HOUSTON, May 4, 2015
/PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
today announced its financial and operating results for the first
quarter of 2015, including a first-quarter net loss attributable to
common stockholders of $3.268 billion, or $6.45 per share (diluted). The net loss includes
certain items typically excluded by the investment community in
published estimates, which in aggregate decreased net income by
$2.903 billion or $5.73 per share (diluted) on an after-tax
basis.(1) Net cash used in operating activities in the
first quarter of 2015 was $4.504 billion, which included the
$5.2 billion Tronox settlement
payment. Discretionary cash flow from operations totaled
$1.495 billion.(2)
FIRST-QUARTER 2015 HIGHLIGHTS
- Delivered record sales volumes, highlighted by year-over-year
growth of more than 130,000 barrels of oil equivalent (BOE) per day
on a divestiture-adjusted basis(3)
- Reduced operating expense per BOE by 17 percent over the first
quarter of 2014
- Ramped production rates toward capacity at the Lucius facility
in the Gulf of Mexico
- Discovered significant oil accumulation at the Yeti prospect in
the Gulf of Mexico
- Announced divestiture of enhanced oil recovery (EOR) assets in
Wyoming
"The significant cost savings, outstanding well performance and
ongoing efficiency gains we achieved during the first quarter
enabled Anadarko to deliver higher sales volumes for lower costs,"
said Al Walker, Anadarko Chairman,
President and CEO. "Our teams did an exceptional job of moderating
our base production decline, while reducing our lease operating
expense and working with our service providers to further drive
down costs during the quarter. These actions have enhanced the
overall efficiency of the portfolio, further lowered our 2015
maintenance capital requirements, and enabled us to increase our
full-year sales-volume guidance and lower our capital expectations.
I believe the results to date demonstrate we are taking the
appropriate actions to preserve value, maintain flexibility and
deliver differentiating success."
OPERATIONS SUMMARY
Anadarko's first-quarter sales
volumes of natural gas, crude oil and natural gas liquids (NGLs)
totaled a record 83 million BOE, or an average of 920,000 BOE
per day, on a divestiture-adjusted basis.(3)
Anadarko's U.S. onshore activities continued to achieve strong
results and deliver additional cost savings, while enhancing
efficiencies in its primary operating areas. In the Wattenberg
field, Anadarko delivered a sales-volume increase of more than
85,000 BOE per day year over year and an increase of more than
20,000 BOE per day sequentially over the fourth quarter of 2014,
while lowering drilling and completion costs to approximately
$3.4 million from $4.0 million per well. In the Eagleford Shale,
Anadarko continued to realize strong performance from new wells,
which contributed to a new gross processed production record of
more than 275,000 BOE per day, while reducing average drilling
costs per well by 14 percent from the fourth quarter of 2014. In
the Wolfcamp Shale, the company announced its successful
delineation activities established a net resource estimate of more
than 1 billion BOE in the play with more than 5,000 identified
drilling locations. Activities in the Wolfcamp Shale continued to
be focused on applying Anadarko's proven integrated midstream
approach to build the foundation for future growth.
Anadarko continued to successfully ramp up production at the
Lucius spar in the deepwater Gulf of
Mexico toward its design rate of 80,000 barrels of oil per
day. Progress also continued on the Heidelberg project, which
remains on schedule for first oil in mid-2016. Topsides fabrication
is almost 85-percent complete, and the spar hull is expected to
sail to location in the second quarter of this year. Also in the
Gulf of Mexico, and subsequent to
quarter end, an oil discovery was announced at the non-operated
Yeti prospect in Walker Ridge block
160. Anadarko owns a 37.5 percent working interest in the
discovery.
OPERATIONS REPORT
For details on Anadarko's operations
and exploration program, including detailed tables illustrating
divestiture-adjusted information, please refer to the comprehensive
report on first-quarter 2015 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
Tuesday, May 5, 2015, at 8 a.m. Central Daylight Time (9 a.m. Eastern
Daylight Time) to discuss first-quarter results, current operations
and the company's outlook for the remainder of 2015. The dial-in
number is 877.299.4454 in the United
States or 617.597.5447 internationally. The confirmation
number is 54679117. 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 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.
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
2014, the company had approximately 2.86 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 in this challenging economic environment and meet
financial and operating guidance, timely complete and commercially
operate the projects and drilling prospects identified in this news
release, and achieve production and budget expectations. See "Risk
Factors" in the company's 2014 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.
