Anadarko Announces 2016 Fourth-Quarter And Full-Year Results
HOUSTON, Jan. 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2016 fourth-quarter results, reporting a net loss attributable to common stockholders of $515 million, or $0.94 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 $243 million, or $0.44 per share (diluted), on an after-tax basis.(1) Net cash provided by operating activities in the fourth quarter of 2016 was $1.12 billion.
For the year ended Dec. 31, 2016, Anadarko reported a net loss attributable to common stockholders of $3.07 billion, or $5.90 per share (diluted). Full-year 2016 net cash provided by operating activities totaled $3.00 billion.
2016 HIGHLIGHTS
- Surpassed initial sales-volume expectations by 11 million barrels of oil equivalent (BOE) on a same-store-sales basis,(2) while keeping capital investments within initial guidance
- Closed more than $4.0 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures, which are expected to close in the first quarter of 2017
- Achieved operating milestones including production records at Lucius, Caesar/Tonga and in the Delaware and DJ basins, as well as first oil at Heidelberg and TEN
- Closed the immediately accretive Freeport-McMoRan deepwater Gulf of Mexico acquisition
- Increased the expected five-year compounded annual oil growth rate to 12 to 14 percent
"Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company's competitive focus going forward," said Al Walker, Anadarko Chairman, President and CEO. "As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRan's Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three 'Ds' to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 290 million BOE, or an average of 793,000 BOE per day. Fourth-quarter 2016 sales volumes of oil, natural gas and NGLs averaged approximately 774,000 BOE per day.
In 2016, Anadarko organically added 300 million BOE of proved reserves before the effects of price revisions. Anadarko's costs incurred were $5.63 billion, which includes $2.45 billion of acquisition costs. The company's oil and natural gas exploration and development costs were $3.21 billion.(3) The company estimates its proved reserves at year-end 2016 totaled 1.72 billion BOE, with 77 percent of its reserves categorized as proved developed. At year-end 2016, Anadarko's proved reserves were comprised of 57 percent liquids and 43 percent natural gas.
OPERATING HIGHLIGHTS
In 2016, Anadarko reduced its capital investments by approximately 50 percent relative to 2015, excluding capital investments associated with Western Gas Partners, LP (NYSE: WES), yet delivered significant sales-volume increases in its two most attractive U.S. onshore operating areas – the Delaware and DJ basins. Sales volumes in the Delaware Basin averaged approximately 45,000 BOE per day, including an increase of 8,000 barrels of oil per day (BOPD), representing a 50-percent increase over 2015. In the DJ Basin, sales volumes averaged 244,000 BOE per day – a 20,000-BOE per day increase over 2015. The company increased rig activity in both basins during the year, ending 2016 with nine operated rigs in the Delaware Basin and five operated rigs in the DJ Basin, compared to six rigs in the Delaware and two in the DJ in the first quarter of 2016.
In December, Anadarko closed the acquisition of Freeport-McMoRan's deepwater Gulf of Mexico properties for $1.8 billion net of purchase-price adjustments, providing the company with the largest number of floating production facilities in the Gulf and doubling its net sales volumes from the region to more than 160,000 BOE per day. Also in the Gulf, the company announced exploration success at the Warrior prospect, which is a likely tieback to the company's Marco Polo facility. Anadarko expects to spud an appraisal well to Warrior in the second quarter of 2017. Additionally, a successful appraisal well was drilled at the Phobos discovery, which is being evaluated as a possible tieback to Anadarko's Lucius facility.
Internationally, Anadarko's operations in Algeria continued to produce at their highest level since 2009, with gross production averaging 404,000 BOE per day during the fourth quarter. Meanwhile, the TEN project offshore Ghana, which achieved first oil in August, successfully ramped gross production to an average of approximately 54,000 BOPD in December.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2016 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko ended 2016 with $3.2 billion of cash on hand. During the year, the company generated $3.0 billion of net cash provided by operating activities and closed monetizations totaling more than $4.0 billion. Anadarko also has announced the divestitures of its Eagleford and Marcellus shale positions totaling more than $3.5 billion, which are expected to close during the first quarter of 2017. During the fourth quarter, the company redeemed its remaining $750 million of 2017 debt maturities. Subsequent to year end, the company further strengthened its liquidity position by renewing its $2.0 billion, 364-day credit facility with a new maturity in 2018.
