HOUSTON, Feb. 6, 2018
/PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
today announced 2017 fourth‑quarter results, reporting net income
attributable to common stockholders of $976 million, or
$1.80 per share (diluted). These
results include certain items typically excluded by the investment
community in published estimates. In total, these items increased
net income by $870 million, or $1.62 per share (diluted), on an after-tax
basis.(1) Net cash provided by operating activities in
the fourth quarter of 2017 was $1.4 billion.
For the year ended Dec. 31, 2017, Anadarko reported a net
loss attributable to common stockholders of $456 million, or
$0.85 per share (diluted). Full-year
2017 net cash provided by operating activities totaled $4.0 billion.
2017 HIGHLIGHTS
- Further improved oil sales-volume product mix to 53 percent,
with liquids increasing to 67 percent, contributing to a 67-percent
improvement in margins per barrel(2)
- Achieved production exit rates totaling more than 150,000
barrels of oil per day (BOPD) combined from the Delaware and DJ basins
- Closed more than $4.0 billion of
asset divestitures
- Announced $2.5 billion share
repurchase program and, by year end, repurchased 21.9 million
shares for approximately $1.1 billion
(average price of $48.33 per
share)
- Achieved completion of the Legal and Contractual Framework and
commenced resettlement for the Mozambique LNG project
"Given the significant volatility the energy sector faced in
2017, we continued to focus on capital efficiency throughout the
year by investing upstream capital within discretionary cash flow,
while materially improving margins per barrel – an approach that
produced very encouraging results as we concluded the year," said
Al Walker, Anadarko Chairman,
President and CEO. "These operational efficiencies, an improving
market environment, and strong momentum provide an exciting
backdrop to 2018. Our capital-investment program this year is well
positioned to deliver attractive cash returns that produce healthy
production growth. As we have stated previously, we will
complement this capital-efficient investment plan with additional
share buybacks, increases to our dividend yield, and improvements
to our credit metrics, as market conditions permit, rather than
materially increasing our capital expenditures to pursue greater
production volume."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year
sales volumes of oil, natural gas and natural gas liquids (NGLs)
totaled 245 million barrels of oil equivalent (BOE), or an
average of 672,000 BOE per day. Fourth-quarter 2017 sales volumes
of oil, natural gas and NGLs averaged approximately 637,000 BOE per
day.
In 2017, Anadarko organically added 244 million BOE of proved
reserves before the effects of price revisions. Anadarko's costs
incurred were $4.1 billion. The
company's oil and natural gas exploration and development costs
were $4.2 billion.(2) The
company estimates its proved reserves at year-end 2017 totaled
1.44 billion BOE, with 78 percent of its reserves categorized
as proved developed. At year-end 2017, Anadarko's proved reserves
were comprised of 63 percent liquids and 37 percent natural
gas.
OPERATING HIGHLIGHTS
By year-end 2017, oil sales
volumes in the Delaware Basin of
West Texas surpassed 50,000 BOPD,
representing a 69-percent increase over the fourth quarter of 2016.
The company also made significant progress toward full development
mode as it successfully concluded its drilling program to capture
70‑percent operatorship across its 240,000-net-acre position.
In the DJ Basin of northeast Colorado, Anadarko achieved record sales
volumes of more than 254,000 BOE per day. Oil sales volumes
surpassed 100,000 BOPD in December, driving an increase of almost
20 percent over the previous quarter. In addition, the company's
new completion design implemented in 2017 increased its estimated
ultimate recovery (EUR) to 690,000 BOE per well in the contiguous
core, representing an increase of more than 20-percent over the
previous type curve.
Gulf of Mexico sales volumes
averaged 143,000 BOE per day in the fourth quarter, representing a
35-percent increase over the fourth quarter of 2016. Oil sales
volumes for the quarter averaged 120,000 BOPD, a 48-percent
increase over the fourth quarter of 2016, while also reflecting the
impact of Hurricane Nate and the prolonged shutdown at the
third-party-operated Enchilada platform.
Anadarko's international and frontier operations averaged 94,000
barrels per day during the fourth quarter of 2017, representing an
18-percent decrease relative to the fourth quarter of 2016, which
was largely driven by statutory maintenance on the El Merk facility
in Algeria and the timing and size
of tanker liftings. Additionally, during the fourth quarter, the
company made meaningful progress with its Mozambique LNG project by
beginning the resettlement process to prepare the onshore location
for the future LNG park.
OPERATIONS REPORT
For additional details on Anadarko's
fourth-quarter 2017 operations and exploration program, please
refer to the comprehensive Operations Report available at
www.anadarko.com.
FINANCIAL HIGHLIGHTS
During the year, Anadarko
generated $4.0 billion of net
cash provided by operating activities while investing $3.8 billion on upstream exploration and
development activities.(3) The company ended 2017 with
$4.6 billion of cash on hand and
closed asset divestitures totaling more than $4.0 billion during the year. Subsequent to year
end, Anadarko divested its non-operated interest in its
Alaska assets for approximately
$400 million. The transaction is
subject to regulatory approval.
