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Anadarko Announces Second-Quarter 2015 Results

Increases Midpoint of Full-Year Oil Sales-Volume Guidance by 15,000 Barrels per Day

July 28, 2015 4:05 PM EDT

HOUSTON, July 28, 2015 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the second quarter of 2015, including net income attributable to common stockholders of $61 million, or $0.12 per share (diluted). These results include certain items typically excluded by the investment community in published estimates, which in the aggregate increased net income by $57 million or $0.11 per share (diluted).(1) Net cash flow from operating activities in the second quarter of 2015 was $1.243 billion, and discretionary cash flow from operations totaled $1.373 billion.(2)               

HIGHLIGHTS

  • Increased year-over-year oil sales volumes by 42,000 barrels per day, adjusted for divestitures(3)
  • Achieved large-scale project milestones in the Gulf of Mexico and Mozambique
  • Announced deepwater exploration success in a frontier basin offshore Colombia
  • Announced more than $1.7 billion of monetizations year to date

"During the second quarter, we delivered more than 18,000 barrels per day of higher-margin oil sales volumes above our guidance, driven by continued improvements in productivity and ongoing operating efficiencies," said Anadarko Chairman, President and CEO Al Walker. "The operating improvements achieved to date are contributing to an expected full-year increase over 2014 of 13 percent, or about 35,000 barrels of oil per day, enhancing our relative cash margins and enabling us to drill more than 100 additional wells this year – all while staying within our capital guidance. In addition, we've created significant option value through our exploration success offshore Colombia and in the Gulf of Mexico, and accelerated value through active portfolio management. We believe these actions and differentiating achievements, the depth and strength of our portfolio, and the commitment of our employees, position us well for continued success."

OPERATIONS SUMMARY

During the second quarter, Anadarko's sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 77 million barrels of oil equivalent (BOE), or an average of 846,000 BOE per day. The company also updated its full-year 2015 sales-volume guidance to a range of 298 million to 302 million BOE, which excludes 2015 sales volumes associated with the divestitures of EOR and Bossier.

In the U.S. onshore, Anadarko increased oil sales volumes by approximately 30 percent year over year on a divestiture-adjusted basis,(3) driven by the Wattenberg field, Eagleford Shale and Delaware Basin, while natural-gas sales volumes were lower, reflecting third-party infrastructure downtime and curtailments, as well as the company's storage program.

During the quarter, Anadarko achieved a significant production milestone, averaging 101,000 barrels of oil per day (BOPD) in the Wattenberg field in Colorado, while also achieving exceptional efficiency improvements. The company has realized a significant reduction in drilling cost per foot over a two-year period and is currently drilling new Wattenberg horizontal wells for approximately $1 million per well. During the second quarter, Anadarko also achieved startup at its 300-million-cubic-feet-per-day (MMcf/d) Lancaster II cryogenic expansion, providing additional growth capacity for the Wattenberg field.

Anadarko expects to achieve its objective of drilling more than 200 wells in the Eagleford Shale this year with fewer rigs than initially anticipated. Efficiency gains are enabling Anadarko to re-allocate rigs from the Eagleford Shale to the Wolfcamp Shale oil play in the Delaware Basin of West Texas. During the quarter, the Delaware Basin increased year-over-year oil sales volumes by almost 30 percent and achieved startup at the 200-MMcf/d Mi Vida cryogenic gas plant.

In the deepwater Gulf of Mexico, Anadarko's Lucius facility achieved name-plate capacity of 80,000 BOPD with production stabilizing during the quarter. The company also continued to advance the 80,000-BOPD Heidelberg spar on schedule with the successful installation of the hull and completion of the topsides.

The Mozambique liquefied natural gas (LNG) project also continues to advance with the selection of a consortium consisting of CB&I, Chiyoda Corporation and Saipem (CCS JV) for the initial development of the onshore LNG park. The scope of the work includes two 6-million-tonnes-per-annum (MMTPA) LNG trains, which is a 20-percent increase in the original capacity expectations with no change to estimated costs.