Cautionary Note to Investors: The United States Securities
and Exchange Commission ("SEC") permits oil and gas companies, in
their filings with the SEC, to disclose only proved, probable and
possible reserves that meet the SEC's definitions for such terms.
Anadarko uses certain terms in this news release, such as "net
resource estimate," and similar terms that the SEC's guidelines
strictly prohibit Anadarko from including in filings with the SEC.
U.S. investors are urged to consider closely the disclosure in
Anadarko's Form 10-K for the year ended Dec.
31, 2014, File No. 001-08968, available from Anadarko at
www.anadarko.com or by writing Anadarko at: Anadarko Petroleum
Corporation, 1201 Lake Robbins Drive, The
Woodlands, Texas 77380, Attn: Investor Relations. This form
may also be obtained by contacting the SEC at
1-800-SEC-0330.
ANADARKO CONTACTS
MEDIA:
John
Christiansen,
john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland,
stephanie.moreland@anadarko.com, 832.636.2912
Christina Ramirez,
christina.ramirez@anadarko.com, 832.636.8687
INVESTORS:
John
Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder,
robin.fielder@anadarko.com, 832.636.1462
Jeremy Smith,
jeremy.smith@anadarko.com, 832.636.1544
Anadarko Petroleum
Corporation
Certain Items
Affecting Comparability
|
|
|
|
Quarter Ended
March 31, 2015
|
|
|
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*
|
|
$
|
(243)
|
|
|
$
|
(153)
|
|
|
$
|
(0.30)
|
|
Gains (losses) on
divestitures, net
|
|
(334)
|
|
|
(252)
|
|
|
(0.50)
|
|
Impairments,
including unproved properties
|
|
(3,718)
|
|
|
(2,353)
|
|
|
(4.64)
|
|
Early termination of
rig
|
|
(50)
|
|
|
(50)
|
|
|
(0.10)
|
|
Third-party well and
platform decommissioning obligation
|
|
(22)
|
|
|
(14)
|
|
|
(0.03)
|
|
Interest expense
related to Tronox settlement
|
|
(5)
|
|
|
(3)
|
|
|
(0.01)
|
|
Change in uncertain
tax positions (FIN 48)
|
|
—
|
|
|
(78)
|
|
|
(0.15)
|
|
|
|
$
|
(4,372)
|
|
|
$
|
(2,903)
|
|
|
$
|
(5.73)
|
|
*
|
For the quarter ended
March 31, 2015, this includes $(37) million related to
commodity derivatives, $(205) million related to other derivatives,
and $(1) million related to gathering, processing, and marketing
sales.
|
|
|
|
|
Quarter Ended
March 31, 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*
|
|
$
|
(363)
|
|
|
$
|
(230)
|
|
|
$
|
(0.46)
|
|
Gains (losses) on
divestitures, net
|
|
1,459
|
|
|
942
|
|
|
1.87
|
|
Impairments
|
|
(3)
|
|
|
(2)
|
|
|
—
|
|
Tronox-related
contingent loss
|
|
(4,300)
|
|
|
(4,018)
|
|
|
(7.97)
|
|
|
|
$
|
(3,207)
|
|
|
$
|
(3,308)
|
|
|
$
|
(6.56)
|
|
|
|
*
|
For the quarter ended
March 31, 2014, this includes $(123) million related to
commodity derivatives, $(238) million related to other derivatives,
and $(2) million related to gathering, processing, and marketing
sales.
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
Below are
reconciliations of net income (loss) attributable to common
stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash
provided by operating activities (GAAP) to discretionary cash flow
from operations (non-GAAP), as well as free cash flow (non-GAAP) as
required under Regulation G of the Securities Exchange Act of 1934.
Management uses adjusted net income (loss) to evaluate the
Company's operational trends and performance.