During the fourth quarter, approximately $1.1 billion of the company's previously
announced $2.5 billion
share-repurchase program was executed under an accelerated share
repurchase (ASR) agreement and through open-market purchases. In
February 2018, Anadarko completed a
repurchase of 8.5 million shares for $500
million (average price of $58.82 per share) under an additional ASR
agreement. To date, the company has completed $1.6 billion of repurchases under the program,
totaling 30.4 million shares at an average price of $51.27 per share.
Subsequent to year end, the company amended both its
$3.0 billion, five-year credit
facility to extend the maturity date to January 2022 and its $2.0
billion, 364-day credit facility to extend the maturity date
to January 2019.
2018 CAPITAL PROGRAM AND SALES-VOLUME
GUIDANCE
Anadarko's 2018 guidance has been adjusted from its
November 2017 news release for the
divestiture of its Alaska assets
and anticipated production impacts related to non-operated downtime
in the Gulf of Mexico. The company
expects full-year capital investments in the range of $4.1 to $4.5
billion, not including capital investments made by Western
Gas Partners, LP (NYSE: WES).
|
|
2018
Capital(a)
($ Million)
|
|
2018
Total Sales
Volume(b) (Million BOE)
|
|
2018
Oil Sales
Volume(b) (Thousand BOPD)
|
November 2017
Guidance
|
|
$4,200 -
$4,600
|
|
245 - 255
|
|
385 - 405
|
Adjustment
|
|
(100)
|
|
(7)(c)
|
|
(16)(d)
|
New
Guidance
|
|
$4,100 -
$4,500
|
|
238 -
248
|
|
370 -
390
|
|
|
|
|
|
|
|
Note: All amounts
are approximate.
|
(a) Does
not include WES capital investments.
|
(b) See
the accompanying table for a reconciliation of divestiture-adjusted
sales volume.
|
(c)
Includes Alaska divestiture (4 million BOE) and GOM, primarily
driven by non-operated downtime.
|
(d)
Includes Alaska divestiture (11 thousand BOPD) and GOM, primarily
driven by non-operated downtime.
|
CONFERENCE CALL TOMORROW AT 8
A.M. CST, 9 A.M.
EST
Anadarko will host an investor conference call on
Wednesday, Feb. 7, 2018, at
8 a.m. Central Standard Time
(9 a.m. Eastern Standard Time) to discuss fourth-quarter and
full-year 2017 results as well as details of the company's 2018
capital program and expectations. The dial-in number is
877.883.0383 in the U.S. or 412.902.6506 internationally. The
confirmation number is 4262361. 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
Twelve pages of summary financial data
follow, including costs incurred, proved reserves, current hedge
positions, a reconciliation of "divestiture-adjusted" or
"same-store" sales, 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)
|
Does not include
Anadarko midstream capital investments or capital investments made
by Western Gas Partners, LP (NYSE: WES).
|
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
2017, the company had 1.44 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; to finalize year-end reserves; to successfully execute
upon its capital program; to efficiently identify and deploy
capital resources; to meet financial and operating guidance; to
timely complete and commercially operate the projects and drilling
prospects identified in this news release; to consummate the
transaction described in this news release; to finalize the
necessary steps to secure operatorship; to successfully complete
the share repurchase program and to enter into additional programs;
to increase the dividend; to reduce debt; and to successfully plan,
secure additional government approvals, enter into long-term sales
contracts, finance, build, and operate the necessary infrastructure
and LNG park in Mozambique. See
"Risk Factors" in the company's 2016 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
INVESTORS:
Robin
Fielder, robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com,
832.636.2562
Andy Taylor,
andy.taylor@anadarko.com, 832.636.3089
Anadarko Petroleum
Corporation
Reconciliation 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, 2017
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
976
|
|
|
$
|
1.80
|
|
Adjustments for
certain items affecting comparability
|
|
|
|
|
|
|
Total gains (losses)
on derivatives, net, less net cash from settlement of
commodity derivatives*
|
|
$
|
(168)
|
|
|
(105)
|
|
|
(0.20)
|
|
Gains (losses) on
divestitures, net
|
|
(141)
|
|
|
(83)
|
|
|
(0.15)
|
|
Impairments
|
|
|
|
|
|
|
Producing
properties
|
|
(25)
|
|
|
(16)
|
|
|
(0.03)
|
|
Exploration
assets
|
|
(24)
|
|
|
(15)
|
|
|
(0.03)
|
|
Early termination of
rig
|
|
(39)
|
|
|
(25)
|
|
|
(0.05)
|
|
Change in uncertain
tax positions
|
|
|
|
(56)
|
|
|
(0.10)
|
|
Impact of tax reform
legislation
|
|
|
|
1,170
|
|
|
2.18
|
|
Certain items
affecting comparability
|
|
$
|
(397)
|
|
|
870
|
|
|
1.62
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
106
|
|
|
$
|
0.18
|
|
|
|
*
|
Includes
$(171) million related to commodity derivatives,
$(1) million related to interest-rate derivatives, and
$4 million related to gathering, processing, and marketing
sales.
