SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

October 28, 2014 16:10 ET

Anadarko Announces Third-Quarter 2014 Results

Increases Full-Year Sales-Volume Guidance

Monetizes Additional Assets for Approximately $1.2 Billion

HOUSTON, TX--(Marketwired - Oct 28, 2014) - Anadarko Petroleum Corporation (NYSE: APC) today announced third-quarter 2014 net income attributable to common stockholders of $1.087 billion, or $2.12 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $487 million, or $0.96 per share (diluted), on an after-tax basis.(1) Cash flow from operating activities in the third quarter of 2014 was approximately $2.323 billion. Discretionary cash flow totaled $1.776 billion,(2) including the year-to-date impact of an adjustment to 2014 U.S. current taxes related to the deferral of the tax benefit and change in anticipated timing of the Tronox settlement payment to early 2015.

Third-Quarter 2014 Highlights

  • Increased year-over-year liquids sales volumes by more than 110,000 barrels per day on a divestiture-adjusted basis(3)
  • Closed approximately $1.2 billion of additional asset monetizations
  • Doubled year-over-year oil sales volumes in the Wattenberg field
  • Expanded the company's "high-confidence" area in the Wolfcamp Shale oil opportunity

"Anadarko delivered another outstanding quarter with year-over-year liquids sales-volume growth of 35 percent on a divestiture-adjusted basis,(3) approximately $1.2 billion of new asset monetizations and enhanced cash margins per barrel," said Al Walker, Anadarko Chairman, President and CEO. "The impressive results from our operating activities enable us to increase our 2014 full-year sales-volume expectations for the third time this year, to a new range of 304 to 306 million BOE. The significant liquids sales-volume growth was primarily driven by the excellent results of our Wattenberg horizontal program, where oil volumes doubled relative to the third quarter of last year. We believe the depth and flexibility of our portfolio, along with our efficient allocation of capital and commitment to value acceleration will enable us to continue delivering differentiating value to our shareholders."

Operations Summary
During the third quarter, Anadarko's sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled a record 78 million BOE, or an average of 849,000 BOE per day, representing an increase of almost 105,000 BOE per day on a divestiture-adjusted basis(3) over the third quarter of 2013. The growth in higher-margin liquids sales volumes significantly improved the overall product mix to 51 percent liquids in the third quarter of 2014 versus 43 percent in the third quarter of 2013.

The strong growth was largely driven by performance in the Wattenberg field, which continued to benefit from the company's significant commitment to midstream expansions and achieved year-over-year sales-volume growth of 88,000 BOE per day, averaging 189,000 BOE per day for the quarter. The company also demonstrated significant sales-volume growth in the Eagleford Shale, as well as the Wolfcamp Shale oil opportunity where Anadarko expanded its "high-confidence" area within its 600,000-gross-acre position.

Anadarko also continued to advance multiple mega projects during the quarter. In the Gulf of Mexico, the Lucius project is on schedule with first oil expected in the coming weeks. Construction on the Heidelberg spar hull was completed, and the project remains on schedule for first oil in 2016. In Mozambique, the Parliament passed enabling legislation during its last session of the year. This was an important first step toward the ratification of a Decree Law, which is a necessity in creating and facilitating the contractual and legal conditions to move this company-operated LNG project forward.

Financial Summary
Anadarko ended the quarter with approximately $8.3 billion of cash on hand, with the increase driven by asset monetizations. In addition to closing the previously announced $1.075 billion sale of its China subsidiary, the company signed and closed several additional monetizations during the quarter totaling approximately $1.2 billion. Among the new monetizations, Anadarko closed a carried-interest agreement in the emerging Eaglebine play of Central Texas and divested its non-operated interest in the Vito discovery. The company also closed the sale of its interest in a portion of the Utica Shale play in central Ohio, as well as several other transactions.

"Closing more than $2.2 billion of monetizations in the quarter, including our China subsidiary, demonstrates our ongoing commitment to accelerating and enhancing value," added Walker. "We will continue to actively manage our deep portfolio of assets and evaluate opportunities to bring the embedded value forward for our stakeholders."

