APC
$67.21
Anadarko Petroleum
$.44
.66%
Earnings Details
4th Quarter December 2016
Tuesday, January 31, 2017 4:05:00 PM
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Summary

Anadarko Petroleum Reports In-line

Anadarko Petroleum (APC) reported a 4th Quarter December 2016 loss of $0.50 per share on revenue of $2.4 billion. The consensus estimate was a loss of $0.48 per share on revenue of $2.3 billion. The Earnings Whisper number was for a loss of $0.50 per share. Revenue grew 16.3% 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
($0.50)
Earnings Whisper
($0.50)
Consensus Estimate
($0.48)
Reported Revenue
$2.39 Bil
Revenue Estimate
$2.29 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Anadarko Announces 2016 Fourth-Quarter And Full-Year Results

Anadarko Petroleum Corporation (APC) today announced 2016 fourth-quarter results, reporting a net loss attributable to common stockholders of $515 million, or $0.94 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 $243 million, or $0.44 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the fourth quarter of 2016 was $1.12 billion.

For the year ended Dec. 31, 2016, Anadarko reported a net loss attributable to common stockholders of $3.07 billion, or $5.90 per share (diluted). Full-year 2016 net cash provided by operating activities totaled $3.00 billion.

2016 HIGHLIGHTS

Surpassed initial sales-volume expectations by 11 million barrels of oil equivalent (BOE) on a same-store-sales basis,(2) while keeping capital investments within initial guidance

Closed more than $4.0 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures, which are expected to close in the first quarter of 2017

Achieved operating milestones including production records at Lucius, Caesar/Tonga and in the Delaware and DJ basins, as well as first oil at Heidelberg and TEN

-- Closed the immediately accretive Freeport-McMoRan deepwater Gulf of Mexico acquisition

-- Increased the expected five-year compounded annual oil growth rate to 12 to 14 percent

"Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company’s competitive focus going forward," said Al Walker, Anadarko Chairman, President and CEO. "As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRan’s Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three ’Ds’ to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company."

SALES VOLUMES AND PROVED RESERVES

Anadarko’s full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 290 million BOE, or an average of 793,000 BOE per day. Fourth-quarter 2016 sales volumes of oil, natural gas and NGLs averaged approximately 774,000 BOE per day.

In 2016, Anadarko organically added 300 million BOE of proved reserves before the effects of price revisions. Anadarko’s costs incurred were $5.63 billion, which includes $2.45 billion of acquisition costs. The company’s oil and natural gas exploration and development costs were $3.21 billion.(3) The company estimates its proved reserves at year-end 2016 totaled 1.72 billion BOE, with 77 percent of its reserves categorized as proved developed. At year-end 2016, Anadarko’s proved reserves were comprised of 57 percent liquids and 43 percent natural gas.

OPERATING HIGHLIGHTS

In 2016, Anadarko reduced its capital investments by approximately 50 percent relative to 2015, excluding capital investments associated with Western Gas Partners, LP (WES), yet delivered significant sales-volume increases in its two most attractive U.S. onshore operating areas - the Delaware and DJ basins. Sales volumes in the Delaware Basin averaged approximately 45,000 BOE per day, including an increase of 8,000 barrels of oil per day (BOPD), representing a 50-percent increase over 2015. In the DJ Basin, sales volumes averaged 244,000 BOE per day - a 20,000-BOE per day increase over 2015. The company increased rig activity in both basins during the year, ending 2016 with nine operated rigs in the Delaware Basin and five operated rigs in the DJ Basin, compared to six rigs in the Delaware and two in the DJ in the first quarter of 2016.

In December, Anadarko closed the acquisition of Freeport-McMoRan’s deepwater Gulf of Mexico properties for $1.8 billion net of purchase-price adjustments, providing the company with the largest number of floating production facilities in the Gulf and doubling its net sales volumes from the region to more than 160,000 BOE per day. Also in the Gulf, the company announced exploration success at the Warrior prospect, which is a likely tieback to the company’s Marco Polo facility. Anadarko expects to spud an appraisal well to Warrior in the second quarter of 2017. Additionally, a successful appraisal well was drilled at the Phobos discovery, which is being evaluated as a possible tieback to Anadarko’s Lucius facility.

