HOUSTON, May 1, 2018
/PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
today announced 2018 first‑quarter results, reporting net income
attributable to common stockholders of $121 million, or
$0.22 per share (diluted). These
results include certain items typically excluded by the investment
community in published estimates. In total, these items decreased
net income by $158 million, or $0.30 per share (diluted), on an after-tax
basis.(1) Net cash provided by operating activities in
the first quarter of 2018 was $1.43 billion.
FIRST-QUARTER 2018 HIGHLIGHTS
- Achieved record divestiture-adjusted oil production of 367,000
barrels per day
- Increased the company's oil production mix to 57 percent, while
generating its highest per-barrel margins since 2014, when oil
prices averaged more than $93 per
barrel for WTI
- Entered into accelerated share-repurchase agreements (ASRs) to
complete the expanded $3.0 billion
share-buyback program by the end of the second quarter, nine months
from initial board authorization
- Secured substantial long-term oil transportation capacity from
the Delaware Basin to both Gulf
Coast and U.S. export markets, while also locking in firm sales out
of the basin for about 80 percent of its operated natural gas
production
- Received Mozambique government
approval for the Golfinho/Atum Plan of Development for the
company's LNG project with Area 1 participants
"The results we achieved over the second half of 2017 created
strong momentum in the first quarter of 2018," said Al Walker, Anadarko Chairman, President and CEO.
"Exceptional performance from our asset-management teams in the
Delaware and DJ basins and the
Deepwater Gulf of Mexico drove record quarterly oil production,
matching the company's highest oil output to date. Additionally, we
expect to complete our $3.0 billion
share-repurchase program by mid-year and will consider expanding
this program further should free cash flow from the current
operating environment continue to increase.
"Looking ahead, our infrastructure buildout in West Texas is on track, with expectations of
placing into service our first regional oil treating facility
(ROTF) in Reeves County in the
second quarter," added Walker. "This is expected to be followed by
an additional ROTF in north Loving
County and the first cryogenic train at the Mentone gas processing plant in the third
quarter. As we have commented previously, these are key drivers for
significant oil growth later this year and next. As the operator
for approximately 70 percent of our Delaware Basin leasehold, we have significant
size, scale, control and flexibility to be an anchor tenant on
several pipeline projects to ensure hydrocarbon-takeaway from the
basin and improve wellhead margins. Although we are increasing our
expected capital investments by about $100
million for the full year, this is primarily a result of
higher-than-expected non-operated plans in the Delaware Basin from our leasehold partners and
does not represent an increase in operated activity. This durable
strategy of providing capital-efficient growth, while generating
free cash flow to drive the return of capital through share
repurchases, increased dividends and debt retirement will continue
to be one of our principal objectives in the years to come."
OPERATING HIGHLIGHTS
Anadarko's first-quarter sales
volumes of oil, natural gas and natural gas liquids (NGLs) totaled
58 million barrels of oil equivalent (BOE), or an average of
643,000 BOE per day, which was at the high end of the company's
first-quarter guidance.
In the Delaware Basin, the
company's oil sales volumes averaged 52,000 barrels per day for the
quarter, representing a 70-percent increase over the first quarter
of 2017. Importantly, Anadarko secured substantial long-term oil
transportation capacity with commitments covering more than half of
the company's expected 2018 operated production and nearly all of
its projected operated production by late 2019. The company will be
an anchor shipper on Enterprise's Midland pipeline to Houston and Plains' Cactus II pipeline to Corpus Christi, and Anadarko is also covered
by firm transport or firm sales with reliable counterparties
controlling basin export capacity for approximately 80 percent of
its operated natural gas production. In addition, construction on
the Reeves ROTF is complete and commissioning activities are
underway. Anadarko currently operates seven drilling rigs and five
completion crews in the Delaware
Basin.
In the DJ Basin of northeast Colorado, Anadarko continued to achieve record
sales volumes, averaging more than 260,000 BOE per day, an
8-percent increase over the first quarter of 2017. The company
currently operates four drilling rigs in the basin along with three
completion crews that feature equipment with noise-reduction
technology.
