WESTERN GAS PARTNERS, LP HOUSTON, Feb. 1, 2016 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.45 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $954 million, or $1.88 per share (diluted), on an after-tax basis.((1) )Cash flow from operating activities in the fourth quarter of 2015 was $257 million, and discretionary cash flow totaled $810 million.((2))
For the year ended Dec. 31, 2015, Anadarko reported a net loss attributable to common stockholders of $6.692 billion, or $13.18 per share (diluted). Full-year 2015 net cash used in operating activities was $1.877 billion. Discretionary cash flow for the year totaled $4.657 billion.((2))
2015 HIGHLIGHTS
-- Reduced year-over-year capital expenditures by almost 40 percent, while
delivering 4-percent divestiture-adjusted((3)) sales-volume growth over
2014
-- Achieved an organic reserve-replacement ratio of more than 130 percent
before the effects of price revisions
-- Closed $2.0 billion of monetizations
"As discussed last year at this time, we did not expect oil prices to recover in 2015 and believed it could take well into 2016 before markets would stabilize on a sustained basis, costs would become more aligned with the new operating environment and investments in short-cycle assets would be more attractive. Therefore, value enhancement drove our capital-allocation philosophy," said Anadarko Chairman, President and CEO Al Walker. "As a result, we reduced our year-over-year spending in 2015 by more than $3 billion, down nearly 40 percent from the previous year, with the largest portion of this reduction coming from our short-cycle opportunities. Through the hard work and innovation of our employees, we exceeded our initial expectations on nearly every operating metric. We dramatically improved efficiencies and reduced controllable spending by approximately $500 million, while enhancing our base production, and delivering an incremental 25,000 barrels per day of higher-margin oil sales volumes. In addition, we closed $2 billion of monetizations, significantly in excess of our initial expectations.
"As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action," added Walker. "In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014. On March 1, we will host an investor conference call and look forward to going into greater detail at that time about our definitive 2016 capital plans and expectations.
"We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending, leverage our competitive advantages and protect our balance sheet, will serve our shareholders well. These actions should enable us to successfully manage through the current market volatility and position Anadarko for future success."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled 305 million barrels of oil equivalent (BOE), or an average of 836,000 BOE per day. Fourth-quarter 2015 sales volumes of crude oil, natural gas and NGLs averaged approximately 779,000 BOE per day.
Anadarko organically added 407 million BOE of proved reserves in 2015 before the effects of price revisions and incurred oil and natural gas exploration and development costs of approximately $5.8 billion.((2)) The company estimates its proved reserves at year-end 2015 totaled approximately 2.06 billion BOE, with nearly 80 percent of its reserves categorized as proved developed. At year-end 2015, Anadarko's proved reserves were comprised of 52 percent liquids and 48 percent natural gas.
OPERATING HIGHLIGHTS
In 2015, Anadarko increased its percentage of capital investments in longer cash cycle opportunities, such as advancing its large-scale deepwater projects and exploration. The company's U.S. onshore investments were primarily allocated toward the Wattenberg field in northeastern Colorado and the Delaware Basin in West Texas, both of which demonstrated strong growth year over year. In the Wattenberg field, relative to 2014, Anadarko reduced drilling costs per foot by 50 percent and completion costs by 32 percent, while increasing oil sales volumes almost 30 percent. Anadarko also continued to successfully delineate its top-tier 600,000-gross-acre position with multiple stacked play opportunities in the Delaware Basin. With estimated ultimate recoveries (EURs) already approaching 1 million BOE per well in the Wolfcamp Shale, encouraging results from the Second Bone Spring formation, improved efficiencies, cost reductions, and expanded midstream infrastructure, the company expects to increase its identified drilling locations and recoverable-resource estimates in the basin beyond the current estimates of more than 1 billion BOE as the program continues to advance.
Anadarko also continued to demonstrate its industry-leading project management expertise as its Lucius development in the Gulf of Mexico achieved first oil on budget and on schedule in January 2015. Subsequent to year-end, the Anadarko-operated Heidelberg spar successfully achieved first oil with excellent safety performance, three months ahead of schedule and under budget.
