
|
|
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$
|
1,545
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|
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$
|
2,286
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Less: Capital expenditures
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|
|
|
|
|
|
914
|
|
|
|
2,021
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Free Cash Flow**
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$
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631
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$
|
265
|
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|
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** Free cash flow for the quarter and six months ended June 30,
2009 was increased by a current tax benefit of $190 million and
$105 million, respectively. However, actual cash tax (refunds)
payments for the quarter and six months ended June 30, 2009 were
$(11) million and $195 million, respectively. For the quarter and
six months ended June 30, 2008, free cash flow was reduced by
current tax expense of $258 million and $567 million,
respectively. However, actual cash tax payments for the quarter
and six months ended June 30, 2008 were $783 million and $486
million, respectively.
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Quarter Ended
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Quarter Ended
|
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June 30, 2009
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June 30, 2008
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After
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Per Share
|
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After
|
|
Per Share
|
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millions except per share amounts
|
|
Tax
|
|
(diluted)
|
|
Tax
|
|
(diluted)
|
|
Income (loss) from continuing operations attributable to common
stockholders
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|
$
|
(224
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)
|
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|
(0.47
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)
|
|
$
|
16
|
|
|
|
0.03
|
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Less: Certain items affecting comparability
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39
|
|
|
|
0.09
|
|
|
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(815
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)
|
|
|
(1.73
|
)
|
|
Adjusted net income (loss) from continuing operations
|
|
$
|
(263
|
)
|
|
$
|
(0.56
|
)
|
|
$
|
831
|
|
|
$
|
1.76
|
|
|
|
|
|
|
|
|
|
|
|
|
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 relative to its cash and cash
equivalents on hand.
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|
|
|
|
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|
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June 30
|
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millions
|
|
|
|
|
|
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|
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2009
|
|
|
Total debt
|
|
|
|
|
|
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|
$
|
12,873
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Less: Cash and cash equivalents
|
|
|
|
|
|
|
|
|
3,527
|
|
|
Net-Debt
|
|
|
|
|
|
|
|
$
|
9,346
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Anadarko Petroleum Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
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Quarter Ended
|
|
Year to Date
|
|
Summary Financial Information
|
|
June 30
|
|
June 30
|
|
millions except per share amounts
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Revenues and Other
|
|
|
|
|
|
|
|
|
|
Gas sales
|
|
$
|
653
|
|
|
$
|
1,495
|
|
|
$
|
1,333
|
|
|
$
|
2,694
|
|
|
Oil and condensate sales
|
|
|
756
|
|
|
|
344
|
|
|
|
1,382
|
|
|
|
1,694
|
|
|
Natural gas liquids sales
|
|
|
116
|
|
|
|
258
|
|
|
|
199
|
|
|
|
459
|
|
|
Gathering, processing and marketing sales
|
|
|
201
|
|
|
|
319
|
|
|
|
362
|
|
|
|
587
|
|
|
Gains (losses) on divestitures and other, net