In the Deepwater Gulf of Mexico, Anadarko achieved record oil
sales volumes of 128,000 barrels per day. Volume growth was driven
by a new tieback at the Marlin facility and increased production at
Horn Mountain, which is producing at its highest rate since
2006.
Sales volumes from Anadarko's international operations in
Algeria and Ghana averaged 88,000 barrels of liquids per
day during the first quarter of 2018. In March, the Mozambique
Government approved the Anadarko-operated Area 1 Golfinho/Atum Plan
of Development defining the integrated onshore LNG project from the
reservoir to the market. The Mozambique LNG project also made good
progress on marketing with the announcement of a long-term LNG Sale
and Purchase Agreement (SPA) for 1.2 million tonnes per annum for a
period of 15 years with one of the world's largest electric
utilities, Électricité de France,
S.A. (EDF). The near-term marketing objective has been met with
non-binding key terms agreed with multiple buyers for more than 8.5
million tonnes per annum. Focus is now on converting these
agreements to binding long-term SPAs.
OPERATIONS REPORT
For additional details on Anadarko's
first-quarter 2018 operations and exploration program, please refer
to the comprehensive Operations Report available at
www.anadarko.com.
FINANCIAL HIGHLIGHTS
During the first quarter,
Anadarko's capital investments, excluding Western Gas Partners, LP
(WES), were $1.37 billion. The
company also entered into two ASRs to complete its $3.0 billion share-repurchase program, which were
funded by approximately $1.9 billion
of cash on hand, with the final pricing and number of shares
repurchased for the current outstanding ASR to be determined upon
its completion in the second quarter. In the first quarter,
Anadarko also announced a 400-percent increase to its quarterly
dividend, increasing from 5 cents per
share to 25 cents per share.
CONFERENCE CALL TOMORROW AT 8
A.M. CDT, 9 A.M.
EDT
Anadarko will host an investor conference call on
Wednesday, May 2, 2018, at
8 a.m. Central Daylight Time
(9 a.m. Eastern Daylight Time) to discuss its first-quarter
2018 financial and operating results. The dial-in number is
877.883.0383 in the U.S. or 412.902.6506 internationally. The
confirmation number is 2709670. For complete instructions on how to
participate in the conference call, or to listen to the live audio
webcast, 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
Ten pages of summary financial data
follow, including updated financial and production guidance,
current hedge positions, and a reconciliation of
"divestiture-adjusted" or "same-store" sales.
(1) See the accompanying table for details of certain
items affecting comparability.
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 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, infrastructure and drilling
prospects identified 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 2017 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
March 31, 2018
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
121
|
|
|
$
|
0.22
|
|
Adjustments for
certain items affecting comparability
|
|
|
|
|
|
|
Total gains (losses)
on derivatives, net, less net cash from settlement of commodity
derivatives*
|
|
$
|
27
|
|
|
21
|
|
|
0.04
|
|
Gains (losses) on
divestitures, net
|
|
(24)
|
|
|
(17)
|
|
|
(0.03)
|
|
Impairments
|
|
|
|
|
|
|
Producing
properties
|
|
(19)
|
|
|
(15)
|
|
|
(0.03)
|
|
Exploration
assets
|
|
(53)
|
|
|
(41)
|
|
|
(0.08)
|
|
Contingency
accruals
|
|
(132)
|
|
|
(101)
|
|
|
(0.19)
|
|
Change in uncertain
tax positions
|
|
|
|
(5)
|
|
|
(0.01)
|
|
Certain items
affecting comparability
|
|
$
|
(201)
|
|
|
(158)
|
|
|
(0.30)
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
279
|
|
|
$
|
0.52
|
|
|
|
*
|
Includes
$127 million related to interest-rate derivatives,
$(94) million related to commodity derivatives, and
$(6) million related to gathering, processing, and marketing
sales.