Operations Report
For details on Anadarko's operating areas and exploration program, including additional details on the newly announced asset monetizations, please refer to the comprehensive report on third-quarter 2014 activity. The report is available at www.anadarko.com.

Conference Call Tomorrow at 8 a.m. CDT, 9 a.m. EDT
Anadarko will host a conference call on Wednesday, Oct. 29, 2014, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss third-quarter results, current operations and the company's outlook for the remainder of 2014. The dial-in number is 855.812.0464 in the United States or 970.300.2271 internationally. The confirmation number is 95221684. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will be available on the website for approximately 30 days following the conference call.

Financial Data
Nine pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.

(1) See the accompanying table for details of certain items affecting comparability.

(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.

(3) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.

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 2013, the company had approximately 2.79 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 court approval of the settlement agreement related to the Tronox Adversary Proceeding, issuance of the injunction and dismissal with prejudice of the claims asserted in the Adversary Proceeding, Anadarko's ability to achieve its production targets, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2013 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 September 30, 2014  
    Before     After     Per Share  
millions except per-share amounts   Tax     Tax     (diluted)  
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*   $ 276     $ 175     $ 0.35  
Gains (losses) on divestitures, net     726       647       1.27  
Impairments     (394 )     (249 )     (0.49 )
Change in uncertain tax positions (FIN 48)     --       (60 )     (0.12 )
Third-party well and platform decommissioning obligation     (22 )     (14 )     (0.03 )
Interest expense related to Tronox settlement     (19 )     (12 )     (0.02 )
    $ 567     $ 487     $ 0.96  
   
* For the quarter ended September 30, 2014, this includes $371 million related to commodity derivatives, $(96) million related to other derivatives, and $1 million related to gathering, processing, and marketing sales.
   
   
    Quarter Ended September 30, 2013  
    Before     After     Per Share  
millions except per-share amounts   Tax     Tax     (diluted)  
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*   $ (36 )   $ (21 )   $ (0.04 )
Gains (losses) on divestitures, net     8       5       0.01  
Impairments     (593 )     (376 )     (0.74 )
Third-party well and platform decommissioning obligation     10       6       0.01  
    $ (611 )   $ (386 )   $ (0.76 )
* For the quarter ended September 30, 2013, this includes $(120) million related to commodity derivatives, $74 million related to other derivatives, and $10 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), 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 certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt. 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   2014     2013     2014     2013  
Net cash provided by operating activities   $ 2,323     $ 1,779     $ 6,514     $ 6,784  
Add back                                
  Algeria exceptional profits tax settlement     --       (32 )     --       (730 )
  Increase (decrease) in accounts receivable     (287 )     11       (104 )     (246 )
  (Increase) decrease in accounts payable and accrued expenses     (689 )     258       (710 )     37  
  Other items--net     198       11       225       22  
  Certain nonoperating and other excluded items     24       (7 )     25       117  
  Current taxes related to asset monetization     207       --       1,033       --  
Discretionary cash flow from operations   $ 1,776     $ 2,020     $ 6,983     $ 5,984  
                                 
                                 
 
 
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
 
    Quarter Ended     Nine Months Ended
    September 30,     September 30,
millions   2014     2013     2014     2013
Discretionary cash flow from operations   $ 1,776     $ 2,020     $ 6,983     $ 5,984
Less capital expenditures*     2,117       2,298       7,087       5,911
Free cash flow   $ (341 )   $ (278 )   $ (104 )   $ 73
* Includes Western Gas Partners, LP (WES) capital expenditures of $147 million for the quarter ended September 30, 2014, $185 million for the quarter ended September 30, 2013, $490 million for the nine months ended September 30, 2014, and $622 million for the nine months ended September 30, 2013.
   
   
           
           
    Quarter Ended   Quarter Ended  
    September 30, 2014   September 30, 2013  
    After   Per Share   After     Per Share  
millions except per-share amounts   Tax   (diluted)   Tax     (diluted)  
Net income (loss) attributable to common stockholders   $ 1,087   $ 2.12   $ 182     $ 0.36  
Less certain items affecting comparability     487     0.96     (386 )     (0.76 )
Adjusted net income (loss)   $ 600   $ 1.16   $ 568     $ 1.12  
                             
                             

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.