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
March 31, 2015
|
|
March 31, 2014
|
|
After
|
|
Per
Share
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
Tax
|
|
(diluted)
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders
|
$
|
(3,268)
|
|
|
$
|
(6.45)
|
|
|
$
|
(2,669)
|
|
|
$
|
(5.30)
|
|
Less certain items
affecting comparability
|
(2,903)
|
|
|
(5.73)
|
|
|
(3,308)
|
|
|
(6.56)
|
|
Adjusted net
income (loss)
|
$
|
(365)
|
|
|
$
|
(0.72)
|
|
|
$
|
639
|
|
|
$
|
1.26
|
|
Anadarko Petroleum
Corporation
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
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.
|
|
|
Quarter
Ended
|
|
March 31,
|
millions
|
2015
|
|
2014
|
Net cash provided by
(used in) operating activities
|
$
|
(4,504)
|
|
|
$
|
1,729
|
|
Add back
|
|
|
|
Increase (decrease)
in accounts receivable
|
(357)
|
|
|
266
|
|
(Increase) decrease
in accounts payable and accrued expenses
|
283
|
|
|
63
|
|
Other
items—net
|
608
|
|
|
(55)
|
|
Tronox settlement
payment
|
5,215
|
|
|
—
|
|
Certain nonoperating
and other excluded items
|
22
|
|
|
—
|
|
Current taxes related
to asset monetizations
|
228
|
|
|
520
|
|
Discretionary cash
flow from operations
|
$
|
1,495
|
|
|
$
|
2,523
|
|
|
|
Quarter
Ended
|
|
March 31,
|
millions
|
2015
|
|
2014
|
Discretionary cash
flow from operations
|
$
|
1,495
|
|
|
$
|
2,523
|
|
Less capital
expenditures*
|
1,822
|
|
|
2,568
|
|
Free cash
flow**
|
$
|
(327)
|
|
|
$
|
(45)
|
|
|
|
*
|
Includes Western Gas
Partners, LP (WES) capital expenditures of $156 million for the
quarter ended March 31, 2015, and $170 million for the
quarter ended March 31, 2014.
|
**
|
Free cash flow for
the quarter ended March 31, 2015, includes a $561 million
current tax benefit associated with the Tronox
settlement.
|
|
|
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.
|
|
|
|
|
March 31, 2015
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
Anadarko
|
|
WGP*
|
|
excluding
|
millions
|
|
|
Consolidated
|
|
Consolidated
|
|
WGP
|
Total debt
|
|
|
$
|
16,865
|
|
|
$
|
2,533
|
|
|
$
|
14,332
|
|
Less cash and cash
equivalents
|
|
|
2,308
|
|
|
60
|
|
|
2,248
|
|
Net
debt
|
|
|
$
|
14,557
|
|
|
$
|
2,473
|
|
|
$
|
12,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
|
|
Anadarko
|
|
excluding
|
millions
|
|
|
|
|
Consolidated
|
|
WGP
|
Net debt
|
|
|
|
|
$
|
14,557
|
|
|
$
|
12,084
|
|
Total
equity
|
|
|
|
|
18,934
|
|
|
16,332
|
|
Adjusted
capitalization
|
|
|
|
|
$
|
33,491
|
|
|
$
|
28,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to
adjusted capitalization ratio
|
|
|
|
|
|
|
|
43%
|
|
|
|
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
(Unaudited)
|
|
|
Quarter
Ended
|
Summary Financial
Information
|
March 31,
|
millions except
per-share amounts
|
2015
|
|
2014
|
Consolidated
Statements of Income
|
|
|
|
Revenues and
Other
|
|
|
|
Natural-gas
sales
|
$
|
641
|
|
|
$
|
1,217
|
|
Oil and condensate
sales
|
1,419
|
|
|
2,424
|
|
Natural-gas liquids
sales
|
232
|
|
|
386
|
|
Gathering,
processing, and marketing sales
|
293
|
|
|
311
|
|
Gains (losses) on
divestitures and other, net
|
(264)
|
|
|
1,506
|
|
Total
|
2,321
|
|
|
5,844
|
|
Costs and
Expenses