|
|
|
Quarter Ended
March 31, 2017
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
(318)
|
|
|
$
|
(0.58)
|
|
Adjustments for
certain items affecting comparability
|
|
|
|
|
|
|
Total gains (losses)
on derivatives, net, less net cash from settlement of commodity
derivatives*
|
|
$
|
155
|
|
|
99
|
|
|
0.18
|
|
Gains (losses) on
divestitures, net
|
|
804
|
|
|
509
|
|
|
0.92
|
|
Impairments
|
|
|
|
|
|
|
Producing and general
properties
|
|
(373)
|
|
|
(237)
|
|
|
(0.43)
|
|
Exploration
assets
|
|
(532)
|
|
|
(338)
|
|
|
(0.61)
|
|
Change in uncertain
tax positions
|
|
|
|
(21)
|
|
|
(0.04)
|
|
Certain items
affecting comparability
|
|
$
|
54
|
|
|
12
|
|
|
0.02
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
(330)
|
|
|
$
|
(0.60)
|
|
*
|
Includes
$12 million related to interest-rate derivatives, $141 million
related to commodity derivatives, and $2 million related to
gathering, processing, and marketing sales.
|
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.
|
Quarter
Ended
March
31,
|
millions
|
2018
|
|
2017
|
Net income (loss)
attributable to common stockholders (GAAP)
|
$
|
121
|
|
|
$
|
(318)
|
|
Interest
expense
|
228
|
|
|
223
|
|
Income tax expense
(benefit)
|
126
|
|
|
97
|
|
DD&A
|
990
|
|
|
1,115
|
|
Exploration
expense
|
168
|
|
|
1,084
|
|
(Gains) losses on
divestitures, net
|
24
|
|
|
(804)
|
|
Impairments
|
19
|
|
|
373
|
|
Total (gains) losses
on derivatives, net, less net cash from settlement of commodity
derivatives
|
(27)
|
|
|
(155)
|
|
Restructuring
charges
|
—
|
|
|
(1)
|
|
Consolidated
Adjusted EBITDAX (Margin) (Non-GAAP)
|
$
|
1,649
|
|
|
$
|
1,614
|
|
Total barrels of oil
equivalent (BOE)
|
58
|
|
|
72
|
|
Consolidated
Adjusted EBITDAX (Margin) per BOE
|
$
|
28.43
|
|
|
$
|
22.42
|
|
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.
|
|
|
March 31,
2018
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
Anadarko
|
|
WGP*
|
|
excluding
|
millions
|
|
|
Consolidated
|
|
Consolidated
|
|
WGP
|
Total debt
(GAAP)
|
|
|
$
|
16,404
|
|
|
$
|
4,204
|
|
|
$
|
12,200
|
|
Less cash and cash
equivalents
|
|
|
3,361
|
|
|
524
|
|
|
2,837
|
|
Net debt
(Non-GAAP)
|
|
|
$
|
13,043
|
|
|
$
|
3,680
|
|
|
$
|
9,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
|
|
Anadarko
|
|
excluding
|
millions
|
|
|
|
|
Consolidated
|
|
WGP
|
Net debt
|
|
|
|
|
$
|
13,043
|
|
|
$
|
9,363
|
|
Total
equity
|
|
|
|
|
11,756
|
|
|
8,741
|
|
Adjusted
capitalization
|
|
|
|
|
$
|
24,799
|
|
|
$
|
18,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to
adjusted capitalization ratio
|
|
|
|
|
|
53
|
%
|
|
|
52
|
%
|
*
|
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
|
|
March 31,
|
millions
|
2018
|
|
2017
|
Cash Flows from
Operating Activities
|
|
|
|
Net income
(loss)
|
$
|
174
|
|
|
$
|
(275)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities
|
|
|
|
Depreciation,
depletion, and amortization
