Anadarko Announces Third-Quarter Results
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HOUSTON--(BUSINESS WIRE)-- Anadarko Petroleum Corporation (NYSE: APC) today announced third-quarter 2009 net income from continuing operations attributable to common stockholders totaled $200 million, or $0.40 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $251 million, or $0.51 per share (diluted) on an after-tax basis.(1) Cash flow from continuing operations in the third quarter of 2009 totaled slightly more than $1 billion, and discretionary cash flow totaled approximately $1.26 billion.(2)
THIRD-QUARTER 2009 HIGHLIGHTS
-- Achieved record quarterly sales volumes (from retained properties), a
12-percent increase over third-quarter 2008
-- Reduced lease operating expense (LOE) per barrel of oil equivalent (BOE)
by 9 percent sequentially over the second-quarter 2009, and by 15
percent year-to-date over the comparable nine-month period in 2008
-- Announced deepwater drilling successes in the Gulf of Mexico and West
Africa
-- Received Ghanaian government approval for the Jubilee field Phase I
development plan
"The positive third-quarter results continue to demonstrate the value of Anadarko's portfolio, with strong performance from both our producing assets and deepwater exploration program," Anadarko Chairman and CEO Jim Hackett said. "Our exploration, drilling and operations teams continued to perform very well in achieving record sales volumes, lower costs, increased efficiencies and differentiating deepwater drilling success."
Third-quarter 2009 sales volumes of natural gas, crude oil and natural gas liquids totaled 57 million BOE, or 616,000 BOE per day, comprised of natural gas sales volumes that averaged 2.144 billion cubic feet per day, oil sales volumes that averaged 205,000 barrels per day and natural gas liquids sales volumes that averaged 54,000 barrels per day.
"As a result of both improved operating performance and the absence of severe weather in the Gulf of Mexico, we expect our full-year sales volumes to be approximately 220 million BOE, up from our original midpoint of 210 million BOE at the beginning of the year, without increasing capital spending," continued Hackett. "This equates to a forecasted growth rate of approximately 7 percent over our 2008 total sales volumes of 206 million BOE, while spending approximately 35 percent less capital on near-term projects."
In July, Anadarko announced the Vito exploration well in the deepwater Gulf of Mexico encountered more than 250 net feet of oil pay in Miocene sands. This success was followed by the announcement of the Venus discovery offshore Sierra Leone in September. The results of the Venus well confirmed the existence of an active petroleum system in this frontier basin, thereby enhancing the prospectivity of the company's approximately 8 million gross acres offshore West Africa.
Anadarko also continued to make significant progress on its mega projects in West Africa and in the Gulf of Mexico. Offshore Ghana, Anadarko and its partners successfully drilled the Mahogany-4 appraisal well. The well, which was located outside the existing Jubilee Unit boundary, encountered more than 140 net feet of oil pay and expanded the potential productive area of the Jubilee field to the south and east. Also in Ghana, the Jubilee project reached an important milestone during the third quarter, as the Ghanaian government formally approved the Jubilee field Phase I Plan of Development and Unitization Agreement. The partnership has drilled approximately 70 percent of the development wells in the field, awarded all contracts and completed about 70 percent of the construction work on the FPSO (floating production, storage and offloading vessel). Jubilee remains on schedule to achieve first production during the fourth quarter of 2010.
In the Gulf of Mexico during the third quarter, the company successfully drilled a development well near the Tonga West discovery as part of the Caesar/Tonga complex in the Green Canyon area. The well encountered more than 500 net feet of oil pay, and it will be tied back to Anadarko's Constitution spar. The partnership is currently drilling another development well in the complex, a sidetrack to the original Caesar discovery, which will be the third of four expected subsea wells in the development. The project currently remains on schedule, with first production expected in early 2011.
CONFERENCE CALL TOMORROW AT 9 A.M. CST, 10 A.M. EST
Anadarko will host a conference call on Tuesday, Nov. 3, at 9 a.m. Central Standard Time (10 a.m. Eastern Standard Time) to discuss third-quarter results and the company's outlook for the remainder of 2009. The dial-in number is 888.679.8037 in the United States or 617.213.4849 internationally. The confirmation number is 87335929. 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 also be available on the Web site for approximately 30 days following the conference call.