|
|
|
19
|
|
|
|
370
|
|
|
|
64
|
|
|
|
330
|
|
|
Total
|
|
|
1,745
|
|
|
|
2,786
|
|
|
|
3,340
|
|
|
|
5,764
|
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
Oil and gas operating
|
|
|
239
|
|
|
|
259
|
|
|
|
501
|
|
|
|
504
|
|
|
Oil and gas transportation and other*
|
|
|
163
|
|
|
|
130
|
|
|
|
316
|
|
|
|
260
|
|
|
Exploration
|
|
|
288
|
|
|
|
264
|
|
|
|
589
|
|
|
|
507
|
|
|
Gathering, processing and marketing
|
|
|
183
|
|
|
|
222
|
|
|
|
318
|
|
|
|
414
|
|
|
General and administrative
|
|
|
226
|
|
|
|
199
|
|
|
|
435
|
|
|
|
403
|
|
|
Depreciation, depletion and amortization
|
|
|
933
|
|
|
|
784
|
|
|
|
1,739
|
|
|
|
1,594
|
|
|
Other taxes
|
|
|
180
|
|
|
|
523
|
|
|
|
330
|
|
|
|
882
|
|
|
Impairments
|
|
|
23
|
|
|
|
11
|
|
|
|
74
|
|
|
|
11
|
|
|
Total
|
|
|
2,235
|
|
|
|
2,392
|
|
|
|
4,302
|
|
|
|
4,575
|
|
|
Operating Income (Loss)
|
|
|
(490
|
)
|
|
|
394
|
|
|
|
(962
|
)
|
|
|
1,189
|
|
|
Other (Income) Expense
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
203
|
|
|
|
151
|
|
|
|
384
|
|
|
|
378
|
|
|
Other (income) expense, net
|
|
|
(344
|
)
|
|
|
(14
|
)
|
|
|
(452
|
)
|
|
|
(26
|
)
|
|
Total
|
|
|
(141
|
)
|
|
|
137
|
|
|
|
(68
|
)
|
|
|
352
|
|
|
Income (Loss) from Continuing Operations Before Income Taxes
|
|
|
(349
|
)
|
|
|
257
|
|
|
|
(894
|
)
|
|
|
837
|
|
|
Income Tax Expense (Benefit)
|
|
|
(135
|
)
|
|
|
236
|
|
|
|
(349
|
)
|
|
|
580
|
|
|
Income (Loss) from Continuing Operations
|
|
$
|
(214
|
)
|
|
$
|
21
|
|
|
$
|
(545
|
)
|
|
$
|
257
|
|
|
Income (Loss) from Discontinued Operations, net of taxes
|
|
|
(2
|
)
|
|
|
7
|
|
|
|
(2
|
)
|
|
|
57
|
|
|
Net Income (Loss)
|
|
$
|
(216
|
)
|
|
$
|
28
|
|
|
$
|
(547
|
)
|
|
$
|
314
|
|
|
Net Income Attributable to Noncontrolling Interests
|
|
|
10
|
|
|
|
5
|
|
|
|
17
|
|
|
|
5
|
|
|
Net Income (Loss) Attributable to Common Stockholders
|
|
$
|
(226
|
)
|
|
$
|
23
|
|
|
$
|
(564
|
)
|
|
$
|
309
|
|
|
Amounts Attributable to Common Stockholders
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to common
stockholders
|
|
$
|
(224
|
)
|
|
$
|
16
|
|
|
$
|
(562
|
)
|
|
$
|
252
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(2
|
)
|
|
|
7
|
|
|
|
(2
|
)
|
|
|
57
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
(226
|
)
|
|
$
|
23
|
|
|
$
|
(564
|
)
|
|
$
|
309
|
|
|
Per Common Share (amounts attributable to common stockholders):
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to common
stockholders - basic
|
|
$
|
(0.47
|
)
|
|
$
|
0.03
|
|
|
$
|
(1.20
|
)
|
|
$
|
0.53
|
|
|
Income (loss) from continuing operations attributable to common
stockholders - diluted
|
|
$
|
(0.47
|
)
|
|
$
|
0.03
|
|
|
$
|
(1.20
|
)
|
|
$
|
0.53
|
|
|
Income (loss) from discontinued operations, net of taxes - basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
Income (loss) from discontinued operations, net of taxes - diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
Net income (loss) attributable to common stockholders - basic
|
|
$
|
(0.48
|
)
|
|
$
|
0.05
|
|
|
$
|
(1.21
|
)
|
|
$
|
0.65
|
|
|
Net income (loss) attributable to common stockholders - diluted
|
|
$
|
(0.48
|
)
|
|
$
|
0.05
|
|
|
$
|
(1.21
|
)
|
|
$
|
0.65
|
|
|
Average Number of Common Shares Outstanding - Basic
|
|
|
477
|
|
|
|
468
|
|
|
|
468
|
|
|
|
468
|
|
|
Average Number of Common Shares Outstanding - Diluted
|
|
|
477
|
|
|
|
469
|
|
|
|
468
|
|
|
|
469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expense
|
|
|
|
|
|
|
|
|
|
Dry hole expense
|
|
$
|
93
|
|
|
$
|
29
|
|
|
$
|
214
|
|
|
$
|
89
|
|
|
Impairments of unproved properties
|
|
|
131
|
|
|
|
143
|
|
|
|
238
|
|
|
|
243
|
|
|
Geological and geophysical expense
|
|
|
17
|
|
|
|
41
|
|
|
|
51
|
|
|
|
92
|
|
|
Exploration overhead and other
|
|
|
47
|
|
|
|
51
|
|
|
|
86
|
|
|
|
83
|
|
|
Total
|
|
$
|
288
|
|
|
$
|
264
|
|
|
$
|
589
|
|
|
$
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
* For the three and six months ended June 30, 2009, Oil and gas
transportation and other expenses includes $2 million and $27
million, respectively, related to payments for early termination of
certain drilling rig contracts.