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Wednesday, Feb. 1, 2017, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2016 results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 9799112. 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 same-store sales volumes, which reflects both acquisitions and divestitures.
(3) 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.
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 2016, the company had 1.72 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, finalize year-end reserves, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company's 2015 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
INVESTORS:Robin Fielder, [email protected] 832.636.1462Jim Grant, [email protected] 832.636.8320Pete Zagrzecki, [email protected] 832.636.7727
Anadarko Petroleum CorporationReconciliation of GAAP to Non-GAAP Financial Measures
Below are reconciliations of certain GAAP to non-GAAP financial measures, each as required under Regulation G of the Securities Exchange Act of 1934. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Management uses adjusted net income (loss) to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain noncash and/or other items that management does not consider to be indicative of the Company's performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company's operating and financial performance across periods, as well as facilitating comparisons to others in the Company's industry.
|
Quarter Ended December 31, 2016 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(515) |
$ |
(0.94) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* |
$ |
304 |
193 |
0.35 |
||||||||
|
Gains (losses) on divestitures, net |
(241) |
(155) |
(0.28) |
|||||||||
|
Impairments |
||||||||||||
|
Producing and general properties |
(166) |
(101) |
(0.18) |
|||||||||
|
Exploration assets |
(149) |
(115) |
(0.21) |
|||||||||
|
Restructuring charges |
(26) |
(16) |
(0.03) |
|||||||||
|
Early termination of rig |
(49) |
(32) |
(0.06) |
|||||||||
|
Loss on early extinguishment of debt |
(31) |
(20) |
(0.04) |
|||||||||
|
Environmental reserves |
21 |
13 |
0.03 |
|||||||||
|
Change in uncertain tax positions (FIN 48) |
(10) |
(0.02) |
||||||||||
|
Certain items affecting comparability |
$ |
(337) |
(243) |
(0.44) |
||||||||
|
Adjusted net income (loss) |
$ |
(272) |
$ |
(0.50) |
||||||||
|
* |
Includes $483 million related to interest-rate derivatives and $(179) million related to commodity derivatives. |
|
Quarter Ended December 31, 2015 | ||||||||||||
|
Before |
After |
Per Share | ||||||||||
|
millions except per-share amounts |
Tax |
Tax |
(diluted) | |||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(1,250) |
$ |
(2.45) |
||||||||
|
Adjustments for certain items affecting comparability |
||||||||||||
|
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) |
|||||||||
|
Certain items affecting comparability |
$ |
(1,441) |
(954) |
(1.88) |
||||||||
|
Adjusted net income (loss) |
$ |
(296) |
$ |
(0.57) |
||||||||
|
* |
Includes $32 million related to interest-rate derivatives, $106 million related to commodity derivatives, and $1 million related to gathering, processing, and marketing sales. |
Anadarko Petroleum CorporationReconciliation of GAAP to Non-GAAP Measures
Management believes oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year excluding acquisition costs and certain obligations to be paid in future periods.
|
millions |
Year EndedDecember 31,2016 | ||||
|
Costs incurred |
$ |
5,633 |
|||
|
Costs incurred related to the Gulf of Mexico acquisition* |
(2,454) |
||||
|
Asset retirement obligation liabilities incurred |
(191) |
||||
|
Cash expenditures for asset retirement obligations |
222 |
||||
|
Oil and natural gas exploration and development costs |
$ |
3,210 |
|||
|
* |
Includes capitalized asset retirement costs. |
Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes that using net debt in the capitalization ratio is useful to investors in determining the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. In addition, management believes that presenting Anadarko's net debt excluding WGP is useful because WGP is a separate public company with its own capital structure.