ANADARKO OPERATIONS REPORT
For more details on Anadarko's operations, please refer to the comprehensive report on third-quarter activity. The report will be available at www.anadarko.com on the Investor Relations page.
FINANCIAL DATA
Nine pages of summary financial data follow, including current hedge positions, financial guidance and supplemental production guidance.
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 2008, the company had approximately 2.3 billion barrels of oil equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
(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.
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 achieve its production targets, successfully manage its capital expenditures, and timely complete and commercially operate the projects and drilling prospects identified in this news release. See "Risk Factors" in the company's 2008 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Anadarko Petroleum Corporation
Certain Items Affecting Comparability
Quarter Ended September 30, 2009
Before After Per Share
millions except per share amounts Tax Tax (diluted)
Unrealized gains (losses) on $ (366 ) (233 ) (0.47 )
derivatives, net
Gains (losses) on divestitures, net 26 29 0.06
Reversal of accrual for DWRRA 735 469 0.95
dispute*
Impairments (5 ) (3 ) (0.01 )
Change in uncertain tax positions - (11 ) (0.02 )
(FIN48)
$ 390 $ 251 $ 0.51
*Includes the reversal of the $78 million (before tax) liability for unpaid
interest related to the Deepwater Royalty Relief Act (DWRRA) dispute.
Quarter Ended September 30, 2008
Before After Per Share
millions except per share amounts Tax Tax (diluted)
Unrealized gains (losses) on $ 2,368 $ 1,508 3.22
derivatives, net
Impairments (56 ) (35 ) (0.07 )
Other adjustments (119 ) (74 ) (0.15 )
$ 2,193 $ 1,399 $ 3.00
Reconciliation of GAAP to Non-GAAP Measures
Below is a reconciliation of cash provided by operating activities (GAAP) to
discretionary cash flow and free cash flow (non-GAAP) and net income from
continuing operations (GAAP) to adjusted net income from continuing operations
(non-GAAP) as required under Regulation G of the Securities Exchange Act of
1934. The company uses discretionary cash flow and free cash flow to demonstrate
the company's ability to internally fund capital expenditures and to service or
incur additional debt. It is useful in comparisons of oil and gas exploration
and production companies because it excludes fluctuations in assets and
liabilities. The company uses adjusted net income from continuing operations to
evaluate the company's operational trends and performance.
Quarter Ended Year-to-Date
September 30 September 30
millions 2009 2008 2009 2008
Cash Flow
Net cash provided by operating $ 1,067 $ 3,555 $ 2,826 $ 6,059
activities - continuing operations
Add back:
Change in accounts receivable 277 (988 ) 139 (340 )
Change in accounts payable and 23 (1,371 ) 180 (548 )
accrued expenses
Change in other items - net (108 ) (64 ) 398 142
Discretionary Cash Flow from $ 1,259 $ 1,132 $ 3,543 $ 5,313
Continuing Operations*
*Discretionary cash flow from continuing operations for the quarter and nine
months ended September 30, 2009 was increased by a current tax benefit of $21
million and $126 million, respectively. However, actual cash tax (refunds)
payments for the quarter and nine months ended September 30, 2009 were $(50)
million and $145 million, respectively. For the quarter and nine months ended
September 30, 2008, discretionary cash flow from continuing operations was
reduced by current tax expense of $1.1 billion and $1.7 billion, respectively.
However, actual cash tax payments for the quarter and nine months ended
September 30, 2008 were $337 million and $823 million, respectively.
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
September 30, 2009
Quarter Year
millions Ended to Date
Discretionary cash flow from $ 1,259 $ 3,543
continuing operations
Less: Capital expenditures 849 2,870
Free Cash Flow** $ 410 $ 673
**Free cash flow for the quarter and nine months ended September 30, 2009
was increased by a current tax benefit of $21 million and $126 million,
respectively. However, actual cash tax (refunds) payments for the quarter
and nine months ended September 30, 2009 were $(50) million and $145
million, respectively.
