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Anadarko Announces 2015 Fourth-Quarter And Full-Year Results

EXPECTS TO REDUCE 2016 CAPITAL PROGRAM BY NEARLY 50 PERCENT

February 1, 2016 4:06 PM EST

HOUSTON, Feb. 1, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.45 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 $954 million, or $1.88 per share (diluted), on an after-tax basis.(1) Cash flow from operating activities in the fourth quarter of 2015 was $257 million, and discretionary cash flow totaled $810 million.(2)           

For the year ended Dec. 31, 2015, Anadarko reported a net loss attributable to common stockholders of $6.692 billion, or $13.18 per share (diluted). Full-year 2015 net cash used in operating activities was $1.877 billion. Discretionary cash flow for the year totaled $4.657 billion.(2)

2015 HIGHLIGHTS

  • Reduced year-over-year capital expenditures by almost 40 percent, while delivering 4-percent divestiture-adjusted(3) sales-volume growth over 2014
  • Achieved an organic reserve-replacement ratio of more than 130 percent before the effects of price revisions
  • Closed $2.0 billion of monetizations

"As discussed last year at this time, we did not expect oil prices to recover in 2015 and believed it could take well into 2016 before markets would stabilize on a sustained basis, costs would become more aligned with the new operating environment and investments in short-cycle assets would be more attractive. Therefore, value enhancement drove our capital-allocation philosophy," said Anadarko Chairman, President and CEO Al Walker. "As a result, we reduced our year-over-year spending in 2015 by more than $3 billion, down nearly 40 percent from the previous year, with the largest portion of this reduction coming from our short-cycle opportunities. Through the hard work and innovation of our employees, we exceeded our initial expectations on nearly every operating metric. We dramatically improved efficiencies and reduced controllable spending by approximately $500 million, while enhancing our base production, and delivering an incremental 25,000 barrels per day of higher-margin oil sales volumes. In addition, we closed $2 billion of monetizations, significantly in excess of our initial expectations.

"As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action," added Walker. "In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014. On March 1, we will host an investor conference call and look forward to going into greater detail at that time about our definitive 2016 capital plans and expectations.

"We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending, leverage our competitive advantages and protect our balance sheet, will serve our shareholders well. These actions should enable us to successfully manage through the current market volatility and position Anadarko for future success."

SALES VOLUMES AND PROVED RESERVES

Anadarko's full-year sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled 305 million barrels of oil equivalent (BOE), or an average of 836,000 BOE per day. Fourth-quarter 2015 sales volumes of crude oil, natural gas and NGLs averaged approximately 779,000 BOE per day.

Anadarko organically added 407 million BOE of proved reserves in 2015 before the effects of price revisions and incurred oil and natural gas exploration and development costs of approximately $5.8 billion.(2) The company estimates its proved reserves at year-end 2015 totaled approximately 2.06 billion BOE, with nearly 80 percent of its reserves categorized as proved developed. At year-end 2015, Anadarko's proved reserves were comprised of 52 percent liquids and 48 percent natural gas.

OPERATING HIGHLIGHTS

In 2015, Anadarko increased its percentage of capital investments in longer cash cycle opportunities, such as advancing its large-scale deepwater projects and exploration. The company's U.S. onshore investments were primarily allocated toward the Wattenberg field in northeastern Colorado and the Delaware Basin in West Texas, both of which demonstrated strong growth year over year. In the Wattenberg field, relative to 2014, Anadarko reduced drilling costs per foot by 50 percent and completion costs by 32 percent, while increasing oil sales volumes almost 30 percent. Anadarko also continued to successfully delineate its top-tier 600,000-gross-acre position with multiple stacked play opportunities in the Delaware Basin. With estimated ultimate recoveries (EURs) already approaching 1 million BOE per well in the Wolfcamp Shale, encouraging results from the Second Bone Spring formation, improved efficiencies, cost reductions, and expanded midstream infrastructure, the company expects to increase its identified drilling locations and recoverable-resource estimates in the basin beyond the current estimates of more than 1 billion BOE as the program continues to advance.

Anadarko also continued to demonstrate its industry-leading project management expertise as its Lucius development in the Gulf of Mexico achieved first oil on budget and on schedule in January 2015. Subsequent to year-end, the Anadarko-operated Heidelberg spar successfully achieved first oil with excellent safety performance, three months ahead of schedule and under budget.