|
990
|
|
|
1,115
|
|
Deferred income
taxes
|
42
|
|
|
(660)
|
|
Dry hole expense and
impairments of unproved properties
|
106
|
|
|
1,012
|
|
Impairments
|
19
|
|
|
373
|
|
(Gains) losses on
divestitures, net
|
24
|
|
|
(804)
|
|
Total (gains) losses
on derivatives, net
|
36
|
|
|
(147)
|
|
Operating portion of
net cash received (paid) in settlement of derivative
instruments
|
(63)
|
|
|
(8)
|
|
Other
|
74
|
|
|
83
|
|
Changes in assets and
liabilities
|
28
|
|
|
434
|
|
Net Cash Provided by
(Used in) Operating Activities
|
$
|
1,430
|
|
|
$
|
1,123
|
|
Net Cash Provided by
(Used in) Investing Activities
|
$
|
(1,113)
|
|
|
$
|
1,723
|
|
Net Cash Provided by
(Used in) Financing Activities
|
$
|
(1,507)
|
|
|
$
|
(198)
|
|
|
|
|
|
Capital
Expenditures
|
|
|
|
Exploration and
Production and other
|
$
|
1,115
|
|
|
$
|
945
|
|
WES
Midstream
|
327
|
|
|
286
|
|
Other
Midstream*
|
262
|
|
|
24
|
|
Total
|
$
|
1,704
|
|
|
$
|
1,255
|
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
Summary Financial
Information
|
March 31,
|
millions except
per-share amounts
|
2018
|
|
2017
|
Consolidated
Statements of Income
|
|
|
|
Revenues and
Other
|
|
|
|
Oil sales
|
$
|
2,127
|
|
|
$
|
1,663
|
|
Natural-gas
sales
|
247
|
|
|
502
|
|
Natural-gas liquids
sales
|
292
|
|
|
289
|
|
Gathering,
processing, and marketing sales
|
360
|
|
|
444
|
|
Gains (losses) on
divestitures and other, net
|
19
|
|
|
869
|
|
Total
|
3,045
|
|
|
3,767
|
|
Costs and
Expenses
|
|
|
|
Oil and gas
operating
|
276
|
|
|
256
|
|
Oil and gas
transportation
|
196
|
|
|
249
|
|
Exploration
|
168
|
|
|
1,084
|
|
Gathering,
processing, and marketing
|
237
|
|
|
350
|
|
General and
administrative
|
278
|
|
|
263
|
|
Depreciation,
depletion, and amortization
|
990
|
|
|
1,115
|
|
Production, property,
and other taxes
|
190
|
|
|
155
|
|
Impairments
|
19
|
|
|
373
|
|
Other operating
expense
|
140
|
|
|
22
|
|
Total
|
2,494
|
|
|
3,867
|
|
Operating Income
(Loss)
|
551
|
|
|
(100)
|
|
Other (Income)
Expense
|
|
|
|
Interest
expense
|
228
|
|
|
223
|
|
(Gains) losses on
derivatives, net
|
35
|
|
|
(147)
|
|
Other (income)
expense, net
|
(12)
|
|
|
2
|
|
Total
|
251
|
|
|
78
|
|
Income (Loss)
Before Income Taxes
|
300
|
|
|
(178)
|
|
Income tax expense
(benefit)
|
126
|
|
|
97
|
|
Net Income
(Loss)
|
174
|
|
|
(275)
|
|
Net income (loss)
attributable to noncontrolling interests
|
53
|
|
|
43
|
|
Net Income (Loss)
Attributable to Common Stockholders
|
$
|
121
|
|
|
$
|
(318)
|
|
Per Common
Share
|
|
|
|
Net income (loss)
attributable to common stockholders—basic
|
$
|
0.23
|
|
|
$
|
(0.58)
|
|
Net income (loss)
attributable to common stockholders—diluted
|
$
|
0.22
|
|
|
$
|
(0.58)
|
|
Average Number of
Common Shares Outstanding—Basic
|
518
|
|
|
551
|
|
Average Number of
Common Shares Outstanding—Diluted
|
519
|
|
|
551
|
|
|
|
|
|
Exploration
Expense