Quarter Ended Quarter Ended
September 30, 2009 September 30, 2008
After Per Share After Per Share
millions except per share amounts Tax (diluted) Tax (diluted)
Income (loss) from continuing
operations attributable to common $ 200 0.40 $ 2,164 4.58
stockholders
Less: Certain items affecting 251 0.51 1,399 3.00
comparability
Adjusted net income (loss) from $ (51 ) $ (0.11 ) $ 765 $ 1.58
continuing operations
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 relative to its cash and cash equivalents on
hand.
September 30
millions 2009
Total debt $ 12,780
Less: Cash and cash equivalents 3,586
Net Debt $ 9,194
Anadarko Petroleum Corporation
Quarter Ended Year-to-Date
Summary Financial Information September 30 September 30
millions except per share amounts 2009 2008 2009 2008
Revenues and Other
Gas sales $ 446 $ 2,395 $ 1,779 $ 5,089
Oil and condensate sales 1,252 3,217 2,634 4,911
Natural gas liquids sales 166 244 365 703
Gathering, processing and marketing 169 353 531 940
sales
Gains (losses) on divestitures and 50 (60 ) 114 270
other, net
Reversal of accrual for DWRRA 657 - 657 -
dispute
Total 2,740 6,149 6,080 11,913
Costs and Expenses
Oil and gas operating 219 274 720 778
Oil and gas transportation and other 151 140 467 400
*
Exploration 224 373 813 880
Gathering, processing and marketing 151 265 469 679
General and administrative 223 216 658 619
Depreciation, depletion and 909 844 2,648 2,438
amortization
Other taxes 213 424 543 1,306
Impairments 5 56 79 67
Total 2,095 2,592 6,397 7,167
Operating Income (Loss) 645 3,557 (317 ) 4,746
Other (Income) Expense
Interest expense 121 180 505 558
Other (income) expense, net 111 22 (339 ) (4 )
Total 232 202 166 554
Income (Loss) from Continuing 413 3,355 (483 ) 4,192
Operations Before Income Taxes
Income Tax Expense (Benefit) 207 1,181 (142 ) 1,761
Income (Loss) from Continuing $ 206 $ 2,174 $ (341 ) $ 2,431
Operations
Income (Loss) from Discontinued - 1 - 58
Operations, net of taxes
Net Income (Loss) $ 206 $ 2,175 $ (341 ) $ 2,489
Net Income Attributable to 6 10 23 15
Noncontrolling Interests
Net Income (Loss) Attributable to $ 200 $ 2,165 $ (364 ) $ 2,474
Common Stockholders
Amounts Attributable to Common
Stockholders
Income (loss) from continuing
operations attributable to common $ 200 $ 2,164 $ (364 ) $ 2,416
stockholders
Income (loss) from discontinued - 1 - 58
operations, net of tax
Net income (loss) attributable to $ 200 $ 2,165 $ (364 ) $ 2,474
common stockholders
Per Common Share (amounts
attributable to common
stockholders):
Income (loss) from continuing
operations attributable to common $ 0.40 $ 4.59 $ (0.77 ) $ 5.11
stockholders - basic
Income (loss) from continuing
operations attributable to common $ 0.40 $ 4.58 $ (0.77 ) $ 5.10
stockholders - diluted
Income (loss) from discontinued $ - $ - $ - $ 0.12
operations, net of taxes - basic
Income (loss) from discontinued $ - $ - $ - $ 0.12
operations, net of taxes - diluted
Net income (loss) attributable to $ 0.40 $ 4.59 $ (0.77 ) $ 5.23
common stockholders - basic
Net income (loss) attributable to $ 0.40 $ 4.58 $ (0.77 ) $ 5.22
common stockholders - diluted
Average Number of Common Shares 491 466 476 467
Outstanding - Basic
Average Number of Common Shares 493 467 476 468
Outstanding - Diluted
Exploration Expense
Dry hole expense $ 46 $ 143 $ 260 $ 232
Impairments of unproved properties 110 162 348 405
Geological and geophysical expense 7 30 58 122
Exploration overhead and other 61 38 147 121
Total $ 224 $ 373 $ 813 $ 880
* For the three and nine months ended September 30, 2009, Oil and gas
transportation and other expenses includes zero and $27 million, respectively,
related to payments for early termination of certain drilling rig contracts.