Anadarko continues an active deepwater exploration program. The company's first well, Kronos, in the frontier basin offshore Colombia, encountered 130 to 230 net feet of natural gas pay in the upper objective, proving the presence of a working petroleum system and validating the company's geologic and seismic interpretations. Drilling is ongoing toward the deeper objective before mobilizing the rig to drill the Calasu prospect, which is also located in the 4.5-million-acre Grand Fuerte Block, approximately 100 miles northeast of the Kronos well. In the Gulf of Mexico, Anadarko spud its third appraisal well in the Shenandoah field and plans to commence drilling on an appraisal well to the previously announced Yeti discovery, which encountered more than 270 net feet of oil pay.

FINANCIAL SUMMARY

Anadarko ended the second quarter with approximately $2.2 billion of cash on hand. Year to date, Anadarko has reached agreements to divest more than $1.1 billion in assets, including the recently announced $440 million divestiture of its Bossier natural gas field and associated midstream infrastructure. In addition, Anadarko accelerated more than $575 million of value from the secondary sale of Western Gas Equity Partners, LP (NYSE: WGP) units and a WGP-linked tangible equity unit offering.

OPERATIONS REPORT

For details on Anadarko's operating areas and exploration program, including tables illustrating same-store sales information,(3) please refer to the comprehensive report on second-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 Wednesday, July 29, 2015, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss second-quarter results, current operations and the company's outlook for the remainder of 2015. The dial-in number is 866.777.2509 in the United States or 412.317.5413 internationally. Participants can register for the conference at

http://dpregister.com/10068168. 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.

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.

Logo - http://photos.prnewswire.com/prnh/20141103/156201LOGO

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, consummate the transaction described in this release, enter into a definitive agreement with CCS JV, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park, 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.

ANADARKO CONTACTS

MEDIA: John Christiansen, [email protected], 832.636.8736 Stephanie Moreland, [email protected], 832.636.2912 Christina Ramirez, [email protected], 832.636.8687

INVESTORS: John Colglazier, [email protected], 832.636.2306 Robin Fielder, [email protected], 832.636.1462 Jeremy Smith, [email protected], 832.636.1544

 

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

Quarter Ended June 30, 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*

$

229

$

145

$

0.28

Gains (losses) on divestitures, net

(91)

(77)

(0.15)

Impairments

(30)

(20)

(0.04)

Change in uncertain tax positions (FIN 48)

9

0.02

$

108

$

57

$

0.11

*    Includes $(83) million related to commodity derivatives and $312 million related to interest-rate derivatives.             

Quarter Ended June 30, 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*

$

(237)

$

(151)

$

(0.30)

Gains (losses) on divestitures, net

9

8

0.02

Impairments

(117)

(75)

(0.15)

Change in uncertain tax positions (FIN 48)

(115)

(0.23)

Contingent Clean Water Act penalty accrual

(90)

(90)

(0.17)

Interest expense related to Tronox settlement

(19)

(19)

(0.04)

$

(454)

$

(442)

$

(0.87)

*    Includes $(76) million related to commodity derivatives, $(159) million related to interest-rate 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

June 30, 2015

June 30, 2014

After

Per Share

After

Per Share

millions except per-share amounts

Tax

(diluted)

Tax

(diluted)

Net income (loss) attributable to common stockholders

$

61

$

0.12

$

227

$

0.45

Less certain items affecting comparability

57

0.11

(442)

(0.87)

Adjusted net income (loss)

$

4

$

0.01

$

669

$

1.32

 

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

Six Months Ended

June 30,

June 30,

millions

2015

2014

2015

2014

Net cash provided by (used in) operating activities

$

1,243

$

2,462

$

(3,261)

$

4,191

Add back

Increase (decrease) in accounts receivable

462

(83)

105

183

(Increase) decrease in accounts payable and accrued expenses

(84)

(84)

199

(21)

Other items—net

(339)

82

269

27

Tronox settlement payment

5,215

Certain nonoperating and other excluded items

3

1

25

1

Current taxes related to asset monetizations

88

56

316

576

Discretionary cash flow from operations

$

1,373

$

2,434

$

2,868

$

4,957

Quarter Ended

Six Months Ended

June 30,

June 30,

millions

2015

2014

2015

2014

Discretionary cash flow from operations

$

1,373

$

2,434

$

2,868

$

4,957

Less capital expenditures*

1,401

2,402

3,223

4,970

Free cash flow**

$

(28)

$

32

$

(355)

$

(13)

*    Includes Western Gas Partners, LP (WES) capital expenditures of $122 million for the quarter ended June 30, 2015, and $173 million for the quarter ended June 30, 2014, $278 million for the six months ended June 30, 2015, and $343 million for the six months ended June 30, 2014.

