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 News Releases - Anadarko


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Increases Full-Year Sales-Volumes Guidance

Oct 29, 2012 (Marketwire via COMTEX) --Anadarko Petroleum Corporation (NYSE: APC) today announced third-quarter 2012 income attributable to common stockholders of $121 million, or $0.24 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 approximately $301 million, or $0.60 per share (diluted), on an after-tax basis.(1) Cash flow from operating activities in the third quarter of 2012 was approximately $2.229 billion, and discretionary cash flow totaled $1.794 billion.(2)

Third-Quarter 2012 Highlights

  • Announced a 3-million-BOE (barrels of oil equivalent) increase to the midpoint of full-year sales-volumes guidance, while maintaining previous full-year capital spending expectations
  • Increased sales volumes by 79,000 BOE per day over the third quarter of 2011, representing a 12-percent increase
  • Collected an additional $501 million associated with the Algeria tax resolution
  • Enhanced the value of two major projects by increasing the estimated recoverable resources in Colorado's Wattenberg Horizontal (HZ) program and Mozambique's Golfinho/Atum complex

"Anadarko is delivering another year of strong operational results and continued cost reductions, and with this momentum, we are pleased to increase our full-year sales-volumes guidance to a new range of 265 to 267 million BOE with no corresponding increase in capital spending," Anadarko President and CEO Al Walker said. "During the quarter, we delivered record liquids volumes of 322,000 barrels per day and safely reduced controllable costs on a per-unit basis in every category relative to the third quarter of last year. The significant cash generation year-to-date also enabled us to strengthen the balance sheet by reducing borrowings under our revolving credit facility by $1.5 billion, while maintaining approximately $2.5 billion of cash on hand at the end of the third quarter." 

Anadarko reported total sales volumes of 68 million BOE, or 739,000 BOE per day, during the third quarter. Approximately 1 million BOE of production in the Gulf of Mexico was shut in during the quarter as a result of weather-related downtime. The company achieved record liquids sales volumes during the quarter with oil volumes averaging 234,000 barrels per day and natural gas liquids averaging 88,000 barrels per day, equating to a 41,000-barrel-per-day increase in total liquids over the third quarter of 2011. Natural gas volumes averaged approximately 2.5 billion cubic feet per day.

During the quarter, Anadarko continued to ramp up activity in its Wattenberg HZ program in northeast Colorado and in the Eagleford Shale in south Texas, with these fields combining for an increase of more than 800,000 barrels of liquids sales volumes over the second quarter of this year. The Wattenberg HZ program continued to deliver rates of return exceeding 100 percent and, due to the exceptional well performance in both the Niobrara and Codell formations coupled with identified down-spacing opportunities and longer laterals, the company increased the lower end of its estimated resource range by 500 million BOE to a new range of 1.0 billion to 1.5 billion BOE.

Anadarko completed its four-well, initial appraisal program in the Golfinho/Atum complex offshore Mozambique. All four appraisal wells were successful, resulting in the partnership increasing the field's estimated recoverable natural gas resources to a new range of 15 to 35 trillion cubic feet. In addition, the partnership completed its well-testing program in the Prosperidade complex with multiple tests at Lagosta-2. Each of three zones flowed at facility-constrained rates of around 100 million cubic feet per day (MMcf/d). Anadarko currently has two contracted drillships operating offshore Mozambique, with one conducting flow testing in the Golfinho/Atum complex and the other drilling the Pérola Negra (Black Pearl) prospect near the southern end of the Offshore Area 1 Block.

"As a result of the exceptional drilling and testing results in Mozambique to date, we have identified the resources capable of supplying in excess of 50 million tonnes per annum of LNG (liquefied natural gas). In the coming weeks we expect to announce our FEED (Front-End Engineering and Design) contractors for both onshore processing and offshore gathering, which will focus on the foundation development of two trains," said Walker. "We look forward to continuing to work with the government of Mozambique and our partners to advance one of the world's most significant natural gas discoveries in the last 20 years, and one that is capable of enabling Mozambique to become one of the world's largest exporters of LNG in future years."

