APC
$48.49
Anadarko Petroleum
$3.68
8.21%
Earnings Details
2nd Quarter June 2017
Monday, July 24, 2017 4:05:00 PM
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Summary

Anadarko Petroleum Misses

Anadarko Petroleum (APC) reported a 2nd Quarter June 2017 loss of $0.77 per share on revenue of $2.7 billion. The consensus estimate was a loss of $0.34 per share on revenue of $2.3 billion. The Earnings Whisper number was for a loss of $0.26 per share. Revenue grew 41.8% on a year-over-year basis.

Anadarko Petroleum Corp is engaged in the exploration and production of oil and natural gas. The Company’s three operating segments are: Oil and gas exploration and production, Midstream and Marketing.

Results
Reported Earnings
($0.77)
Earnings Whisper
($0.26)
Consensus Estimate
($0.34)
Reported Revenue
$2.72 Bil
Revenue Estimate
$2.33 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Anadarko Announces Second-Quarter 2017 Results

Anadarko Petroleum Corporation (APC) today announced its second-quarter 2017 results, reporting a net loss attributable to common stockholders of $415 million, or $0.76 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $8 million, or $0.01 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the second quarter of 2017 was $857 million.

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SECOND-QUARTER HIGHLIGHTS

-- Achieved a 12-percent increase in total oil sales volume over the second quarter of 2016

Increased overall sales-volume product mix to 67-percent liquids compared to 54-percent liquids in the second quarter of 2016

Continued deepwater Gulf of Mexico success with new tieback activities at Horn Mountain and K2, and facility upgrades at Constitution

-- Closed divestitures totaling more than $600 million during the quarter

"Our portfolio delivered good operating results and cash flow during the second quarter with significantly improved cash margins and increased oil volumes year-over-year, even with the temporary production impacts associated with our response efforts in Colorado," said Al Walker, Anadarko Chairman, President and CEO. "Our successful divestitures further strengthened the company’s cash position, while providing flexibility for the second half of the year and beyond. The current market conditions require lower capital intensity given the volatility of margins realized in this operating environment. As such, we are reducing our level of investments by $300 million for the full year, and adjusting full-year sales-volume guidance to reflect recent divestitures and the deferred production associated with the Colorado response. We feel this is a prudent move, while still expecting to average approximately 130,000 barrels of oil per day in the deepwater Gulf of Mexico and exit the year at around 150,000 barrels of oil per day from the Delaware and DJ basins combined."

OPERATIONAL HIGHLIGHTS

Anadarko’s second-quarter 2017 sales volume of oil, natural gas and natural gas liquids (NGLs) totaled 57 million barrels of oil equivalent (BOE), or an average of 631,000 BOE per day.

During the second quarter, Anadarko achieved record oil sales volume in the Delaware Basin of West Texas averaging approximately 33,000 barrels of oil per day, a 52-percent increase over the second quarter of 2016. Importantly, Anadarko is in the final stages of securing operatorship for approximately 70 percent of the acreage position, which was previously part of the joint-venture agreement that recently concluded with Shell. Anadarko’s working and net-revenue interest remains unchanged, and the company’s efforts can begin to evolve from capturing operatorship and appraising the prior Area of Mutual Interest to development of this world-class asset. In addition, the company continues to expand takeaway capacity having recently reached an agreement to be an anchor shipper on a residue-gas line going from the Western Gas Partners, LP (WES)-operated Ramsey plant and future WES-operated Mentone plant to the Waha area. Anadarko also concluded a tranche of crude oil pipeline capacity from the Permian Basin to Gulf Coast markets.

In the DJ Basin, oil sales volume for the quarter averaged 76,000 barrels per day. The company continued to refine its completions program and achieve greater drilling efficiencies with record cycle times for short-, mid- and longer-length laterals. The company’s new completion design is yielding cumulative production improvements of more than 35 percent compared to the core type-curves provided during the March Investor Conference. During the quarter, Anadarko also mobilized significant resources in its response to the Notice to Operators issued by Colorado’s oil and gas regulatory authority, which included the company’s additional efforts to inspect its vertical well inventory and remove all associated one-inch return lines.