|
|
|
|
Dry hole
expense
|
$
|
53
|
|
|
$
|
476
|
|
Impairments of
unproved properties
|
53
|
|
|
537
|
|
Geological and
geophysical, exploration overhead, and other expense
|
62
|
|
|
71
|
|
Total
|
$
|
168
|
|
|
$
|
1,084
|
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
millions
|
|
|
|
|
2018
|
|
2017
|
Condensed Balance
Sheets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
|
3,361
|
|
|
$
|
4,553
|
|
Accounts receivable,
net of allowance
|
|
|
|
|
1,795
|
|
|
1,829
|
|
Other current
assets
|
|
|
|
|
374
|
|
|
380
|
|
Net properties and
equipment
|
|
|
|
|
27,758
|
|
|
27,451
|
|
Other
assets
|
|
|
|
|
2,134
|
|
|
2,211
|
|
Goodwill and other
intangible assets
|
|
|
|
|
5,654
|
|
|
5,662
|
|
Total
Assets
|
|
|
|
|
$
|
41,076
|
|
|
$
|
42,086
|
|
Short-term debt -
Anadarko*
|
|
|
|
|
733
|
|
|
142
|
|
Short-term debt -
WGP/WES
|
|
|
|
|
28
|
|
|
—
|
|
Other current
liabilities
|
|
|
|
|
3,973
|
|
|
3,764
|
|
Long-term debt -
Anadarko*
|
|
|
|
|
11,467
|
|
|
12,054
|
|
Long-term debt -
WGP/WES
|
|
|
|
|
4,176
|
|
|
3,493
|
|
Deferred income
taxes
|
|
|
|
|
2,267
|
|
|
2,234
|
|
Asset retirement
obligations
|
|
|
|
|
2,510
|
|
|
2,500
|
|
Other long-term
liabilities
|
|
|
|
|
4,166
|
|
|
4,109
|
|
Common
stock
|
|
|
|
|
57
|
|
|
57
|
|
Paid-in
capital
|
|
|
|
|
11,701
|
|
|
12,000
|
|
Retained
earnings
|
|
|
|
|
1,152
|
|
|
1,109
|
|
Treasury
stock
|
|
|
|
|
(3,759)
|
|
|
(2,132)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
|
|
(410)
|
|
|
(338)
|
|
Total stockholders'
equity
|
|
|
|
|
8,741
|
|
|
10,696
|
|
Noncontrolling
interests
|
|
|
|
|
3,015
|
|
|
3,094
|
|
Total
Equity
|
|
|
|
|
11,756
|
|
|
13,790
|
|
Total Liabilities and
Equity
|
|
|
|
|
$
|
41,076
|
|
|
$
|
42,086
|
|
Capitalization
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
$
|
16,404
|
|
|
$
|
15,689
|
|
Total
equity
|
|
|
|
|
11,756
|
|
|
13,790
|
|
Total
|
|
|
|
|
$
|
28,160
|
|
|
$
|
29,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
58
|
%
|
|
|
53
|
%
|
Total
equity
|
|
|
|
|
|
42
|
%
|
|
|
47
|
%
|
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
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
288
|
|
|
1,051
|
|
|
92
|
|
|
25
|
|
|
95
|
|
|
9
|
|
|
$
|
62.58
|
|
|
$
|
2.61
|
|
|
$
|
33.24
|
|
Algeria
|
55
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
67.24
|
|
|
—
|
|
|
40.76
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
67.68
|
|
|
—
|
|
|
—
|
|
Total
|
371
|
|
|
1,051
|
|
|
97
|
|
|
33
|
|
|
95
|
|
|
9
|
|
|
$
|
63.66
|
|
|
$
|
2.61
|
|
|
$
|
33.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
269
|
|
|
1,859
|
|
|
112
|
|
|
24
|
|
|
167
|
|
|
10
|
|
|
$
|
49.23
|
|
|
$
|
3.00
|
|
|
$
|
26.57
|
|
Algeria
|
70
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
1
|
|
|
53.20
|
|
|
—
|
|
|
37.57
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
53.77
|
|
|
—
|
|
|
—
|
|