** Free cash flow for the six months ended June 30, 2015, includes a $595 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.

June 30, 2015

Anadarko

Anadarko

WGP*

excluding

millions

Consolidated

Consolidated

WGP

Total debt

$

16,058

$

2,677

$

13,381

Less cash and cash equivalents

2,173

89

2,084

Net debt

$

13,885

$

2,588

$

11,297

Anadarko

Anadarko

excluding

millions

Consolidated

WGP

Net debt

$

13,885

$

11,297

Total equity

19,359

16,389

Adjusted capitalization

$

33,244

$

27,686

Net debt to adjusted capitalization ratio

42

%

41

%

*    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

Six Months Ended

Summary Financial Information

June 30,

June 30,

millions except per-share amounts

2015

2014

2015

2014

Consolidated Statements of Income

Revenues and Other

Natural-gas sales

$

487

$

991

$

1,128

$

2,208

Oil and condensate sales

1,616

2,705

3,035

5,129

Natural-gas liquids sales

229

411

461

797

Gathering, processing, and marketing sales

305

278

598

589

Gains (losses) on divestitures and other, net

(1)

54

(265)

1,560

Total

2,636

4,439

4,957

10,283

Costs and Expenses

Oil and gas operating

226

273

522

586

Oil and gas transportation and other

289

281

650

547

Exploration

103

502

1,186

801

Gathering, processing, and marketing

255

250

509

502

General and administrative

278

305

588

603

Depreciation, depletion, and amortization

1,214

1,048

2,470

2,172

Other taxes

151

361

333

675

Impairments

30

117

2,813

120

Deepwater Horizon settlement and related costs

93

4

93

Total

2,546

3,230

9,075

6,099

Operating Income (Loss)

90

1,209

(4,118)

4,184

Other (Income) Expense

Interest expense

201

186

417

369

(Gains) losses on derivatives, net

(311)

323

(159)

776

Other (income) expense, net

15

(13)

62

(12)

Tronox-related contingent loss

19

5

4,319

Total

(95)

515

325

5,452

Income (Loss) Before Income Taxes

185

694

(4,443)

(1,268)

Income Tax Expense (Benefit)

77

428

(1,315)

1,092

Net Income (Loss)

108

266

(3,128)

(2,360)

Net Income (Loss) Attributable to Noncontrolling Interests

47

39

79

82

Net Income (Loss) Attributable to Common Stockholders

$

61

$

227

$

(3,207)

$

(2,442)

Per Common Share

Net income (loss) attributable to common stockholders—basic

$

0.12

$

0.45

$

(6.32)

$

(4.84)

Net income (loss) attributable to common stockholders—diluted

$

0.12

$

0.45

$

(6.32)

$

(4.84)

Average Number of Common Shares Outstanding—Basic

508

505

507

505

Average Number of Common Shares Outstanding—Diluted

509

507

507

505

Exploration Expense

Dry hole expense

$

13

$

302

$

42

$

423

Impairments of unproved properties

18

109

998

186

Geological and geophysical expense

16

37

38

80

Exploration overhead and other

56

54

108

112

Total

$

103

$

502

$

1,186

$

801

 

Anadarko Petroleum Corporation

(Unaudited)

Quarter Ended

Six Months Ended

Summary Financial Information

June 30,

June 30,

millions

2015

2014

2015

2014

Cash Flows from Operating Activities

Net income (loss)

$

108

$

266

$

(3,128)

$

(2,360)

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

Depreciation, depletion, and amortization

1,214

1,048

2,470

2,172

Deferred income taxes

11

142

(1,187)

188

Dry hole expense and impairments of unproved properties

31

411

1,040

609

Impairments

30

117

2,813

120

(Gains) losses on divestitures, net

91

(9)

425

(1,468)

Total (gains) losses on derivatives, net

(310)

325

(158)

786

Operating portion of net cash received (paid) in settlement

   of derivative instruments

81

(88)

172

(186)

Other

29

54

74

108

Changes in assets and liabilities

Deepwater Horizon settlement and related costs

(3)

92

1

92

Tronox-related contingent liability

19

(5,210)