Operations Report
For more details on Anadarko's operations and exploration program, please refer to the comprehensive report on third-quarter 2012 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, October 30 at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) to discuss third-quarter results, current operations and the company's outlook for the remainder of 2012. The dial-in number is 855.812.0464 in the United States, or 970.300.2271 internationally. The confirmation number is 37608290. 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 2011, the company had approximately 2.54 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, to meet financial and operating guidance, and to successfully plan, build and operate an LNG project. See "Risk Factors" in the company's 2011 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 U.S. Investors: Effective Jan. 1, 2010, 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 "estimated resource range," "estimated recoverable natural gas 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, 2011, 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
Brian Cain, brian.cain@anadarko.com, 832.636.3404
Christina Ramirez, christina.ramirez@anadarko.com, 832.636.8687

INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Wayne Rodrigs, wayne.rodrigs@anadarko.com, 832.636.2305


   
Anadarko Petroleum Corporation  
Certain Items Affecting Comparability  
   
    Quarter Ended September 30, 2012  

millions except per-share amounts
  Before
Tax
    After
Tax
    Per Share
(diluted)
 
Unrealized gains (losses) on derivatives, net*   $ (456 )   $ (290 )   $ (0.58 )
Gains (losses) on divestitures, net     6       3       0.01  
Impairments, including unproved properties     (5 )     (4 )     (0.01 )
Algeria exceptional profits tax settlement     (7 )     (7 )     (0.01 )
Deepwater Horizon settlement and related costs     (4 )     (3 )     (0.01 )
    $ (466 )   $ (301 )   $ (0.60 )
                         

* For the quarter ended September 30, 2012, before-tax unrealized gains (losses) on derivatives, net includes $(437) million related to commodity derivatives, $(14) million related to other derivatives, and $(5) million related to gathering, processing, and marketing sales. 

       
    Quarter Ended September 30, 2011  

millions except per-share amounts
  Before
Tax
    After
Tax
    Per Share
(diluted)
 
Deepwater Horizon settlement and related costs   $ (4,042 )   $ (2,617 )   $ (5.26 )
Unrealized gains (losses) on derivatives, net*     (692 )     (440 )     (0.88 )
Gains (losses) on divestitures, net     (225 )     (140 )     (0.28 )
Impairments, including unproved properties     (312 )     (177 )     (0.36 )
    $ (5,271 )   $ (3,374 )   $ (6.78 )
                         

* For the quarter ended September 30, 2011, before-tax unrealized gains (losses) on derivatives, net includes $159 million related to commodity derivatives, $(854) million related to other derivatives, and $3 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     Nine Months Ended  
    September 30,     September 30,  
millions   2012     2011     2012     2011  
Net cash provided by operating activities   $ 2,229     $ 1,466     $ 6,119     $ 4,592  
Add back:                                
  Deepwater Horizon settlement and related costs     3       22       (10 )     57  
  Algeria exceptional profits tax settlement     (501 )     -       (614 )     -  
  Change in accounts receivable     (58 )     404       (409 )     939  
  Change in accounts payable and accrued expenses     -       (9 )     486       (250 )
  Change in other items-net     121       (4 )     (27 )     88  
Discretionary cash flow from operations   $ 1,794     $ 1,879     $ 5,545     $ 5,426  
                                 
                                 
                                 
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
 
    Quarter Ended   Nine Months Ended
    September 30,   September 30,
millions   2012   2011   2012   2011
Discretionary cash flow from operations   $ 1,794   $ 1,879   $ 5,545   $ 5,426
Less: Capital expenditures*     1,779     1,303     5,378     4,611
Free cash flow   $ 15   $ 576   $ 167   $ 815
Collection of Algeria exceptional profits tax receivable     501     -     614     -
Adjusted free cash flow   $ 516   $ 576   $ 781   $ 815

* Includes Western Gas Partners, LP (WES) capital expenditures of $139 million and $45 million for the three months ended September 30, 2012 and 2011, respectively, and $360 million and $383 million for the nine months ended September 30, 2012 and 2011, respectively. 