Total
|
367
|
|
|
1,859
|
|
|
118
|
|
|
33
|
|
|
167
|
|
|
11
|
|
|
$
|
50.34
|
|
|
$
|
3.00
|
|
|
$
|
27.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Sales
Volumes
MBOE/d
|
|
Sales
Volumes
MMBOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2018
|
643
|
|
58
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2017
|
795
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,623
|
|
|
$
|
247
|
|
|
$
|
274
|
|
|
|
$
|
(67)
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
Algeria
|
331
|
|
|
—
|
|
|
18
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
173
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
2,127
|
|
|
$
|
247
|
|
|
$
|
292
|
|
|
|
$
|
(67)
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,191
|
|
|
$
|
502
|
|
|
$
|
267
|
|
|
|
$
|
1
|
|
|
$
|
(4)
|
|
|
$
|
(3)
|
|
Algeria
|
334
|
|
|
—
|
|
|
22
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
138
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
1,663
|
|
|
$
|
502
|
|
|
$
|
289
|
|
|
|
$
|
1
|
|
|
$
|
(4)
|
|
|
$
|
(3)
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of May 1,
2018
|
|
|
|
|
|
Note: Guidance
excludes sales volumes for Alaska due to
divestiture.
|
|
|
|
|
|
|
|
2nd-Qtr
|
|
Full-Year
|
|
|
Guidance (see
Note)
|
|
Guidance (see
Note)
|
|
Units
|
|
Units
|
|
|
|
|
|
|
|
|
|
Total Sales
Volumes (MMBOE)
|
|
56
|
|
—
|
|
58
|
|
|
240
|
|
—
|
|
250
|
|
Total Sales
Volumes (MBOE/d)
|
|
615
|
|
—
|
|
640
|
|
|
658
|
|
—
|
|
685
|
|
|
|
|
|
|
|
|
|
|
Oil
(MBbl/d)
|
|
346
|
|
—
|
|
362
|
|
|
376
|
|
—
|
|
396
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
270
|
|
—
|
|
280
|
|
|
288
|
|
—
|
|
305
|
|
Algeria
|
|
50
|
|
—
|
|
54
|
|
|
59
|
|
—
|
|
61
|
|
Ghana
|
|
26
|
|
—
|
|
28
|
|
|
29
|
|
—
|
|
30
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
(MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
1,025
|
|
—
|
|
1,075
|
|
|
1,085
|
|
—
|
|
1,125
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
Liquids (MBbl/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
93
|
|
—
|
|
98
|
|
|
94
|
|
—
|
|
97
|
|
Algeria
|
|
5
|
|
—
|
|
6
|
|
|
5
|
|
—
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
Unit
|
|
$ /
Unit
|
Price
Differentials vs NYMEX (w/o hedges)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil
($/Bbl)
|
|
(0.80)
|
|
—
|
|
3.20
|
|
|
(1.90)
|
|
—
|
|
2.00
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(2.00)
|
|
—
|
|
2.00
|
|
|
(3.00)
|
|
—
|
|
1.00
|
|
Algeria
|
|
3.00
|
|
—
|
|
7.00
|
|
|
2.00
|
|
—
|
|
7.00
|
|
Ghana
|
|
3.00
|
|
—
|
|
7.00
|
|
|
2.00
|
|
—
|
|
7.00
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
(0.90)
|
|
—
|
|
(0.60)
|
|
|
(0.70)
|
|
—
|
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum
Corporation
|
Financial and
Operating External Guidance
|
As of May 1,
2018
|
|
|
|
|
|
Note: Guidance
excludes items affecting comparability.