       
       
    September 30,  
millions   2014  
Total debt   $ 14,728  
Less cash and cash equivalents     8,335  
Net debt   $ 6,393  
         
Net debt   $ 6,393  
Stockholders' equity     20,677  
Adjusted capitalization   $ 27,070  
         
Net debt to adjusted capitalization ratio     24 %
         
         
   
   
Anadarko Petroleum Corporation  
(Unaudited)  
   
    Quarter Ended     Nine Months Ended  
Summary Financial Information   September 30,     September 30,  
millions except per-share amounts   2014     2013     2014     2013  
Consolidated Statements of Income                                
Revenues and Other                                
Natural-gas sales   $ 830     $ 805     $ 3,038     $ 2,547  
Oil and condensate sales     2,637       2,389       7,766       6,761  
Natural-gas liquids sales     424       325       1,221       889  
Gathering, processing, and marketing sales     339       270       928       750  
Gains (losses) on divestitures and other, net     780       64       2,340       296  
Total     5,010       3,853       15,293       11,243  
Costs and Expenses                                
Oil and gas operating     275       277       861       769  
Oil and gas transportation and other     322       255       869       763  
Exploration     199       272       1,000       714  
Gathering, processing, and marketing     269       217       771       638  
General and administrative     381       255       984       787  
Depreciation, depletion, and amortization     1,163       996       3,335       2,958  
Other taxes     306       294       981       819  
Impairments     394       593       514       632  
Algeria exceptional profits tax settlement     --       --       --       33  
Deepwater Horizon settlement and related costs     3       5       96       12  
Total     3,312       3,164       9,411       8,125  
Operating Income (Loss)     1,698       689       5,882       3,118  
Other (Income) Expense                                
Interest expense     204       177       573       513  
(Gains) losses on derivatives, net     (323 )     72       453       (393 )
Other (income) expense, net     24       (23 )     12       69  
Tronox-related contingent loss     19       --       4,338       --  
Total     (76 )     226       5,376       189  
Income (Loss) Before Income Taxes     1,774       463       506       2,929  
Income tax expense (benefit)     627       240       1,719       1,263  
Net Income (Loss)     1,147       223       (1,213 )     1,666  
Net income (loss) attributable to noncontrolling interests     60       41       142       95  
Net Income (Loss) Attributable to Common Stockholders   $ 1,087     $ 182     $ (1,355 )   $ 1,571  
Per Common Share                                
Net income (loss) attributable to common stockholders--basic   $ 2.13     $ 0.36     $ (2.69 )   $ 3.11  
Net income (loss) attributable to common stockholders--diluted   $ 2.12     $ 0.36     $ (2.69 )   $ 3.10  
Average Number of Common Shares Outstanding--Basic     506       503       505       502  
Average Number of Common Shares Outstanding--Diluted     508       505       505       504  
                                 
Exploration Expense                                
Dry hole expense   $ 104     $ 77     $ 527     $ 301  
Impairments of unproved properties     30       83       216       122  
Geological and geophysical expense     13       51       93       111  
Exploration overhead and other     52       61       164       180  
Total   $ 199     $ 272     $ 1,000     $ 714  
                                 
                                 
   
   
Anadarko Petroleum Corporation  
(Unaudited)  
   
  Quarter Ended   Nine Months Ended  
Summary Financial Information September 30,   September 30,  
millions 2014   2013   2014   2013  
Cash Flows from Operating Activities                        
Net income (loss) $ 1,147   $ 223   $ (1,213 ) $ 1,666  
Adjustments to reconcile net income (loss) to net cash provided by operating activities                        
  Depreciation, depletion, and amortization   1,163     996     3,335     2,958  
  Deferred income taxes   (398 )   (28 )   (210 )   535  
  Dry hole expense and impairments of unproved properties   134     160     743     423  
  Impairments   394     593     514     632  
  (Gains) losses on divestitures, net   (726 )   (8 )   (2,194 )   (165 )
  Total (gains) losses on derivatives, net   (324 )   64     462     (396 )
  Operating portion of net cash received (paid) in settlement of derivative instruments   48     (28 )   (138 )   37  
  Other   87     53     195     174  
  Changes in assets and liabilities                        
    Deepwater Horizon settlement and related costs   1     2     93     3  
    Algeria exceptional profits tax settlement   --     32     --     730  
    Tronox-related contingent loss   19     --     4,338     --  
    (Increase) decrease in accounts receivable   287     (11 )   104     246  
    Increase (decrease) in accounts payable and accrued expenses   689     (258 )   710     (37 )
    Other items--net   (198 )   (11 )   (225 )   (22 )
Net Cash Provided by Operating Activities $ 2,323   $ 1,779   $ 6,514   $ 6,784  
                         