|
|
|
|
Oil and gas
operating
|
296
|
|
|
313
|
|
Oil and gas
transportation and other
|
361
|
|
|
266
|
|
Exploration
|
1,083
|
|
|
299
|
|
Gathering,
processing, and marketing
|
254
|
|
|
252
|
|
General and
administrative
|
310
|
|
|
298
|
|
Depreciation,
depletion, and amortization
|
1,256
|
|
|
1,124
|
|
Other
taxes
|
182
|
|
|
314
|
|
Impairments
|
2,783
|
|
|
3
|
|
Deepwater Horizon
settlement and related costs
|
4
|
|
|
—
|
|
Total
|
6,529
|
|
|
2,869
|
|
Operating Income
(Loss)
|
(4,208)
|
|
|
2,975
|
|
Other (Income)
Expense
|
|
|
|
Interest
expense
|
216
|
|
|
183
|
|
(Gains) losses on
derivatives, net
|
152
|
|
|
453
|
|
Other (income)
expense, net
|
47
|
|
|
1
|
|
Tronox-related
contingent loss
|
5
|
|
|
4,300
|
|
Total
|
420
|
|
|
4,937
|
|
Income (Loss)
Before Income Taxes
|
(4,628)
|
|
|
(1,962)
|
|
Income Tax Expense
(Benefit)
|
(1,392)
|
|
|
664
|
|
Net Income
(Loss)
|
(3,236)
|
|
|
(2,626)
|
|
Net Income (Loss)
Attributable to Noncontrolling Interests
|
32
|
|
|
43
|
|
Net Income (Loss)
Attributable to Common Stockholders
|
$
|
(3,268)
|
|
|
$
|
(2,669)
|
|
Per Common
Share
|
|
|
|
Net income (loss)
attributable to common stockholders—basic
|
$
|
(6.45)
|
|
|
$
|
(5.30)
|
|
Net income (loss)
attributable to common stockholders—diluted
|
$
|
(6.45)
|
|
|
$
|
(5.30)
|
|
Average Number of
Common Shares Outstanding—Basic
|
507
|
|
|
504
|
|
Average Number of
Common Shares Outstanding—Diluted
|
507
|
|
|
504
|
|
|
|
|
|
Exploration
Expense
|
|
|
|
Dry hole
expense
|
$
|
29
|
|
|
$
|
121
|
|
Impairments of
unproved properties
|
980
|
|
|
77
|
|
Geological and
geophysical expense
|
22
|
|
|
43
|
|
Exploration overhead
and other
|
52
|
|
|
58
|
|
Total
|
$
|
1,083
|
|
|
$
|
299
|
|
Anadarko Petroleum
Corporation
(Unaudited)
|
|
|
Quarter
Ended
|
Summary Financial
Information
|
March 31,
|
millions
|
2015
|
|
2014
|
Cash Flows from
Operating Activities
|
|
|
|
Net income
(loss)
|
$
|
(3,236)
|
|
|
$
|
(2,626)
|
|
Adjustments to
reconcile net income (loss) to net cash
provided
by (used in) operating activities
|
|
|
|
Depreciation,
depletion, and amortization
|
1,256
|
|
|
1,124
|
|
Deferred income
taxes
|
(1,198)
|
|
|
46
|
|
Dry hole expense and
impairments of unproved properties
|
1,009
|
|
|
198
|
|
Impairments
|
2,783
|
|
|
3
|
|
(Gains) losses on
divestitures, net
|
334
|
|
|
(1,459)
|
|
Total (gains) losses
on derivatives, net
|
152
|
|
|
461
|
|
Operating portion of
net cash received (paid) in settlement
of
derivative instruments
|
91
|
|
|
(98)
|
|
Other
|
45
|
|
|
54
|
|
Changes in assets and
liabilities
|
|
|
|
Deepwater Horizon
settlement and related costs
|
4
|
|
|
—
|
|
Tronox-related
contingent liability
|
(5,210)
|
|
|
4,300
|
|
(Increase) decrease
in accounts receivable
|
357
|
|
|
(266)
|
|
Increase (decrease)
in accounts payable and accrued
expenses
|
(283)
|
|
|
(63)
|
|
Other
items—net
|
(608)
|
|
|
55
|
|
Net Cash Provided by
(Used in) Operating Activities
|
$
|
(4,504)
|
|
|
$
|
1,729
|
|
|
|
|
|
Capital
Expenditures
|
$
|
1,822
|
|
|
$
|
2,568
|
|
|
|
March 31,
|
|
December
31,
|
millions
|
2015
|
|
2014
|
Condensed Balance
Sheets
|
|
|
|
Cash and cash
equivalents
|
$
|
2,308
|
|
|