During 2015, Anadarko made significant progress advancing its Mozambique LNG project. Milestones included the signing of a Unitization and Unit Operating agreement with Eni for the development of the natural gas resources that straddle Offshore Area 1 and Offshore Area 4, signing a Memorandum of Understanding with the Government of Mozambique to provide natural gas from the development for domestic use, selecting a contractor for the initial onshore development, and progressing more than 8 million tonnes per annum of LNG offtake to long-term sales contracts. Offshore Ghana, the third-party operated TEN development was more than 80-percent complete at year-end and on track to achieve first oil in the third quarter of 2016.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2015 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko ended 2015 with $939 million of cash on hand, which reflects remittance of the $5.2 billion final payment resolving the Tronox Adversary Proceeding. In December, the company extended the maturity of its $3 billion unsecured revolving credit facility to January 2021, and in January 2016, Anadarko renewed its $2 billion 364-day credit facility to a new maturity in 2017, further supporting the company's strong liquidity position.
During the year, the company generated approximately $4.7 billion of discretionary cash flow((2)) and $2.0 billion from monetizations, which more than covered its capital investments of approximately $5.9 billion, including approximately $525 million of capital investments by its subsidiary Western Gas Partners, LP (NYSE: WES).
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Tuesday, Feb. 2, 2016, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2015 results. The dial-in number is 844.836.8743 in the U.S. or 412.317.5438 internationally. Participants can register for the conference at http://dpregister.com/10077883. 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 costs incurred, proved reserves and current hedge positions.
((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)) 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.
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 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, finalize year-end reserves, and timely complete and commercially operate the projects and drilling prospects identified in this news release, receipt of final approval of the Unitization and Unit Operating agreement from the Government of Mozambique, the ability of Anadarko and the Government of Mozambique to finalize the legal and contractual framework relating to the Memorandum of Understanding, and Anadarko's ability to enter into a definitive agreement with the contractor for onshore development, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park in Mozambique, increase its recoverable-resource estimate in the Delaware Basin, and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2014 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 regulatory filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definition for such items. Anadarko uses terms in this news release such as "estimated ultimate recoveries," "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, 2014, 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
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 December 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* $139 $88 $0.17
Gains (losses) on divestitures,
net (after noncontrolling
interest) (7) (5) (0.01)
Impairments
Producing properties (after
noncontrolling interest) (1,205) (761) (1.50)
Exploration assets (144) (93) (0.18)
Clean Water Act penalty accrual (70) (70) (0.14)
Settlement accrual (74) (47) (0.09)
Inventory adjustments (38) (25) (0.05)
Environmental reserves (29) (18) (0.03)
Other adjustments (13) (10) (0.02)
Change in uncertain tax positions
(FIN 48) - (13) (0.03)
$(1,441) $(954) $(1.88)
------- ----- ------
* Includes $106 million
related to commodity
derivatives, $32 million
related to other derivatives,
and $1 million related to
gathering, processing, and
marketing sales.