In the Deepwater Gulf of Mexico, Anadarko’s oil sales volume averaged 113,000 barrels per day, as the company successfully completed several planned maintenance activities and facility upgrades. The first development well of the Horn Mountain Deep discovery was brought on line ahead of schedule and is currently producing approximately 12,000 barrels of oil per day. In addition, field production continued at a nine-year high at K2, with a new tieback brought on production in April, which is currently producing more than 9,000 BOE per day. The company also expanded its industry-leading leasehold position in the recent deepwater Gulf lease sale by being awarded 11 new leases near existing opportunities and infrastructure.

Internationally, sales volume averaged 93,000 barrels per day, an increase of 25 percent over the second quarter of 2016. The year-over-year increase was largely driven by the startup of the TEN development offshore Ghana in the third-quarter of 2016. In addition, Anadarko is completing many of the core components of the legal and contractual framework for its LNG project in Mozambique. The progress helps position the company to advance negotiations in securing long-term LNG offtake contracts as it continues toward a final investment decision.

OPERATIONS REPORT

For additional details on Anadarko’s second-quarter 2017 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.

CONFERENCE CALL TOMORROW AT 7:30 A.M. CDT, 8:30 A.M. EDT

Anadarko will host a conference call on Tuesday, July 25, 2017, at 7:30 a.m. Central (8:30 a.m. Eastern) to discuss second-quarter results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 4412190. 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

Ten 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.

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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 2016, the company had 1.72 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 realize its expectations regarding performance, including Anadarko’s ability to successfully execute upon its capital program; to meet financial and operating guidance contained in this news release, including the impact of response efforts in Colorado; to successfully drill, complete, test and produce the wells identified in this news release; to timely complete and commercially operate the projects and drilling prospects identified in this news release; to finalize the necessary steps to ensure operatorship; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See "Risk Factors" in the company’s 2016 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 Contacts

MEDIA: John Christiansen, john.christiansen@anadarko.com, 832.636.8736 Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912

INVESTORS: Robin Fielder, robin.fielder@anadarko.com, 832.636.1462 Andy Taylor, andy.taylor@anadarko.com, 832.636.3089 Pete Zagrzecki, pete.zagrzecki@anadarko.com, 832.636.7727

Anadarko Petroleum Corporation Reconciliation of GAAP to Non-GAAP Financial Measures

Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.

Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company’s performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company’s operating and financial performance across periods, as well as facilitating comparisons to others in the Company’s industry.

Quarter Ended June 30, 2017
Before
After
Per Share
millions except per-share amounts
Tax
Tax
(diluted)
Net income (loss) attributable to common stockholders (GAAP)
$
(415)
$
(0.76)
Adjustments for certain items affecting comparability
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*
$
(45)
(29)
(0.05)
Gains (losses) on divestitures, net
205
130
0.24
Impairments
Producing and general properties
(10)
(7)
(0.02)
Exploration assets
(82)
(65)
(0.12)
Restructuring charges
(18)
(11)
(0.02)
Change in uncertain tax positions
--
(10)
(0.02)
Certain items affecting comparability
$
50
8
0.01
Adjusted net income (loss) (Non-GAAP)
$
(423)
$
(0.77)
*
Includes $(104) million related to interest-rate derivatives and $59 million related to commodity derivatives.
Quarter Ended June 30, 2016
Before
After
Per Share
millions except per-share amounts
Tax
Tax
(diluted)
Net income (loss) attributable to common stockholders (GAAP)
$
(692)
$
(1.36)
Adjustments for certain items affecting comparability
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*
$
(371)
(234)
(0.46)
Gains (losses) on divestitures, net
(104)
(66)
(0.13)
Impairments
(18)
(11)
(0.02)
Restructuring charges
(48)
(30)
(0.06)
Loss on early extinguishment of debt
(124)
(78)
(0.15)
Third-party well and platform decommissioning obligation
56
35
0.07
Change in uncertain tax positions
--
(4)
(0.01)
Certain items affecting comparability
$
(609)
(388)
(0.76)
Adjusted net income (loss) (Non-GAAP)
$
(304)
$
(0.60)
*
Includes $(213) million related to interest-rate derivatives, $(154) million related to commodity derivatives, and $(4) million related to gathering, processing, and marketing sales.