$
|
7,369
|
|
Accounts receivable,
net of allowance
|
2,174
|
|
|
2,527
|
|
Other current
assets
|
683
|
|
|
1,325
|
|
Net properties and
equipment
|
38,270
|
|
|
41,589
|
|
Other
assets
|
2,998
|
|
|
2,310
|
|
Goodwill and other
intangible assets
|
6,540
|
|
|
6,569
|
|
Total
Assets
|
$
|
52,973
|
|
|
$
|
61,689
|
|
Other current
liabilities
|
5,134
|
|
|
4,934
|
|
Deepwater Horizon
settlement and related costs
|
94
|
|
|
90
|
|
Tronox-related
contingent liability
|
—
|
|
|
5,210
|
|
Long-term
debt
|
16,365
|
|
|
15,092
|
|
Deferred income
taxes
|
7,521
|
|
|
9,249
|
|
Other long-term
liabilities
|
4,925
|
|
|
4,796
|
|
Stockholders'
equity
|
16,332
|
|
|
19,725
|
|
Noncontrolling
interests
|
2,602
|
|
|
2,593
|
|
Total
Equity
|
$
|
18,934
|
|
|
$
|
22,318
|
|
Total Liabilities and
Equity
|
$
|
52,973
|
|
|
$
|
61,689
|
|
Capitalization
|
|
|
|
Total debt
|
$
|
16,865
|
|
|
$
|
15,092
|
|
Total
equity
|
18,934
|
|
|
22,318
|
|
Total
|
$
|
35,799
|
|
|
$
|
37,410
|
|
Capitalization
Ratios
|
|
|
|
|
|
Total debt
|
|
47%
|
|
|
|
40%
|
|
Total
equity
|
|
53%
|
|
|
|
60%
|
|
Anadarko Petroleum
Corporation
(Unaudited)
|
|
Sales Volumes and
Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Sales
Volumes
|
|
Sales
Volumes
|
|
Average Sales
Price
|
|
|
|
Oil &
|
|
|
|
|
|
Oil &
|
|
|
|
|
|
Oil &
|
|
|
|
Natural
Gas
|
|
Condensate
|
|
NGLs
|
|
Natural
Gas
|
|
Condensate
|
|
NGLs
|
|
Natural
Gas
|
|
Condensate
|
|
NGLs
|
|
MMcf/d
|
|
MBbls/d
|
|
MBbls/d
|
|
Bcf
|
|
MMBbls
|
|
MMBbls
|
|
Per Mcf
|
|
Per Bbl
|
|
Per Bbl
|
Quarter Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
2,738
|
|
|
237
|
|
|
136
|
|
|
246
|
|
|
22
|
|
|
12
|
|
|
$
|
2.60
|
|
|
$
|
44.19
|
|
|
$
|
17.29
|
|
Algeria
|
—
|
|
|
70
|
|
|
7
|
|
|
—
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
56.02
|
|
|
32.75
|
|
Other
International
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
49.55
|
|
|
—
|
|
Total
|
2,738
|
|
|
335
|
|
|
143
|
|
|
246
|
|
|
30
|
|
|
13
|
|
|
$
|
2.60
|
|
|
$
|
47.12
|
|
|
$
|
18.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
2,697
|
|
|
180
|
|
|
99
|
|
|
243
|
|
|
16
|
|
|
9
|
|
|
$
|
5.01
|
|
|
$
|
94.84
|
|
|
$
|
43.35
|
|
Algeria
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
108.55
|
|
|
—
|
|
Other
International
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
108.14
|
|
|
—
|
|
Total
|
2,697
|
|
|
270
|
|
|
99
|
|
|
243
|
|
|
24
|
|
|
9
|
|
|
$
|
5.01
|
|
|
$
|
99.37
|
|
|
$
|
43.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Sales
Volumes
MBOE/d
|
|
Sales
Volumes
MMBOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2015
|
934
|
|
84
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2014
|
819
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Revenue and
Commodity Derivatives
|
|
|
|
|
|
|
|
|
Sales
|
|
|
Net Cash Received
(Paid) from Settlement of Commodity Derivatives
|
millions
|
Natural
Gas
|
|
Oil &
Condensate
|
|
NGLs
|
|
|
Natural
Gas
|
|
Oil &
Condensate
|
|
NGLs
|
Quarter Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
641
|
|
|
$
|
940
|
|
|
$
|
213
|
|
|
|
$
|
73
|
|
|
$
|
2
|
|
|
$
|
15
|
|
Algeria
|
—
|
|
|
352
|
|
|
19
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