Quarter Ended December 31, 2014
-------------------------------
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* $(254) $(162) $(0.32)
Gains (losses)
on
divestitures,
net (303) (192) (0.38)
Impairments,
including
unproved
properties (548) (346) (0.68)
Inventory
adjustments (60) (38) (0.07)
Cash received in
early
settlement of
oil derivatives 126 80 0.16
Litigation
settlement 50 32 0.06
Interest expense
related to
Tronox
settlement (22) (14) (0.03)
Change in
uncertain tax
positions (FIN
48) - 58 0.11
--------------- --- --- ----
$(1,011) $(582) $(1.15)
------- ----- ------
* Includes $40 million
related to commodity
derivatives, $(293) million
related to other 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 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
December 31, 2015 December 31, 2014
----------------- -----------------
After Per Share After Per Share
millions except
per-share
amounts Tax (diluted) Tax (diluted)
--------------- --- -------- --- --------
Net income (loss)
attributable to
common
stockholders $(1,250) $(2.45) $(395) $(0.78)
Less certain
items affecting
comparability (954) (1.88) (582) (1.15)
---------------- ---- ----- ---- -----
Adjusted net
income (loss) $(296) $(0.57) $187 $0.37
-------------- ----- ------ ---- -----
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 Year Ended
December 31, December 31,
------------ ------------
millions 2015 2014 2015 2014
-------- ---- ---- ---- ----
Net
cash
provided
by
(used
in)
operating
activities $257 $1,952 $(1,877) $8,466
Add
back
Increase
(decrease)
in
accounts
receivable 25 1 2 (103)
(Increase)
decrease
in
accounts
payable
and
accrued
expenses 422 706 995 (97)
Other
items,
net 28 (163) (772) 71
Tronox
settlement
payment - - 5,215 -
Certain
nonoperating
and
other
excluded
items 70 1 96 119
Current
taxes
related
to
asset
monetizations
and
Tronox
tax
position 8 (95) 998 938
Discretionary
cash
flow
from
operations $810 $2,402 $4,657 $9,394
------------- ---- ------ ------ ------
Quarter Ended Year Ended
December 31, December 31,
------------ ------------
millions 2015 2014 2015 2014
-------- ---- ---- ---- ----
Discretionary
cash
flow
from
operations $810 $2,402 $4,657 $9,394
Less
capital
expenditures* 1,313 2,169 5,888 9,256
------------- ----- ----- ----- -----
Free
cash
flow $(503) $233 $(1,231) $138
---- ----- ---- ------- ----
* Includes Western Gas Partners, LP (WES)
capital expenditures of $120 million for the
quarter ended December 31, 2015, $206 million
for the quarter ended December 31, 2014, $525
million for the year ended December 31, 2015,
and $696 million for the year ended December
31, 2014.
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Presented below are reconciliations of costs incurred (GAAP) to oil and natural gas exploration and development costs (non-GAAP) and total debt (GAAP) to net debt (non-GAAP). Management believes oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year, excluding certain obligations to be paid in future periods. 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.
Year Ended
December 31,
millions 2015
-------- ----
Costs incurred $5,753
Asset retirement
obligation
liabilities incurred (207)
Cash expenditures for
asset retirement
obligations 298
--------------------- ---
Oil and natural gas
exploration and
development costs $5,844
------------------- ------
December 31, 2015
-----------------
Anadarko
Anadarko WGP* excluding
millions Consolidated Consolidated WGP
-------- ------------ ------------ ---
Total debt $15,751 $2,707 $13,044
Less cash and cash
equivalents 939 100 839
------------------ --- --- ---
Net debt $14,812 $2,607 $12,205
-------- ------- ------ -------
Anadarko
Anadarko excluding
millions Consolidated WGP
-------- ------------ ---
Net debt $14,812 $12,205
Total equity 15,457 12,819
------------ ------ ------
Adjusted
capitalization $30,269 $25,024
--------------- ------- -------