Anadarko Petroleum Corporation Reconciliation of GAAP to Non-GAAP Measures

Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company’s leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko’s net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.

June 30, 2017
Anadarko
Anadarko
WGP*
excluding
millions
Consolidated
Consolidated
WGP
Total debt (GAAP)
$
15,480
$
3,281
$
12,199
Less cash and cash equivalents
6,008
189
5,819
Net debt (Non-GAAP)
$
9,472
$
3,092
$
6,380
Anadarko
Anadarko
excluding
millions
Consolidated
WGP
Net debt
$
9,472
$
6,380
Total equity
14,656
11,472
Adjusted capitalization
$
24,128
$
17,852
Net debt to adjusted capitalization ratio
39%
36%
*
Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko, and Western Gas Partners, LP (WES) is a consolidated subsidiary of WGP
Anadarko Petroleum Corporation
Cash Flow Information
(Unaudited)
Quarter Ended
Six Months Ended
June 30,
June 30,
millions
2017
2016
2017
2016
Cash Flows from Operating Activities
Net income (loss)
$
(334)
$
(611)
$
(609)
$
(1,609)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation, depletion, and amortization
1,037
984
2,152
2,133
Deferred income taxes
488
(407)
(172)
(820)
Dry hole expense and impairments of unproved properties
454
10
1,466
45
Impairments
10
18
383
34
(Gains) losses on divestitures, net
(205)
104
(1,009)
102
Loss on early extinguishment of debt
2
124
2
124
Total (gains) losses on derivatives, net
32
311
(115)
610
Operating portion of net cash received (paid) in settlement of derivative instruments
13
60
5
165
Other
74
88
157
203
Changes in assets and liabilities
(714)
548
(280)
105
Net Cash Provided by (Used in) Operating Activities*
$
857
$
1,229
$
1,980
$
1,092
Net Cash Provided by (Used in) Investing Activities
$
(506)
$
8
$
1,216
$
(965)
Net Cash Provided by (Used in) Financing Activities
$
(174)
$
(2,790)
$
(372)
$
329
Capital Expenditures**
$
1,210
$
728
$
2,465
$
1,624
*
Restructuring charges (excluding noncash share-based compensation) were $18 million for the quarter ended June 30, 2017, $44 million for the quarter ended June 30, 2016, $17 million for the six months ended June 30, 2017, and $224 million for the six months ended June 30, 2016. Cash payments for restructuring charges were $31 million for the quarter ended June 30, 2017, $103 million for the quarter ended June 30, 2016, $50 million for the six months ended June 30, 2017, and $182 million for the six months ended June 30, 2016.
**
Includes Western Gas Partners, LP (WES) capital expenditures of $151 million for the quarter ended June 30, 2017, and $120 million for the quarter ended June 30, 2016, $437 million for the six months ended June 30, 2017, and $260 million for the six months ended June 30, 2016.
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Six Months Ended
Summary Financial Information
June 30,
June 30,
millions except per-share amounts
2017
2016
2017
2016
Consolidated Statements of Income
Revenues and Other
Oil sales
$
1,422
$
1,125
$
3,085
$
1,975
Natural-gas sales
319
320
821
686
Natural-gas liquids sales
214
235
503
413
Gathering, processing, and marketing sales
464
305
908
545