Anadarko Petroleum Corporation
Quarter Ended Year-to-Date
Summary Financial September 30 September 30
Information
millions 2009 2008 2009 2008
Cash Flow from Operating
Activities
Net income (loss) $ 206 $ 2,175 $ (341 ) $ 2,489
Less income from
discontinued operations, net - 1 - 58
of taxes
Depreciation, depletion and 909 844 2,648 2,438
amortization
Deferred income taxes 234 57 (8 ) 94
Dry hole expense and
impairments of unproved 156 305 608 637
properties
Impairments 5 56 79 67
(Gains) losses on (26 ) (1 ) (44 ) (165 )
divestitures, net
Unrealized (gains) losses on 366 (2,368 ) 1,073 (277 )
derivatives
Reversal of accrual for (657 ) - (657 ) -
DWRRA dispute
Other noncash items 66 65 185 88
Discretionary Cash Flow from 1,259 1,132 3,543 5,313
Continuing Operations
(Increase) decrease in (277 ) 988 (139 ) 340
accounts receivable
Increase (decrease) in
accounts payable and accrued (23 ) 1,371 (180 ) 548
expenses
Other items - net 108 64 (398 ) (142 )
Cash provided by (used in)
operating activities - 1,067 3,555 2,826 6,059
continuing operations
Cash provided by (used in)
operating activities - - (4 ) - (4 )
discontinued operations
Net cash provided by (used $ 1,067 $ 3,551 $ 2,826 $ 6,055
in) operating activities***
*** For the three and nine months ended September 30, 2009, net cash provided by
operating activities includes zero and $552 million, respectively, attributable
to realized gains on interest rate swaps.
Capital Expenditures $ 849 $ 1,181 $ 2,870 $ 3,469
September 30, December 31,
2009 2008
Condensed Balance Sheet
Cash and cash equivalents $ 3,586 $ 2,360
Other current assets 2,470 2,735
Net properties and equipment 36,703 37,047
Other assets 1,394 1,368
Goodwill and other 5,323 5,413
intangible assets
Total Assets $ 49,476 $ 48,923
Current debt $ - $ 1,472
Other current liabilities 2,882 4,064
Long-term debt 11,141 9,128
Midstream subsidiary note to 1,639 1,739
a related party
Other long-term liabilities 13,629 13,364
Stockholders' equity 19,820 18,795
Noncontrolling Interests 365 361
Total Liabilities and $ 49,476 $ 48,923
Stockholders' Equity
Capitalization
Total debt $ 12,780 $ 12,339
Stockholders' equity 19,820 18,795
Total $ 32,600 $ 31,134
Capitalization Ratios
Total debt 39 % 40 %
Stockholders' equity 61 % 60 %
Anadarko Petroleum Corporation
Quarter Ended Year-to-Date
Sales Volumes and Prices September 30 September 30
2009 2008 2009 2008
Natural Gas
United States
Volumes, billion cubic feet 197 183 618 548
Average daily volumes, million 2,144 1,994 2,264 2,000
cubic feet per day
Price per thousand cubic feet $ 3.02 $ 8.36 $ 3.37 $ 8.55
excluding derivatives
Realized gain (loss) on $ 0.54 $ 0.13 $ 0.54 $ (0.15 )
derivatives
Unrealized gain (loss) on $ (1.30 ) $ 4.57 $ (1.03 ) $ 0.89
derivatives
Total gains (losses) on $ (0.76 ) $ 4.70 $ (0.49 ) $ 0.74
derivatives