During 2015, Anadarko made significant progress advancing its Mozambique LNG project. Milestones included the signing of a Unitization and Unit Operating agreement with Eni for the development of the natural gas resources that straddle Offshore Area 1 and Offshore Area 4, signing a Memorandum of Understanding with the Government of Mozambique to provide natural gas from the development for domestic use, selecting a contractor for the initial onshore development, and progressing more than 8 million tonnes per annum of LNG offtake to long-term sales contracts. Offshore Ghana, the third-party operated TEN development was more than 80-percent complete at year-end and on track to achieve first oil in the third quarter of 2016.

OPERATIONS REPORT

For additional details on Anadarko's fourth-quarter 2015 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.

FINANCIAL HIGHLIGHTS

Anadarko ended 2015 with $939 million of cash on hand, which reflects remittance of the $5.2 billion final payment resolving the Tronox Adversary Proceeding. In December, the company extended the maturity of its $3 billion unsecured revolving credit facility to January 2021, and in January 2016, Anadarko renewed its $2 billion 364-day credit facility to a new maturity in 2017, further supporting the company's strong liquidity position.

During the year, the company generated approximately $4.7 billion of discretionary cash flow(2) and $2.0 billion from monetizations, which more than covered its capital investments of approximately $5.9 billion, including approximately $525 million of capital investments by its subsidiary Western Gas Partners, LP (NYSE: WES).

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

Anadarko will host a conference call on Tuesday, Feb. 2, 2016, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2015 results. The dial-in number is 844.836.8743 in the U.S. or 412.317.5438 internationally. Participants can register for the conference at http://dpregister.com/10077883. 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 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 2015, the company had approximately 2.06 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, finalize year-end reserves, and timely complete and commercially operate the projects and drilling prospects identified in this news release, receipt of final approval of the Unitization and Unit Operating agreement from the Government of Mozambique, the ability of Anadarko and the Government of Mozambique to finalize the legal and contractual framework relating to the Memorandum of Understanding, and Anadarko's ability to enter into a definitive agreement with the contractor for onshore development, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park in Mozambique, increase its recoverable-resource estimate in the Delaware Basin, and achieve production and budget expectations on its mega projects. 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 regulatory filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definition for such items. Anadarko uses terms in this news release such as "estimated ultimate recoveries," "recoverable-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, [email protected], 832.636.8736Stephanie Moreland, [email protected], 832.636.2912

INVESTORS:John Colglazier, [email protected], 832.636.2306Jeremy Smith, [email protected], 832.636.1544Shandell Szabo, [email protected], 832.636.3977

 

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

Quarter Ended December 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*

$

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)

$

(1,441)

$

(954)

$

(1.88)

*    Includes $106 million related to commodity derivatives, $32 million related to other derivatives, and $1 million related to gathering, processing, and marketing sales.

Quarter Ended December 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*

$

(254)

$

(162)

$

(0.32)

Gains (losses) on divestitures, net

(303)

(192)

(0.38)

Impairments, including unproved properties

(548)

(346)

(0.68)

Inventory adjustments

(60)

(38)

(0.07)

Cash received in early settlement of oil derivatives

126

80

0.16

Litigation settlement

50

32

0.06

Interest expense related to Tronox settlement

(22)

(14)

(0.03)

Change in uncertain tax positions (FIN 48)

58

0.11

$

(1,011)

$

(582)

$

(1.15)

*    Includes $40 million related to commodity derivatives, $(293) million related to other derivatives, and $(1) 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

December 31, 2015

December 31, 2014

After

Per Share

After

Per Share

millions except per-share amounts

Tax

(diluted)

Tax

(diluted)

Net income (loss) attributable to common stockholders

$

(1,250)

$

(2.45)

$

(395)

$

(0.78)

Less certain items affecting comparability

(954)

(1.88)

(582)

(1.15)

Adjusted net income (loss)

$

(296)

$

(0.57)

$

187

$

0.37

 

Anadarko Petroleum CorporationReconciliation 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

Year Ended

December 31,

December 31,

millions

2015

2014

2015

2014

Net cash provided by (used in) operating activities

$

257

$

1,952

$

(1,877)

$

8,466

Add back

Increase (decrease) in accounts receivable

25

1

2

(103)

(Increase) decrease in accounts payable and accrued expenses

422

706

995

(97)

Other items, net

28

(163)

(772)

71

Tronox settlement payment

5,215

Certain nonoperating and other excluded items

70

1

96

119

Current taxes related to asset monetizations and Tronox tax position

8

(95)