|
|
|
Quarter Ended
December 31, 2016
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
(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
|
|
|
|
(10)
|
|
|
(0.02)
|
|
Certain items
affecting comparability
|
|
$
|
(337)
|
|
|
(243)
|
|
|
(0.44)
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
(272)
|
|
|
$
|
(0.50)
|
|
|
|
*
|
Includes $(179)
million related to commodity derivatives and $483 million
related to interest-rate derivatives.
|
Anadarko Petroleum
Corporation
Reconciliation of GAAP to Non-GAAP
Measures
Management believes that the presentation of Adjusted EBITDAX
(Margin) provides information useful in assessing the Company's
operating and financial performance across periods.
|
Years Ended
December 31,
|
millions
|
2017
|
|
2016
|
Net income (loss)
attributable to common stockholders (GAAP)
|
$
|
(456)
|
|
|
$
|
(3,071)
|
|
Interest
expense
|
932
|
|
|
890
|
|
Income tax expense
(benefit)
|
(1,477)
|
|
|
(1,021)
|
|
DD&A
|
4,279
|
|
|
4,301
|
|
Exploration
expense
|
2,541
|
|
|
946
|
|
(Gains) losses on
divestitures, net
|
(674)
|
|
|
757
|
|
Impairments
|
408
|
|
|
227
|
|
Total (gains) losses
on derivatives, net, less net cash from settlement of commodity
derivatives
|
156
|
|
|
559
|
|
Restructuring
charges
|
21
|
|
|
389
|
|
Other operating
expense
|
—
|
|
|
1
|
|
Loss on early
extinguishment of debt
|
2
|
|
|
155
|
|
Certain other
nonoperating items
|
—
|
|
|
(58)
|
|
Consolidated
Adjusted EBITDAX (Margin) (Non-GAAP)
|
$
|
5,732
|
|
|
$
|
4,075
|
|
Total barrels of oil
equivalent (BOE)
|
245
|
|
|
290
|
|
Consolidated
Adjusted EBITDAX (Margin) per BOE
|
$
|
23.40
|
|
|
$
|
14.05
|
|
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.
millions
|
Year Ended
December 31,
2017
|
Costs incurred
(GAAP)*
|
$
|
4,093
|
|
Asset retirement
obligation liabilities incurred
|
(5)
|
|
Cash expenditures for
asset retirement obligations
|
131
|
|
Oil and natural
gas exploration and development costs (Non-GAAP)
|
$
|
4,219
|
|
|
|
*
|
Includes $499 million
of unproved property acquisitions.
|
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, 2017
|
|
|
|
|
|
Anadarko
|
|
Anadarko
|
|
WGP*
|
|
excluding
|
millions
|
Consolidated
|
|
Consolidated
|
|
WGP
|
Total debt
(GAAP)
|
$
|
15,689
|
|
|
$
|
3,493
|
|
|
$
|
12,196
|
|
Less cash and cash
equivalents
|
4,553
|
|
|
80
|
|
|
4,473
|
|
Net debt
(Non-GAAP)
|
$
|
11,136
|
|
|
$
|
3,413
|
|
|
$
|
7,723
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
Anadarko
|
|
excluding
|
millions
|
|
|
Consolidated
|
|
WGP
|
Net debt
|
|
|
$
|
11,136
|
|
|
$
|
7,723
|
|
Total
equity
|
|
|
13,790
|
|
|
10,696
|
|
Adjusted
capitalization
|
|
|
$
|
24,926
|
|
|
$
|
18,419
|
|
|
|
|
|
|
|
|
Net debt to
adjusted capitalization ratio
|
45
|
%
|
|
|
42
|
%
|
|
|
*
|
Western Gas Equity
Partners, LP (WGP) is a publicly traded consolidated subsidiary of
Anadarko, and Western Gas Partners, LP (WES) is a consolidated
subsidiary of WGP.
