Anadarko Announces 2018 Third-Quarter Results
HOUSTON, Oct. 30, 2018 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2018 third?quarter results, reporting net income attributable to common stockholders of $363 million, or $0.72 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 $48 million, or $0.10 per share (diluted), on an after-tax basis.((1) )Net cash provided by operating activities in the third quarter of 2018 was $1.65 billion.
THIRD-QUARTER 2018 HIGHLIGHTS
-- Achieved record U.S. onshore oil sales volume of 175,000 barrels of oil
per day (BOPD), representing a 37-percent increase over third quarter of
2017 on a divestiture-adjusted basis
-- Expanded Delaware Basin oil processing capacity by 120,000 BOPD in 2018
including the successful startup of the Loving Regional Oil Treating
Facility (ROTF) in the third quarter
-- Improved margins per barrel((2)) by 58 percent over the third quarter of
2017 to $33.68 per barrel of oil equivalent (BOE)
-- Returned $625 million of cash to shareholders, including $500 million of
additional share repurchases and $125 million of dividends, which is 38
percent of third-quarter cash flow from operations
"We delivered a very strong quarter with improving and attractive per-barrel margins, which helped drive cash flow from operations to more than $1.6 billion," said Al Walker, Anadarko Chairman, President and CEO. "Our cash flows were bolstered by the startup of an additional oil gathering and treating system in the Delaware Basin, where this year we have added 120,000 barrels per day of operated oil processing capacity with the Reeves and Loving ROTFs. This integrated upstream and midstream development approach provides a competitive advantage as we realize improved netback pricing for our product while also driving significant oil growth in the basin.
"As we look ahead to 2019, our focus will continue to be on delivering healthy oil growth within a capital-efficient framework," added Walker. "We have built a portfolio focused on properties with higher-margin oil and liquids that aligns well with our durable strategy of delivering attractive per-debt-adjusted-share growth metrics and returns to shareholders. We continue to have a high degree of confidence in our ability to deliver double-digit oil growth in a $50 oil-price environment, and look forward to communicating the details of the 2019 program later this quarter. Our disciplined growth approach, to be achieved while investing within a conservative cash-flow estimate and using cash and incremental free cash flow to fund share buybacks, debt reduction and potential dividend increases over time, is a differentiating strategy."
OPERATING HIGHLIGHTS
Anadarko's third-quarter 2018 sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 63 million barrels of oil equivalent (BOE), or an average of 682,000 BOE per day.
Anadarko increased its oil production to a record 70,000 BOPD in the Delaware Basin during the third quarter, an increase of 83 percent over the third quarter of 2017. This strong oil-volume growth continues to be facilitated by the company's successful infrastructure expansions, which included startup of its Loving ROTF during the quarter. Anadarko operated seven drilling rigs and five completion crews in the basin during the quarter.
In the DJ Basin of northeast Colorado, Anadarko increased oil sales volumes by approximately 16 percent over the third quarter of 2017, with oil volumes averaging 96,000 BOPD. The company continued to enhance efficiency in the basin by setting new cycle-time records on short, long and extra-long lateral wells during the quarter. Additionally, the company placed its sixth train in service during the quarter at its Centralized Oil Stabilization Facility (COSF), bringing total oil-processing capacity in the basin to 155,000 BOPD. Anadarko operated four drilling rigs and two completion crews during the quarter.
In the Deepwater Gulf of Mexico, Anadarko achieved a monthly record oil rate of more than 140,000 BOPD in August. The company achieved record production during the quarter at its Caesar/Tonga development, largely supported by its eighth well coming on line. Anadarko also brought new wells on production during the quarter at its Marlin and Holstein platforms, and finished drilling at the first Hadrian North expansion well, which will be tied back to the Lucius platform. The second Hadrian North well is expected to be completed by year-end 2018 with first production from the development anticipated in 2019.
Sales volumes from Anadarko's international operations in Algeria and Ghana averaged 107,000 barrels per day during the third quarter of 2018, an 18-percent increase over the third quarter of 2017 on a divestiture-adjusted basis. Anadarko and its co-venturers in the Mozambique LNG project continue to make progress converting non-binding LNG off-take agreements to fully termed Sale and Purchase Agreements, which is necessary to secure financing and reach an expected Final Investment Decision in the first half of 2019.