—
|
|
|
127
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
641
|
|
|
$
|
1,419
|
|
|
$
|
232
|
|
|
|
$
|
73
|
|
|
$
|
2
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,217
|
|
|
$
|
1,540
|
|
|
$
|
386
|
|
|
|
$
|
(81)
|
|
|
$
|
(16)
|
|
|
$
|
—
|
|
Algeria
|
—
|
|
|
582
|
|
|
—
|
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Other
International
|
—
|
|
|
302
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
1,217
|
|
|
$
|
2,424
|
|
|
$
|
386
|
|
|
|
$
|
(81)
|
|
|
$
|
(11)
|
|
|
$
|
—
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of May 4,
2015
|
|
|
|
|
|
|
|
2nd-Qtr
|
|
Full-Year
|
|
|
Guidance
*
|
|
Guidance
*
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Units
|
|
|
|
|
|
|
|
|
|
Total Sales
Volumes (MMBOE)
|
|
77
|
|
—
|
|
79
|
|
|
300
|
|
—
|
|
306
|
|
Total Sales
Volumes (MBOE/d)
|
|
846
|
|
—
|
|
868
|
|
|
822
|
|
—
|
|
838
|
|
|
|
|
|
|
|
|
|
|
Crude Oil
(MBbl/d)
|
|
296
|
|
—
|
|
303
|
|
|
290
|
|
—
|
|
297
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
222
|
|
—
|
|
225
|
|
|
207
|
|
—
|
|
211
|
|
Algeria
|
|
46
|
|
—
|
|
48
|
|
|
61
|
|
—
|
|
62
|
|
Ghana
|
|
28
|
|
—
|
|
30
|
|
|
22
|
|
—
|
|
24
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
(MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
2,530
|
|
—
|
|
2,580
|
|
|
2,455
|
|
—
|
|
2,480
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
Liquids (MBbl/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
120
|
|
—
|
|
130
|
|
|
119
|
|
—
|
|
123
|
|
Algeria
|
|
5
|
|
—
|
|
7
|
|
|
4
|
|
—
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
Unit
|
|
$ /
Unit
|
Price
Differentials vs NYMEX (w/o hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil
($/Bbl)
|
|
(3.30)
|
|
—
|
|
2.10
|
|
|
(3.80)
|
|
—
|
|
1.40
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(5.00)
|
|
—
|
|
—
|
|
|
(6.00)
|
|
—
|
|
(1.00)
|
|
Algeria
|
|
2.00
|
|
—
|
|
8.00
|
|
|
2.00
|
|
—
|
|
8.00
|
|
Ghana
|
|
2.00
|
|
—
|
|
8.00
|
|
|
1.00
|
|
—
|
|
6.00
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(0.55)
|
|
—
|
|
(0.40)
|
|
|
(0.55)
|
|
—
|
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
* All volumes and
prices exclude the impact from EOR.
|
|
|
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of May 4,
2015
|
|
|
|
|
|
|
|
2nd-Qtr
|
|
Full-Year
|
|
|
Guidance
*
|
|
Guidance
*
|
|
|
|
|
|
|
|
|
|
|
|
$
MM
|
|
$
MM
|
Other
Revenues
|
|
|
|
|
|
|
|
|
Marketing and
Gathering Margin
|
|
15
|
|
—
|
|
35
|
|
|
130
|
|
—
|
|
150
|
|
Minerals and
Other
|
|
85
|
|
—
|
|
95
|
|
|
290
|
|
—
|
|
310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
BOE
|
|
$ /
BOE
|
Costs and
Expenses
|
|
|
|
|
|
|
|
|
Oil & Gas Direct
Operating
|
|
3.60
|
|
—
|
|
3.80
|
|
|
3.50
|
|
—
|
|
3.90
|
|
Oil & Gas
Transportation/Other
|
|
3.65
|
|
—
|
|
3.85
|
|
|
3.70
|
|
—
|
|
3.90
|
|
Depreciation,
Depletion, and Amortization
|
|
14.60
|
|
—
|
|
15.10
|
|
|
14.80
|
|
—
|
|
15.30
|
|
Production Taxes (% of
Product Revenue)
|
|
8.0%
|
|
—
|
|
9.0%
|
|
|
8.5%
|
|
—
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
320
|
|
—
|
|
340
|
|
|
1,250
|
|
—
|
|
1,300
|
|
Exploration
Expense
|
|
|
|
|
|
|
|
|