|
December 31, 2016 | |||||||||||||
|
Anadarko | |||||||||||||
|
Anadarko |
WGP* |
excluding | |||||||||||
|
millions |
Consolidated |
Consolidated |
WGP | ||||||||||
|
Total debt |
$ |
15,323 |
$ |
3,119 |
$ |
12,204 |
|||||||
|
Less cash and cash equivalents |
3,184 |
359 |
2,825 |
||||||||||
|
Net debt |
$ |
12,139 |
$ |
2,760 |
$ |
9,379 |
|||||||
|
Anadarko | |||||||||||||
|
Anadarko |
excluding | ||||||||||||
|
millions |
Consolidated |
WGP | |||||||||||
|
Net debt |
$ |
12,139 |
$ |
9,379 |
|||||||||
|
Total equity |
15,497 |
12,212 |
|||||||||||
|
Adjusted capitalization |
$ |
27,636 |
$ |
21,591 |
|||||||||
|
Net debt to adjusted capitalization ratio |
44 |
% |
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 | |||||||||||||||
|
Cash Flow Information | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
December 31, |
December 31, | ||||||||||||||
|
millions |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income (loss) |
$ |
(452) |
$ |
(1,524) |
$ |
(2,808) |
$ |
(6,812) |
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|||||||||||||||
|
Depreciation, depletion, and amortization |
1,099 |
1,022 |
4,301 |
4,603 |
|||||||||||
|
Deferred income taxes |
(117) |
(525) |
(1,238) |
(3,152) |
|||||||||||
|
Dry hole expense and impairments of unproved properties |
313 |
274 |
613 |
2,267 |
|||||||||||
|
Impairments |
166 |
1,504 |
227 |
5,075 |
|||||||||||
|
(Gains) losses on divestitures, net |
241 |
19 |
757 |
1,022 |
|||||||||||
|
Loss on early extinguishment of debt |
31 |
— |
155 |
— |
|||||||||||
|
Total (gains) losses on derivatives, net |
(342) |
(223) |
292 |
(100) |
|||||||||||
|
Operating portion of net cash received (paid) in settlement of derivative instruments |
38 |
84 |
267 |
335 |
|||||||||||
|
Other |
86 |
101 |
342 |
320 |
|||||||||||
|
Changes in assets and liabilities* |
60 |
(475) |
92 |
(5,435) |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities** |
$ |
1,123 |
$ |
257 |
$ |
3,000 |
$ |
(1,877) |
|||||||
|
Net Cash Provided by (Used in) Investing Activities |
$ |
(1,506) |
$ |
(1,075) |
$ |
(2,762) |
$ |
(4,771) |
|||||||
|
Net Cash Provided by (Used in) Financing Activities |
$ |
(413) |
$ |
(314) |
$ |
2,008 |
$ |
220 |
|||||||
|
Capital Expenditures*** |
$ |
993 |
$ |
1,313 |
$ |
3,314 |
$ |
5,888 |
|||||||
|
* |
The year ended December 31, 2015, includes a $5,210 million decrease for the Tronox-related contingent liability. |
|
** |
Restructuring charges (excluding stock-based compensation) were $23 million for the quarter ended December 31, 2016, and $357 million for the year ended December 31, 2016. Cash payments for restructuring charges were $30 million for the quarter ended December 31, 2016, and $247 million for the year ended December 31, 2016. |
|
*** |
Includes Western Gas Partners, LP (WES) capital expenditures of $135 million for the quarter ended December 31, 2016, and $120 million for the quarter ended December 31, 2015, $491 million for the year ended December 31, 2016, and $525 million for the year ended December 31, 2015. |
|
Anadarko Petroleum Corporation | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
Quarter Ended |
Year Ended | ||||||||||||||