             
    Quarter Ended     Quarter Ended  
    September 30, 2012     September 30, 2011  

millions except per-share amounts
  After
Tax
    Per Share
(diluted)
    After
Tax
    Per Share
(diluted)
 
Net income (loss) attributable to common stockholders   $ 121     $ 0.24     $ (3,051 )   $ (6.12 )
Less: Certain items affecting comparability     (301 )     (0.60 )     (3,374 )     (6.78 )
Adjusted net income (loss)   $ 422     $ 0.84     $ 323     $ 0.66  
                                 

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   September 30, 2012  
Total debt   $ 14,141  
Less: Cash and cash equivalents     2,532  
Net debt   $ 11,609  
         
Net debt   $ 11,609  
Stockholders' equity     20,393  
Adjusted capitalization   $ 32,002  
         
Net debt to adjusted capitalization ratio     36 %
         
         
         
   
Anadarko Petroleum Corporation  
(Unaudited)  
   
    Quarter Ended     Nine Months Ended  
Summary Financial Information   September 30,     September 30,  
millions except per-share amounts   2012     2011     2012     2011  
Consolidated Statements of Income                                
Revenues and Other                                
Natural-gas sales   $ 613     $ 840     $ 1,682     $ 2,564  
Oil and condensate sales     2,163       1,905       6,629       5,948  
Natural-gas liquids sales     289       377       913       1,080  
Gathering, processing, and marketing sales     218       262       671       750  
Gains (losses) on divestitures and other, net     49       (185 )     106       (214 )
Total     3,332       3,199       10,001       10,128  
Costs and Expenses                                
Oil and gas operating     241       262       732       730  
Oil and gas transportation and other     247       217       710       633  
Exploration     297       307       1,662       722  
Gathering, processing, and marketing     185       214       552       590  
General and administrative     285       293       816       784  
Depreciation, depletion, and amortization     979       932       2,936       2,902  
Other taxes     267       375       970       1,132  
Impairments     4       183       166       287  
Algeria exceptional profits tax settlement     7       -       (1,797 )     -  
Deepwater Horizon settlement and related costs     4       4,042       15       4,077  
Total     2,516       6,825       6,762       11,857  
Operating Income (Loss)     816       (3,626 )     3,239       (1,729 )
Other (Income) Expense                                
Interest expense     185       206       561       642  
(Gains) losses on commodity derivatives, net     237       (230 )     (231 )     (317 )
(Gains) losses on other derivatives, net     14       854       154       939  
Other (income) expense, net     (10 )     40       (264 )     (2 )
Total     426       870       220       1,262  
Income (Loss) Before Income Taxes     390       (4,496 )     3,019       (2,991 )
Income Tax Expense (Benefit)     248       (1,468 )     764       (762 )
Net Income (Loss)   $ 142     $ (3,028 )   $ 2,255     $ (2,229 )
Net Income Attributable to Noncontrolling Interests     21       23       67       62  
Net Income (Loss) Attributable to Common Stockholders   $ 121     $ (3,051 )   $ 2,188     $ (2,291 )
Per Common Share:                                
Net income (loss) attributable to common stockholders-basic   $ 0.24     $ (6.12 )   $ 4.35     $ (4.60 )
Net income (loss) attributable to common stockholders-diluted   $ 0.24     $ (6.12 )   $ 4.34     $ (4.60 )
Average Number of Common Shares Outstanding-Basic     500       498       499       498  
Average Number of Common Shares Outstanding-Diluted     502       498       501       498  
                                 
Exploration Expense                                
Dry hole expense   $ 142     $ 17     $ 346     $ 75  
Impairments of unproved properties     60       179       1,043       348  
Geological and geophysical expense     40       52       89       152  
Exploration overhead and other     55       59       184       147  
Total   $ 297     $ 307     $ 1,662     $ 722  
                                 
                                 
   