|
Anadarko Petroleum
Corporation
|
Cash Flow
Information
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
December 31,
|
|
December 31,
|
millions
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
1,039
|
|
|
$
|
(452)
|
|
|
$
|
(211)
|
|
|
$
|
(2,808)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities
|
|
|
|
|
|
|
|
Depreciation,
depletion, and amortization
|
1,044
|
|
|
1,099
|
|
|
4,279
|
|
|
4,301
|
|
Deferred income
taxes
|
(1,143)
|
|
|
(117)
|
|
|
(2,169)
|
|
|
(1,238)
|
|
Dry hole expense and
impairments of unproved properties
|
77
|
|
|
313
|
|
|
2,221
|
|
|
613
|
|
Impairments
|
25
|
|
|
166
|
|
|
408
|
|
|
227
|
|
(Gains) losses on
divestitures, net
|
141
|
|
|
241
|
|
|
(674)
|
|
|
757
|
|
Loss on early
extinguishment of debt
|
—
|
|
|
31
|
|
|
2
|
|
|
155
|
|
Total (gains) losses
on derivatives, net
|
164
|
|
|
(342)
|
|
|
131
|
|
|
292
|
|
Operating portion of
net cash received (paid) in settlement of derivative
instruments
|
4
|
|
|
38
|
|
|
25
|
|
|
267
|
|
Other
|
78
|
|
|
86
|
|
|
303
|
|
|
342
|
|
Changes in assets and
liabilities
|
(39)
|
|
|
60
|
|
|
(306)
|
|
|
92
|
|
Net Cash Provided by
(Used in) Operating Activities*
|
$
|
1,390
|
|
|
$
|
1,123
|
|
|
$
|
4,009
|
|
|
$
|
3,000
|
|
Net Cash Provided by
(Used in) Investing Activities
|
$
|
(1,002)
|
|
|
$
|
(1,506)
|
|
|
$
|
(1,028)
|
|
|
$
|
(2,762)
|
|
Net Cash Provided by
(Used in) Financing Activities
|
$
|
(1,086)
|
|
|
$
|
(413)
|
|
|
$
|
(1,613)
|
|
|
$
|
2,008
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
|
|
|
|
|
|
Exploration and
Production and other
|
$
|
1,009
|
|
|
$
|
843
|
|
|
$
|
3,886
|
|
|
$
|
2,764
|
|
Midstream -
Anadarko**
|
200
|
|
|
15
|
|
|
458
|
|
|
59
|
|
Midstream -
WES
|
295
|
|
|
135
|
|
|
956
|
|
|
491
|
|
Total
|
$
|
1,504
|
|
|
$
|
993
|
|
|
$
|
5,300
|
|
|
$
|
3,314
|
|
|
|
*
|
Restructuring charges
(excluding noncash share-based compensation) were $1 million
for the quarter ended December 31, 2017, $23 million
for the quarter ended December 31, 2016, $21 million
for the year ended December 31, 2017, and
$357 million for the year ended December 31, 2016.
Cash payments for restructuring charges were $1 million for
the quarter ended December 31, 2017, $30 million for
the quarter ended December 31, 2016, $53 million for
the year ended December 31, 2017, and $247 million
for the year ended December 31, 2016.
|
**
|
Excludes
WES.
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year
ended
|
Summary Financial
Information
|
December 31,
|
|
December 31,
|
millions except
per-share amounts
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
Revenues and
Other
|
|
|
|
|
|
|
|
Oil sales
|
$
|
1,900
|
|
|
$
|
1,454
|
|
|
$
|
6,552
|
|
|
$
|
4,668
|
|
Natural-gas
sales
|
258
|
|
|
443
|
|
|
1,348
|
|
|
1,564
|
|
Natural-gas liquids
sales
|
301
|
|
|
281
|
|
|
1,069
|
|
|
921
|
|
Gathering,
processing, and marketing sales
|
583
|
|
|
399
|
|
|
2,000
|
|
|
1,294
|
|
Gains (losses) on
divestitures and other, net
|
(113)
|
|
|
(190)
|
|
|
939
|
|
|
(578)
|
|
Total
|
2,929
|
|
|
2,387
|
|
|
11,908
|
|
|
7,869
|
|
Costs and
Expenses
|
|
|
|
|
|
|
|
Oil and gas
operating
|
252
|
|
|
203
|
|
|
1,000
|
|
|
811
|
|
Oil and gas
transportation
|
216
|
|
|
258
|
|
|
914
|
|
|
1,002
|
|
Exploration
|
170
|
|
|
440
|
|
|
2,541
|
|
|
946
|
|
Gathering,
processing, and marketing
|
452
|
|
|
329
|
|
|
1,560
|
|
|
1,087
|
|
General and
administrative
|
235
|
|
|
324
|
|
|
1,075
|
|
|
1,440
|
|
Depreciation,
depletion, and amortization
|
1,044
|
|
|
1,099
|
|
|
4,279
|
|
|
4,301
|
|
Production, property,
and other taxes
|
133
|
|
|
114
|
|
|
582
|
|
|
536
|
|
Impairments
|
25
|
|
|
166
|
|
|
408
|
|
|
227
|
|
Other operating
expense
|
64
|
|
|
64
|
|
|
221
|
|
|
118
|
|
Total
|
2,591
|
|
|
2,997
|
|
|
12,580
|
|
|
10,468
|
|
Operating Income
(Loss)
|
338
|
|
|
(610)
|
|
|
(672)
|
|
|
(2,599)
|
|
Other (Income)
Expense
|
|
|
|
|
|
|
|
Interest
expense
|
252
|
|
|
233
|
|
|
932
|
|
|
890
|
|
Loss on early
extinguishment of debt
|
—
|
|
|
31
|
|
|
2
|
|
|
155
|
|
(Gains) losses on
derivatives, net
|
168
|
|
|