Internationally, Anadarko’s operations in Algeria continued to produce at their highest level since 2009, with gross production averaging 404,000 BOE per day during the fourth quarter. Meanwhile, the TEN project offshore Ghana, which achieved first oil in August, successfully ramped gross production to an average of approximately 54,000 BOPD in December.

OPERATIONS REPORT

For additional details on Anadarko’s fourth-quarter 2016 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.

FINANCIAL HIGHLIGHTS

Anadarko ended 2016 with $3.2 billion of cash on hand. During the year, the company generated $3.0 billion of net cash provided by operating activities and closed monetizations totaling more than $4.0 billion. Anadarko also has announced the divestitures of its Eagleford and Marcellus shale positions totaling more than $3.5 billion, which are expected to close during the first quarter of 2017. During the fourth quarter, the company redeemed its remaining $750 million of 2017 debt maturities. Subsequent to year end, the company further strengthened its liquidity position by renewing its $2.0 billion, 364-day credit facility with a new maturity in 2018.

CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST

Anadarko will host a conference call on Wednesday, Feb. 1, 2017, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2016 results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 9799112. 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 costs incurred, proved reserves and current hedge positions.

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

(2) See the accompanying table for a reconciliation of same-store sales volumes, which reflects both acquisitions and divestitures.

(3) 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.

Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO

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, finalize year-end reserves, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company’s 2015 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

INVESTORS: Robin Fielder, robin.fielder@anadarko.com 832.636.1462 Jim Grant, james.grant@anadarko.com 832.636.8320 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 December 31, 2016
Before
After
Per Share
millions except per-share amounts
Tax
Tax
(diluted)
Net income (loss) attributable to common stockholders
$
(515)
$
(0.94)
Adjustments for certain items affecting comparability
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*
$
304
193
0.35
Gains (losses) on divestitures, net
(241)
(155)
(0.28)
Impairments
Producing and general properties
(166)
(101)
(0.18)
Exploration assets
(149)
(115)
(0.21)
Restructuring charges
(26)
(16)
(0.03)
Early termination of rig
(49)
(32)
(0.06)
Loss on early extinguishment of debt
(31)
(20)
(0.04)
Environmental reserves
21
13
0.03
Change in uncertain tax positions (FIN 48)
(10)
(0.02)
Certain items affecting comparability
$
(337)
(243)
(0.44)
Adjusted net income (loss)
$
(272)
$
(0.50)
* Includes $483 million related to interest-rate derivatives and $(179) million related to commodity derivatives.
Quarter Ended December 31, 2015
Before
After
Per Share
millions except per-share amounts
Tax
Tax
(diluted)
Net income (loss) attributable to common stockholders
$
(1,250)
$
(2.45)
Adjustments for certain items affecting comparability
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*
$
139
88
0.17
Gains (losses) on divestitures, net (after noncontrolling interest)
(7)
(5)
(0.01)
Impairments
Producing properties (after noncontrolling interest)
(1,205)
(761)
(1.50)
Exploration assets
(144)
(93)
(0.18)
Clean Water Act penalty accrual
(70)
(70)
(0.14)
Settlement accrual
(74)
(47)
(0.09)
Inventory adjustments
(38)
(25)
(0.05)
Environmental reserves
(29)
(18)
(0.03)
Other adjustments
(13)
(10)
(0.02)
Change in uncertain tax positions (FIN 48)
--
(13)
(0.03)
Certain items affecting comparability
$
(1,441)
(954)
(1.88)
Adjusted net income (loss)
$
(296)
$
(0.57)
* Includes $32 million related to interest-rate derivatives, $106 million related to commodity derivatives, and $1 million related to gathering, processing, and marketing sales.

Anadarko Petroleum Corporation Reconciliation of GAAP to Non-GAAP Measures

Management believes oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year excluding acquisition costs and certain obligations to be paid in future periods.

millions
Year Ended
December 31,
2016
Costs incurred
$
5,633
Costs incurred related to the Gulf of Mexico acquisition*
(2,454)
Asset retirement obligation liabilities incurred
(191)
Cash expenditures for asset retirement obligations
222
Oil and natural gas exploration and development costs
$
3,210
* Includes capitalized asset retirement costs.