Total price per thousand cubic $ 2.26 $ 13.06 $ 2.88 $ 9.29
feet
Crude Oil and Condensate
United States
Volumes, million barrels 13 9 32 32
Average daily volumes, thousand 136 103 117 117
barrels per day
Price per barrel excluding $ 63.79 $ 114.26 $ 53.77 $ 107.89
derivatives
Realized gain (loss) on $ - $ (15.27 ) $ 1.00 $ (11.35 )
derivatives
Unrealized gain (loss) on $ 2.24 $ 106.14 $ (3.82 ) $ (2.90 )
derivatives
Total gains (losses) on $ 2.24 $ 90.87 $ (2.82 ) $ (14.25 )
derivatives
Price per barrel $ 66.03 $ 205.13 $ 50.95 $ 93.64
Algeria
Volumes, million barrels 5 6 15 16
Average daily volumes, thousand 57 64 55 57
barrels per day
Price per barrel excluding $ 66.95 $ 116.55 $ 56.56 $ 114.51
derivatives
Realized gain (loss) on $ - $ (8.39 ) $ 0.48 $ (8.20 )
derivatives
Unrealized gain (loss) on $ 0.46 $ 85.29 $ (4.02 ) $ (9.92 )
derivatives
Total gains (losses) on $ 0.46 $ 76.90 $ (3.54 ) $ (18.12 )
derivatives
Price per barrel $ 67.41 $ 193.45 $ 53.02 $ 96.39
Other International
Volumes, million barrels 1 1 4 4
Average daily volumes, thousand 12 15 15 16
barrels per day
Price per barrel $ 65.40 $ 105.28 $ 52.24 $ 98.73
Total
Volumes, million barrels 19 16 51 52
Average daily volumes, thousand 205 182 187 190
barrels per day
Price per barrel excluding $ 64.75 $ 114.34 $ 54.48 $ 109.10
derivatives
Realized gain (loss) on $ - $ (11.60 ) $ 0.77 $ (9.42 )
derivatives
Unrealized gain (loss) on $ 1.62 $ 90.11 $ (3.58 ) $ (4.77 )
derivatives
Total gains (losses) on $ 1.62 $ 78.51 $ (2.81 ) $ (14.19 )
derivatives
Total price per barrel $ 66.37 $ 192.85 $ 51.67 $ 94.91
Natural Gas Liquids
United States
Volumes, million barrels 5 4 13 11
Average daily volumes, thousand 54 38 47 39
barrels per day
Total price per barrel $ 33.41 $ 69.30 $ 28.58 $ 65.17
Total Barrels of Oil Equivalent
(BOE)
Volumes, million BOE 57 51 167 154
Average daily volumes, thousand 616 552 611 562
BOE per day
Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 2, 2009
4th Qtr Total Year
Guidance Guidance
Units Units
Total Sales (MMBOE) 53 - 54 220 - 221
Crude Oil (MBbl/d): 185 - 195 184 - 188
United States 130 - 135 120 - 121
Algeria 40 - 45 50 - 52
Other International 14 - 15 14 - 15
Natural Gas (MMcf/d):
United States 2,100 - 2,150 2,225 - 2,235
Natural Gas Liquids (MBbl/d):
United States 40 - 45 45 - 46
$ / Unit $ / Unit
Price Differentials vs NYMEX (w/o
hedges)
Crude Oil ($/Bbl): (3.00 ) - (5.00 ) (3.00 ) - (3.50 )
United States (4.00 ) - (6.00 ) (4.25 ) - (4.75 )
Algeria 1.00 - (1.00 ) - - (0.50 )
Other International (6.00 ) - (11.00 ) (5.00 ) - (6.50 )
Natural Gas ($/Mcf):
United States (0.10 ) - (0.50 ) (0.45 ) - (0.55 )
Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 2, 2009
4th Qtr Total Year
Guidance Guidance
$ MM $ MM
Other Revenues:
Marketing and Gathering Margin 20 - 30 85 - 95
