Anadarko Announces Second-Quarter 2015 Results

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

Jul 28, 2015, 16:05 ET from Anadarko Petroleum Corporation

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, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
Christina Ramirez, christina.ramirez@anadarko.com, 832.636.8687

INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jeremy Smith, jeremy.smith@anadarko.com, 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

SOURCE Anadarko Petroleum Corporation



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