Anadarko Updates Production Outlook Following Gulf Storms

September 29, 2008 6:15 PM EDT

HOUSTON--(BUSINESS WIRE)--

Anadarko Petroleum Corporation (NYSE: APC) today announced that nearly all of its operated deepwater Gulf of Mexico platforms and Gulf Coast properties are operational, including Independence Hub, which quickly restored production to pre-storm levels of approximately 900 million cubic feet of natural gas per day following Hurricane Ike.

"I am pleased to announce that by the end of this week, all of our operated deepwater facilities will be operational. We expect total sales volumes for the third quarter to be at or near 51 million BOE, which was the low end of our guidance, even though almost 5 million BOE (barrels of oil equivalent) were shut in during the quarter as a result of the severe storms including Hurricanes Gustav and Ike," Anadarko Sr. Vice President, Worldwide Operations Chuck Meloy said. "This is a real testament to the performance and construction of our facilities and the tremendous efforts of our employees and contractors who have worked safely and diligently to restore production as quickly as possible."

While all of Anadarko's operated facilities will be capable of producing by week's end, the timely repairs to third-party downstream infrastructure could significantly affect fourth-quarter sales volumes, as some production remains shut in or curtailed. Given the uncertainty surrounding the timing of these infrastructure repairs that will enable the company to resume full production, Anadarko expects its fourth-quarter 2008 sales volumes to be in the range of 49 million to 55 million BOE. The company will provide additional details regarding its fourth-quarter expectations during its third-quarter earnings conference call on Nov. 4, 2008.

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 2007, Anadarko had 2.4 billion barrels equivalent of proved reserves, making it one of the world's largest independent oil and natural gas exploration and production companies. For more information about Anadarko, 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 the company's ability to meet its production guidance. See "Risk Factors" in the company's 2007 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.

Source: Anadarko Petroleum Corporation

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