|
|
|
|
Anadarko Petroleum Corporation
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year to Date
|
|
Summary Financial Information
|
June 30
|
|
June 30
|
|
millions
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Cash Flow from Operating Activities
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
(216
|
)
|
|
$
|
28
|
|
|
$
|
(547
|
)
|
|
$
|
314
|
|
|
Less income from discontinued operations, net of taxes
|
|
(2
|
)
|
|
|
7
|
|
|
|
(2
|
)
|
|
|
57
|
|
|
Depreciation, depletion and amortization
|
|
933
|
|
|
|
784
|
|
|
|
1,739
|
|
|
|
1,594
|
|
|
Deferred income taxes
|
|
57
|
|
|
|
-
|
|
|
|
(242
|
)
|
|
|
37
|
|
|
Dry hole expense and impairments of unproved properties
|
|
224
|
|
|
|
172
|
|
|
|
452
|
|
|
|
332
|
|
|
Impairments
|
|
23
|
|
|
|
11
|
|
|
|
74
|
|
|
|
11
|
|
|
(Gains) losses on divestitures, net
|
|
(8
|
)
|
|
|
(335
|
)
|
|
|
(18
|
)
|
|
|
(164
|
)
|
|
Unrealized (gains) losses on derivatives
|
|
467
|
|
|
|
1,603
|
|
|
|
707
|
|
|
|
2,091
|
|
|
Other noncash items
|
|
63
|
|
|
|
55
|
|
|
|
119
|
|
|
|
23
|
|
|
Discretionary Cash Flow from Continuing Operations
|
|
1,545
|
|
|
|
2,311
|
|
|
|
2,286
|
|
|
|
4,181
|
|
|
(Increase) decrease in accounts receivable
|
|
(118
|
)
|
|
|
(1,060
|
)
|
|
|
138
|
|
|
|
(648
|
)
|
|
Increase (decrease) in accounts payable and accrued expenses
|
|
432
|
|
|
|
(736
|
)
|
|
|
(157
|
)
|
|
|
(823
|
)
|
|
Other items - net
|
|
(631
|
)
|
|
|
(33
|
)
|
|
|
(506
|
)
|
|
|
(206
|
)
|
|
Net cash provided by (used in) operating activities***
|
$
|
1,228
|
|
|
$
|
482
|
|
|
$
|
1,761
|
|
|
$
|
2,504
|
|
|
|
|
|
|
|
|
|
|
|
*** For the quarter ended and year to date June 30, 2009, net cash
provided by operating activities includes $352 million
attributable to after-tax realized gains on interest rate swaps.
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
$
|
914
|
|
|
$
|
1,232
|
|
|
$
|
2,021
|
|
|
$
|
2,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Condensed Balance Sheet
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
3,527
|
|
|
$
|
2,360
|
|
|
Other current assets
|
|
|
|
|
|
2,119
|
|
|
|
2,735
|
|
|
Net properties and equipment
|
|
|
|
|
|
36,909
|
|
|
|
37,047
|
|
|
Other assets
|
|
|
|
|
|
1,485
|
|
|
|
1,368
|
|
|
Goodwill and other intangible assets
|
|
|
|
|
|
5,332
|
|
|
|
5,413
|
|
|
Total Assets
|
|
|
|
|
$
|
49,372
|
|
|
$
|
48,923
|
|
|
Current debt
|
|
|
|
|
$
|
-
|
|
|
$
|
1,472
|
|
|
Other current liabilities
|
|
|
|
|
|
3,422
|
|
|
|
4,064
|
|
|
Long-term debt
|
|
|
|
|
|
11,134
|
|
|
|
9,128
|
|
|
Midstream subsidiary note to a related party
|
|
|
|
|
|
1,739
|
|
|
|
1,739
|
|
|
Other long-term liabilities
|
|
|
|
|
|
13,116
|
|
|
|
13,364
|
|
|
Stockholders' equity
|
|
|
|
|
|
19,597
|
|
|
|
18,795
|
|
|
Noncontrolling Interests
|
|
|
|
|
|
364
|
|
|
|
361
|
|
|
Total Liabilities and Stockholders' Equity
|
|
|
|
|
$
|
49,372
|
|
|
$
|
48,923
|
|
|
Capitalization
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
$
|
12,873
|
|
|
$
|
12,339
|
|
|
Stockholders' equity
|
|
|
|
|
|
19,597
|
|
|
|
18,795
|
|
|
Total
|
|
|
|
|
$
|
32,470
|
|
|
$
|
31,134
|
|
|
Capitalization Ratios
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
40
|
%
|
|
|
40
|
%
|
|
Stockholders' equity
|
|
|
|
|
|
60
