HOUSTON, Feb. 7, 2018
/PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
today announced a quarterly cash dividend on the company's common
stock of 25 cents per share, an
increase of 20 cents per share versus
the previous quarter. The dividend is payable March 28, 2018, to stockholders of record at the
close of business on March 14, 2018.
In addition, the board of directors authorized a $500-million increase to Anadarko's previously
announced $2.5 billion
share-repurchase program, bringing the total repurchase
program to $3.0 billion. As of
Feb. 5, 2018, the company had
completed $1.6 billion of repurchases
under the program totaling more than 30 million shares. In
addition, Anadarko intends to reduce outstanding indebtedness by
more than $1 billion by retiring 2018
and 2019 debt maturities at par.
"These actions to materially increase the dividend payout and
expand our share-repurchase program continue to demonstrate our
focus on enhancing shareholder value," said Al Walker, Anadarko Chairman, President and CEO.
"In light of our commitment to capital efficiency demonstrated by
investing within cash flow in a $50
oil and $3 natural gas environment,
our substantial cash flow from the Western Gas franchise, and ample
liquidity, we have the confidence to quintuple our dividend and
increase our share-repurchase plan by $500
million to a total current program of $3 billion. As market conditions permit, we
will continue to pursue opportunities to repurchase additional
shares and improve our dividend. Beyond these actions to increase
direct cash returns to shareholders, we are committed to debt
reduction, as demonstrated by our intent to retire at par more than
$1 billion of near-term maturities,
while looking for economic opportunities to pursue additional
liability-management activity for future
maturities."
The level of future dividends for Anadarko common stock will be
determined by the board of directors on a quarterly basis depending
upon the company's earnings, financial condition, capital
requirements and other factors. The share-repurchase authorization
extends through the end of 2018, and in accordance with applicable
securities laws, repurchases will be made from time to time in open
market or private transactions, depending on market
conditions, and may be discontinued at any
time.
CONFERENCE CALL TODAY AT 8 A.M.
CST, 9 A.M. EST
As a
reminder, Anadarko will host an investor conference call today 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.
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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 maintain or increase future
dividends for Anadarko common stock, to successfully complete the
share-repurchase program and to reduce outstanding debt. 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
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SOURCE Anadarko Petroleum Corporation