998

938

Discretionary cash flow from operations

$

810

$

2,402

$

4,657

$

9,394

 

Quarter Ended

Year Ended

December 31,

December 31,

millions

2015

2014

2015

2014

Discretionary cash flow from operations

$

810

$

2,402

$

4,657

$

9,394

Less capital expenditures*

1,313

2,169

5,888

9,256

Free cash flow

$

(503)

$

233

$

(1,231)

$

138

*    Includes Western Gas Partners, LP (WES) capital expenditures of $120 million for the quarter ended December 31, 2015, $206 million for the quarter ended December 31, 2014, $525 million for the year ended December 31, 2015, and $696 million for the year ended December 31, 2014.

 

Anadarko Petroleum CorporationReconciliation of GAAP to Non-GAAP Measures

Presented below are reconciliations of costs incurred (GAAP) to oil and natural gas exploration and development costs (non-GAAP) and total debt (GAAP) to net debt (non-GAAP). Management believes oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year, excluding certain obligations to be paid in future periods. 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.

Year Ended

December 31,

millions

2015

Costs incurred

$

5,753

Asset retirement obligation liabilities incurred

(207)

Cash expenditures for asset retirement obligations

298

Oil and natural gas exploration and development costs

$

5,844

December 31, 2015

Anadarko

Anadarko

WGP*

excluding

millions

Consolidated

Consolidated

WGP

Total debt

$

15,751

$

2,707

$

13,044

Less cash and cash equivalents

939

100

839

Net debt

$

14,812

$

2,607

$

12,205

Anadarko

Anadarko

excluding

millions

Consolidated

WGP

Net debt

$

14,812

$

12,205

Total equity

15,457

12,819

Adjusted capitalization

$

30,269

$

25,024

Net debt to adjusted capitalization ratio

49

%

49

%

*    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

Year Ended

Summary Financial Information

December 31,

December 31,

millions except per-share amounts

2015

2014

2015

2014

Consolidated Statements of Income

Revenues and Other

Oil and condensate sales

$

1,156

$

1,982

$

5,420

$

9,748

Natural-gas sales

395

811

2,007

3,849

Natural-gas liquids sales

189

351

833

1,572

Gathering, processing, and marketing sales

294

278

1,226

1,206

Gains (losses) on divestitures and other, net

19

(245)

(788)

2,095

Total

2,053

3,177

8,698

18,470

Costs and Expenses

Oil and gas operating

230

310

1,014

1,171

Oil and gas transportation

264

287

1,117

1,116

Exploration

384

639

2,644

1,639

Gathering, processing, and marketing

256

259

1,054

1,030

General and administrative

288

332

1,176

1,316

Depreciation, depletion, and amortization

1,022

1,215

4,603

4,550

Other taxes

93

263

553

1,244

Impairments

1,504

322

5,075

836

Other operating expense

154

29

271

165

Total

4,195

3,656

17,507

13,067

Operating Income (Loss)

(2,142)

(479)

(8,809)

5,403

Other (Income) Expense

Interest expense

209

199

825

772

(Gains) losses on derivatives, net

(222)

(256)

(99)

197

Other (income) expense, net

40

8

149

20

Tronox-related contingent loss

22

5

4,360

Total

27

(27)

880

5,349

Income (Loss) Before Income Taxes

(2,169)

(452)

(9,689)

54

Income Tax Expense (Benefit)

(645)

(102)

(2,877)

1,617

Net Income (Loss)

(1,524)

(350)

(6,812)

(1,563)

Net Income (Loss) Attributable to Noncontrolling Interests

(274)

45

(120)

187

Net Income (Loss) Attributable to Common Stockholders

$

(1,250)

$

(395)

$

(6,692)

$

(1,750)

Per Common Share

Net income (loss) attributable to common stockholders—basic

$

(2.45)

$

(0.78)

$

(13.18)

$

(3.47)

Net income (loss) attributable to common stockholders—diluted

$

(2.45)

$

(0.78)

$

(13.18)

$

(3.47)

Average Number of Common Shares Outstanding—Basic

508

507

508

506

Average Number of Common Shares Outstanding—Diluted

508

507

508

506

Exploration Expense

Dry hole expense

$

193

$

235

$

1,052

$

762

Impairments of unproved properties

81

267

1,215

483

Geological and geophysical expense

63

75

168

168

Exploration overhead and other

47

62

209

226

Total

$

384

$

639

$

2,644

$

1,639

 