OPERATIONS REPORT
For additional details on Anadarko's third-quarter 2018 operations, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko generated approximately $1.65 billion of cash flow from operations during the quarter. Capital investments totaled approximately $1.075 billion, excluding Western Gas Partners, LP (WES) and acquisitions in the Powder River Basin. The company ended the quarter with $1.9 billion of cash on hand after completing the repurchase of an additional $500 million of outstanding shares on the open market during the quarter. Anadarko has now executed $3.5 billion of its expanded $4 billion share-repurchase program, representing more than 10 percent of the shares outstanding at inception of the program one year ago. Using cash and anticipated free cash flows, Anadarko expects to complete the remaining $500 million of share repurchases by mid-2019 and to retire an additional $1.4 billion of debt, including the senior notes due in 2019.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host an investor conference call on Wednesday, Oct. 31, 2018, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss its third-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 3294324. 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 current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance, which has been narrowed to reflect the limited number of days left in the year and the impact of hurricane-related downtime and previous capital-allocation adjustments.
((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.
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 successfully execute upon its capital program; to efficiently identify and deploy capital resources; to finalize its capital program for 2019; to meet financial and operating guidance and achieve production and cash-flow growth identified in this news release; to successfully drill, complete, test, and produce the wells identified in this report; to successfully complete the share-repurchase program and debt-reduction expectations; to increase the dividend; and to successfully plan, secure additional government approvals, enter into long-term sales contracts, take FID and the timing thereof, finance, build, achieve expected cost savings, 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
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 September 30, 2018
Before After Per Share
Tax Tax (diluted)
millions except per-
share amounts
---
Net income (loss)
attributable to common
stockholders (GAAP) $
363 $
0.72
Adjustments for certain
items affecting
comparability
Total gains (losses) on
derivatives, net, less
net cash from settlement
of commodity
derivatives* $
167 127 0.25
Gains (losses) on
divestitures, net 3 2
Impairments
Hard-minerals - Coal (145) (111) (0.22)
Exploration assets (64) (49) (0.10)
Producing properties
(after noncontrolling
interest) (15) (12) (0.02)
Contingency adjustments 26 20 0.04
Restructuring charges (33) (25) (0.05)
Impact of tax reform
legislation 5 0.01
Change in uncertain tax
positions (5) (0.01)
Certain items affecting
comparability $
(61) (48) (0.10)
---
Adjusted net income
(loss) (Non-GAAP) $
411 $
0.82
---
* Includes $72 million related
to interest-rate derivatives
and $95 million related to
commodity derivatives.
Quarter Ended September 30, 2017
Before After Per Share
Tax Tax (diluted)
millions except per-
share amounts
---
Net income (loss)
attributable to
common stockholders
(GAAP) $
(699) $
(1.27)
Adjustments for
certain items
affecting
comparability
Total gains (losses)
on derivatives,
net, less net cash
from settlement of
commodity
derivatives* $
(98) (62) (0.11)
Gains (losses) on
divestitures, net (194) (123) (0.23)
Impairments -
exploration assets (106) (82) (0.15)
Change in uncertain
tax positions (5) (0.01)
Certain items
affecting
comparability $
(398) (272) (0.50)
---
Adjusted net income
(loss) (Non-GAAP) $
(427) $
(0.77)
---
* Includes $(39) million related
to interest-rate derivatives
and $(59) million related to
commodity 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.
Three Months Ended Nine Months Ended
September 30, September 30,
millions 2018 2017 2018 2017
---
Net income (loss)
attributable to
common stockholders
(GAAP) $
363 $
(699) $
513 $
(1,432)
Interest expense 240 230 705 682
Income tax expense
(benefit) 256 (425) 507 (366)
Depreciation,
depletion, and
amortization 1,130 1,083 3,123 3,235
Exploration expense
(1) 118 750 380 2,366
(Gains) losses on
divestitures, net (3) 194 (31) (815)
Impairments 172 319 383
Total (gains) losses
on derivatives,
net, less net cash
from settlement of
commodity
derivatives (167) 98 73 (12)
Restructuring
charges 13 3 13 20
---
Consolidated
Adjusted EBITDAX
(Margin) (Non-
GAAP) $
2,122 $
1,234 $
5,602 $
4,061
---
Total barrels of oil
equivalent (MMBOE) 63 58 179 187
---
Consolidated
Adjusted EBITDAX
(Margin) per BOE $
33.68 $
21.28 $
31.30 $
21.72
---
(1) Includes restructuring charges
of $20 million for the three
and nine months ended September
30, 2018.