Gains (losses) on divestitures and other, net
297
(70)
1,166
(30)
Total
2,716
1,915
6,483
3,589
Costs and Expenses
Oil and gas operating
233
202
491
410
Oil and gas transportation
229
246
478
488
Exploration
535
76
1,620
202
Gathering, processing, and marketing
359
252
710
467
General and administrative
291
305
560
754
Depreciation, depletion, and amortization
1,037
984
2,152
2,133
Other taxes
135
157
290
274
Impairments
10
18
383
34
Other operating expense
12
7
34
23
Total
2,841
2,247
6,718
4,785
Operating Income (Loss)
(125)
(332)
(235)
(1,196)
Other (Income) Expense
Interest expense
227
217
450
437
Loss on early extinguishment of debt
2
124
2
124
(Gains) losses on derivatives, net
32
307
(115)
604
Other (income) expense, net
(14)
(55)
(22)
(55)
Total
247
593
315
1,110
Income (Loss) Before Income Taxes
(372)
(925)
(550)
(2,306)
Income tax expense (benefit)
(38)
(314)
59
(697)
Net Income (Loss)
(334)
(611)
(609)
(1,609)
Net income (loss) attributable to noncontrolling interests
81
81
124
117
Net Income (Loss) Attributable to Common Stockholders
$
(415)
$
(692)
$
(733)
$
(1,726)
Per Common Share
Net income (loss) attributable to common stockholders--basic
$
(0.76)
$
(1.36)
$
(1.34)
$
(3.39)
Net income (loss) attributable to common stockholders--diluted
$
(0.76)
$
(1.36)
$
(1.34)
$
(3.39)
Average Number of Common Shares Outstanding--Basic
552
510
552
510
Average Number of Common Shares Outstanding--Diluted
552
510
552
510
Exploration Expense
Dry hole expense
$
367
$
(5)
$
843
$
6
Impairments of unproved properties
87
15
623
39
Geological and geophysical, exploration overhead, and other expense 81
66
154
157
Total
$
535
$
76
$
1,620
$
202
Anadarko Petroleum Corporation
(Unaudited)
June 30,
December 31,
millions
2017
2016
Condensed Balance Sheets
Cash and cash equivalents
$
6,008
$
3,184
Accounts receivable, net of allowance
1,654
1,728
Other current assets
322
354
Net properties and equipment
28,516
32,168
Other assets
2,134
2,226
Goodwill and other intangible assets
5,714
5,904
Total Assets
$
44,348
$
45,564
Short-term debt
44
42
Other current liabilities
3,110
3,286
Long-term debt
15,436
15,281
Deferred income taxes
4,232
4,324
Asset retirement obligations
2,717
2,802
Other long-term liabilities
4,153
4,332
Common stock
57
57
Paid-in capital
11,941
11,875
Retained earnings
887
1,704
Treasury stock
(1,070)
(1,033)
Accumulated other comprehensive income (loss)
(343)
(391)
Total stockholders’ equity
11,472
12,212
Noncontrolling interests
3,184
3,285
Total Equity
14,656
15,497
Total Liabilities and Equity
$
44,348
$
45,564
Capitalization
Total debt
$
15,480
$
15,323
Total equity
14,656
15,497
Total
$
30,136
$
30,820
Capitalization Ratios
Total debt
51%
50%
Total equity
49%
50%
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and Prices
Average Daily Sales Volumes
Sales Volumes
Average Sales Price
Oil
Natural Gas
NGLs
Oil
Natural Gas
NGLs
Oil
Natural Gas
NGLs
MBbls/d MMcf/d
MBbls/d
MMBbls
Bcf
MMBbls
Per Bbl
Per Mcf
Per Bbl
Quarter Ended June 30, 2017
United States
243
1,238
89
22
113
8
$
46.68
$
2.84
$
24.82
Algeria
59
--
5
6
--
--
48.20
--
30.48
Other International
29
--
--
2
--
--
49.44
--
--
Total
331
1,238
94
30
113
8
$
47.19