Capital Expenditures $ 2,117   $ 2,298   $ 7,087   $ 5,911  
                         
                         
             
             
    September 30,     December 31,  
millions   2014     2013  
Condensed Balance Sheets                
Cash and cash equivalents   $ 8,335     $ 3,698  
Accounts receivable, net of allowance     2,712       2,722  
Other current assets     692       688  
Net properties and equipment     41,104       40,929  
Other assets     2,321       2,082  
Goodwill and other intangible assets     5,501       5,662  
Total Assets   $ 60,665     $ 55,781  
Other current liabilities   $ 5,702     $ 5,703  
Deepwater Horizon settlement and related costs     93       --  
Tronox-related contingent liability     5,188       --  
Long-term debt     14,728       13,065  
Deferred income taxes     7,512       9,245  
Other long-term liabilities     4,879       4,118  
Stockholders' equity     20,677       21,857  
Noncontrolling interests     1,886       1,793  
Total Liabilities and Equity   $ 60,665     $ 55,781  
Capitalization                
Total debt   $ 14,728     $ 13,565  
Stockholders' equity     20,677       21,857  
Total   $ 35,405     $ 35,422  
Capitalization Ratios                
Total debt     42 %     38 %
Stockholders' equity     58 %     62 %
                 
                 

 

 
 
Anadarko Petroleum Corporation
(Unaudited)
 
Sales Volumes and Prices                                    
    Average Daily Sales 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, 2014                                          
United States   2,494   213   129   230   20   11   $ 3.62   $ 92.59   $ 35.11
Algeria   --   62   1   --   6   --     --     98.69     65.55
Other International   --   28   --   --   2   --     --     100.48     --
Total   2,494   303   130   230   28   11   $ 3.62   $ 94.56   $ 35.35
                                           
Quarter Ended September 30, 2013                                          
United States   2,629   152   92   242   14   9   $ 3.33   $ 103.15   $ 38.49
Algeria   --   62   --   --   5   --     --     110.95     --
Other International   --   31   --   --   3   --     --     110.54     --
Total   2,629   245   92   242   22   9   $ 3.33   $ 106.05   $ 38.49
                                           
Nine Months Ended September 30, 2014                                      
United States   2,603   197   116   711   54   31   $ 4.27   $ 95.30   $ 38.21
Algeria   --   64   1   --   18   --     --     105.38     66.14
Other International   --   27   --   --   7   --     --     106.06     --
Total   2,603   288   117   711   79   31   $ 4.27   $ 98.57   $ 38.38
                                           
Nine Months Ended September 30, 2013                                      
United States   2,655   155   88   725   42   24   $ 3.51   $ 98.48   $ 37.07
Algeria   --   53   --   --   14   --     --     109.20     --
Other International   --   34   --   --   10   --     --     108.53     --
Total   2,655   242   88   725   66   24   $ 3.51   $ 102.23   $ 37.07
                                           
         
         
    Average Daily Volumes
MBOE/d
  Sales Volumes
MMBOE
Quarter Ended September 30, 2014   849   78
Quarter Ended September 30, 2013   775   71
         
Nine Months Ended September 30, 2014   839   229
Nine Months Ended September 30, 2013   773   211
         
         
                 
Sales Revenue and Commodity Derivatives                
    Sales   Net Cash Received (Paid) from Settlement of Commodity Derivatives
     