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.
September 30, 2018
Anadarko
Anadarko WGP* excluding
millions Consolidated Consolidated WGP
---
Total debt (GAAP) $
16,693 $
4,594 $
12,099
Less cash and cash
equivalents 1,883 133 1,750
---
Net debt (Non-GAAP) $
14,810 $
4,461 $
10,349
---
Anadarko
Anadarko excluding
millions Consolidated WGP
---
Net debt $
14,810 $
10,349
Total equity 11,237 8,701
---
Adjusted
capitalization $
26,047 $
19,050
---
Net debt to adjusted 57 54
capitalization
ratio % %
---
* 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)
Three Months Ended Nine Months Ended
September 30, September 30,
millions 2018 2017 2018 2017
--- ---
Cash Flows from Operating Activities
---
Net income (loss) $
427 $
(641) $
618 $
(1,250)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities
Depreciation,
depletion, and
amortization 1,130 1,083 3,123 3,235
Deferred income
taxes 114 (854) 141 (1,026)
Dry hole expense and
impairments of
unproved properties 63 678 212 2,144
Impairments 172 319 383
(Gains) losses on
divestitures, net (3) 194 (31) (815)
Total (gains) losses
on derivatives, net 33 82 506 (33)
Operating portion of
net cash received
(paid) in
settlement of
derivative
instruments (199) 16 (433) 21
Other 85 68 224 227
Changes in assets
and liabilities (175) 13 (377) (267)
---
Net Cash Provided by
(Used in) Operating
Activities $
1,647 $
639 $
4,302 $
2,619
---
Net Cash Provided by
(Used in) Investing
Activities $
(1,603) $
(1,247) $
(4,659) $
(28)
---
Net Cash Provided by
(Used in) Financing
Activities $
(480) $
(155) $
(2,306) $
(527)
---
Capital Expenditures
---
Exploration and
Production and
other* $
996 $
976 $
3,367 $
2,876
WES Midstream 292 224 920 662
Other Midstream** 155 131 658 258
Total $
1,443 $
1,331 $
4,945 $
3,796
---
* Includes $76 million for the three
months ended September 30, 2018,
and $176 million for the nine
months ended September 30, 2018,
related to Powder River Basin
acquisitions.
**
Excludes WES.
Anadarko Petroleum Corporation
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
Summary Financial Information
millions except per-
share amounts 2018 2017 2018 2017
--- ---
Consolidated Statements of Income
---
Revenues and Other
---
Oil sales $
2,572 $
1,567 $
6,964 $
4,652
Natural-gas sales 232 269 682 1,090
Natural-gas liquids
sales 382 265 992 768
Gathering, processing,
and marketing sales 421 509 1,163 1,417
Gains (losses) on
divestitures and
other, net 90 (114) 232 1,052
---
Total 3,697 2,496 10,033 8,979
---
Costs and Expenses
---
Oil and gas operating 294 253 845 738
Oil and gas
transportation 228 220 633 698
Exploration 118 750 380 2,366
Gathering, processing,
and marketing 256 396 745 1,101
General and
administrative 248 261 814 768
Depreciation,
depletion, and
amortization 1,130 1,083 3,123 3,235
Production, property,
and other taxes 246 159 637 449
Impairments 172 319 383
Other operating expense 26 123 188 157
---
Total 2,718 3,245 7,684 9,895
---
Operating Income (Loss) 979 (749) 2,349 (916)
---
Other (Income) Expense
---
Interest expense 240 230 705 682
(Gains) losses on
derivatives, net 32 82 503 (33)
Other (income) expense,
net 24 5 16 51
---
Total 296 317 1,224 700
---
Income (Loss) Before
Income Taxes 683 (1,066) 1,125 (1,616)
---
Income tax expense
(benefit) 256 (425) 507 (366)
---
Net Income (Loss) 427 (641) 618 (1,250)
---
Net income (loss)
attributable to
noncontrolling
interests 64 58 105 182
---
Net Income (Loss)
Attributable to Common
Stockholders $
363 $
(699) $
513 $
(1,432)
---
Per Common Share
---
Net income (loss)
attributable to common
stockholders-basic $
0.72 $
(1.27) $
0.99 $
(2.60)