Net debt to adjusted
capitalization ratio 49% 49%
--------------------- --- ---
* 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 Year Ended
Summary Financial
Information December 31, December 31,
------------ ------------
millions except per-
share amounts 2015 2014 2015 2014
-------------------- ---- ---- ---- ----
Consolidated Statements of Income
---------------------------------
Revenues and Other
------------------
Oil and condensate sales $1,156 $1,982 $5,420 $9,748
Natural-gas sales 395 811 2,007 3,849
Natural-gas liquids
sales 189 351 833 1,572
Gathering, processing,
and marketing sales 294 278 1,226 1,206
Gains (losses) on
divestitures and other,
net 19 (245) (788) 2,095
------------------------ --- ---- ---- -----
Total 2,053 3,177 8,698 18,470
----- ----- ----- ----- ------
Costs and Expenses
------------------
Oil and gas operating 230 310 1,014 1,171
Oil and gas
transportation 264 287 1,117 1,116
Exploration 384 639 2,644 1,639
Gathering, processing,
and marketing 256 259 1,054 1,030
General and
administrative 288 332 1,176 1,316
Depreciation, depletion,
and amortization 1,022 1,215 4,603 4,550
Other taxes 93 263 553 1,244
Impairments 1,504 322 5,075 836
Other operating expense 154 29 271 165
----------------------- --- --- --- ---
Total 4,195 3,656 17,507 13,067
----- ----- ----- ------ ------
Operating Income (Loss) (2,142) (479) (8,809) 5,403
---------------------- ------ ---- ------ -----
Other (Income) Expense
----------------------
Interest expense 209 199 825 772
(Gains) losses on
derivatives, net (222) (256) (99) 197
Other (income) expense,
net 40 8 149 20
Tronox-related
contingent loss - 22 5 4,360
---------------- --- --- --- -----
Total 27 (27) 880 5,349
----- --- --- --- -----
Income (Loss) Before
Income Taxes (2,169) (452) (9,689) 54
-------------------- ------ ---- ------ ---
Income Tax Expense
(Benefit) (645) (102) (2,877) 1,617
------------------ ---- ---- ------ -----
Net Income (Loss) (1,524) (350) (6,812) (1,563)
---------------- ------ ---- ------ ------
Net Income (Loss)
Attributable to
Noncontrolling
Interests (274) 45 (120) 187
----------------- ---- --- ---- ---
Net Income (Loss)
Attributable to Common
Stockholders $(1,250) $(395) $(6,692) $(1,750)
----------------------- ------- ----- ------- -------
Per Common Share
----------------
Net income (loss)
attributable to common
stockholders-basic $(2.45) $(0.78) $(13.18) $(3.47)
Net income (loss)
attributable to common
stockholders-diluted $(2.45) $(0.78) $(13.18) $(3.47)
----------------------- ------ ------ ------- ------
Average Number of Common
Shares Outstanding-
Basic 508 507 508 506
------------------------ --- --- --- ---
Average Number of Common
Shares Outstanding-
Diluted 508 507 508 506
------------------------ --- --- --- ---
Exploration Expense
-------------------
Dry hole expense $193 $235 $1,052 $762
Impairments of unproved
properties 81 267 1,215 483
Geological and
geophysical expense 63 75 168 168
Exploration overhead and
other 47 62 209 226
------------------------ --- --- --- ---
Total $384 $639 $2,644 $1,639
----- ---- ---- ------ ------
Anadarko Petroleum Corporation
(Unaudited)
Quarter Ended Year Ended
Summary Financial
Information December 31, December 31,
------------ ------------
millions 2015 2014 2015 2014
-------- ---- ---- ---- ----
Cash Flows from Operating Activities
------------------------------------
Net income (loss) $(1,524) $(350) $(6,812) $(1,563)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities
Depreciation,
depletion, and
amortization 1,022 1,215 4,603 4,550
Deferred income taxes (525) 105 (3,152) (105)
Dry hole expense and
impairments of
unproved properties 274 502 2,267 1,245
Impairments 1,504 322 5,075 836
(Gains) losses on
divestitures, net 19 303 1,022 (1,891)
Total (gains) losses
on derivatives, net (223) (255) (100) 207
Operating portion of
net cash received
(paid) in settlement
