ANADARKO PETROLEUM HOUSTON, May 2, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis.((1)) Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million.((2))
FIRST-QUARTER 2016 HIGHLIGHTS
-- Announced year-over-year capital reduction of approximately 50
percent((3))
-- Improved cost structure by $800 million by reducing the dividend and
staffing
-- Closed monetizations totaling $1.3 billion
-- Issued $3.0 billion of new bonds to refinance debt maturing in 2016 and
2017
"During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko Chairman, President and CEO. "Year to date, we've closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures. We've also removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities. Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis. These actions combined with our continued focus on financial discipline, operational excellence and best-in-class capital allocation, support our ability to enhance and preserve value in a volatile market environment."
OPERATIONS HIGHLIGHTS
-- Increased Delaware Basin net resource estimate to more than 2 billion
barrels of oil equivalent (BOE)
-- Achieved first oil at the Heidelberg development in the deepwater Gulf
of Mexico
-- Advanced the TEN development with the arrival of the FPSO offshore Ghana
-- Successfully drilled the company's first horizontal deepwater well
offshore Côte d'Ivoire
Anadarko's first-quarter sales volumes of natural gas, oil and natural gas liquids (NGLs) totaled 75 million BOE, or an average of 823,000 BOE per day, on a divestiture-adjusted basis.((4))
Anadarko's 2016 U.S. onshore capital investments are primarily focused in the Delaware and DJ basins. In the Delaware Basin of West Texas, Anadarko delivered a year-over-year increase in sales volumes of approximately 47 percent, or about 12,000 BOE per day. As previously announced, the company's successful appraisal and delineation program also resulted in an increase to its net recoverable resource estimate in the basin to more than 2 billion BOE from its previous estimate of more than 1 billion BOE. In the DJ Basin of northeast Colorado, the company achieved a year-over-year sales-volume increase of approximately 11 percent, or about 24,000 BOE per day.
In the Gulf of Mexico, the company increased year-over-year liquids sales volumes in the first quarter by 25 percent, largely driven by achieving first oil at Heidelberg ahead of schedule, continued outperformance at Lucius, and the contributions from our capital-efficient tieback program. Also during the first quarter, the floating production, storage and offloading (FPSO) vessel arrived at the TEN field offshore Ghana. The TEN development is more than 90-percent complete and remains on schedule for first oil in the third quarter of this year. Offshore Côte d'Ivoire, Anadarko continued its successful appraisal program, encountering approximately 100 net feet of vertical pay in the company's first horizontal deepwater well at Paon-5A. The company plans to drill the Paon-3AR sidetrack well in the second quarter, followed by a drillstem and interference testing program, as it works to advance the Paon discovery toward commerciality.
OPERATIONS REPORT
For details on Anadarko's operations and exploration program, including detailed tables illustrating divestiture-adjusted information, please refer to the comprehensive report on first-quarter 2016 activity. The report is available at www.anadarko.com.
CONFERENCE CALL TOMORROW AT 8 A.M. CDT, 9 A.M. EDT
Anadarko will host a conference call on Tuesday, May 3, 2016, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss first-quarter results, current operations and the company's outlook for the remainder of 2016. The dial-in number is 877.883.0383 in the United States or 412.902.6506 internationally. The confirmation number is 1750264. 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
Nine 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.
((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 capital investments associated with Western Gas Partners, LP (NYSE: WES).
((4)) See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.
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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 2015, the company had approximately 2.06 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 in this challenging economic environment and meet financial and operating guidance, timely complete and commercially operate the projects and drilling prospects identified in this news release, and consummate the transactions described in this news release. See "Risk Factors" in the company's 2015 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.
Cautionary Note to Investors: The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Anadarko uses certain terms in this news release, such as "net resource estimate," "net recoverable resource estimate," and similar terms that the SEC's guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko's Form 10-K for the year ended Dec. 31, 2015, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
ANADARKO CONTACTS
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland, stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Brian Kuck, brian.kuck@anadarko.com, 832.636.7135
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Shandell Szabo, shandell.szabo@anadarko.com, 832.636.3977
Anadarko Petroleum Corporation
Certain Items Affecting Comparability
Quarter Ended March 31, 2016
----------------------------
Before After Per Share
millions except per-share
amounts Tax Tax (diluted)
------------------------- --- --- --------
Total gains (losses) on
derivatives, net, less net
cash from settlement of
commodity derivatives* $(404) $(255) $(0.50)
Gains (losses) on
divestitures, net 2 1 -
Impairments (16) (10) (0.02)
Restructuring charges (203) (128) (0.25)
Change in uncertain tax
positions (FIN 48) - (73) (0.14)
---
$(621) $(465) $(0.91)
----- ----- ------
* Includes $(325) million
related to interest-rate
derivatives, $(75) million
related to commodity
derivatives, and $(4) million
related to gathering,
processing, and marketing
sales.