|
Summary Financial Information |
December 31, |
December 31, | |||||||||||||
|
millions except per-share amounts |
2016 |
2015 |
2016 |
2015 | |||||||||||
|
Consolidated Statements of Income |
|||||||||||||||
|
Revenues and Other |
|||||||||||||||
|
Oil sales |
$ |
1,454 |
$ |
1,156 |
$ |
4,668 |
$ |
5,420 |
|||||||
|
Natural-gas sales |
443 |
395 |
1,564 |
2,007 |
|||||||||||
|
Natural-gas liquids sales |
281 |
189 |
921 |
833 |
|||||||||||
|
Gathering, processing, and marketing sales |
399 |
294 |
1,294 |
1,226 |
|||||||||||
|
Gains (losses) on divestitures and other, net |
(190) |
19 |
(578) |
(788) |
|||||||||||
|
Total |
2,387 |
2,053 |
7,869 |
8,698 |
|||||||||||
|
Costs and Expenses |
|||||||||||||||
|
Oil and gas operating |
203 |
230 |
811 |
1,014 |
|||||||||||
|
Oil and gas transportation |
258 |
264 |
1,002 |
1,117 |
|||||||||||
|
Exploration |
440 |
384 |
946 |
2,644 |
|||||||||||
|
Gathering, processing, and marketing |
329 |
256 |
1,087 |
1,054 |
|||||||||||
|
General and administrative |
324 |
288 |
1,440 |
1,176 |
|||||||||||
|
Depreciation, depletion, and amortization |
1,099 |
1,022 |
4,301 |
4,603 |
|||||||||||
|
Other taxes |
114 |
93 |
536 |
553 |
|||||||||||
|
Impairments |
166 |
1,504 |
227 |
5,075 |
|||||||||||
|
Other operating expense |
64 |
154 |
118 |
271 |
|||||||||||
|
Total |
2,997 |
4,195 |
10,468 |
17,507 |
|||||||||||
|
Operating Income (Loss) |
(610) |
(2,142) |
(2,599) |
(8,809) |
|||||||||||
|
Other (Income) Expense |
|||||||||||||||
|
Interest expense |
233 |
209 |
890 |
825 |
|||||||||||
|
Loss on early extinguishment of debt |
31 |
— |
155 |
— |
|||||||||||
|
(Gains) losses on derivatives, net |
(343) |
(222) |
286 |
(99) |
|||||||||||
|
Other (income) expense, net |
(15) |
40 |
(101) |
149 |
|||||||||||
|
Tronox-related contingent loss |
— |
— |
— |
5 |
|||||||||||
|
Total |
(94) |
27 |
1,230 |
880 |
|||||||||||
|
Income (Loss) Before Income Taxes |
(516) |
(2,169) |
(3,829) |
(9,689) |
|||||||||||
|
Income tax expense (benefit) |
(64) |
(645) |
(1,021) |
(2,877) |
|||||||||||
|
Net Income (Loss) |
(452) |
(1,524) |
(2,808) |
(6,812) |
|||||||||||
|
Net income (loss) attributable to noncontrolling interests |
63 |
(274) |
263 |
(120) |
|||||||||||
|
Net Income (Loss) Attributable to Common Stockholders |
$ |
(515) |
$ |
(1,250) |
$ |
(3,071) |
$ |
(6,692) |
|||||||
|
Per Common Share |
|||||||||||||||
|
Net income (loss) attributable to common stockholders—basic |
$ |
(0.94) |
$ |
(2.45) |
$ |
(5.90) |
$ |
(13.18) |
|||||||
|
Net income (loss) attributable to common stockholders—diluted |
$ |
(0.94) |
$ |
(2.45) |
$ |
(5.90) |
$ |
(13.18) |
|||||||
|
Average Number of Common Shares Outstanding—Basic |
551 |
508 |
522 |
508 |
|||||||||||
|
Average Number of Common Shares Outstanding—Diluted |
551 |
508 |
522 |
508 |
|||||||||||
|
Exploration Expense |
|||||||||||||||
|
Dry hole expense |
$ |
188 |
$ |
193 |
$ |
397 |
$ |
1,052 |
|||||||
|
Impairments of unproved properties |
125 |
81 |
216 |
1,215 |
|||||||||||
|
Geological and geophysical expense |
40 |
63 |
121 |
168 |
|||||||||||
|
Exploration overhead and other |
87 |
47 |
212 |
209 |
|||||||||||
|
Total |