Anadarko Petroleum Corporation  
(Unaudited)  
   
    Quarter Ended     Nine Months Ended  
Summary Financial Information   September 30,     September 30,  
millions   2012     2011     2012     2011  
Cash Flows from Operating Activities                                
Net income (loss)   $ 142     $ (3,028 )   $ 2,255     $ (2,229 )
Depreciation, depletion, and amortization     979       932       2,936       2,902  
Deferred income taxes     (48 )     (1,453 )     95       (1,195 )
Dry hole expense and impairments of unproved properties     202       196       1,389       423  
Impairments     4       183       166       287  
(Gains) losses on divestitures, net     (6 )     225       23       243  
Unrealized (gains) losses on derivatives, net     456       692       539       767  
Deepwater Horizon settlement and related costs     4       4,042       15       4,077  
Algeria exceptional profits tax settlement     7       -       (1,797 )     -  
Tronox-related contingent loss     -       -       (250 )     -  
Other     54       90       174       151  
Discretionary Cash Flow from Operations     1,794       1,879       5,545       5,426  
Deepwater Horizon settlement and related costs     (3 )     (22 )     10       (57 )
Algeria exceptional profits tax settlement     501       -       614       -  
(Increase) decrease in accounts receivable     58       (404 )     409       (939 )
Increase (decrease) in accounts payable and accrued expenses     -       9       (486 )     250  
Other items-net     (121 )     4       27       (88 )
Net Cash Provided by Operating Activities   $ 2,229     $ 1,466     $ 6,119     $ 4,592  
                                 
Capital Expenditures   $ 1,779     $ 1,303     $ 5,378     $ 4,611  
                                 
                                 
                     September 30,      December 31,  
millions                    2012      2011  
Condensed Balance Sheets                                
Cash and cash equivalents                   $ 2,532     $ 2,697  
Algeria exceptional profits tax settlement                     1,122       -  
Other current assets                     3,670       4,234  
Net properties and equipment                     37,976       37,501  
Other assets                     1,664       1,516  
Goodwill and other intangible assets                     5,754       5,831  
Total Assets                   $ 52,718     $ 51,779  
Current debt                   $ 1,039     $ 170  
Other current liabilities                     3,785       4,729  
Long-term debt                     13,102       15,060  
Other long-term liabilities                     13,361       12,837  
Stockholders' equity                     20,393       18,105  
Noncontrolling interests                     1,038       878  
Total Liabilities and Equity                   $ 52,718     $ 51,779  
Capitalization                                
Total debt                   $ 14,141     $ 15,230  
Stockholders' equity                     20,393       18,105  
Total                   $ 34,534     $ 33,335  
Capitalization Ratios                                
Total debt                     41 %     46 %
Stockholders' equity                     59 %     54 %
                                 
                                 
 
Anadarko Petroleum Corporation
(Unaudited)
 
Sales Volumes and Prices
 
    Average Daily Volumes   Sales Volumes   Average Sales Price
 
 
 
 
 
 
 
Natural Gas
MMcf/d
 
 
 
Crude Oil &
Condensate
MBbls/d
 
 
 
 
NGLs
MBbls/d
 
 
 
 
Natural Gas
Bcf
 
 
 
Crude Oil &
Condensate
MMBbls
 
 
 
 
NGLs
MMBbls
 
 
 
  
Natural Gas
Per Mcf
 
 
 
Crude Oil &
Condensate
Per Bbl
 
 
 
  
NGLs
Per Bbl
Quarter Ended September 30, 2012                                          
United States   2,499   143   88   231   13   8   $ 2.67   $ 94.19   $ 35.93
Algeria   -   61   -   -   6   -     -     109.70     -
Other International   -   30   -   -   2   -     -     107.42     -
Total   2,499   234   88   231   21   8   $ 2.67   $ 99.93   $ 35.93
                                           