4,319

(Increase) decrease in accounts receivable

(462)

83

(105)

(183)

Increase (decrease) in accounts payable and accrued expenses

84

84

(199)

21

Other items—net

339

(82)

(269)

(27)

Net Cash Provided by (Used in) Operating Activities

$

1,243

$

2,462

$

(3,261)

$

4,191

Capital Expenditures

$

1,401

$

2,402

$

3,223

$

4,970

June 30,

December 31,

millions

2015

2014

Condensed Balance Sheets

Cash and cash equivalents

$

2,173

$

7,369

Accounts receivable, net of allowance

2,602

2,527

Other current assets

635

1,325

Net properties and equipment

37,820

41,589

Other assets

2,474

2,310

Goodwill and other intangible assets

6,420

6,569

Total Assets

$

52,124

$

61,689

Other current liabilities

4,578

4,934

Deepwater Horizon settlement and related costs

91

90

Tronox-related contingent liability

5,210

Long-term debt

16,025

15,092

Deferred income taxes

7,594

9,249

Other long-term liabilities

4,477

4,796

Stockholders' equity

16,389

19,725

Noncontrolling interests

2,970

2,593

Total Equity

$

19,359

$

22,318

Total Liabilities and Equity

$

52,124

$

61,689

Capitalization

Total debt

$

16,058

$

15,092

Total equity

19,359

22,318

Total

$

35,417

$

37,410

Capitalization Ratios

Total debt

45

%

40

%

Total equity

55

%

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 June 30, 2015

United States

2,354

240

130

215

21

12

$

2.28

$

54.14

$

17.98

Algeria

50

6

5

60.24

31.11

Other International

28

3

61.82

Total

2,354

318

136

215

29

12

$

2.28

$

55.78

$

18.50

Quarter Ended June 30, 2014

United States

2,620

196

119

238

18

11

$

4.16

$

98.69

$

37.39

Algeria

72

1

7

108.64

66.69

Other International

23

2

110.16

Total

2,620

291

120

238

27

11

$

4.16

$

102.04

$

37.66

Six Months Ended June 30, 2015

United States

2,545

238

134

461

43

24

$

2.45

$

49.23

$

17.63

Algeria

60

6

11

1

57.80

32.01

Other International

28

5

55.69

Total

2,545

326

140

461

59

25

$

2.45

$

51.37

$

18.24

Six Months Ended June 30, 2014

United States

2,658

189

109

481

34

20

$

4.59

$

96.86

$

40.08

Algeria

65

1

12

108.60

66.69

Other International

27

5

109.00

Total

2,658

281

110

481

51

20

$

4.59

$

100.76

$

40.22

Average Daily Sales Volumes

MBOE/d

Sales Volumes

MMBOE

Quarter Ended June 30, 2015

846

77

Quarter Ended June 30, 2014

848

77

Six Months Ended June 30, 2015

890

161

Six Months Ended June 30, 2014

834

151

 

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 June 30, 2015

United States

$

487

$

1,181

$

213

$

77

$

3

$

2

Algeria

277

16

Other International

158

Total

$

487

$

1,616

$

229

$

77

$

3

$

2

Quarter Ended June 30, 2014

United States

$

991

$

1,768

$

404

$

(41)

$

(44)

$

2

Algeria

711

7

(5)

Other International

226

Total

$

991

$

2,705

$

411

$

(41)

$

(49)

$

2

Six Months Ended June 30, 2015

United States

$

1,128

$

2,121

$

426

$

150

$

5

$

17

Algeria

629

35

Other International

285

Total

$

1,128

$

3,035

$

461

$

150

$

5

$

17

Six Months Ended June 30, 2014

United States

$

2,208

$

3,308

$

790

$

(122)

$

(60)

$

2

Algeria

1,293

7

Other International

528

Total

$

2,208

$

5,129

$

797

$

(122)

$

(60)

$

2

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 28, 2015

Note: Guidance excludes 2015 sales volumes associated with EOR and Bossier

3rd-Qtr

Full-Year

Guidance (see Note)

Guidance (see Note)

 Units

 Units

Total Sales Volumes (MMBOE)

71

73

298

302

Total Sales Volumes (MBOE/d)

772

793

816

827

Oil (MBbl/d)