(343)
|
|
|
135
|
|
|
286
|
|
Other (income)
expense, net
|
(10)
|
|
|
(15)
|
|
|
(53)
|
|
|
(101)
|
|
Total
|
410
|
|
|
(94)
|
|
|
1,016
|
|
|
1,230
|
|
Income (Loss)
Before Income Taxes
|
(72)
|
|
|
(516)
|
|
|
(1,688)
|
|
|
(3,829)
|
|
Income tax expense
(benefit)
|
(1,111)
|
|
|
(64)
|
|
|
(1,477)
|
|
|
(1,021)
|
|
Net Income
(Loss)
|
1,039
|
|
|
(452)
|
|
|
(211)
|
|
|
(2,808)
|
|
Net income (loss)
attributable to noncontrolling interests
|
63
|
|
|
63
|
|
|
245
|
|
|
263
|
|
Net Income (Loss)
Attributable to Common Stockholders
|
$
|
976
|
|
|
$
|
(515)
|
|
|
$
|
(456)
|
|
|
$
|
(3,071)
|
|
Per Common
Share
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders—basic
|
$
|
1.80
|
|
|
$
|
(0.94)
|
|
|
$
|
(0.85)
|
|
|
$
|
(5.90)
|
|
Net income (loss)
attributable to common stockholders—diluted
|
$
|
1.80
|
|
|
$
|
(0.94)
|
|
|
$
|
(0.85)
|
|
|
$
|
(5.90)
|
|
Average Number of
Common Shares Outstanding—Basic
|
537
|
|
|
551
|
|
|
548
|
|
|
522
|
|
Average Number of
Common Shares Outstanding—Diluted
|
537
|
|
|
551
|
|
|
548
|
|
|
522
|
|
|
|
|
|
|
|
|
|
Exploration
Expense
|
|
|
|
|
|
|
|
Dry hole
expense
|
$
|
25
|
|
|
$
|
188
|
|
|
$
|
1,433
|
|
|
$
|
397
|
|
Impairments of
unproved properties
|
52
|
|
|
125
|
|
|
788
|
|
|
216
|
|
Geological and
geophysical, exploration overhead, and other expense
|
93
|
|
|
127
|
|
|
320
|
|
|
333
|
|
Total
|
$
|
170
|
|
|
$
|
440
|
|
|
$
|
2,541
|
|
|
$
|
946
|
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
December 31,
|
|
December
31,
|
millions
|
2017
|
|
2016
|
Condensed Balance
Sheets
|
|
|
|
Cash and cash
equivalents
|
$
|
4,553
|
|
|
$
|
3,184
|
|
Accounts receivable,
net of allowance
|
1,829
|
|
|
1,728
|
|
Other current
assets
|
380
|
|
|
354
|
|
Net properties and
equipment
|
27,451
|
|
|
32,168
|
|
Other
assets
|
2,211
|
|
|
2,226
|
|
Goodwill and other
intangible assets
|
5,662
|
|
|
5,904
|
|
Total
Assets
|
$
|
42,086
|
|
|
$
|
45,564
|
|
Short-term debt -
Anadarko*
|
142
|
|
|
42
|
|
Other current
liabilities
|
3,764
|
|
|
3,286
|
|
Long-term debt -
Anadarko*
|
12,054
|
|
|
12,162
|
|
Long-term debt - WES
and WGP
|
3,493
|
|
|
3,119
|
|
Deferred income
taxes
|
2,234
|
|
|
4,324
|
|
Asset retirement
obligations
|
2,500
|
|
|
2,802
|
|
Other long-term
liabilities
|
4,109
|
|
|
4,332
|
|
Common
stock
|
57
|
|
|
57
|
|
Paid-in
capital
|
12,000
|
|
|
11,875
|
|
Retained
earnings
|
1,109
|
|
|
1,704
|
|
Treasury
stock
|
(2,132)
|
|
|
(1,033)
|
|
Accumulated other
comprehensive income (loss)
|
(338)
|
|
|
(391)
|
|
Total stockholders'
equity
|
10,696
|
|
|
12,212
|
|
Noncontrolling
interests
|
3,094
|
|
|
3,285
|
|
Total
Equity
|
13,790
|
|
|
15,497
|
|
Total Liabilities and
Equity
|
$
|
42,086
|
|
|
$
|
45,564
|
|
Capitalization
|
|
|
|
Total debt
|
$
|
15,689
|
|
|
$
|
15,323
|
|
Total
equity
|
13,790
|
|
|
15,497
|
|
Total
|
$
|
29,479
|
|
|
$
|
30,820
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
Total debt
|
53
|
%
|
|
50
|
%
|
Total
equity
|
47
|
%
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
287
|
|
|
1,064
|
|
|
90
|
|
|
26
|
|
|
98
|
|
|
7
|
|
|
$
|
54.97
|
|
|
$
|
2.63
|
|
|
$
|
34.99
|
|
Algeria
|
54
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
61.35
|
|
|
—
|
|
|
45.29
|
|
Other
International
|
26
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
60.75
|
|
|
—
|
|
|
—
|
|
Total
|
367
|
|
|
1,064
|
|
|
93
|
|
|
33
|
|
|
98
|
|
|
8
|
|
|
$
|
56.32
|
|
|
$
|
2.63
|
|
|
$
|
35.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
266
|
|
|
1,309
|
|
|
95
|
|
|
97
|
|
|
478
|
|
|
34
|
|
|
$
|
49.62
|
|
|
$
|
2.82
|
|
|
$
|
29.24
|
|
Algeria
|
61
|
|
|
—
|
|
|
4
|
|
|
22
|
|
|
—
|
|
|
2
|
|
|
53.74
|
|
|
—
|
|
|
35.64
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
53.84
|
|
|
—
|
|
|
—
|
|
Total
|
355
|
|
|
1,309
|
|
|
99
|
|
|
129
|
|
|
478
|
|
|
36
|
|
|
$
|
50.66
|
|
|
$
|
2.82
|
|
|
$
|
29.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily
Sales
Volumes MBOE/d
|
|
Sales
Volumes MMBOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2017
|
637
|
|
58
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2016
