SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

February 19, 2013 07:30 ET

Anadarko Names Al Walker Chairman of the Board

HOUSTON, TX--(Marketwire - Feb 19, 2013) -  The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today announced that Al Walker has been elected Chairman of the Board, effective at the end of Anadarko's Annual Meeting of Stockholders on May 14, 2013. He also will continue to serve as President and CEO.

Walker, 56, will succeed James T. Hackett. As previously announced, Hackett will serve as Executive Chairman through the company's 2013 Annual Meeting of Stockholders and will retire from Anadarko in June 2013.

"Since being appointed President and CEO last May, Al has continued to demonstrate strong leadership at Anadarko," said Hackett. "The Board has confidence that Al will be an effective Chairman and lead the company in its commitment to achieving sustainable, long-term success for our stakeholders."

"The transition from Jim's leadership to Al's has worked very well," said John Gordon, Lead Independent Director. "We are excited to take this next step, and our Board believes that Al will be an effective leader as Anadarko continues its work of safely providing the energy our world needs every day."

In connection with Walker's election as Chairman, and consistent with industry best practices, the Board of Directors also further enhanced the duties of the Lead Director to ensure the company maintains a corporate-governance structure with appropriate independence. An updated description of the Lead Director's duties can be found in Anadarko's Corporate Governance Guidelines, located on the company's website at: http://www.anadarko.com/About/Pages/Governance.aspx.

"I am grateful for the Board's confidence," said Walker. "Anadarko's established culture, talented employees, deep portfolio and strong management team have positioned the company to continue delivering differentiating success for years to come."

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2012, the company had approximately 2.56 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.