|
%
|
|
|
60
|
%
|
|
|
|
Anadarko Petroleum Corporation
|
|
|
|
|
|
Quarter Ended
|
|
Year to Date
|
|
Sales Volumes and Prices
|
|
June 30
|
|
June 30
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
Natural Gas
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Volumes, billion cubic feet
|
|
|
213
|
|
|
|
170
|
|
|
|
421
|
|
|
|
365
|
|
|
Average daily volumes, million cubic feet per day
|
|
|
2,336
|
|
|
|
1,869
|
|
|
|
2,325
|
|
|
|
2,003
|
|
|
Price per thousand cubic feet excluding derivatives
|
|
$
|
3.05
|
|
|
$
|
9.88
|
|
|
$
|
3.53
|
|
|
$
|
8.64
|
|
|
Realized gain (loss) on derivatives
|
|
$
|
0.50
|
|
|
$
|
(0.51
|
)
|
|
$
|
0.55
|
|
|
$
|
(0.29
|
)
|
|
Unrealized gain (loss) on derivatives
|
|
$
|
(0.48
|
)
|
|
$
|
(0.58
|
)
|
|
$
|
(0.91
|
)
|
|
$
|
(0.96
|
)
|
|
Total gains (losses) on derivatives
|
|
$
|
0.02
|
|
|
$
|
(1.09
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(1.25
|
)
|
|
Total price per thousand cubic feet
|
|
$
|
3.07
|
|
|
$
|
8.79
|
|
|
$
|
3.17
|
|
|
$
|
7.39
|
|
|
Crude Oil and Condensate
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Volumes, million barrels
|
|
|
9
|
|
|
|
11
|
|
|
|
19
|
|
|
|
22
|
|
|
Average daily volumes, thousand barrels per day
|
|
|
111
|
|
|
|
122
|
|
|
|
106
|
|
|
|
121
|
|
|
Price per barrel excluding derivatives
|
|
$
|
55.37
|
|
|
$
|
117.63
|
|
|
$
|
47.29
|
|
|
$
|
105.19
|
|
|
Realized gain (loss) on derivatives
|
|
$
|
0.49
|
|
|
$
|
(16.14
|
)
|
|
$
|
1.64
|
|
|
$
|
(9.69
|
)
|
|
Unrealized gain (loss) on derivatives
|
|
$
|
(13.09
|
)
|
|
$
|
(85.80
|
)
|
|
$
|
(7.75
|
)
|
|
$
|
(49.29
|
)
|
|
Total gains (losses) on derivatives
|
|
$
|
(12.60
|
)
|
|
$
|
(101.94
|
)
|
|
$
|
(6.11
|
)
|
|
$
|
(58.98
|
)
|
|
Price per barrel
|
|
$
|
42.77
|
|
|
$
|
15.69
|
|
|
$
|
41.18
|
|
|
$
|
46.21
|
|
|
Algeria
|
|
|
|
|
|
|
|
|
|
Volumes, million barrels
|
|
|
5
|
|
|
|
5
|
|
|
|
10
|
|
|
|
10
|
|
|
Average daily volumes, thousand barrels per day
|
|
|
52
|
|
|
|
56
|
|
|
|
55
|
|
|
|
54
|
|
|
Price per barrel excluding derivatives
|
|
$
|
56.81
|
|
|
$
|
127.15
|
|
|
$
|
51.08
|
|
|
$
|
113.27
|
|
|
Realized gain (loss) on derivatives
|
|
$
|
-
|
|
|
$
|
(11.98
|
)
|
|
$
|
0.74
|
|
|
$
|
(8.08
|
)
|
|
Unrealized gain (loss) on derivatives
|
|
$
|
(7.36
|
)
|
|
$
|
(115.46
|
)
|
|
$
|
(6.37
|
)
|
|
$
|
(67.25
|
)
|
|
Total gains (losses) on derivatives
|
|
$
|
(7.36
|
)
|
|
$
|
(127.44
|
)
|
|
$
|
(5.63
|
)
|
|
$
|
(75.33
|
)
|
|
Price per barrel
|
|
$
|
49.45
|
|
|
$
|
(0.29
|
)
|
|
$
|
45.45
|
|
|
$
|
37.94
|
|
|
Other International
|
|
|
|
|
|
|
|
|
|
Volumes, million barrels
|
|
|
2
|
|
|
|
2
|
|
|
|
3
|
|
|
|
3
|
|
|
Average daily volumes, thousand barrels per day
|
|
|
19
|
|
|
|
17
|
|
|
|
16
|
|
|
|
17
|
|
|
Price per barrel
|
|
$
|
53.88
|
|
|
$
|
111.01
|
|
|
$
|
47.07
|
|
|
$
|
95.86
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
Volumes, million barrels
|
|
|
16
|
|
|
|
18
|
|
|
|
32
|
|
|
|
35
|
|
|
Average daily volumes, thousand barrels per day
|
|
|
182
|
|
|
|
195
|
|
|
|
177
|
|
|
|
192
|
|
|
Price per barrel excluding derivatives
|
|
$
|
55.62
|
|
|
$
|
119.81
|
|
|
$
|
48.44
|
|
|
$
|
106.62
|
|
|
Realized gain (loss) on derivatives
|
|
$
|
0.30
|
|
|
$
|
(13.56
|
)
|
|
$
|
1.22
|
|
|
$
|