|
774
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2017
|
672
|
|
245
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016
|
793
|
|
290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,450
|
|
|
$
|
258
|
|
|
$
|
290
|
|
|
|
$
|
(1)
|
|
|
$
|
5
|
|
|
$
|
—
|
|
Algeria
|
305
|
|
|
—
|
|
|
11
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
145
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
1,900
|
|
|
$
|
258
|
|
|
$
|
301
|
|
|
|
$
|
(1)
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,025
|
|
|
$
|
443
|
|
|
$
|
259
|
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Algeria
|
309
|
|
|
—
|
|
|
22
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
120
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
1,454
|
|
|
$
|
443
|
|
|
$
|
281
|
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
4,818
|
|
|
$
|
1,348
|
|
|
$
|
1,010
|
|
|
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
(3)
|
|
Algeria
|
1,190
|
|
|
—
|
|
|
59
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
544
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
6,552
|
|
|
$
|
1,348
|
|
|
$
|
1,069
|
|
|
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
Anadarko Petroleum
Corporation
|
Estimated Year-End
Proved Reserves 2015 - 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MMBOE
|
|
2017
|
|
2016
|
|
2015
|
Proved
Reserves
|
|
|
|
|
|
|
Beginning of
year
|
|
1,722
|
|
|
2,057
|
|
|
2,858
|
|
Reserves additions
and revisions
|
|
|
|
|
|
|
Discoveries and
extensions
|
|
114
|
|
|
40
|
|
|
29
|
|
Infill-drilling
additions
|
|
71
|
|
|
69
|
|
|
89
|
|
Drilling-related
reserves additions and revisions
|
|
185
|
|
|
109
|
|
|
118
|
|
Other
non-price-related revisions
|
|
59
|
|
|
191
|
|
|
289
|
|
Net organic reserves
additions
|
|
244
|
|
|
300
|
|
|
407
|
|
Acquisition of proved
reserves in place
|
|
3
|
|
|
97
|
|
|
1
|
|
Price-related
revisions
|
|
92
|
|
|
(147)
|
|
|
(624)
|
|
Total reserves
additions and revisions
|
|
339
|
|
|
250
|
|
|
(216)
|
|
Sales in
place
|
|
(379)
|
|
|
(294)
|
|
|
(279)
|
|
Production
|
|
(243)
|
|
|
(291)
|
|
|
(306)
|
|
End of
year
|
|
1,439
|
|
|
1,722
|
|
|
2,057
|
|
Proved Developed
Reserves
|
|
|
|
|
|
|
Beginning of
year
|
|
1,325
|
|
|
1,632
|
|
|
1,969
|
|
End of
year
|
|
1,127
|
|
|
1,325
|
|
|
1,632
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of February 6,
2018
|
|
|
|
|
|
Note: Guidance
excludes sales volumes for Alaska due to
divestiture.
|
|
|
|
|
|
|
|
1st-Qtr
|
|
Full-Year
|
|
|
Guidance (see
Note)
|
|
Guidance (see
Note)
|
|
Units
|
|
Units
|
|
|
|
|
|
|
|
|
|
Total Sales
Volumes (MMBOE)
|
|
55
|
|
—
|
|
58
|
|
|
238
|
|
—
|
|
248
|
|
Total Sales
Volumes (MBOE/d)
|
|
611
|
|
—
|
|
644
|
|
|
652
|
|
—
|
|
679
|
|
|
|
|
|
|
|
|
|
|
Oil
(MBbl/d)
|
|
352
|
|
—
|
|
365
|
|
|
370
|
|
—
|
|
390
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
270
|
|
—
|
|
280
|
|
|
286
|
|
—
|
|
303
|
|
Algeria
|
|
55
|
|
—
|
|
56
|
|
|
57
|
|
—
|
|
58
|
|
Ghana
|
|
27
|
|
—
|
|
29
|
|
|
27
|
|
—
|
|
29
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
(MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
1,025
|
|
—
|
|
1,075
|
|
|
1,085
|
|
—
|
|
1,125
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
Liquids (MBbl/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
87
|
|
—
|
|
92
|
|
|
93
|
|
—
|
|
96
|
|
Algeria
|
|
4
|
|
—
|
|
6
|
|
|
5
|
|
—
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
Unit
|
|
$ /
Unit
|
Price
Differentials vs NYMEX (w/o hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
($/Bbl)
|
|
(0.80)
|
|
—
|
|
3.20
|
|
|
(1.90)
|
|
—
|
|
2.30
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(2.00)
|
|
—
|
|
2.00
|
|
|
(3.00)
|
|
—
|
|
1.00
|
|
Algeria
|
|
3.00
|
|
—
|
|
7.00
|
|
|
2.00
|
|
—
|
|
7.00
|
|
Ghana
|
|
3.00
|
|
—
|
|
7.00
|
|
|
2.00
|
|
—
|
|
7.00
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(0.35)
|
|
—
|
|
(0.15)
|
|
|
(0.45)
|
|
—
|
|
(0.20)
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of February 6,
2018
|
|
|
|
|
|
Note: Guidance
excludes items affecting comparability.