Quarter Ended September 30, 2011                                          
United States   2,271   129   74   209   12   7   $ 4.02   $ 94.02   $ 55.47
Algeria   -   54   -   -   5   -     -     108.59     -
Other International   -   24   -   -   3   -     -     112.17     -
Total   2,271   207   74   209   20   7   $ 4.02   $ 99.92   $ 55.47
                                           
Nine Months Ended September 30, 2012                                          
United States   2,487   146   81   681   40   22   $ 2.47   $ 99.26   $ 40.96
Algeria   -   57   -   -   16   -     -     110.46     -
Other International   -   30   -   -   8   -     -     114.21     -
Total   2,487   233   81   681   64   22   $ 2.47   $ 103.90   $ 40.96
                                           
Nine Months Ended September 30, 2011                                          
United States   2,336   132   74   638   36   20   $ 4.02   $ 96.84   $ 53.48
Algeria   -   56   -   -   15   -     -     107.82     -
Other International   -   27   -   -   8   -     -     109.79     -
Total   2,336   215   74   638   59   20   $ 4.02   $ 101.35   $ 53.48
                                           
         
    Average Daily Volumes MBOE/d   Sales Volumes
MMBOE
         
Quarter Ended September 30, 2012   739   68
Quarter Ended September 30, 2011   660   61
         
Nine Months Ended September 30, 2012   729   200
Nine Months Ended September 30, 2011   678   185
         
 
Sales Revenue and Commodity Derivatives
 
    Sales   Commodity Derivatives Gain (Loss)  
   
 
     
 
     
 
      Natural Gas     Crude Oil & Condensate     NGLs  
millions     Natural Gas     Crude Oil &
Condensate
    NGLs   Realized   Unrealized     Realized     Unrealized     Realized     Unrealized  
Quarter Ended September 30, 2012                                                                
United States   $ 613   $ 1,246   $ 289   $ 170   $ (262 )   $ 21     $ (164 )   $ 3     $ (11 )
Algeria     -     617     -     -     -       6       -       -       -  
Other International     -     300     -     -     -       -       -       -       -  
Total   $ 613   $ 2,163   $ 289   $ 170   $ (262 )   $ 27     $ (164 )   $ 3     $ (11 )
                                                                 
Quarter Ended September 30, 2011                                                                
United States   $ 840   $ 1,118   $ 377   $ 72   $ 7     $ -     $ 133     $ (1 )   $ 19  
Algeria     -     540     -     -     -       -       -       -       -  
Other International     -     247     -     -     -       -       -       -       -  
Total   $ 840   $ 1,905   $ 377   $ 72   $ 7     $ -     $ 133     $ (1 )   $ 19  
                                                                 
Nine Months Ended September 30, 2012                                                                
United States   $ 1,682   $ 3,981   $ 913   $ 564   $ (464 )   $ 36     $ 77     $ 6     $ 18  
Algeria     -     1,713     -     -     -       (6 )     -       -       -  
Other International     -     935     -     -     -       -       -       -       -  
Total   $ 1,682   $ 6,629   $ 913   $ 564   $ (464 )   $ 30     $ 77     $ 6     $ 18  
                                                                 
Nine Months Ended September 30, 2011                                                                
United States   $ 2,564   $ 3,477   $ 1,080   $ 215   $ (54 )   $ (56 )   $ 188     $ (1 )   $ 19  
Algeria     -     1,644     -     -     -       (3 )     9       -       -  
Other International     -     827     -     -     -       -       -       -       -  
Total   $ 2,564   $ 5,948   $ 1,080   $ 215   $ (54 )   $ (59 )   $ 197     $ (1 )   $ 19  
                                                                 
                         
                         
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 29, 2012
         
    4th Qtr   Total Year
    Guidance   Guidance
                         
    Units   Units
                         
Total Sales (MMBOE)   65   -   67   265   -   267
Total Sales (MBOE/d)   711   -   730   724   -   730
                         
                         
Crude Oil (MBbl/d):   225   -   233   231   -   233
                         
  United States   151   -   154   148   -   148
  Algeria   44   -   46   53   -   54
  Other International   30   -   34   30   -   31
                         