Quarter Ended March 31, 2015
----------------------------
Before After Per Share
millions except per-
share amounts Tax Tax (diluted)
-------------------- --- --- --------
Total gains (losses) on
derivatives, net, less
net cash from
settlement of commodity
derivatives* $(243) $(153) $(0.30)
Gains (losses) on
divestitures, net (334) (252) (0.50)
Impairments, including
unproved properties (3,718) (2,353) (4.64)
Early termination of rig (50) (50) (0.10)
Third-party well and
platform
decommissioning
obligation (22) (14) (0.03)
Interest expense related
to Tronox settlement (5) (3) (0.01)
Change in uncertain tax
positions (FIN 48) - (78) (0.15)
$(4,372) $(2,903) $(5.73)
------- ------- ------
* Includes $(205) million
related to interest-rate
derivatives, $(37) million
related to commodity
derivatives, and $(1) million
related to gathering,
processing, and marketing
sales.
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP), cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), as well as to free cash flow (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.
Quarter Ended Quarter Ended
March 31, 2016 March 31, 2015
-------------- --------------
After Per Share After Per Share
millions except
per-share
amounts Tax (diluted) Tax (diluted)
--------------- --- -------- --- --------
Net income (loss)
attributable to
common
stockholders $(1,034) $(2.03) $(3,268) $(6.45)
Less certain
items affecting
comparability (465) (0.91) (2,903) (5.73)
---------------- ---- ----- ------ -----
Adjusted net
income (loss) $(569) $(1.12) $(365) $(0.72)
-------------- ----- ------ ----- ------
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management uses discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt.
Quarter Ended
March 31,
---------
millions 2016 2015
-------- ---- ----
Net cash provided by (used
in) operating activities $(137) $(4,504)
Add back
Increase (decrease) in
accounts receivable (46) (357)
(Increase) decrease in
accounts payable and accrued
expenses 403 279
Other items, net 86 608
Tronox settlement payment - 5,215
Certain nonoperating and
other excluded items 180 26
Current taxes related to
asset monetizations and
Tronox tax position - 228
Discretionary cash flow from
operations $486 $1,495
---------------------------- ---- ------
Quarter Ended
March 31,
---------
millions 2016 2015
-------- ---- ----
Discretionary cash flow from
operations $486 $1,495
Less capital expenditures* 896 1,822
------------------------- --- -----
Free cash flow** $(410) $(327)
--------------- ----- -----
* Includes Western Gas Partners, LP (WES)
capital expenditures of $140 million for the
quarter ended March 31, 2016, and $156
million for the quarter ended March 31,
2015.
** Free cash flow for the quarter ended
March 31, 2015, includes a $561 million
current tax benefit associated with the
Tronox settlement.
Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.
March 31, 2016
--------------
Anadarko
Anadarko WGP* excluding
millions Consolidated Consolidated WGP
-------- ------------ ------------ ---
Total debt $18,751 $3,049 $15,702
Less cash and cash
equivalents 2,947 111 2,836
------------------ ----- --- -----
Net debt $15,804 $2,938 $12,866
-------- ------- ------ -------
Anadarko
Anadarko excluding
millions Consolidated WGP
-------- ------------ ---
Net debt $15,804 $12,866
Total equity 14,701 11,686
------------ ------ ------
Adjusted capitalization $30,505 $24,552
----------------------- ------- -------
Net debt to adjusted
capitalization ratio 52% 52%
--------------------- --- ---
* Western Gas Equity
Partners, LP (WGP) is a
publicly traded consolidated
subsidiary of Anadarko and WES
is a consolidated subsidiary
of WGP.