Anadarko Petroleum Corporation

(Unaudited)

Quarter Ended

Year Ended

Summary Financial Information

December 31,

December 31,

millions

2015

2014

2015

2014

Cash Flows from Operating Activities

Net income (loss)

$

(1,524)

$

(350)

$

(6,812)

$

(1,563)

Adjustments to reconcile net income (loss) to net cash provided by operating activities

Depreciation, depletion, and amortization

1,022

1,215

4,603

4,550

Deferred income taxes

(525)

105

(3,152)

(105)

Dry hole expense and impairments of unproved properties

274

502

2,267

1,245

Impairments

1,504

322

5,075

836

(Gains) losses on divestitures, net

19

303

1,022

(1,891)

Total (gains) losses on derivatives, net

(223)

(255)

(100)

207

Operating portion of net cash received (paid) in settlement of derivative instruments

84

509

335

371

Other

101

123

320

327

Changes in assets and liabilities

  Tronox-related contingent liability

22

(5,210)

4,360

  (Increase) decrease in accounts receivable

(25)

(1)

(2)

103

  Increase (decrease) in accounts payable and accrued expenses

(422)

(706)

(995)

97

  Other items, net

(28)

163

772

(71)

Net Cash Provided by (Used in) Operating Activities

$

257

$

1,952

$

(1,877)

$

8,466

Capital Expenditures

$

1,313

$

2,169

$

5,888

$

9,256

 

 

December 31,

December 31,

millions

2015

2014

Condensed Balance Sheets

Cash and cash equivalents

$

939

$

7,369

Accounts receivable, net of allowance

2,469

2,527

Other current assets

574

603

Net properties and equipment

33,751

41,589

Other assets

2,350

2,310

Goodwill and other intangible assets

6,331

6,569

Total Assets

$

46,414

$

60,967

Short-term debt

33

Other current liabilities

4,148

5,024

Tronox-related contingent liability

5,210

Long-term debt

15,718

15,092

Deferred income taxes

5,400

8,527

Other long-term liabilities

5,658

4,796

Stockholders' equity

12,819

19,725

Noncontrolling interests

2,638

2,593

Total Equity

$

15,457

$

22,318

Total Liabilities and Equity

$

46,414

$

60,967

Capitalization

Total debt

$

15,751

$

15,092

Total equity

15,457

22,318

Total

$

31,208

$

37,410

Capitalization Ratios

Total debt

50

%

40

%

Total equity

50

%

60

%

 

 

Anadarko Petroleum Corporation

(Unaudited)

Sales Volumes and Prices

Average Daily Sales Volumes

Sales Volumes

Average Sales Price

Oil &

Oil &

Oil &

Condensate

Natural Gas

NGLs

Condensate

Natural Gas

NGLs

Condensate

Natural Gas

NGLs

MBbls/d

MMcf/d

MBbls/d

MMBbls

Bcf

MMBbls

Per Bbl

Per Mcf

Per Bbl

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

Quarter Ended December 31, 2014

United States

220

2,549

119

20

234

12

$

68.66

$

3.46

$

27.57

Algeria

70

10

6

1

79.80

54.02

Other International

10

1

81.64

Total

300

2,549

129

27

234

13

$

71.67

$

3.46

$

29.63

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

Year Ended December 31, 2014

United States

203

2,589

116

74

945

43

$

87.99

$

4.07

$

35.48

Algeria

66

3

24

1

98.53

56.16

Other International

23

8

103.42

Total

292

2,589

119

106

945

44

$

91.58

$

4.07

$

36.01

Average Daily Sales VolumesMBOE/d

Sales VolumesMMBOE

Quarter Ended December 31, 2015

779

71

Quarter Ended December 31, 2014

854

79

Year Ended December 31, 2015

836

305

Year Ended December 31, 2014

843

308

 

Sales Revenue and Commodity Derivatives

Sales

Net Cash Received (Paid) from Settlement of Commodity Derivatives

millions

Oil & Condensate

Natural Gas

NGLs

Oil & Condensate

Natural Gas

NGLs

Quarter Ended December 31, 2015

United States

$

799

$

395

$

173

$

$

84

$

Algeria

282

16

Other International

75

Total

$

1,156

$

395

$

189

$

$

84

$

Quarter Ended December 31, 2014

United States

$

1,394

$

811

$

301

$

149

$

22

$

3

Algeria

514

50

335

Other International

74

Total

$

1,982

$

811

$

351

$

484

$

22

$

3

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

Year Ended December 31, 2014

United States

$

6,519

$

3,849

$

1,509

$

81

$

(85)