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.

December 31, 2016
Anadarko
Anadarko
WGP*
excluding
millions
Consolidated
Consolidated
WGP
Total debt
$
15,323
$
3,119
$
12,204
Less cash and cash equivalents
3,184
359
2,825
Net debt
$
12,139
$
2,760
$
9,379
Anadarko
Anadarko
excluding
millions
Consolidated
WGP
Net debt
$
12,139
$
9,379
Total equity
15,497
12,212
Adjusted capitalization
$
27,636
$
21,591
Net debt to adjusted capitalization ratio
44
%
43
%
* Western Gas Equity Partners, LP (WGP) is a publicly traded consolidated subsidiary of Anadarko and WES is a consolidated subsidiary of WGP.
Anadarko Petroleum Corporation
Cash Flow Information
(Unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
millions
2016
2015
2016
2015
Cash Flows from Operating Activities
Net income (loss)
$
(452)
$
(1,524)
$
(2,808)
$
(6,812)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation, depletion, and amortization
1,099
1,022
4,301
4,603
Deferred income taxes
(117)
(525)
(1,238)
(3,152)
Dry hole expense and impairments of unproved properties
313
274
613
2,267
Impairments
166
1,504
227
5,075
(Gains) losses on divestitures, net
241
19
757
1,022
Loss on early extinguishment of debt
31
--
155
--
Total (gains) losses on derivatives, net
(342)
(223)
292
(100)
Operating portion of net cash received (paid) in settlement of derivative instruments
38
84
267
335
Other
86
101
342
320
Changes in assets and liabilities*
60
(475)
92
(5,435)
Net Cash Provided by (Used in) Operating Activities**
$
1,123
$
257
$
3,000
$
(1,877)
Net Cash Provided by (Used in) Investing Activities
$
(1,506)
$
(1,075)
$
(2,762)
$
(4,771)
Net Cash Provided by (Used in) Financing Activities
$
(413)
$
(314)
$
2,008
$
220
Capital Expenditures***
$
993
$
1,313
$
3,314
$
5,888
*
The year ended December 31, 2015, includes a $5,210 million decrease for the Tronox-related contingent liability.
**
Restructuring charges (excluding stock-based compensation) were $23 million for the quarter ended December 31, 2016, and $357 million for the year ended December 31, 2016. Cash payments for restructuring charges were $30 million for the quarter ended December 31, 2016, and $247 million for the year ended December 31, 2016.
*** Includes Western Gas Partners, LP (WES) capital expenditures of $135 million for the quarter ended December 31, 2016, and $120 million for the quarter ended December 31, 2015, $491 million for the year ended December 31, 2016, and $525 million for the year ended December 31, 2015.
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Year Ended
Summary Financial Information
December 31,
December 31,
millions except per-share amounts
2016
2015
2016
2015
Consolidated Statements of Income
Revenues and Other
Oil sales
$
1,454
$
1,156
$
4,668
$
5,420
Natural-gas sales
443
395
1,564
2,007
Natural-gas liquids sales
281
189
921
833
Gathering, processing, and marketing sales
399
294
1,294
1,226
Gains (losses) on divestitures and other, net
(190)
19
(578)
(788)
Total
2,387
2,053
7,869
8,698
Costs and Expenses
Oil and gas operating
203
230
811
1,014
Oil and gas transportation
258
264
1,002
1,117
Exploration
440
384
946
2,644
Gathering, processing, and marketing
329
256
1,087
1,054
General and administrative
324
288
1,440
1,176
Depreciation, depletion, and amortization
1,099
1,022
4,301
4,603
Other taxes
114
93
536
553
Impairments
166
1,504
227
5,075
Other operating expense
64
154
118
271
Total
2,997
4,195
10,468
17,507
Operating Income (Loss)
(610)
(2,142)