Natural Gas
  Crude Oil &
Condensate
   
NGLs
   
Natural Gas
    Crude Oil &
Condensate
     
NGLs
millions                
Quarter Ended September 30, 2014                                        
United States   $ 830   $ 1,817   $ 418   $ 15     $ (8 )   $ 1
Algeria     --     565     6     --       40       --
Other International     --     255     --     --       --       --
Total   $ 830   $ 2,637   $ 424   $ 15     $ 32     $ 1
                                         
Quarter Ended September 30, 2013                                        
United States   $ 805   $ 1,446   $ 325   $ 40     $ (63 )   $ 2
Algeria     --     629     --     --       (5 )     --
Other International     --     314     --     --       --       --
Total   $ 805   $ 2,389   $ 325   $ 40     $ (68 )   $ 2
                                         
Nine Months Ended September 30, 2014                                        
United States   $ 3,038   $ 5,125   $ 1,208   $ (107 )   $ (68 )   $ 3
Algeria     --     1,858     13     --       40       --
Other International     --     783     --     --       --       --
Total   $ 3,038   $ 7,766   $ 1,221   $ (107 )   $ (28 )   $ 3
                                         
Nine Months Ended September 30, 2013                                        
United States   $ 2,547   $ 4,175   $ 889   $ 91     $ (61 )   $ 7
Algeria     --     1,566     --     --       9       --
Other International     --     1,020     --     --       --       --
Total   $ 2,547   $ 6,761   $ 889   $ 91     $ (52 )   $ 7
                                         
                                         
   
   
Anadarko Petroleum Corporation  
Financial and Operating External Guidance  
As of October 28, 2014  
             
    4th Qtr     Total Year  
    Guidance *     Guidance *  
    Units     Units  
                                 
Total Sales Volumes (MMBOE)   77     --   79     304     --   306  
Total Sales Volumes (MBOE/d)   837     --   859     833     --   838  
                                 
Crude Oil (MBbl/d)   298     --   304     287     --   289  
                                 
  United States   211     --   215     200     --   201  
  Algeria   78     --   79     68     --   69  
  Ghana   9     --   10     19     --   19  
                                 
Natural Gas (MMcf/d)                                
                                 
  United States   2,500     --   2,550     2,580     --   2,590  
                                 
Natural Gas Liquids (MBbl/d)                                
                                 
  United States   115     --   122     116     --   117  
  Algeria   5     --   6     1     --   2  
                                 
                                 
    $ / Unit     $ / Unit  
Price Differentials vs NYMEX (w/o hedges)                                
                                 
Crude Oil ($/Bbl)   (4.00 )   --   (0.00 )   (1.75 )   --   (0.75 )
                                 
  United States   (6.00 )   --   (2.00 )   (4.75 )   --   (3.75 )
  Algeria   4.00     --   6.00     5.25     --   5.75  
  Ghana   4.00     --   6.00     6.25     --   6.75  
                                 
Natural Gas ($/Mcf)                                
                                 
  United States   (0.40 )   --   (0.30 )   (0.35 )   --   (0.30 )
                                 
* All volumes exclude the impact from China and Pinedale/Jonah.                                
   
   
Anadarko Petroleum Corporation  
Financial and Operating External Guidance  
As of October 28, 2014  
             
    4th Qtr     Total Year  
    Guidance *     Guidance *  
    $ MM     $ MM  
Other Revenues                                
  Marketing and Gathering Margin   55     --   65     215     --   225  
  Minerals and Other   60     --   70     210     --   220  
                                 
                                 
    $ / BOE     $ / BOE  
Costs and Expenses                                
  Oil & Gas Direct Operating   3.75     --   3.95     3.75     --   3.80  
  Oil & Gas Transportation/Other   4.00     --   4.20     3.85     --   3.90  
  Depreciation, Depletion, and Amortization   14.00     --   14.50     14.45     --   14.55  
  Production Taxes (% of Product Revenue)   9.0 %   --   10.0 %   8.5 %   --   9.0 %
                                 