Non-Cash
|
|
130
|
|
—
|
|
150
|
|
|
550
|
|
—
|
|
600
|
|
Cash
|
|
90
|
|
—
|
|
110
|
|
|
375
|
|
—
|
|
400
|
|
Interest Expense
(net)
|
|
205
|
|
—
|
|
215
|
|
|
815
|
|
—
|
|
835
|
|
Other (Income)
Expense
|
|
45
|
|
—
|
|
55
|
|
|
165
|
|
—
|
|
215
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
|
|
|
|
|
|
|
Algeria (All
current)
|
|
55%
|
|
—
|
|
60%
|
|
|
55%
|
|
—
|
|
60%
|
|
Rest of Company
(50% Current / 50% Deferred for Q2 and Expect Significant Current Tax-Benefit for
FY)
|
|
25%
|
|
—
|
|
35%
|
|
|
25%
|
|
—
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg. Shares
Outstanding (MM)
|
|
|
|
|
|
|
|
|
Basic
|
|
507
|
|
—
|
|
508
|
|
|
507
|
|
—
|
|
509
|
|
Diluted
|
|
508
|
|
—
|
|
510
|
|
|
508
|
|
—
|
|
510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
(Excluding Western Gas Partners, LP)
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
APC Capital
Expenditures
|
|
1,425
|
|
—
|
|
1,625
|
|
|
5,400
|
|
—
|
|
5,700
|
|
|
|
|
|
|
|
|
|
|
* Excludes items
affecting comparability
|
|
|
|
Anadarko Petroleum
Corporation
|
Commodity Hedge
Positions
|
As of May 4,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Weighted Average
Price per MMBtu
|
|
|
|
(thousand
|
|
|
|
|
|
|
|
|
|
MMBtu/d)
|
|
Floor
Sold
|
|
Floor
Purchased
|
|
Ceiling
Sold
|
Natural
Gas
|
|
|
|
|
|
|
|
|
Three-Way
Collars
|
|
|
|
|
|
|
|
2015
|
|
|
635
|
$
|
2.75
|
$
|
3.75
|
$
|
4.76
|
|
|
|
|
|
|
|
|
|
|
Extendable Fixed
Price -
Financial
|
|
|
|
|
|
|
|
2015*
|
170
|
$
|
4.17
|
|
|
|
|
__________________________________
|
* Includes an
option for the counterparty to extend the contract term to December
2016 at the same price.
|
|
|
|
|
|
|
|
|
|
Interest Rate
Derivatives
|
As of May 4,
2015
|
|
|
|
|
|
|
|
|
|
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
|
6.06%
|
3M LIBOR
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum
Corporation
Reconciliation of
Same-Store Sales
|
|
Average Daily
Sales Volumes
|
|
Quarter Ended
March 31, 2015
|
|
Quarter Ended
March 31, 2014
|
|
|
|
Oil &
|
|
|
|
|
|
|
|
Oil &
|
|
|
|
|
|
Natural
Gas
|
|
Condensate
|
|
NGLs
|
|
Total
|
|
Natural
Gas
|
|
Condensate
|
|
NGLs
|
|
Total
|
|
MMcf/d
|
|
MBbls/d
|
|
MBbls/d
|
|
MBOE/d
|
|
MMcf/d
|
|
MBbls/d
|
|
MBbls/d
|
|
MBOE/d
|
U.S.
Onshore
|
2,517
|
|
|
168
|
|
|
130
|
|
|
717
|
|
|
2,396
|
|
|
112
|
|
|
92
|
|
|
604
|
|
Deepwater Gulf of
Mexico
|
221
|
|
|
46
|
|
|
6
|
|
|
89
|
|
|
275
|
|
|
46
|
|
|
6
|
|
|
98
|
|
International and
Alaska
|
—
|
|
|
107
|
|
|
7
|
|
|
114
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
87
|
|
Same-Store
Sales
|
2,738
|
|
|
321
|
|
|
143
|
|
|
920
|
|
|
2,671
|
|
|
245
|
|
|
98
|
|
|
789
|
|
China,
Pinedale/Jonah, and EOR
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
26
|
|
|
25
|
|
|
1
|
|
|
30
|
|
Total
|
2,738
|
|
|
335
|
|
|
143
|
|
|
934
|
|
|
2,697
|
|
|
270
|
|
|
99
|
|
|
819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PDF -
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/213715-Anadarko-Petroleum-Corporation.pdf
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/anadarko-announces-first-quarter-2015-results-300076925.html
SOURCE Anadarko Petroleum Corporation