(8.38
|
)
|
|
Unrealized gain (loss) on derivatives
|
|
$
|
(10.08
|
)
|
|
$
|
(86.93
|
)
|
|
$
|
(6.63
|
)
|
|
$
|
(49.93
|
)
|
|
Total gains (losses) on derivatives
|
|
$
|
(9.78
|
)
|
|
$
|
(100.49
|
)
|
|
$
|
(5.41
|
)
|
|
$
|
(58.31
|
)
|
|
Total price per barrel
|
|
$
|
45.84
|
|
|
$
|
19.32
|
|
|
$
|
43.03
|
|
|
$
|
48.31
|
|
|
Natural Gas Liquids
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
|
|
|
|
Volumes, million barrels
|
|
|
4
|
|
|
|
4
|
|
|
|
8
|
|
|
|
7
|
|
|
Average daily volumes, thousand barrels per day
|
|
|
46
|
|
|
|
41
|
|
|
|
43
|
|
|
|
40
|
|
|
Total price per barrel
|
|
$
|
27.64
|
|
|
$
|
69.71
|
|
|
$
|
25.52
|
|
|
$
|
63.19
|
|
|
Total Barrels of Oil Equivalent (BOE)
|
|
|
|
|
|
|
|
|
|
Volumes, million BOE
|
|
|
56
|
|
|
|
50
|
|
|
|
110
|
|
|
|
103
|
|
|
Average daily volumes, thousand BOE per day
|
|
|
617
|
|
|
|
548
|
|
|
|
608
|
|
|
|
566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corporation
|
|
Financial and Operating Guidance
|
|
Continuing Operations
|
|
As of August 3, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Qtr
|
|
|
Total Year
|
|
|
|
Guidance
|
|
|
Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales (MMBOE)
|
|
49
|
|
-
|
52
|
|
|
|
210
|
|
-
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBbl/d):
|
|
175
|
|
-
|
185
|
|
|
|
167
|
|
-
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
109
|
|
-
|
112
|
|
|
|
105
|
|
-
|
108
|
|
|
Algeria
|
|
55
|
|
-
|
60
|
|
|
|
51
|
|
-
|
55
|
|
|
Other International
|
|
11
|
|
-
|
13
|
|
|
|
13
|
|
-
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas (MMcf/d):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
1,950
|
|
-
|
2,050
|
|
|
|
2,200
|
|
-
|
2,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids (MBbl/d):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
37
|
|
-
|
39
|
|
|
|
41
|
|
-
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ / Unit
|
|
|
$ / Unit
|
|
Price Differentials vs NYMEX (w/o hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/Bbl):
|
|
(4.00
|
)
|
-
|
(6.00
|
)
|
|
|
(4.00
|
)
|
-
|
(6.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
(4.00
|
)
|
-
|
(6.00
|
)
|
|
|
(4.00
|
)
|
-
|
(6.00
|
)
|
|
Algeria
|
|
1.00
|
|
-
|
(1.00
|
)
|
|
|
1.00
|
|
-
|
(1.00
|
)
|
|
Other International
|
|
(6.00
|
)
|
-
|
(11.00
|
)
|
|
|
(6.00
|
)
|
-
|
(11.00
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas ($/Mcf):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
(0.25
|
)
|
-
|
(0.75
|
)
|
|
|
(0.25
|
)
|
-
|
(0.75
|
)
|
|
|
|
Anadarko Petroleum Corporation
|
|
Financial and Operating Guidance
|
|
Continuing Operations
|
|
As of August 3, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Qtr
|
|
|
Total Year
|
|
|
|
Guidance
|
|
|
Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ MM
|
|
|
$ MM
|
|
Other Revenues:
|
|
|
|
|
|
|
|
|
|
|
Marketing and Gathering Margin
|
|
20
|
|
-
|
30
|
|
|
|
80
|
|
-
|
120
|
|
|
Minerals and Other
|
|
15
|
|
-
|
25
|
|
|
|
85
|
|
-
|
105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
$ / Boe
|
|
|
$ / Boe
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Direct Operating
|
|
4.75
|
|
-
|
5.25
|
|
|
|
4.75
|
|
-
|
5.00
|
|
|
Oil & Gas Transportation/Other
|
|
2.60
|
|
-
|
2.80
|
|
|