of derivative
instruments 84 509 335 371
Other 101 123 320 327
Changes in assets and liabilities
Tronox-related
contingent liability - 22 (5,210) 4,360
(Increase) decrease in
accounts receivable (25) (1) (2) 103
Increase (decrease) in
accounts payable and
accrued expenses (422) (706) (995) 97
Other items, net (28) 163 772 (71)
---------------- --- --- --- ---
Net Cash Provided by
(Used in) Operating
Activities $257 $1,952 $(1,877) $8,466
-------------------- ---- ------ ------- ------
Capital Expenditures $1,313 $2,169 $5,888 $9,256
-------------------- ------ ------ ------ ------
December 31, December 31,
millions 2015 2014
-------- ---- ----
Condensed Balance
Sheets
-----------------
Cash and cash
equivalents $939 $7,369
Accounts receivable,
net of allowance 2,469 2,527
Other current assets 574 603
Net properties and
equipment 33,751 41,589
Other assets 2,350 2,310
Goodwill and other
intangible assets 6,331 6,569
----- -----
Total Assets $46,414 $60,967
------------ ------- -------
Short-term debt 33 -
Other current
liabilities 4,148 5,024
Tronox-related
contingent liability - 5,210
Long-term debt 15,718 15,092
Deferred income taxes 5,400 8,527
Other long-term
liabilities 5,658 4,796
Stockholders' equity 12,819 19,725
Noncontrolling
interests 2,638 2,593
-------------- ----- -----
Total Equity $15,457 $22,318
------------ ------- -------
Total Liabilities and
Equity $46,414 $60,967
--------------------- ------- -------
Capitalization
--------------
Total debt $15,751 $15,092
Total equity 15,457 22,318
------------ ------ ------
Total $31,208 $37,410
----- ------- -------
Capitalization Ratios
---------------------
Total debt 50% 40%
Total equity 50% 60%
------------ --- ---
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 December 31, 2015
United States 229 2,068 112 21 190 10 $37.83 $2.08 $16.86
Algeria 68 - 6 7 - - 44.69 - 30.04
Other International 19 - - 1 - - 44.42 - -
--- --- --- --- --- --- ----- --- ---
Total 316 2,068 118 29 190 10 $39.71 $2.08 $17.52
--- ----- --- --- --- --- ------ ----- ------
Quarter Ended December 31, 2014
United States 220 2,549 119 20 234 12 $68.66 $3.46 $27.57
Algeria 70 - 10 6 - 1 79.80 - 54.02
Other International 10 - - 1 - - 81.64 - -
--- --- --- --- --- --- ----- --- ---
Total 300 2,549 129 27 234 13 $71.67 $3.46 $29.63
--- ----- --- --- --- --- ------ ----- ------
Year Ended December 31, 2015
United States 232 2,334 124 85 852 45 $45.00 $2.36 $17.03
Algeria 59 - 6 22 - 2 51.93 - 29.85
Other International 26 - - 9 - - 51.09 - -
--- --- --- --- --- --- ----- --- ---
Total 317 2,334 130 116 852 47 $46.79 $2.36 $17.61
--- ----- --- --- --- --- ------ ----- ------
Year Ended December 31, 2014
United States 203 2,589 116 74 945 43 $87.99 $4.07 $35.48
Algeria 66 - 3 24 - 1 98.53 - 56.16
Other International 23 - - 8 - - 103.42 - -
--- --- --- --- --- --- ------ --- ---
Total 292 2,589 119 106 945 44 $91.58 $4.07 $36.01
--- ----- --- --- --- --- ------ ----- ------
Average Daily Sales Volumes Sales Volumes
MBOE/d MMBOE
------ -----
Quarter Ended December 31, 2015 779 71
Quarter Ended December 31, 2014 854 79
Year Ended December 31, 2015 836 305
Year Ended December 31, 2014 843 308
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 December 31, 2015
United States $799 $395 $173 $ - $84 $ -
Algeria 282 - 16 - - -
Other International 75 - - - - -
--- --- --- --- --- ---
Total $1,156 $395 $189 $ - $84 $ -
------ ---- ---- --- --- --- --- ---
Quarter Ended December 31, 2014
United States $1,394 $811 $301 $149 $22 $3
Algeria 514 - 50 335 - -
Other International 74 - - - - -
--- --- --- --- --- ---
Total $1,982 $811 $351 $484 $22 $3
------ ---- ---- ---- --- ---
Year Ended December 31, 2015
United States $3,817 $2,007 $769 $6 $312 $17
Algeria 1,125 - 64 - - -
Other International 478 - - - - -
--- --- --- --- --- ---
Total $5,420 $2,007 $833 $6 $312 $17
------ ------ ---- --- ---- ---
Year Ended December 31, 2014