301

310

306

312

United States

216

220

221

225

Algeria

58

61

62

63

Ghana

27

29

23

24

Natural Gas (MMcf/d)

United States

2,135

2,180

2,305

2,325

Natural Gas Liquids (MBbl/d)

United States

108

115

119

122

Algeria

6

8

5

6

$ / Unit

$ / Unit

Price Differentials vs NYMEX (w/o hedges)

Oil ($/Bbl)

(3.70)

1.60

(3.90)

1.40

United States

(6.00)

(1.00)

(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

(0.45)

(0.35)

(0.45)

(0.35)

 

Anadarko Petroleum Corporation

Financial and Operating External Guidance

As of July 28, 2015

Note: Guidance excludes items affecting comparability

3rd-Qtr

Full-Year

Guidance (see Note)

Guidance (see Note)

 $ MM

 $ MM

Other Revenues

Marketing and Gathering Margin

30

50

140

160

Minerals and Other

60

70

280

300

$ / BOE

$ / BOE

Costs and Expenses

Oil & Gas Direct Operating

3.95

4.15

3.45

3.75

Oil & Gas Transportation/Other

3.75

3.95

3.70

3.90

Depreciation, Depletion, and Amortization

15.25

15.75

15.40

15.70

Production Taxes (% of Product Revenue)

8.0

%

9.0

%

7.5

%

8.5

%

$ MM

$ MM

General and Administrative

330

350

1,225

1,275

Exploration Expense

Non-Cash

90

110

500

550

Cash

115

135

375

400

Interest Expense (net)

200

210

805

825

Other (Income) Expense

35

45

175

225

Taxes

Algeria  (All current)

55

%

60

%

55

%

60

%

Rest of Company  (35% Current / 65% Deferred for Q3 and Expect Significant Current Tax-Benefit for FY)

35

%

45

%

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

1,250

1,450

5,400

5,700

 

Anadarko Petroleum Corporation

Commodity Hedge Positions

As of July 28, 2015

Weighted Average Price per barrel

Volume

(MBbls/d)

Floor Sold

Floor Purchased

Ceiling Sold

Crude Oil

Three-Way Collars

2016

          WTI

20

$

45.00

$

60.00

$

67.00

          Brent

8

$

50.00

$

65.00

$

75.00

28

$

46.43

$

61.43

$

69.29

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 July 28, 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 June 30, 2015

Quarter Ended June 30, 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

2,241

174

123

671

2,443

134

113

654

Deepwater Gulf of Mexico

113

57

7

83

176

41

6

76

International and Alaska

87

6

92

101

1

102

Same-Store Sales*

2,354

318

136

846

2,619

276

120

832

China, Pinedale/Jonah, and EOR

1

15

16

Total

2,354

318

136

846

2,620

291

120

848

Six Months Ended June 30, 2015

Six Months Ended June 30, 2014

Crude Oil &

Crude 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

2,378

171

127

694

2,420

123

102

628

Deepwater Gulf of Mexico

167

51

7

86

225

43

6

87

International and Alaska

97

6

103

95

1

96

Same-Store Sales*

2,545

319

140

883

2,645

261

109

811

China, Pinedale/Jonah, and EOR

7

7

13

20

1

23

Total

2,545

326

140

890

2,658

281

110

834

*  Same-store sales for the periods ended June 30, 2015 and June 30, 2014, includes sales volumes related to Bossier as the divestiture was not announced until July 2015.

Average Daily Sales Volumes

Year Ended December 31, 2014

Crude Oil &

Natural Gas

Condensate

NGLs

Total

MMcf/d

MBbls/d

MBbls/d

MBOE/d

U.S. Onshore

2,311

136

111

632

Deepwater Gulf of Mexico

196

45

5

83

International and Alaska

94

3

97

Same-Store Sales**

2,507

275

119

812

China, Pinedale/Jonah, EOR, and Bossier

82

17

31

Total

2,589

292

119

843

** Same-store sales for the year ended December 31, 2014, excludes sales volumes for the recently announced Bossier divestiture, which is consistent with the 2015 third-quarter and full-year sales volumes guidance provided in this release on page 10.

 

 

PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/247937-2Q15_OpsReport_FINAL.pdf

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-second-quarter-2015-results-300120023.html

SOURCE Anadarko Petroleum Corporation



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