|
2.75
|
|
-
|
2.85
|
|
|
Depreciation, Depletion and Amortization
|
|
15.75
|
|
-
|
16.75
|
|
|
|
15.75
|
|
-
|
16.75
|
|
|
Production Taxes (% of Revenue)
|
|
10.5
|
%
|
-
|
11.5
|
%
|
|
|
9.0
|
%
|
-
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ MM
|
|
|
$ MM
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative
|
|
220
|
|
-
|
230
|
|
|
|
870
|
|
-
|
885
|
|
|
Exploration Expense
|
|
|
|
|
|
|
|
|
|
|
Non-Cash
|
|
175
|
|
-
|
200
|
|
|
|
850
|
|
-
|
950
|
|
|
Cash
|
|
110
|
|
-
|
125
|
|
|
|
300
|
|
-
|
325
|
|
|
Interest Expense (net)
|
|
205
|
|
-
|
215
|
|
|
|
790
|
|
-
|
810
|
|
|
Other (Income) Expense
|
|
-
|
|
-
|
20
|
|
|
|
(410
|
)
|
-
|
(450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tax Rate
|
|
20
|
%
|
-
|
25
|
%
|
|
|
30
|
%
|
-
|
35
|
%
|
|
Algerian Tax Rate - 100% Current
|
|
60
|
%
|
-
|
65
|
%
|
|
|
60
|
%
|
-
|
65
|
%
|
|
Rest of Company Tax Rate
|
|
32
|
%
|
-
|
36
|
%
|
|
|
35
|
%
|
-
|
40
|
%
|
|
Rest of Company - % of Taxes Current
|
|
85
|
%
|
-
|
75
|
%
|
|
|
70
|
%
|
-
|
60
|
%
|
|
Rest of Company - % of Taxes Deferred
|
|
15
|
%
|
-
|
25
|
%
|
|
|
30
|
%
|
-
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg. Shares Outstanding (MM)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
491
|
|
-
|
493
|
|
|
|
480
|
|
-
|
482
|
|
|
Diluted
|
|
493
|
|
-
|
495
|
|
|
|
482
|
|
-
|
484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ MM
|
|
|
$ MM
|
|
Capital Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Projects
|
|
1,000
|
|
-
|
1,150
|
|
|
|
3,900
|
|
-
|
4,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corporation
|
|
|
|
Commodity Hedge Positions (Excluding Natural Gas Basis)
|
|
|
|
As of August 3, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousand
MMBtu/d)
|
|
|
Weighted Average Price per MMBtu
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor Sold
|
|
|
Floor Purchased
|
|
|
Ceiling Sold
|
|
Natural Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Way Collars
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
530
|
|
$
|
5.45
|
|
$
|
7.50
|
|
$
|
11.25
|
|
2010
|
|
1,630
|
|
$
|
4.22
|
|
$
|
5.59
|
|
$
|
8.23
|
|
2011
|
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousand
MMBtu/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX Price $/MMBtu
|
|
|
|
Natural Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Price Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 (Jul-Aug)
|
|
1,150
|
|
$
|
4.18
|
|
|
|
|
|
|
|
2010
|
|
90
|
|
$
|
6.10
|
|
|
|
|
|
|
|
2011
|
|
90
|
|
$
|
6.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousand
MBbls/d)
|
|
|
Weighted Average Price per barrel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor Sold
|
|
|
Floor Purchased
|
|
|
Ceiling Sold
|
|
Crude Oil
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Way Collars
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
48
|
|
$
|
37.51
|
|
$
|
52.51
|
|
$
|
87.04
|
|
2010
|
|
88
|
|
$
|
46.71
|
|
$
|
61.71
|
|
$
|
84.44
|
|
2011
|
|
3
|
|
$
|
35.00
|
|
$
|
50.00
|
|
$
|
86.00
|
|
2012
|
|
2
|
|
$
|
35.00
|
|
$
|
50.00
|
|
$
|
92.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Derivatives
|
|
|
|
|
As of August 3, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instrument
|
|
Notional Amt.