Net income (loss)
attributable to common
stockholders-diluted $
0.72 $
(1.27) $
0.99 $
(2.61)
---
Average Number of
Common Shares
Outstanding-Basic 499 553 507 552
---
Average Number of
Common Shares
Outstanding-Diluted 500 553 508 552
---
Exploration Expense
---
Dry hole expense
$ $
565 $
55 $
1,408
Impairments of unproved
properties 64 113 158 736
Geological and
geophysical,
exploration overhead,
and other expense 54 72 167 222
---
Total $
118 $
750 $
380 $
2,366
---
Anadarko Petroleum Corporation
(Unaudited)
September 30, December 31,
millions 2018 2017
---
Condensed Balance Sheets
---
Cash and cash equivalents $
1,883 $
4,553
Accounts receivable, net of
allowance 2,191 1,829
Other current assets 397 380
Net properties and equipment 28,744 27,451
Other assets 2,292 2,211
Goodwill and other intangible
assets 5,638 5,662
Total Assets $
41,145 $
42,086
---
Short-term debt - Anadarko* 910 142
Short-term debt - WGP/WES 28
Other current liabilities 4,179 3,764
Long-term debt - Anadarko* 11,189 12,054
Long-term debt - WGP/WES 4,566 3,493
Deferred income taxes 2,455 2,234
Asset retirement obligations 2,538 2,500
Other long-term liabilities 4,043 4,109
Common stock 57 57
Paid-in capital 12,344 12,000
Retained earnings 1,291 1,109
Treasury stock (4,608) (2,132)
Accumulated other comprehensive
income (loss) (383) (338)
Total stockholders' equity 8,701 10,696
---
Noncontrolling interests 2,536 3,094
---
Total Equity 11,237 13,790
---
Total Liabilities and Equity $
41,145 $
42,086
---
Capitalization
---
Total debt $
16,693 $
15,689
Total equity 11,237 13,790
---
Total $
27,930 $
29,479
---
Capitalization Ratios
---
Total debt 60
% 53
%
Total equity 40
% 47
%
---
* Excludes WES and WGP
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 September 30,
2018
United States 296 1,071 100 26 98 10 $
68.25 $
2.35 $
38.66
Algeria 66 6 6 76.62 47.51
Other International 35 4 76.44
Total 397 1,071 106 36 98 10 $
70.37 $
2.35 $
39.16
Quarter Ended September 30,
2017
United States 266 1,086 88 25 100 9 $
46.89 $
2.69 $
31.07
Algeria 60 4 6 52.91 32.98
Other International 27 2 51.95
Total 353 1,086 92 33 100 9 $
48.31 $
2.69 $
31.15
Nine Months Ended September
30, 2018
United States 288 1,053 96 78 287 27 $
65.96 $
2.37 $
35.62
Algeria 58 5 16 1 73.11 42.96
Other International 31 9 72.36
Total 377 1,053 101 103 287 28 $
67.57 $
2.37 $
36.00
Nine Months Ended September
30, 2017
United States 259 1,392 96 71 380 27 $
47.63 $
2.87 $
27.43
Algeria 63 5 18 1 51.54 34.02
Other International 28 7 51.70
Total 350 1,392 101 96 380 28 $
48.66 $
2.87 $
27.77
Average Daily Sales Sales Volumes
Volumes
MBOE/d
MMBOE
Quarter Ended
September 30, 2018 682 63
Quarter Ended
September 30, 2017 626 58
Nine Months Ended
September 30, 2018 654 179
Nine Months Ended
September 30, 2017 683 187
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
September 30, 2018
United States $
1,858 $
232 $
356 $
(202) $
3
$
Algeria 462 26
Other International 252
Total $
2,572 $
232 $
382 $
(202) $
3
$
Quarter Ended
September 30, 2017
United States $
1,145 $
269 $
253 $
12 $
4
$
Algeria 291 12
Other International 131
Total $
1,567 $
269 $
265 $
12 $
4
$
Nine Months Ended
September 30, 2018
United States $
5,207 $
682 $
931 $
(445) $
8
$
Algeria 1,152 61
Other International 605
Total $
6,964 $
682 $
992 $
(445) $
8
$
Nine Months Ended
September 30, 2017
United States $
3,368 $
1,090 $
720 $
27 $
(1) $
(3)
Algeria 885 48
Other International 399
Total $
4,652 $
1,090 $
768 $
27 $
(1) $
(3)
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 30, 2018
Note: Guidance excludes sales volumes for Alaska and Ram Powell due to divestiture.