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Summary Financial
Information March 31,
---------
millions except
per-share
amounts 2016 2015
--------------- ---- ----
Consolidated Statements of Income
---------------------------------
Revenues and Other
------------------
Oil and
condensate sales $850 $1,419
Natural-gas sales 366 641
Natural-gas
liquids sales 178 232
Gathering,
processing, and
marketing sales 240 293
Gains (losses) on
divestitures and
other, net 40 (264)
----------------- --- ----
Total 1,674 2,321
----- ----- -----
Costs and Expenses
------------------
Oil and gas
operating 208 296
Oil and gas
transportation 242 305
Exploration 126 1,083
Gathering,
processing, and
marketing 215 254
General and
administrative 449 307
Depreciation,
depletion, and
amortization 1,149 1,256
Other taxes 117 182
Impairments 16 2,783
Other operating
expense 16 63
--------------- --- ---
Total 2,538 6,529
----- ----- -----
Operating Income
(Loss) (864) (4,208)
---------------- ---- ------
Other (Income) Expense
----------------------
Interest expense 220 216
(Gains) losses on
derivatives, net 297 152
Other (income)
expense, net - 47
Tronox-related
contingent loss - 5
---------------- --- ---
Total 517 420
----- --- ---
Income (Loss)
Before Income
Taxes (1,381) (4,628)
-------------- ------ ------
Income tax
expense
(benefit) (383) (1,392)
---------- ---- ------
Net Income (Loss) (998) (3,236)
---------------- ---- ------
Net income (loss)
attributable to
noncontrolling
interests 36 32
----------------- --- ---
Net Income (Loss)
Attributable to
Common
Stockholders $(1,034) $(3,268)
----------------- ------- -------
Per Common Share
----------------
Net income (loss)
attributable to
common
stockholders-
basic $(2.03) $(6.45)
Net income (loss)
attributable to
common
stockholders-
diluted $(2.03) $(6.45)
----------------- ------ ------
Average Number of
Common Shares
Outstanding-
Basic 509 507
----------------- --- ---
Average Number of
Common Shares
Outstanding-
Diluted 509 507
----------------- --- ---
Exploration Expense
-------------------
Dry hole expense $11 $29
Impairments of
unproved
properties 24 980
Geological and
geophysical
expense 37 22
Exploration
overhead and
other 54 52
------------- --- ---
Total $126 $1,083
----- ---- ------
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended
Summary
Financial
Information March 31,
---------
millions 2016 2015
-------- ---- ----
Cash Flows from Operating
Activities
-------------------------
Net income
(loss) $(998) $(3,236)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Depreciation,
depletion, and
amortization 1,149 1,256
Deferred income
taxes (413) (1,198)
Dry hole
expense and
impairments of
unproved
properties 35 1,009
Impairments 16 2,783
(Gains) losses
on
divestitures,
net (2) 334
Total (gains)
losses on
derivatives,
net 299 152
Operating
portion of net
cash received
(paid) in
settlement of
derivative
instruments 105 91
Other 115 45
Changes in assets and
liabilities
Tronox-related
contingent
liability - (5,210)
(Increase)
decrease in
accounts
receivable 46 357
Increase
(decrease) in
accounts
payable and
accrued
expenses (403) (279)
Other items,
net (86) (608)
------------ --- ----
Net Cash
Provided by
(Used in)
Operating
Activities $(137) $(4,504)
------------ ----- -------
Capital
Expenditures $896 $1,822
------------- ---- ------
March 31, December 31,
millions 2016 2015
-------- ---- ----
Condensed Balance Sheets
------------------------
Cash and cash equivalents $2,947 $939
Accounts receivable, net
of allowance 2,392 2,469
Other current assets 428 573
Net properties and
equipment 33,526 33,751