Natural Gas (MMcf/d):                        
                         
  United States   2,340   -   2,400   2,450   -   2,465
                         
Natural Gas Liquids (MBbl/d):                        
                         
  United States   92   -   96   84   -   85
                         
                         
    $ / Unit   $ / Unit
Price Differentials vs NYMEX (w/o hedges)                        
                         
                         
Crude Oil ($/Bbl):   6.50   -   8.50   7.50   -   8.00
                         
  United States   0.50   -   2.50   2.50   -   3.00
  Algeria   17.75   -   19.75   15.50   -   16.00
  Other International   18.50   -   20.50   18.00   -   18.50
                         
Natural Gas ($/Mcf):                        
                         
  United States   (0.05)   -   (0.25)   (0.10)   -   (0.15)
                         
                         
                         
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 29, 2012
         
    4th Qtr   Total Year
    Guidance   Guidance*
                         
    $ MM   $ MM
Other Revenues:                        
  Marketing and Gathering Margin   40   -   50   175   -   185
  Minerals and Other   30   -   40   160   -   170
                         
Costs and Expenses:                        
    $ / BOE   $ / BOE
                         
  Oil & Gas Direct Operating   4.00   -   4.20   3.75   -   3.80
  Oil & Gas Transportation/Other   3.70   -   3.90   3.60   -   3.65
  Depreciation, Depletion and Amortization   14.70   -   15.25   14.55   -   14.75
  Production Taxes (% of Revenue)   8.5%   -   9.0%   10.0%   -   10.5%
                         
    $ MM   $ MM
                         
  General and Administrative   290   -   310   1,110   -   1,130
  Exploration Expense                        
    Non-Cash   190   -   210   715   -   735
    Cash   150   -   160   420   -   430
  Interest Expense (net)   185   -   190   745   -   750
  Other (Income) Expense   5   -   45   60   -   100
                         
Tax Rate:                        
  Algeria (All current)   45%   -   45%   50%   -   55%
  Rest of Company (50% Current for 4Q and 20% for FY)   50%   -   60%   45%   -   50%
                         
                         
Avg. Shares Outstanding (MM)                        
                         
  Basic   499   -   500   499   -   500
  Diluted   501   -   503   501   -   503
                         
Capital Investment (Excluding Western Gas Partners, LP)   $ MM   $ MM
                         
  APC Capital Expenditures   1,550   -   1,850   6,400   -   6,700
  Capitalized Interest   45   -   50   200   -   200
                         
* Excludes items affecting comparability                        
                         
                         
 
Anadarko Petroleum Corporation
Commodity Hedge Positions (Excluding Natural Gas Basis)
As of 10 a.m. CDT on October 29, 2012
                       
                       
          Weighted Average Price per Barrel
                     
    Volume (MBbls/d)   Floor Sold     Floor Purchased     Ceiling Sold
Crude Oil                      
  Three-Way Collars                      
  2012                      
    Brent   45   $ 85.00   $ 105.00   $ 125.60
    WTI   17   $ 71.36   $ 90.91   $ 113.30
      62   $ 81.34   $ 101.22   $ 122.30
                         
  2013                      
    Brent   26   $ 85.00   $ 105.00   $ 125.15
                         
  Fixed Price - Financial                      
  2012                      
    Brent   40   $ 110.10            
    WTI   20   $ 101.39            
      60   $ 107.19            
                         
  2013                      
    Brent   34   $ 110.04            
                       
 
 
 
 
 
 
Volume (thousand MMBtu/d)    
 
 
Weighted Average Price per MMBtu    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas                      
  Fixed Price - Financial                      
  2012   1,000   $ 4.69            
  2013   1,020   $ 4.00            
                         
                         
                         
                         
  Interest Rate Derivatives  
  As of October 29, 2012  
                         
  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   September 2016   September 2026   5.91%   3M LIBOR  
  Swap   $750 Million   September 2016   September 2046   5.86%   3M LIBOR  
                         
                         
                         



No