Minerals and Other 15 - 25 790 - 800
Costs and Expenses:
$ / Boe $ / Boe
Oil & Gas Direct Operating 4.50 - 4.90 4.40 - 4.50
Oil & Gas Transportation/Other 2.60 - 2.80 2.75 - 2.80
Depreciation, Depletion and 15.75 - 16.75 15.80 - 16.10
Amortization
Production Taxes (% of Revenue) 9.0 % - 11.0 % 9.0 % - 11.0 %
$ MM $ MM
General and Administrative 240 - 250 900 - 910
Exploration Expense
Non-Cash 220 - 250 830 - 860
Cash 100 - 115 300 - 315
Interest Expense (net) 195 - 210 710 - 725
Other (Income) Expense - - 20 (320 ) - (340 )
Tax Rate
Algerian Tax Rate - 100% Current 60 % - 65 % 60 % - 65 %
Rest of Company Tax Rate 30 % - 40 % 35 % - 40 %
Rest of Company - % of Taxes -40 % - -80 % 70 % - 60 %
Current
Rest of Company - % of Taxes 140 % - 180 % 30 % - 40 %
Deferred
Avg. Shares Outstanding (MM)
Basic 491 - 493 480 - 482
Diluted 493 - 495 481 - 483
$ MM $ MM
Capital Investment:
Capital Projects 1,060 - 1,540 3,900 - 4,400
Anadarko Petroleum Corporation
Commodity Derivative Positions (Excluding Natural Gas Basis)
As of November 2, 2009
Weighted Average Price per MMBtu
Volume
(thousand Floor Sold Floor Purchased Ceiling Sold
MMBtu/d)
Natural Gas
Three-Way
Collars
2009 530 $ 5.45 $ 7.50 $ 11.25
2010 1,630 $ 4.22 $ 5.59 $ 8.23
2011 480 $ 5.00 $ 6.50 $ 8.23
2012 500 $ 5.00 $ 6.50 9.03
Fixed Price
2010 90 $ 6.10
2011 90 $ 6.17
Weighted Average Price per Barrel
Volume
(thousand Floor Sold Floor Purchased Ceiling Sold
MBbls/d)
Crude Oil
Three-Way
Collars
2009 48 $ 37.51 $ 52.51 $ 87.04
2010 129 $ 49.34 $ 64.34 $ 90.73
2011 3 $ 35.00 $ 50.00 $ 86.00
2012 2 $ 35.00 $ 50.00 $ 92.50
Interest Rate Derivatives As of November 2, 2009 Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received Swap $750 Million Oct-2011 Oct-2021 4.72% 3M LIBOR Swap $1,250 Million Oct-2011 Oct-2041 4.83% 3M LIBOR Swap $250 Million Oct-2012 Oct-2022 4.91% 3M LIBOR Swap $750 Million Oct-2012 Oct-2042 4.80% 3M LIBOR
Anadarko Petroleum Corporation
Natural Gas Basis Hedge Positions
As of November 2, 2009
Volume (thousand Price per MMBtu
MMBtu/d)
Basis Swaps
2009
Gulf Coast 315 $ (0.15 )
Mid Continent 330 $ (0.85 )
Rocky Mountains 555 $ (1.25 )
1,200 $ (0.85 )
2010
Mid Continent 125 $ (0.83 )
Rocky Mountains 360 $ (1.23 )
485 $ (1.13 )
2011 15 $ (0.76 )
Mid Continent 30 $ (2.22 )
Rocky Mountains 45 $ (1.74 )
Rockies Export Firm Transportation
As of November 2, 2009
(Only shown through 2011)
Daily Volume (MMBtus)
by Pricing Point
Delivery/Pricing Point
2009
Mid Continent 491
West Coast 88
San Juan 15
594
2010
Mid Continent 491
West Coast 88
San Juan 15
594
2011
Mid Continent 491
West Coast* 294
Mid West** 250
San Juan 15
1,050
*New agreement with Ruby estimated to begin in March 2011.
**New agreement with Bison estimated to begin in November 2010.
Source: Anadarko Petroleum Corporation
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