United States $6,519 $3,849 $1,509 $81 $(85) $6
Algeria 2,372 - 63 375 - -
Other International 857 - - - - -
--- --- --- --- --- ---
Total $9,748 $3,849 $1,572 $456 $(85) $6
------ ------ ------ ---- ---- ---
Anadarko Petroleum Corporation
Estimated Year-End Proved Reserves 2013 - 2015
MMBOE 2015 2014 2013
---- ---- ----
Proved
Reserves
Beginning
of
year 2,858 2,792 2,560
Reserves
additions
and
revisions
Discoveries
and
extensions 29 63 145
Infill-
drilling
additions 89 577 410
--- --- ---
Drilling-
related
reserves
additions
and
revisions 118 640 555
Other
non-
price-
related
revisions 289 (137) (40)
--- ---- ---
Net
organic
reserves
additions 407 503 515
Acquisition
of
proved
reserves
in
place 1 - 36
Price-
related
revisions (624) (1) (23)
---- --- ---
Total
reserves
additions
and
revisions (216) 502 528
Sales
in
place (279) (124) (12)
Production (306) (312) (284)
---- ---- ----
End
of
year 2,057 2,858 2,792
----- ----- -----
Proved
Developed
Reserves
Beginning
of
year 1,969 2,003 1,883
----- ----- -----
End
of
year 1,632 1,969 2,003
----- ----- -----
Anadarko Petroleum Corporation
Commodity Hedge Positions
As of February 1, 2016
Weighted Average Price per barrel
---------------------------------
Volume Floor Sold Floor Purchased Ceiling Sold
(MBbls/d)
---------
Crude 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 February 1, 2016
Instrument Notional Amt. Reference Period Mandatory Rate Paid Rate Received
Termination Date
--- --- ---
Swap $50 Million Sept. 2016 - Sept. 2026 Sept. 2016 5.910% 3M LIBOR
Swap $50 Million Sept. 2016 - Sept. 2046 Sept. 2016 6.290% 3M LIBOR
Swap $250 Million Sept. 2016 - Sept. 2046 Sept. 2018 6.310% 3M LIBOR
Swap $300 Million Sept. 2016 - Sept. 2046 Sept. 2020 6.509% 3M LIBOR
Swap $250 Million Sept. 2016 - Sept. 2046 Sept. 2021 6.724% 3M LIBOR
Swap $200 Million Sept. 2017 - Sept. 2047 Sept. 2018 6.049% 3M LIBOR
Swap $300 Million Sept. 2017 - Sept. 2047 Sept. 2020 6.569% 3M LIBOR
Swap $500 Million Sept. 2017 - Sept. 2047 Sept. 2021 6.654% 3M LIBOR
---- ------------ ----------------------- ---------- ----- --------
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
Average Daily Sales Volumes
Quarter Ended December 31, 2015 Quarter Ended December 31, 2014
------------------------------- -------------------------------
Oil & Oil &
Condensate Natural Gas NGLs Total Condensate Natural Gas NGLs Total
MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d
------- ------ ------- ------ ------- ------ ------- ------
U.S. Onshore 166 1,958 106 598 152 2,088 113 613
Deepwater Gulf of
Mexico 54 115 6 80 47 179 6 83
International and
Alaska 96 - 6 102 88 - 10 98
Same-Store Sales 316 2,073 118 780 287 2,267 129 794
--- ----- --- --- --- ----- --- ---
Divestitures* - (5) - (1) 13 282 - 60
--- --- --- --- --- --- --- ---
Total 316 2,068 118 779 300 2,549 129 854
--- ----- --- --- --- ----- --- ---
Year Ended December 31, 2015 Year Ended December 31, 2014
---------------------------- ----------------------------
Oil & Oil &
Condensate Natural Gas NGLs Total Condensate Natural Gas NGLs Total
MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d
------- ------ ------- ------ ------- ------ ------- ------
U.S. Onshore 167 2,017 117 620 136 2,092 110 595
Deepwater Gulf of
Mexico 53 152 7 85 45 195 6 83
International and
Alaska 94 - 6 100 94 - 3 97
Same-Store Sales 314 2,169 130 805 275 2,287 119 775
--- ----- --- --- --- ----- --- ---
Divestitures* 3 165 - 31 17 302 - 68
--- --- --- --- --- --- --- ---
Total 317 2,334 130 836 292 2,589 119 843
--- ----- --- --- --- ----- --- ---
* Includes China, Pinedale/Jonah,
EOR, Bossier, and Powder River Basin
CBM.
PDF - http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/328123-4q15-operations.pdf
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/anadarko-announces-2015-fourth-quarter-and-full-year-results-300213087.html
SOURCE Anadarko Petroleum Corporation