$ |
440 |
$ |
384 |
$ |
946 |
$ |
2,644 |
|||||||
|
Anadarko Petroleum Corporation | |||||||||||
|
(Unaudited) | |||||||||||
|
December 31, |
December 31, | ||||||||||
|
millions |
2016 |
2015 | |||||||||
|
Condensed Balance Sheets |
|||||||||||
|
Cash and cash equivalents |
$ |
3,184 |
$ |
939 |
|||||||
|
Accounts receivable, net of allowance |
1,728 |
2,469 |
|||||||||
|
Other current assets |
354 |
573 |
|||||||||
|
Net properties and equipment |
32,168 |
33,751 |
|||||||||
|
Other assets |
2,226 |
2,268 |
|||||||||
|
Goodwill and other intangible assets |
5,904 |
6,331 |
|||||||||
|
Total Assets |
$ |
45,564 |
$ |
46,331 |
|||||||
|
Short-term debt |
42 |
32 |
|||||||||
|
Other current liabilities |
3,286 |
4,148 |
|||||||||
|
Long-term debt |
15,281 |
15,636 |
|||||||||
|
Deferred income taxes |
4,324 |
5,400 |
|||||||||
|
Asset retirement obligations |
2,802 |
1,750 |
|||||||||
|
Other long-term liabilities |
4,332 |
3,908 |
|||||||||
|
Common stock |
57 |
52 |
|||||||||
|
Paid-in capital |
11,875 |
9,265 |
|||||||||
|
Retained earnings |
1,704 |
4,880 |
|||||||||
|
Treasury stock |
(1,033) |
(995) |
|||||||||
|
Accumulated other comprehensive income (loss) |
(391) |
(383) |
|||||||||
|
Total stockholders' equity |
12,212 |
12,819 |
|||||||||
|
Noncontrolling interests |
3,285 |
2,638 |
|||||||||
|
Total Equity |
15,497 |
15,457 |
|||||||||
|
Total Liabilities and Equity |
$ |
45,564 |
$ |
46,331 |
|||||||
|
Capitalization |
|||||||||||
|
Total debt |
$ |
15,323 |
$ |
15,668 |
|||||||
|
Total equity |
15,497 |
15,457 |
|||||||||
|
Total |
$ |
30,820 |
$ |
31,125 |
|||||||
|
Capitalization Ratios |
|||||||||||
|
Total debt |
50 |
% |
50 |
% | |||||||
|
Total equity |
50 |
% |
50 |
% | |||||||
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||
|
Sales Volumes and Prices |
|||||||||||||||||||||||||||||
|
Average Daily Sales Volumes |
Sales Volumes |
Average Sales Price | |||||||||||||||||||||||||||
|
Oil |
Natural Gas |
NGLs |
Oil |
Natural Gas |
NGLs |
Oil |
Natural Gas |
NGLs | |||||||||||||||||||||
|
MBbls/d |
MMcf/d |
MBbls/d |
MMBbls |
Bcf |
MMBbls |
Per Bbl |
Per Mcf |
Per Bbl | |||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
240 |
1,881 |
116 |
22 |
173 |
10 |
$ |
46.31 |
$ |
2.56 |
$ |
24.24 |
|||||||||||||||||
|
Algeria |
68 |
— |
8 |
6 |
— |
1 |
49.39 |
— |
30.10 |
||||||||||||||||||||
|
Other International |
28 |
— |
— |
3 |
— |
— |
47.18 |
— |
— |
||||||||||||||||||||
|
Total |
336 |
1,881 |
124 |
31 |
173 |
11 |
$ |
47.01 |
$ |
2.56 |
$ |
24.62 |
|||||||||||||||||
|
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 |
|||||||||||||||||
|
Year Ended December 31, 2016 |
|||||||||||||||||||||||||||||
|
United States |
233 |
2,093 |
122 |
85 |
766 |
44 |
$ |
39.06 |
$ |
2.04 |
$ |
19.32 |
|||||||||||||||||
|
Algeria |
64 |
— |
6 |
24 |
— |
2 |
44.15 |
— |
25.63 |
||||||||||||||||||||
|
Other International |
19 |
— |
— |
7 |
— |
— |
43.18 |
— |
— |
||||||||||||||||||||
|
Total |
316 |
2,093 |
128 |
116 |
766 |
46 |
$ |
40.34 |
$ |
2.04 |
$ |
19.64 |
|||||||||||||||||
|
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 |
|||||||||||||||||
|
Average Daily Sales Volumes MBOE/d |