|
|
Start Date
|
|
Maturity
|
|
Rate Paid
|
|
Rate Received
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
|
|
$1,000 Million
|
|
Current
|
|
Sept-2009
|
|
2.74%
|
|
3M LIBOR
|
|
|
|
|
Swap
|
|
$750 Million
|
|
Oct-2011
|
|
Oct-2021
|
|
4.72%
|
|
3M LIBOR
|
|
|
|
|
Swap
|
|
$1,250 Million
|
|
Oct-2011
|
|
Oct-2041
|
|
4.83%
|
|
3M LIBOR
|
|
|
|
|
Swap
|
|
$250 Million
|
|
Oct-2012
|
|
Oct-2022
|
|
4.91%
|
|
3M LIBOR
|
|
|
|
|
Swap
|
|
$750 Million
|
|
Oct-2012
|
|
Oct-2042
|
|
4.80%
|
|
3M LIBOR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corporation
|
|
Natural Gas Basis Hedge Positions
|
|
As of August 3, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousand
MMBtu/d)
|
|
Price per
MMBtu
|
|
|
|
|
|
|
|
|
|
|
|
Basis Swaps
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
Gulf Coast
|
|
|
|
|
|
315
|
$
|
(0.15)
|
|
Mid Continent
|
|
|
|
|
|
330
|
$
|
(0.85)
|
|
Rocky Mountains
|
|
|
|
|
|
555
|
$
|
(1.25)
|
|
|
|
|
|
|
|
1,200
|
$
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
Mid Continent
|
|
|
|
|
|
125
|
$
|
(0.83)
|
|
Rocky Mountains
|
|
|
|
|
|
340
|
$
|
(1.28)
|
|
|
|
|
|
|
|
465
|
$
|
(1.16)
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
15
|
$
|
(0.76)
|
|
Mid Continent
|
|
|
|
|
|
30
|
$
|
(2.22)
|
|
Rocky Mountains
|
|
|
|
|
|
45
|
$
|
(1.74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rockies Export Firm Transportation
|
|
As of August 3, 2009
|
|
(Only shown through 2011)
|
|
|
|
|
|
|
|
|
|
|
Daily Volume (MMBtus)
|
|
|
|
|
|
|
|
|
|
by Pricing Point
|
|
|
Delivery/Pricing Point
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
Mid Continent
|
|
|
|
|
|
|
491
|
|
|
West Coast
|
|
|
|
|
|
|
88
|
|
|
San Juan
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
594
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
Mid Continent
|
|
|
|
|
|
|
491
|
|
|
West Coast
|
|
|
|
|
|
|
88
|
|
|
San Juan
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
594
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
Mid Continent
|
|
|
|
|
|
|
491
|
|
|
West Coast*
|
|
|
|
|
|
|
294
|
|
|
Mid West**
|
|
|
|
|
|
|
250
|
|
|
San Juan
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
1,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* New agreement with Ruby estimated to begin in March 2011.
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** New agreement with Bison estimated to begin in November 2010.
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Source: Anadarko Petroleum Corporation
Anadarko Petroleum Corporation, Houston
MEDIA:
John
Christiansen, 832-636-8736
john.christiansen@anadarko.com
Matt
Carmichael, 832-636-2845
matt.carmichael@anadarko.com
INVESTORS:
John
Colglazier, 832-636-2306
john.colglazier@anadarko.com
Chris
Campbell, CFA, 832-636-8434
chris.campbell@anadarko.com
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