Anadarko Announces 2018 First-Quarter Results
Anadarko Announces 2018 First-Quarter Results
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.
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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 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
----- ------ ------
* Excludes WES.
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%
------------ --- ---
* Excludes WES and WGP
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and
Prices
Average Daily Sales Volumes Sales Volumes Average Sales Price
Oil Natural NGLs Oil Natural
Gas 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 Sales Volumes
MBOE/d 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 20% - 30% 15% - 25%
30% Current/70% Deferred for Total
Year)
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 Floor Sold Floor Purchased Ceiling Sold
(MBbls/d)
---------
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 Rate Paid Rate Received
Termination Date
--- --- ---
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 Natural NGLs Total Oil Natural
Gas Gas NGLs Total
MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d 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.
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