Sales Volumes MMBOE |
||||||||||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
774 |
71 |
|||||||||||||||||||||||||||
|
Quarter Ended December 31, 2015 |
779 |
71 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2016 |
793 |
290 |
|||||||||||||||||||||||||||
|
Year Ended December 31, 2015 |
836 |
305 |
|||||||||||||||||||||||||||
|
Sales Revenue and Commodity Derivatives |
||||||||||||||||||||||||
|
Sales |
Net Cash Received (Paid) from Settlement of Commodity Derivatives | |||||||||||||||||||||||
|
millions |
Oil |
Natural Gas |
NGLs |
Oil |
Natural Gas |
NGLs | ||||||||||||||||||
|
Quarter Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
1,025 |
$ |
443 |
$ |
259 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
Algeria |
309 |
— |
22 |
— |
— |
— |
||||||||||||||||||
|
Other International |
120 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,454 |
$ |
443 |
$ |
281 |
$ |
39 |
$ |
— |
$ |
— |
||||||||||||
|
Quarter Ended December 31, 2015 |
||||||||||||||||||||||||
|
United States |
$ |
799 |
$ |
395 |
$ |
173 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Algeria |
282 |
— |
16 |
— |
— |
— |
||||||||||||||||||
|
Other International |
75 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
1,156 |
$ |
395 |
$ |
189 |
$ |
— |
$ |
84 |
$ |
— |
||||||||||||
|
Year Ended December 31, 2016 |
||||||||||||||||||||||||
|
United States |
$ |
3,330 |
$ |
1,564 |
$ |
861 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
Algeria |
1,043 |
— |
60 |
— |
— |
— |
||||||||||||||||||
|
Other International |
295 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
Total |
$ |
4,668 |
$ |
1,564 |
$ |
921 |
$ |
253 |
$ |
13 |
$ |
(1) |
||||||||||||
|
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 |
||||||||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Estimated Year-End Proved Reserves 2014 - 2016 | |||||||||
|
MMBOE |
2016 |
2015 |
2014 | ||||||
|
Proved Reserves |
|||||||||
|
Beginning of year |
2,057 |
2,858 |
2,792 |
||||||
|
Reserves additions and revisions |
|||||||||
|
Discoveries and extensions |
40 |
29 |
63 |
||||||
|
Infill-drilling additions |
69 |
89 |
577 |
||||||
|
Drilling-related reserves additions and revisions |
109 |
118 |
640 |
||||||
|
Other non-price-related revisions |
191 |
289 |
(137) |
||||||
|
Net organic reserves additions |
300 |
407 |
503 |
||||||
|
Acquisition of proved reserves in place |
97 |
1 |
— |
||||||
|
Price-related revisions |
(147) |
(624) |
(1) |
||||||
|
Total reserves additions and revisions |
250 |
(216) |
502 |
||||||
|
Sales in place |
(294) |
(279) |
(124) |
||||||
|
Production |
(291) |
(306) |
(312) |
||||||
|
End of year |
1,722 |
2,057 |
2,858 |
||||||
|
Proved Developed Reserves |
|||||||||
|
Beginning of year |
1,632 |
1,969 |
2,003 |
||||||
|
End of year |
1,325 |
1,632 |
1,969 |
||||||
|
Anadarko Petroleum Corporation | |||||||||
|
Commodity Hedge Positions | |||||||||
|
As of January 31, 2017 | |||||||||
|
Weighted Average Price per barrel | |||||||||
|
Volume (MBbls/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Oil |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
|||||||||
|
WTI |
68 |
$ |
40.00 |
$ |
50.00 |
$ |