$
2.84
$
25.14
Quarter Ended June 30, 2016
United States
227
2,188
126
20
199
12
$
40.25
$
1.61
$
19.42
Algeria
59
--
5
5
--
1
46.65
--
24.13
Other International
10
--
--
1
--
--
47.37
--
--
Total
296
2,188
131
26
199
13
$
41.77
$
1.61
$
19.60
Six Months Ended June 30, 2017
United States
256
1,547
100
46
280
18
$
48.01
$
2.93
$
25.79
Algeria
64
--
6
12
--
1
50.89
--
34.36
Other International
29
--
--
5
--
--
51.57
--
--
Total
349
1,547
106
63
280
19
$
48.84
$
2.93
$
26.27
Six Months Ended June 30, 2016
United States
229
2,245
125
41
409
23
$
34.07
$
1.68
$
17.24
Algeria
62
--
5
11
--
1
40.35
--
23.43
Other International
14
--
--
3
--
--
37.55
--
--
Total
305
2,245
130
55
409
24
$
35.51
$
1.68
$
17.49
Average Daily Sales Volumes
Sales Volumes
MBOE/d
MMBOE
Quarter Ended June 30, 2017
631
57
Quarter Ended June 30, 2016
792
72
Six Months Ended June 30, 2017 713
129
Six Months Ended June 30, 2016 809
147
Sales Revenue and Commodity Derivatives
Sales
Net Cash Received (Paid) from Settlement of Commodity
Derivatives
millions
Oil
Natural Gas
NGLs
Oil
Natural Gas NGLs
Quarter Ended June 30, 2017
United States
$
1,032
$
319
$
200
$
14
$
(1)
$
--
Algeria
260
--
14
--
--
--
Other International
130
--
--
--
--
--
Total
$
1,422
$
319
$
214
$
14
$
(1)
$
--
Quarter Ended June 30, 2016
United States
$
830
$
320
$
223
$
60
$
2
$
(2)
Algeria
252
--
12
--
--
--
Other International
43
--
--
--
--
--
Total
$
1,125
$
320
$
235
$
60
$
2
$
(2)
Six Months Ended June 30, 2017
United States
$
2,223
$
821
$
467
$
15
$
(5)
$
(3)
Algeria
594
--
36
--
--
--
Other International
268
--
--
--
--
--
Total
$
3,085
$
821
$
503
$
15
$
(5)
$
(3)
Six Months Ended June 30, 2016
United States
$
1,421
$
686
$
390
$
148
$
15
$
--
Algeria
458
--
23
--
--
--
Other International
96
--
--
--
--
--
Total
$
1,975
$
686
$
413
$
148
$
15
$
--
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of July 24, 2017
Note: Guidance excludes 2017 sales volumes associated with the Eagleford, Marcellus, West Chalk/Eaglebine, and Utah CBM divestitures.
3rd-Qtr
Full-Year
Guidance (see Note)
Guidance (see Note)
Units
Units
Total Sales Volumes (MMBOE)
58
--
60
231
--
235
Total Sales Volumes (MBOE/d)
630
--
652
633
--
644
Oil (MBbl/d)
355
--
361
346
--
351
United States
266
--
270
262
--
265
Algeria
63
--
64
59
--
60
Ghana
26
--
27
25
--
26
Natural Gas (MMcf/d)
United States
1,085
--
1,120
1,140
--
1,165
Natural Gas Liquids (MBbl/d)
United States
91
--
95
91
--
93
Algeria
4
--
5
5
--
6
$ / Unit
$ / Unit
Price Differentials vs NYMEX (w/o hedges)
Oil ($/Bbl)
(3.50)
--
0.50
(3.50)
--
0.50
United States
(4.00)
--
--
(4.00)
--
--
Algeria
(2.00)
--
2.00
(2.00)
--
2.00
Ghana
(2.00)
--
2.00
(2.00)
--
2.00
Natural Gas ($/Mcf)
United States
(0.50)
--
(0.30)
(0.40)
--
(0.20)
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of July 24, 2017
Note: Guidance excludes items affecting comparability.
3rd-Qtr
Full-Year
Guidance (see Note)
Guidance (see Note)
$ MM
$ MM
Other Revenues
Marketing and Gathering Margin
115
--
125
415
--
435
Minerals and Other
45
--
65
200
--
220
$ / BOE
$ / BOE
Costs and Expenses
Oil & Gas Direct Operating
4.45
--
4.65
3.80
--
4.30
Oil & Gas Transportation
