ANADARKO PETROLEUM HOUSTON, Jan. 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: 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 (NYSE: 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.
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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, 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.
PDF - http://mma.prnewswire.com/media/463433/APC_4Q16_OpsReport_1_31_17.pdf
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-2016-fourth-quarter-and-full-year-results-300399832.html
SOURCE Anadarko Petroleum Corporation