Other assets 2,304 2,268
Goodwill and other
intangible assets 6,325 6,331
----- -----
Total Assets $47,922 $46,331
------------ ------- -------
Short-term debt 3,025 32
Other current liabilities 3,632 4,148
Long-term debt 15,726 15,636
Deferred income taxes 4,940 5,400
Other long-term
liabilities 5,898 5,658
Stockholders' equity 11,686 12,819
Noncontrolling interests 3,015 2,638
------------------------ ----- -----
Total Equity $14,701 $15,457
------------ ------- -------
Total Liabilities and
Equity $47,922 $46,331
--------------------- ------- -------
Capitalization
--------------
Total debt $18,751 $15,668
Total equity 14,701 15,457
------------ ------ ------
Total $33,452 $31,125
----- ------- -------
Capitalization Ratios
---------------------
Total debt 56% 50%
Total equity 44% 50%
------------ --- ---
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and Prices
Average Daily Sales Volumes Sales Volumes Average Sales Price
--------------------------- ------------- -------------------
Oil & Oil & Oil &
Condensate Natural Gas NGLs Condensate Natural Gas NGLs Condensate Natural Gas NGLs
MBbls/d MMcf/d MBbls/d MMBbls Bcf MMBbls Per Bbl Per Mcf Per Bbl
------- ------ ------- ------ --- ------ ------- ------- -------
Quarter Ended March 31, 2016
United States 232 2,303 122 21 210 11 $28.04 $1.75 $14.98
Algeria 65 - 6 6 - - 34.62 - 22.78
Other International 18 - - 2 - - 32.27 - -
--- --- --- --- --- --- ----- --- ---
Total 315 2,303 128 29 210 11 $29.65 $1.75 $15.32
--- ----- --- --- --- --- ------ ----- ------
- - -
Quarter Ended March 31, 2015
United States 237 2,738 136 22 246 12 $44.19 $2.60 $17.29
Algeria 70 - 7 6 - 1 56.02 - 32.75
Other International 28 - - 2 - - 49.55 - -
--- --- --- --- --- --- ----- --- ---
Total 335 2,738 143 30 246 13 $47.12 $2.60 $18.00
--- ----- --- --- --- --- ------ ----- ------
Average Daily Sales Volumes Sales Volumes
MBOE/d MMBOE
------ -----
Quarter Ended March 31,
2016 827 75
Quarter Ended March 31,
2015 934 84
Sales Revenue and Commodity Derivatives
Sales Net Cash Received (Paid) from Settlement of Commodity
Derivatives
----- ------------------------------------------------------
millions Oil & Condensate Natural Gas NGLs Oil & Condensate Natural Gas NGLs
---------------- ----------- ---- ---------------- ----------- ----
Quarter Ended March 31,
2016
United States $591 $366 $167 $88 $13 $2
Algeria 206 - 11 - - -
Other International 53 - - - - -
--- --- --- --- --- ---
Total $850 $366 $178 $88 $13 $2
---- ---- ---- --- --- ---
Quarter Ended March 31,
2015
United States $940 $641 $213 $2 $73 $15
Algeria 352 - 19 - - -
Other International 127 - - - - -
--- --- --- --- --- ---
Total $1,419 $641 $232 $2 $73 $15
------ ---- ---- --- --- ---
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of May 2, 2016
Note: Guidance excludes 2016 sales volumes associated with the East Chalk divestiture.
2nd-Qtr Full-Year
Guidance (see Note) Guidance (see Note)
------------------ ------------------
Units Units
----- -----
Total Sales Volumes (MMBOE) 71 - 73 282 - 286
Total Sales Volumes (MBOE/d) 780 - 802 770 - 781
Oil (MBbl/d) 296 - 302 306 - 311
United States 219 - 222 222 - 225
Algeria 59 - 61 59 - 60
Ghana 18 - 19 25 - 26
Natural Gas (MMcf/d)
United States 2,140 - 2,180 2,060 - 2,080
Natural Gas Liquids (MBbl/d)
United States 123 - 127 117 - 120
Algeria 4 - 6 5 - 7
$ / Unit $ / Unit
-------- --------
Price Differentials vs NYMEX
(w/o hedges)
Oil ($/Bbl) (6.70) - (2.20) (6.90) - (2.40)
United States (8.00) - (3.00) (8.00) - (3.00)
Algeria (3.00) - - (4.00) - (1.00)
Ghana (3.00) - - (4.00) - (1.00)
Natural Gas ($/Mcf)
United States (0.40) - (0.15) (0.40) - (0.20)