58.84 | ||
|
Brent |
23 |
$ |
40.00 |
$ |
50.00 |
$ |
62.64 | ||
|
91 |
$ |
40.00 |
$ |
50.00 |
$ |
59.80 | |||
|
Volume |
Weighted Average Price per MMBtu | ||||||||
|
(thousand |
|||||||||
|
MMBtu/d) |
Floor Sold |
Floor Purchased |
Ceiling Sold | ||||||
|
Natural Gas |
|||||||||
|
Three-Way Collars |
|||||||||
|
2017 |
682 |
$ |
2.00 |
$ |
2.75 |
$ |
3.60 | ||
|
2018 |
250 |
$ |
2.00 |
$ |
2.75 |
$ |
3.54 | ||
|
Interest-Rate Derivatives | |||||
|
As of January 31, 2017 | |||||
|
Instrument |
Notional Amt. |
Reference Period |
Mandatory Termination Date |
Rate Paid |
Rate Received |
|
Swap |
$500 Million |
Sept. 2016 – 2046 |
Sept. 2018 |
6.559% |
3M LIBOR |
|
Swap |
$300 Million |
Sept. 2016 – 2046 |
Sept. 2020 |
6.509% |
3M LIBOR |
|
Swap |
$450 Million |
Sept. 2017 – 2047 |
Sept. 2018 |
6.445% |
3M LIBOR |
|
Swap |
$100 Million |
Sept. 2017 – 2047 |
Sept. 2020 |
6.891% |
3M LIBOR |
|
Swap |
$250 Million |
Sept. 2017 – 2047 |
Sept. 2021 |
6.570% |
3M LIBOR |
|
Anadarko Petroleum Corporation | |||||||||||||||||||||||
|
Reconciliation of Same-Store Sales | |||||||||||||||||||||||
|
Average Daily Sales Volumes | |||||||||||||||||||||||
|
Quarter Ended December 31, 2016 |
Quarter Ended December 31, 2015 | ||||||||||||||||||||||
|
OilMBbls/d |
Natural GasMMcf/d |
NGLsMBbls/d |
TotalMBOE/d |
OilMBbls/d |
Natural GasMMcf/d |
NGLsMBbls/d |
TotalMBOE/d | ||||||||||||||||
|
U.S. Onshore |
147 |
1,704 |
102 |
533 |
159 |
1,559 |
82 |
501 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
69 |
82 |
8 |
91 |
54 |
115 |
6 |
79 |
|||||||||||||||
|
International and Alaska |
107 |
— |
8 |
115 |
96 |
— |
6 |
102 |
|||||||||||||||
|
Same-Store Sales |
323 |
1,786 |
118 |
739 |
309 |
1,674 |
94 |
682 |
|||||||||||||||
|
Acquisition* |
12 |
11 |
1 |
15 |
— |
— |
— |
— |
|||||||||||||||
|
Divestitures** |
1 |
84 |
5 |
20 |
7 |
394 |
24 |
97 |
|||||||||||||||
|
Total |
336 |
1,881 |
124 |
774 |
316 |
2,068 |
118 |
779 |
|||||||||||||||
|
Year Ended December 31, 2016 |
Year Ended December 31, 2015 | ||||||||||||||||||||||
|
OilMBbls/d |
Natural GasMMcf/d |
NGLsMBbls/d |
TotalMBOE/d |
OilMBbls/d |
Natural GasMMcf/d |
NGLsMBbls/d |
TotalMBOE/d | ||||||||||||||||
|
U.S. Onshore |
155 |
1,737 |
100 |
545 |
160 |
1,618 |
92 |
522 |
|||||||||||||||
|
Deepwater Gulf of Mexico |
62 |
79 |
7 |
82 |
53 |
152 |
7 |
85 |
|||||||||||||||
|
International and Alaska |
93 |
— |
6 |
99 |
94 |
— |
6 |
100 |
|||||||||||||||
|
Same-Store Sales |
310 |
1,816 |
113 |
726 |
307 |
1,770 |
105 |
707 |
|||||||||||||||
|
Acquisition* |
3 |
3 |
— |
4 |
— |
— |
— |
— |
|||||||||||||||
|
Divestitures** |
3 |
274 |
15 |
63 |
10 |
564 |
25 |
129 |
|||||||||||||||
|
Total |
316 |
2,093 |
128 |
793 |
317 |
2,334 |
130 |
836 |
|||||||||||||||
|
* |
Includes volumes related to the acquisition of Gulf of Mexico assets on December 15, 2016. |
|
** |
Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, EOR, Bossier, and Powder River Basin CBM. |
PDF - http://mma.prnewswire.com/media/463433/APC_4Q16_OpsReport_1_31_17.pdf
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-2016-fourth-quarter-and-full-year-results-300399832.html
SOURCE Anadarko Petroleum Corporation