$

6

Algeria

2,372

63

375

Other International

857

Total

$

9,748

$

3,849

$

1,572

$

456

$

(85)

$

6

 

Anadarko Petroleum Corporation

Estimated Year-End Proved Reserves 2013 - 2015

MMBOE

2015

2014

2013

Proved Reserves

Beginning of year

2,858

2,792

2,560

Reserves additions and revisions

Discoveries and extensions

29

63

145

Infill-drilling additions

89

577

410

Drilling-related reserves additions and revisions

118

640

555

Other non-price-related revisions

289

(137)

(40)

Net organic reserves additions

407

503

515

Acquisition of proved reserves in place

1

36

Price-related revisions

(624)

(1)

(23)

Total reserves additions and revisions

(216)

502

528

Sales in place

(279)

(124)

(12)

Production

(306)

(312)

(284)

End of year

2,057

2,858

2,792

Proved Developed Reserves

Beginning of year

1,969

2,003

1,883

End of year

1,632

1,969

2,003

 

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of February 1, 2016

Weighted Average Price per barrel

Volume(MBbls/d)

Floor Sold

Floor Purchased

Ceiling Sold

Crude Oil

Three-Way Collars

2016

WTI

65

$

41.54

$

53.08

$

62.25

Brent

18

$

47.22

$

59.44

$

69.47

83

$

42.77

$

54.46

$

63.82

 

 

Interest-Rate Derivatives

 

As of February 1, 2016

Instrument

Notional Amt.

Reference Period

MandatoryTermination Date

Rate Paid

Rate Received

Swap

$50 Million

Sept. 2016 - Sept. 2026

Sept. 2016

5.910%

3M LIBOR

Swap

$50 Million

Sept. 2016 - Sept. 2046

Sept. 2016

6.290%

3M LIBOR

Swap

$250 Million

Sept. 2016 - Sept. 2046

Sept. 2018

6.310%

3M LIBOR

Swap

$300 Million

Sept. 2016 - Sept. 2046

Sept. 2020

6.509%

3M LIBOR

Swap

$250 Million

Sept. 2016 - Sept. 2046

Sept. 2021

6.724%

3M LIBOR

Swap

$200 Million

Sept. 2017 - Sept. 2047

Sept. 2018

6.049%

3M LIBOR

Swap

$300 Million

Sept. 2017 - Sept. 2047

Sept. 2020

6.569%

3M LIBOR

Swap

$500 Million

Sept. 2017 - Sept. 2047

Sept. 2021

6.654%

3M LIBOR

 

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

Average Daily Sales Volumes

Quarter Ended December 31, 2015

Quarter Ended December 31, 2014

Oil &

Oil &

Condensate

Natural Gas

NGLs

Total

Condensate

Natural Gas

NGLs

Total

MBbls/d

MMcf/d

MBbls/d

MBOE/d

MBbls/d

MMcf/d

MBbls/d

MBOE/d

U.S. Onshore

166

1,958

106

598

152

2,088

113

613

Deepwater Gulf of Mexico

54

115

6

80

47

179

6

83

International and Alaska

96

6

102

88

10

98

Same-Store Sales

316

2,073

118

780

287

2,267

129

794

Divestitures*

(5)

(1)

13

282

60

Total

316

2,068

118

779

300

2,549

129

854

Year Ended December 31, 2015

Year Ended December 31, 2014

Oil &

Oil &

Condensate

Natural Gas

NGLs

Total

Condensate

Natural Gas

NGLs

Total

MBbls/d

MMcf/d

MBbls/d

MBOE/d

MBbls/d

MMcf/d

MBbls/d

MBOE/d

U.S. Onshore

167

2,017

117

620

136

2,092

110

595

Deepwater Gulf of Mexico

53

152

7

85

45

195

6

83

International and Alaska

94

6

100

94

3

97

Same-Store Sales

314

2,169

130

805

275

2,287

119

775

Divestitures*

3

165

31

17

302

68

Total

317

2,334

130

836

292

2,589

119

843

*    Includes China, Pinedale/Jonah, EOR, Bossier, and Powder River Basin CBM.

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/328123-4q15-operations.pdf

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-2015-fourth-quarter-and-full-year-results-300213087.html

SOURCE Anadarko Petroleum Corporation



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