(2,599)
(8,809)
Other (Income) Expense
Interest expense
233
209
890
825
Loss on early extinguishment of debt
31
--
155
--
(Gains) losses on derivatives, net
(343)
(222)
286
(99)
Other (income) expense, net
(15)
40
(101)
149
Tronox-related contingent loss
--
--
--
5
Total
(94)
27
1,230
880
Income (Loss) Before Income Taxes
(516)
(2,169)
(3,829)
(9,689)
Income tax expense (benefit)
(64)
(645)
(1,021)
(2,877)
Net Income (Loss)
(452)
(1,524)
(2,808)
(6,812)
Net income (loss) attributable to noncontrolling interests
63
(274)
263
(120)
Net Income (Loss) Attributable to Common Stockholders
$
(515)
$
(1,250)
$
(3,071)
$
(6,692)
Per Common Share
Net income (loss) attributable to common stockholders--basic
$
(0.94)
$
(2.45)
$
(5.90)
$
(13.18)
Net income (loss) attributable to common stockholders--diluted $
(0.94)
$
(2.45)
$
(5.90)
$
(13.18)
Average Number of Common Shares Outstanding--Basic
551
508
522
508
Average Number of Common Shares Outstanding--Diluted
551
508
522
508
Exploration Expense
Dry hole expense
$
188
$
193
$
397
$
1,052
Impairments of unproved properties
125
81
216
1,215
Geological and geophysical expense
40
63
121
168
Exploration overhead and other
87
47
212
209
Total
$
440
$
384
$
946
$
2,644
Anadarko Petroleum Corporation
(Unaudited)
December 31,
December 31,
millions
2016
2015
Condensed Balance Sheets
Cash and cash equivalents
$
3,184
$
939
Accounts receivable, net of allowance
1,728
2,469
Other current assets
354
573
Net properties and equipment
32,168
33,751
Other assets
2,226
2,268
Goodwill and other intangible assets
5,904
6,331
Total Assets
$
45,564
$
46,331
Short-term debt
42
32
Other current liabilities
3,286
4,148
Long-term debt
15,281
15,636
Deferred income taxes
4,324
5,400
Asset retirement obligations
2,802
1,750
Other long-term liabilities
4,332
3,908
Common stock
57
52
Paid-in capital
11,875
9,265
Retained earnings
1,704
4,880
Treasury stock
(1,033)
(995)
Accumulated other comprehensive income (loss)
(391)
(383)
Total stockholders’ equity
12,212
12,819
Noncontrolling interests
3,285
2,638
Total Equity
15,497
15,457
Total Liabilities and Equity
$
45,564
$
46,331
Capitalization
Total debt
$
15,323
$
15,668
Total equity
15,497
15,457
Total
$
30,820
$
31,125
Capitalization Ratios
Total debt
50
%
50
%
Total equity
50
%
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 December 31, 2016
United States
240
1,881
116
22
173
10
$
46.31
$
2.56
$
24.24
Algeria
68
--
8
6
--
1
49.39
--
30.10
Other International
28
--
--
3
--
--
47.18
--
--
Total
336
1,881
124
31
173
11
$
47.01
$
2.56
$
24.62
Quarter Ended December 31, 2015
United States
229
2,068
112
21
190
10
$
37.83
$
2.08
$
16.86
Algeria
68
--
6
7
--
--
44.69
--
30.04
Other International
19
--
--
1
--
--
44.42
--
--
Total
316
2,068
118
29
190
10
$
39.71
$
2.08
$
17.52
Year Ended December 31, 2016
United States
233
2,093
122
85
766
44
$
39.06
$
2.04
$
19.32
Algeria
64
--
6
24
--
2
44.15
--
25.63
Other International
19
--
--
7
--
--
43.18
--
--
Total
316
2,093
128
116
766
46
$
40.34
$
2.04
$
19.64
Year Ended December 31, 2015
United States
232
2,334
124
85
852
45
$
45.00
$
2.36
$
17.03
Algeria
59
--
6
22
--
2
51.93
--
29.85
Other International
26
--
--
9
--
--
51.09
--
--
Total
317
2,334
130
116
852
47
$
46.79
$
2.36
$
17.61
Average Daily Sales Volumes
Sales Volumes
MBOE/d
MMBOE
Quarter Ended December 31, 2016 774
71
Quarter Ended December 31, 2015 779
71
Year Ended December 31, 2016
793
290
Year Ended December 31, 2015
836
305