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of May 2, 2016
Note: Guidance excludes items affecting comparability
2nd-Qtr Full-Year
Guidance (see Note) Guidance (see Note)
------------------ ------------------
$ MM $ MM
---- ----
Other Revenues
Marketing and Gathering Margin 10 - 30 110 - 130
Minerals and Other 35 - 55 165 - 185
$ / BOE $ / BOE
------- -------
Costs and Expenses
Oil & Gas Direct Operating 3.05 - 3.20 3.10 - 3.30
Oil & Gas Transportation 3.30 - 3.50 3.40 - 3.60
Depreciation, Depletion, and
Amortization 14.90 - 15.25 15.80 - 16.00
Production Taxes (% of Product
Revenue) 8.0% - 9.0% 8.0% - 9.0%
$ MM $ MM
---- ----
General and Administrative
(excludes restructuring charges) 245 - 265 950 - 1,000
Other Operating Expense 5 - 15 55 - 65
Exploration Expense
Non-Cash 40 - 60 350 - 450
Cash 65 - 85 280 - 300
Interest Expense (net) 215 - 230 880 - 900
Other (Income) Expense 35 - 45 150 - 175
Taxes
Algeria (100% current) 70% - 75% 70% - 75%
Rest of Company (10% Current for
Q2 and Total Year) 35% - 45% 30% - 40%
Avg. Shares Outstanding (MM)
Basic 509 - 510 509 - 510
Diluted 509 - 510 510 - 511
Capital Investment (Excluding
Western Gas Partners, LP) $ MM $ MM
---- ----
APC Capital Expenditures 700 - 800 2,600 - 2,800
Anadarko Petroleum Corporation
Commodity Hedge Positions
As of May 2, 2016
Weighted Average Price per barrel
---------------------------------
Volume Floor Sold Floor Purchased Ceiling Sold
(MBbls/d)
---------
Oil
Three-Way Collars
2016
WTI 65 $41.54 $53.08 $62.25
Brent 18 $47.22 $59.44 $69.47
83 $42.77 $54.46 $63.82
Interest-Rate Derivatives
As of May 2, 2016
Instrument Notional Amt. Reference Period Mandatory Rate Paid Rate Received
Termination Date
--- --- ---
Swap $50 Million Sept. 2016 - 2026 Sept. 2016 5.910% 3M LIBOR
Swap $50 Million Sept. 2016 - 2046 Sept. 2016 6.290% 3M LIBOR
Swap $500 Million Sept. 2016 - 2046 Sept. 2018 6.559% 3M LIBOR
Swap $300 Million Sept. 2016 - 2046 Sept. 2020 6.509% 3M LIBOR
Swap $450 Million Sept. 2017 - 2047 Sept. 2018 6.445% 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
---- ------------ ----------------- ---------- ----- --------
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
Average Daily Sales Volumes
Quarter Ended March 31, 2016 Quarter Ended March 31, 2015
---------------------------- ----------------------------
Oil & Natural Gas NGLs Total Oil & Natural Gas NGLs Total
Condensate MMcf/d MBbls/d MBOE/d Condensate MMcf/d MBbls/d MBOE/d
MBbls/d MBbls/d
------- -------
U.S. Onshore 163 2,206 114 645 167 2,232 129 668
Deepwater Gulf of
Mexico 58 85 7 79 46 221 6 89
International and
Alaska 93 - 6 99 107 - 7 114
Same-Store Sales 314 2,291 127 823 320 2,453 142 871
--- ----- --- --- --- ----- --- ---
Divestitures* 1 12 1 4 15 285 1 63
--- --- --- --- --- --- --- ---
Total 315 2,303 128 827 335 2,738 143 934
--- ----- --- --- --- ----- --- ---
* Includes East
Chalk, EOR, Bossier,
and Powder River Basin
CBM. East Chalk was
classified as held for
sale at March 31, 2016,
and closed in April
2016.
Average Daily Sales Volumes
Year Ended December 31, 2015
----------------------------
Oil & Natural Gas NGLs Total
Condensate MMcf/d MBbls/d MBOE/d
MBbls/d
-------
U.S. Onshore 165 2,003 116 615
Deepwater Gulf of
Mexico 53 152 7 85
International and
Alaska 94 - 6 100
Same-Store Sales 312 2,155 129 800
--- ----- --- ---
Divestitures* 5 179 1 36
--- --- --- ---
Total 317 2,334 130 836
--- ----- --- ---
* Includes East
Chalk, EOR, Bossier,
and Powder River Basin
CBM. East Chalk was
classified as held for
sale at March 31, 2016,
and closed in April
2016.
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