|
|
|
|
|
|
|
|
2nd-Qtr
|
|
Full-Year
|
|
|
Guidance (see
Note)
|
|
Guidance (see
Note)
|
|
|
$
MM
|
|
$
MM
|
Other
Revenues
|
|
|
|
|
|
|
|
|
Marketing and
Gathering Margin
|
|
130
|
|
—
|
|
155
|
|
|
700
|
|
—
|
|
780
|
|
Minerals and
Other
|
|
35
|
|
—
|
|
55
|
|
|
190
|
|
—
|
|
230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ /
BOE
|
|
$ /
BOE
|
Costs and
Expenses
|
|
|
|
|
|
|
|
|
Oil & Gas Direct
Operating
|
|
4.75
|
|
—
|
|
4.95
|
|
|
4.25
|
|
—
|
|
4.75
|
|
Oil & Gas
Transportation and Other
|
|
3.55
|
|
—
|
|
3.75
|
|
|
3.50
|
|
—
|
|
3.75
|
|
Depreciation,
Depletion, and Amortization
|
|
17.00
|
|
—
|
|
17.75
|
|
|
17.00
|
|
—
|
|
17.75
|
|
Production Taxes (% of
Product Revenue)
|
|
6.5
|
%
|
—
|
|
7.5
|
%
|
|
6.5
|
%
|
—
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
265
|
|
—
|
|
285
|
|
|
1,025
|
|
—
|
|
1,075
|
|
Other Operating
Expense
|
|
5
|
|
—
|
|
15
|
|
|
40
|
|
—
|
|
50
|
|
Exploration
Expense
|
|
|
|
|
|
|
|
|
Non-Cash
|
|
—
|
|
—
|
|
20
|
|
|
75
|
|
—
|
|
100
|
|
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
(60% Current/40% Deferred for Q2 and
30% Current/70%
Deferred for Total Year)
|
|
20
|
%
|
—
|
|
30
|
%
|
|
15
|
%
|
—
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interest
|
|
55
|
|
—
|
|
75
|
|
|
300
|
|
—
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg. Shares
Outstanding (MM)
|
|
|
|
|
|
|
|
|
Basic
|
|
499
|
|
—
|
|
503
|
|
|
503
|
|
—
|
|
507
|
|
Diluted
|
|
499
|
|
—
|
|
503
|
|
|
503
|
|
—
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Investment
(Excluding Western Gas Partners, LP)
|
$
MM
|
|
$
MM
|
|
|
|
|
|
|
|
|
|
APC Capital
Expenditures
|
|
1,300
|
|
—
|
|
1,500
|
|
|
4,200
|
|
—
|
|
4,600
|
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum
Corporation
|
Commodity Hedge
Positions
|
As of May 1,
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Way
Collars
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
WTI
|
|
57
|
$
|
45.00
|
$
|
55.00
|
$
|
70.22
|
|
Brent
|
|
30
|
$
|
50.00
|
$
|
60.00
|
$
|
78.22
|
|
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 May 1,
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
March 31, 2018
|
|
Quarter Ended
March 31, 2017
|
|
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
|
|
|
967
|
|
|
83
|
|
|
400
|
|
|
115
|
|
|
1,058
|
|
|
85
|
|
|
376
|
|
Gulf of
Mexico
|
128
|
|
|
84
|
|
|
9
|
|
|
151
|
|
|
125
|
|
|
129
|
|
|
12
|
|
|
159
|
|
International
|
83
|
|
|
—
|
|
|
5
|
|
|
88
|
|
|
98
|
|
|
—
|
|
|
6
|
|
|
104
|
|
Same-Store
Sales
|
367
|
|
|
1,051
|
|
|
97
|
|
|
639
|
|
|
338
|
|
|
1,187
|
|
|
103
|
|
|
639
|
|
Divestitures*
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
29
|
|
|
672
|
|
|
15
|
|
|
156
|
|
Total
|
371
|
|
|
1,051
|
|
|
97
|
|
|
643
|
|
|
367
|
|
|
1,859
|
|
|
118
|
|
|
795
|
|
|
|
|
|
*
|
Includes
Alaska, Eagleford, Marcellus, Eaglebine, Utah CBM, and
Moxa.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/anadarko-announces-2018-first-quarter-results-300640484.html
SOURCE Anadarko Petroleum Corporation