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 December 31, 2016
United States
$
1,025
$
443
$
259
$
39
$
--
$
--
Algeria
309
--
22
--
--
--
Other International
120
--
--
--
--
--
Total
$
1,454
$
443
$
281
$
39
$
--
$
--
Quarter Ended December 31, 2015
United States
$
799
$
395
$
173
$
--
$
84
$
--
Algeria
282
--
16
--
--
--
Other International
75
--
--
--
--
--
Total
$
1,156
$
395
$
189
$
--
$
84
$
--
Year Ended December 31, 2016
United States
$
3,330
$
1,564
$
861
$
253
$
13
$
(1)
Algeria
1,043
--
60
--
--
--
Other International
295
--
--
--
--
--
Total
$
4,668
$
1,564
$
921
$
253
$
13
$
(1)
Year Ended December 31, 2015
United States
$
3,817
$
2,007
$
769
$
6
$
312
$
17
Algeria
1,125
--
64
--
--
--
Other International
478
--
--
--
--
--
Total
$
5,420
$
2,007
$
833
$
6
$
312
$
17
Anadarko Petroleum Corporation
Estimated Year-End Proved Reserves 2014 - 2016
MMBOE
2016
2015
2014
Proved Reserves
Beginning of year
2,057
2,858
2,792
Reserves additions and revisions
Discoveries and extensions
40
29
63
Infill-drilling additions
69
89
577
Drilling-related reserves additions and revisions
109
118
640
Other non-price-related revisions
191
289
(137)
Net organic reserves additions
300
407
503
Acquisition of proved reserves in place
97
1
--
Price-related revisions
(147)
(624)
(1)
Total reserves additions and revisions
250
(216)
502
Sales in place
(294)
(279)
(124)
Production
(291)
(306)
(312)
End of year
1,722
2,057
2,858
Proved Developed Reserves
Beginning of year
1,632
1,969
2,003
End of year
1,325
1,632
1,969
Anadarko Petroleum Corporation
Commodity Hedge Positions
As of January 31, 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
682
$
2.00
$ 2.75
$ 3.60
2018
250
$
2.00
$ 2.75
$ 3.54
Interest-Rate Derivatives
As of January 31, 2017
Instrument Notional Amt. Reference Period
Mandatory
Rate Paid Rate Received
Termination Date
Swap
$500 Million
Sept. 2016 - 2046 Sept. 2018
6.559%
3M LIBOR
Swap
$300 Million
Sept. 2016 - 2046 Sept. 2020
6.509%
3M LIBOR
Swap
$450 Million
Sept. 2017 - 2047 Sept. 2018
6.445%
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
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
Average Daily Sales Volumes
Quarter Ended December 31, 2016
Quarter Ended December 31, 2015
Oil
Natural Gas
NGLs
Total
Oil
Natural Gas
NGLs
Total
MBbls/d
MMcf/d
MBbls/d
MBOE/d
MBbls/d
MMcf/d
MBbls/d
MBOE/d
U.S. Onshore
147
1,704
102
533
159
1,559
82
501
Deepwater Gulf of Mexico 69
82
8
91
54
115
6
79
International and Alaska 107
--
8
115
96
--
6
102
Same-Store Sales
323
1,786
118
739
309
1,674
94
682
Acquisition*
12
11
1
15
--
--
--
--
Divestitures**
1
84
5
20
7
394
24
97
Total
336
1,881
124
774
316
2,068
118
779
Year Ended December 31, 2016
Year Ended December 31, 2015
Oil
Natural Gas
NGLs
Total
Oil
Natural Gas
NGLs
Total
MBbls/d
MMcf/d
MBbls/d
MBOE/d
MBbls/d
MMcf/d
MBbls/d
MBOE/d
U.S. Onshore
155
1,737
100
545
160
1,618
92
522
Deepwater Gulf of Mexico 62
79
7
82
53
152
7
85
International and Alaska 93
--
6
99
94
--
6
100
Same-Store Sales
310
1,816
113
726
307
1,770
105
707
Acquisition*
3
3
--
4
--
--
--
--
Divestitures**
3
274
15
63
10
564
25
129
Total
316
2,093
128
793
317
2,334
130
836
*
Includes volumes related to the acquisition of Gulf of Mexico assets on December 15, 2016.
** Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, EOR, Bossier, and Powder River Basin CBM.

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SOURCE Anadarko Petroleum Corporation

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