    $ MM     $ MM  
                                 
  General and Administrative   275     --   325     1,260     --   1,310  
  Exploration Expense                                
    Non-Cash   200     --   275     925     --   1,000  
    Cash   125     --   150     380     --   405  
  Interest Expense (net)   205     --   210     780     --   785  
  Other (Income) Expense - Includes Noncontrolling Interests   50     --   60     180     --   190  
                                 
Tax Rate                                
  Algeria (All current)   50 %   --   60 %   45 %   --   55 %
  Rest of Company (0% Current for Q4 and 30% Current for FY)   30 %   --   35 %   35 %   --   45 %
                                 
                                 
Avg. Shares Outstanding (MM)                                
  Basic   506     --   508     505     --   506  
  Diluted   508     --   510     508     --   509  
                                 
                                 
Capital Investment (Excluding Western Gas Partners, LP)   $ MM     $ MM  
                                 
  APC Capital Expenditures   2,000     --   2,200     8,600     --   8,800  
                                 
* Excludes items affecting comparability                                
                                 
                                 
 
 
Anadarko Petroleum Corporation
Commodity Hedge Positions (Excluding Natural Gas Basis)
As of October 28, 2014
                 
          Weighted Average Price per Barrel
    Volume
(MBbls/d)
  Floor Sold   Floor Purchased   Ceiling Sold
Crude Oil                      
  Three-Way Collars                      
  2015                      
    Brent   25   $ 85.00   $ 100.00   $ 117.55
                       
  Fixed Price - Financial                      
  2014                      
    WTI   70   $ 96.03            
    Brent   70   $ 109.55            
    140   $ 101.94            
                 
           Weighted Average Price per MMBtu
    Volume
(thousand

MMBtu/d)
    Floor Sold   Floor Purchased   Ceiling Sold
         
Natural Gas                      
  Three-Way Collars                      
  2014   600   $ 2.75   $ 3.75   $ 5.01
  2015   635   $ 2.75   $ 3.75   $ 4.76
                       
  Fixed Price - Financial                      
  2014   1,000   $ 4.23            
                         
                         
           
Interest-Rate Derivatives
As of October 28, 2014
           
Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received
Swap $50 Million Sept. 2016 Sept. 2026 5.91% 3M LIBOR
Swap $1,850 Million Sept. 2016 Sept. 2046 6.05% 3M LIBOR
           
           
           
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales

 

 
Average Daily Sales Volumes
 
    Quarter Ended September 30, 2014   Quarter Ended September 30, 2013
 
 
 
 
 
 
Natural Gas
MMcf/d
 
 
 
Crude Oil &
Condensate
MBbls/d
 
 
 
NGLs
MBbls/d
 
 
 
Total
MBOE/d
 
 
 
Natural Gas
MMcf/d
 
 
 
Crude Oil &
Condensate
MBbls/d
 
 
 
NGLs
MBbls/d
 
 
 
Total
MBOE/d
U.S. Onshore   2,340   159   124   673   2,337   98   84   572
Deepwater Gulf of Mexico   154   46   5   77   203   43   5   82
International and Alaska   --   98   1   99   --   92   --   92
Same-Store Sales   2,494   303   130   849   2,540   233   89   746
China and Pinedale/Jonah   --   --   --   --   89   12   3   29
Total   2,494   303   130   849   2,629   245   92   775
                                 
    Nine Months Ended September 30, 2014   Nine Months Ended September 30, 2013
 
 
 
 
 
 
Natural Gas
MMcf/d
 
 
 
Crude Oil &
Condensate
MBbls/d
 
 
 
NGLs
MBbls/d
 
 
 
Total
MBOE/d
 
 
 
Natural Gas
MMcf/d
 
 
 
Crude Oil &
Condensate
MBbls/d
 
 
 
NGLs
MBbls/d
 
 
 
Total
MBOE/d
U.S. Onshore   2,393   143   110   652   2,287   97   79   557
Deepwater Gulf of Mexico   201   44   6   84   281   46   6   99
International and Alaska   --   96   1   97   --   87   --   87
Same-Store Sales   2,594   283   117   833   2,568   230   85   743
China and Pinedale/Jonah   9   5   --   6   87   12   3   30
Total   2,603   288   117   839   2,655   242   88   773