3.40
--
3.60
3.55
--
3.70
Depreciation, Depletion, and Amortization
18.90
--
19.15
17.85
--
17.95
Production Taxes (% of Product Revenue)
7.0
%
--
8.0
%
6.5
%
--
7.5
%
$ MM
$ MM
General and Administrative (excludes restructuring charges)
260
--
280
1,000
--
1,050
Other Operating Expense
120
--
130
160
--
170
Exploration Expense
Non-Cash
145
--
165
885
--
985
Cash
65
--
85
275
--
295
Interest Expense (net)
220
--
235
895
--
915
Other (Income) Expense
(15)
--
(5)
(40)
--
(25)
Taxes
Algeria
(100% Current)
60
%
--
70
%
60
%
--
70
%
Rest of Company
((200)% Current/300% Deferred for Q3 and
20
%
--
30
%
20
%
--
30
%
(100)% Current/200% Deferred for Total Year)
Noncontrolling Interest
50
--
60
235
--
255
Avg. Shares Outstanding (MM)
Basic
552
--
554
552
--
554
Diluted
552
--
554
553
--
555
Capital Investment (Excluding Western Gas Partners, LP)
$ MM
$ MM
APC Capital Expenditures
1,100
--
1,200
4,200
--
4,400
Anadarko Petroleum Corporation
Commodity Hedge Positions
As of July 24, 2017
Weighted Average Price per barrel
Volume
Floor Sold
Floor Purchased
Ceiling Sold
(MBbls/d)
Oil
Three-Way Collars
2017
WTI
68
$
40.00
$ 50.00
$ 58.84
Brent
23
$
40.00
$ 50.00
$ 62.64
91
$
40.00
$ 50.00
$ 59.80
Volume
Weighted Average Price per MMBtu
(thousand
MMBtu/d)
Floor Sold
Floor Purchased
Ceiling Sold
Natural Gas
Three-Way Collars
2017
857
$
2.10
$ 2.85
$ 3.64
2018
250
$
2.00
$ 2.75
$ 3.54
Interest-Rate Derivatives
As of July 24, 2017
Instrument Notional Amt. Reference Period
Mandatory
Rate Paid Rate Received
Termination Date
Swap
$550 Million
Sept. 2016 - 2046 Sept. 2020
6.418%
3M LIBOR
Swap
$250 Million
Sept. 2016 - 2046 Sept. 2022
6.809%
3M LIBOR
Swap
$200 Million
Sept. 2017 - 2047 Sept. 2018
6.049%
3M LIBOR
Swap
$100 Million
Sept. 2017 - 2047 Sept. 2020
6.891%
3M LIBOR
Swap
$250 Million
Sept. 2017 - 2047 Sept. 2021
6.570%
3M LIBOR
Swap
$250 Million
Sept. 2017 - 2047 Sept. 2023
6.761%
3M LIBOR
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
Average Daily Sales Volumes
Quarter Ended June 30, 2017
Quarter Ended June 30, 2016
Oil
Natural Gas MMcf/d
NGLs MBbls/d
Total MBOE/d
Oil
Natural Gas MMcf/d
NGLs MBbls/d
Total MBOE/d
MBbls/d
MBbls/d
U.S. Onshore
115
1,042
79
368
123
1,093
76
382
Deepwater Gulf of Mexico 113
109
9
140
56
73
6
74
International and Alaska 99
--
5
104
81
--
5
86
Same-Store Sales
327
1,151
93
612
260
1,166
87
542
Divestitures*
4
87
1
19
36
1,022
44
250
Total
331
1,238
94
631
296
2,188
131
792
Six Months Ended June 30, 2017
Six Months Ended June 30, 2016
Oil
Natural Gas MMcf/d
NGLs MBbls/d
Total MBOE/d
Oil
Natural Gas MMcf/d
NGLs MBbls/d
Total MBOE/d
MBbls/d
MBbls/d
U.S. Onshore
116
1,078
83
379
123
1,094
73
378
Deepwater Gulf of Mexico 119
119
10
149
57
78
7
77
International and Alaska 104
--
6
110
87
--
5
92
Same-Store Sales
339
1,197
99
638
267
1,172
85
547
Divestitures*
10
350
7
75
38
1,073
45
262
Total
349
1,547
106
713
305
2,245
130
809
*
Includes Eagleford, Marcellus, Eaglebine, Utah CBM, East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and Carthage.

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SOURCE Anadarko Petroleum Corporation

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