|
|
|
|
|
|
|
|
1st-Qtr
|
|
Full-Year
|
|
|
Guidance (see
Note)
|
|
Guidance (see
Note)
|
|
|
$
MM
|
|
$
MM
|
Other
Revenues
|
|
|
|
|
|
|
|
|
Marketing and
Gathering Margin
|
|
145
|
|
—
|
|
165
|
|
|
700
|
|
—
|
|
780
|
|
Minerals and
Other
|
|
30
|
|
—
|
|
50
|
|
|
190
|
|
—
|
|
230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
BOE
|
|
$ /
BOE
|
Costs and
Expenses
|
|
|
|
|
|
|
|
|
Oil & Gas Direct
Operating
|
|
4.70
|
|
—
|
|
4.90
|
|
|
4.25
|
|
—
|
|
4.75
|
|
Oil & Gas
Transportation and Other
|
|
3.40
|
|
—
|
|
3.60
|
|
|
3.50
|
|
—
|
|
3.75
|
|
Depreciation,
Depletion, and Amortization
|
|
18.50
|
|
—
|
|
19.00
|
|
|
18.25
|
|
—
|
|
18.75
|
|
Production Taxes (% of
Product Revenue)
|
|
6.0
|
%
|
—
|
|
7.0
|
%
|
|
6.0
|
%
|
—
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
240
|
|
—
|
|
260
|
|
|
945
|
|
—
|
|
995
|
|
Other Operating
Expense
|
|
5
|
|
—
|
|
15
|
|
|
40
|
|
—
|
|
50
|
|
Exploration
Expense
|
|
|
|
|
|
|
|
|
Non-Cash
|
|
40
|
|
—
|
|
70
|
|
|
150
|
|
—
|
|
200
|
|
Cash
|
|
50
|
|
—
|
|
60
|
|
|
200
|
|
—
|
|
220
|
|
Interest Expense
(net)
|
|
230
|
|
—
|
|
240
|
|
|
925
|
|
—
|
|
975
|
|
Other (Income)
Expense
|
|
(5)
|
|
—
|
|
5
|
|
|
(20)
|
|
—
|
|
20
|
|
|
|
|
|
|
|
|
|
|
Taxes
|
|
|
|
|
|
|
|
|
Algeria (100%
Current)
|
|
60
|
%
|
—
|
|
70
|
%
|
|
60
|
%
|
—
|
|
70
|
%
|
Rest of Company
(25% Current/75% Deferred for Q1 and 35% Current/65% Deferred for
Total Year)
|
|
15
|
%
|
—
|
|
25
|
%
|
|
15
|
%
|
—
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interest
|
|
50
|
|
—
|
|
70
|
|
|
300
|
|
—
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg. Shares
Outstanding (MM)
|
|
|
|
|
|
|
|
|
Basic
|
|
520
|
|
—
|
|
530
|
|
|
520
|
|
—
|
|
530
|
|
Diluted
|
|
520
|
|
—
|
|
530
|
|
|
520
|
|
—
|
|
530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
(Excluding Western Gas Partners, LP)
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
APC Capital
Expenditures
|
|
1,200
|
|
—
|
|
1,400
|
|
|
4,100
|
|
—
|
|
4,500
|
|
Anadarko Petroleum
Corporation
|
Commodity Hedge
Positions
|
As of February 6,
2018
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Price per barrel
|
|
Volume
(MBbls/d)
|
|
Floor
Sold
|
|
Floor
Purchased
|
|
Ceiling
Sold
|
Oil
|
|
|
|
|
|
|
|
|
Two-Way
Collars
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
WTI
|
108
|
|
|
$
|
50.00
|
$
|
60.48
|
|
|
|
|
|
|
|
|
|
Fixed Price -
Financial
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
Brent
|
84
|
$
|
61.45
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Weighted Average
Price per MMBtu
|
|
(thousand
|
|
|
|
|
|
|
|
|
|
MMBtu/d)
|
|
Floor
Sold
|
|
Floor
Purchased
|
|
Ceiling
Sold
|
Natural
Gas
|
|
|
|
|
|
|
|
|
Three-Way
Collars
|
|
|
|
|
|
|
|
|
2018
|
250
|
$
|
2.00
|
$
|
2.75
|
$
|
3.54
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Price -
Financial
|
|
|
|
|
|
|
|
|
2018
|
280
|
$
|
3.02
|
|
|
|
|
|
|
|
|
|
|
Interest-Rate
Derivatives
|
As of February 6,
2018
|
|
|
|
|
|
|
Instrument
|
Notional
Amt.