4th-Qtr Full-Year
Guidance (see Note) Guidance (see Note)
Units
Units
Total Sales Volumes
(MMBOE) 62 67 240 245
Total Sales Volumes (MBOE/
d) 674 728 658 671
Oil (MBbl/d) 394 427 380 389
United States 300 325 290 297
Algeria 58 63 58 59
Ghana 36 39 32 33
Natural Gas (MMcf/d)
United States 1,040 1,110 1,040 1,070
Natural Gas Liquids (MBbl/
d)
United States 102 110 97 100
Algeria 6 7 5 6
$ / Unit
$ / Unit
Price Differentials vs
NYMEX (w/o hedges)
Oil ($/Bbl) (0.50) 3.40 (0.50) 2.50
United States (2.00) 2.00 (2.00) 1.00
Algeria 4.00 8.00 4.00 7.00
Ghana 4.00 8.00 4.00 7.00
Natural Gas ($/Mcf)
United States (0.80) (0.55) (0.65) (0.50)
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 30, 2018
Note: Guidance excludes items affecting comparability.
4th-Qtr Full-Year
Guidance (see Note) Guidance (see Note)
$ MM
$ MM
Other Revenues
Marketing and Gathering Margin 170 190 595 615
Minerals and Other 70 90 270 290
$ / BOE
$ / BOE
Costs and Expenses
Oil & Gas Direct Operating 4.50 4.90 4.60 4.80
Oil & Gas Transportation and
Other 3.30 3.70 3.45 3.65
Depreciation, Depletion, and
Amortization 17.25 18.00 17.25 17.75
Production Taxes (% of Product 7.0 8.0 7.0 7.5
Revenue) % % % %
$ MM
$ MM
General and Administrative 245 275 1,050 1,080
Other Operating Expense 50 70 120 140
Exploration Expense
Non-Cash 20 60 80
Cash 45 55 190 200
Interest Expense (net) 235 245 940 950
Other (Income) Expense 20 10 30
Taxes
Algeria (100% Current) 60 70 60 70
% % % %
Rest of Company (55% Current/
45% Deferred for Q4 and 30% % % % %
Current/70% Deferred for Total
Year) 30 40 25 35
Noncontrolling Interest 80 100 185 205
Avg. Shares Outstanding (MM)
Basic 493 495 504 505
Diluted 494 496 504 505
Capital Investment (Excluding
Western Gas Partners, LP)
$ MM
$ MM*
APC Capital Expenditures 650 950 4,500 4,800
* Excludes $176 million of Powder River Basin acquisitions
Anadarko Petroleum Corporation
Commodity Hedge Positions
As of October 30, 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 October 30, 2018
Instrument
Notional Amt.
Reference Period
Mandatory Rate Paid
Rate Received
Termination Date
--- ---
Swap
$550 Million
September 2016 - 2046
September 2020 6.418%
3M LIBOR
Swap
$250 Million
September 2016 - 2046
September 2022 6.809%
3M LIBOR
Swap
$100 Million
September 2017 - 2047
September 2020 6.891%
3M LIBOR
Swap
$250 Million
September 2017 - 2047
September 2021 6.570%
3M LIBOR
Swap
$450 Million
September 2017 - 2047
September 2023 6.445%
3M LIBOR
--- ---
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
Average Daily Sales Volumes
Quarter Ended September 30, 2018 Quarter Ended September 30, 2017
Oil Natural Gas NGLs Total Oil Natural Gas NGLs Total
MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d
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U.S. Onshore 175 989 91 431 128 907 75 354
Gulf of Mexico 121 82 9 144 125 100 10 152
International 101 6 107 87 4 91
Same-Store Sales 397 1,071 106 682 340 1,007 89 597
Divestitures* 13 79 3 29
Total 397 1,071 106 682 353 1,086 92 626
Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017
Oil Natural Gas NGLs Total Oil Natural Gas NGLs Total
MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d
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U.S. Onshore 166 976 87 416 119 974 79 360
Gulf of Mexico 120 75 9 142 120 113 10 149
International 89 5 94 91 5 96
Same-Store Sales 375 1,051 101 652 330 1,087 94 605
Divestitures* 2 2 2 20 305 7 78
Total 377 1,053 101 654 350 1,392 101 683
* Includes Ram Powell, Alaska,
Eagleford, Marcellus,
Eaglebine, Utah CBM, and
Moxa.
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SOURCE Anadarko Petroleum Corporation