|
Reference
Period
|
Mandatory Termination Date
|
Rate
Paid
|
Rate
Received
|
Swap
|
$550
Million
|
Sept. 2016 –
2046
|
Sept. 2020
|
6.418%
|
3M LIBOR
|
Swap
|
$250
Million
|
Sept. 2016 –
2046
|
Sept. 2022
|
6.809%
|
3M LIBOR
|
Swap
|
$200
Million
|
Sept. 2017 –
2047
|
Sept. 2018
|
6.049%
|
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
|
Swap
|
$250
Million
|
Sept. 2017 –
2047
|
Sept. 2023
|
6.761%
|
3M LIBOR
|
Anadarko Petroleum
Corporation
|
Reconciliation of
Same-Store Sales
|
|
Average Daily
Sales Volumes
|
|
Quarter Ended
December 31, 2017
|
|
Quarter Ended
December 31, 2016
|
|
Oil MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
|
Oil MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
U.S.
Onshore
|
156
|
|
|
934
|
|
|
79
|
|
|
390
|
|
|
120
|
|
|
986
|
|
|
76
|
|
|
360
|
|
Gulf of
Mexico
|
120
|
|
|
85
|
|
|
9
|
|
|
143
|
|
|
81
|
|
|
93
|
|
|
9
|
|
|
106
|
|
International
|
80
|
|
|
—
|
|
|
3
|
|
|
83
|
|
|
96
|
|
|
—
|
|
|
8
|
|
|
104
|
|
Same-Store
Sales
|
356
|
|
|
1,019
|
|
|
91
|
|
|
616
|
|
|
297
|
|
|
1,079
|
|
|
93
|
|
|
570
|
|
Divestitures*
|
11
|
|
|
45
|
|
|
2
|
|
|
21
|
|
|
39
|
|
|
802
|
|
|
31
|
|
|
204
|
|
Total
|
367
|
|
|
1,064
|
|
|
93
|
|
|
637
|
|
|
336
|
|
|
1,881
|
|
|
124
|
|
|
774
|
|
|
|
|
|
|
Year Ended
December 31, 2017
|
|
Year Ended
December 31, 2016
|
|
Oil MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
|
Oil MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
U.S.
Onshore
|
128
|
|
|
966
|
|
|
79
|
|
|
368
|
|
|
123
|
|
|
991
|
|
|
73
|
|
|
361
|
|
Gulf of
Mexico
|
121
|
|
|
107
|
|
|
10
|
|
|
149
|
|
|
65
|
|
|
82
|
|
|
7
|
|
|
86
|
|
International
|
89
|
|
|
—
|
|
|
4
|
|
|
93
|
|
|
83
|
|
|
—
|
|
|
6
|
|
|
89
|
|
Same-Store
Sales
|
338
|
|
|
1,073
|
|
|
93
|
|
|
610
|
|
|
271
|
|
|
1,073
|
|
|
86
|
|
|
536
|
|
Divestitures*
|
17
|
|
|
236
|
|
|
6
|
|
|
62
|
|
|
45
|
|
|
1,020
|
|
|
42
|
|
|
257
|
|
Total
|
355
|
|
|
1,309
|
|
|
99
|
|
|
672
|
|
|
316
|
|
|
2,093
|
|
|
128
|
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Includes Eagleford,
Marcellus, Eaglebine, Utah CBM, Moxa, Alaska, East Chalk,
Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and
Carthage.
|
|
|
|
|
|
|
|
|
Note: Data for the
quarter ended March 31, 2017, is presented for comparability to the
company's First-Quarter 2018 Guidance.
|
|
|
|
|
|
|
|
|
Average Daily
Sales Volumes
|
|
Quarter Ended
March 31, 2017
|
|
Oil
MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
U.S.
Onshore
|
115
|
|
|
1,058
|
|
|
85
|
|
|
376
|
|
Gulf of
Mexico
|
125
|
|
|
129
|
|
|
12
|
|
|
159
|
|
International
|
98
|
|
|
—
|
|
|
6
|
|
|
104
|
|
Same-Store
Sales
|
338
|
|
|
1,187
|
|
|
103
|
|
|
639
|
|
Divestitures*
|
29
|
|
|
672
|
|
|
15
|
|
|
156
|
|
Total
|
367
|
|
|
1,859
|
|
|
118
|
|
|
795
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Includes Eagleford,
Marcellus, Eaglebine, Utah CBM, Moxa, Alaska, East Chalk,
Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, and
Carthage.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2017-fourth-quarter-and-full-year-results-300594493.html
SOURCE Anadarko Petroleum Corporation