UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Earliest Event Reported: May 4, 2015
ANADARKO PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
|
| | | | |
Delaware | | 1-8968 | | 76-0146568 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
1201 Lake Robbins Drive
The Woodlands, Texas 77380-1046
(Address of principal executive offices)
Registrant's telephone number, including area code (832) 636-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The information in this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2015, Anadarko Petroleum Corporation (Anadarko) announced first-quarter 2015 financial and operating results. The press release is included in this report as Exhibit 99 and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 4, 2015, Anadarko provided guidance for the remainder of 2015. This information is contained in the press release included in this report as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
|
| | |
(d) |
| Exhibits. |
99 |
| Anadarko Press Release dated May 4, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | | |
| | ANADARKO PETROLEUM CORPORATION |
| | (Registrant) | |
|
|
May 4, 2015 | By: | /s/ M. CATHY DOUGLAS |
| | M. Cathy Douglas |
| | Senior Vice President, Chief Accounting Officer and Controller |
EXHIBIT INDEX
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| | |
Exhibit No. | | Description |
| | |
99 | | Anadarko Press Release dated May 4, 2015. |
NEWS
ANADARKO ANNOUNCES FIRST-QUARTER 2015 RESULTS
Increases Midpoint of Full-Year Sales-Volume Guidance by 5 Million BOE
HOUSTON, May 4, 2015 - Anadarko Petroleum Corporation (NYSE: APC) today announced its financial and operating results for the first quarter of 2015, including a first-quarter net loss attributable to common stockholders of $3.268 billion, or $6.45 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in aggregate decreased net income by $2.903 billion or $5.73 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2015 was $4.504 billion, which included the $5.2 billion Tronox settlement payment. Discretionary cash flow from operations totaled $1.495 billion.(2)
FIRST-QUARTER 2015 HIGHLIGHTS
| |
• | Delivered record sales volumes, highlighted by year-over-year growth of more than 130,000 barrels of oil equivalent (BOE) per day on a divestiture-adjusted basis(3) |
| |
• | Reduced operating expense per BOE by 17 percent over the first quarter of 2014 |
| |
• | Ramped production rates toward capacity at the Lucius facility in the Gulf of Mexico |
| |
• | Discovered significant oil accumulation at the Yeti prospect in the Gulf of Mexico |
| |
• | Announced divestiture of enhanced oil recovery (EOR) assets in Wyoming |
“The significant cost savings, outstanding well performance and ongoing efficiency gains we achieved during the first quarter enabled Anadarko to deliver higher sales volumes for lower costs,” said Al Walker, Anadarko Chairman, President and CEO. “Our teams did an exceptional job of moderating our base production decline, while reducing our lease operating expense and working with our service providers to further drive down costs during the quarter. These actions have enhanced the overall efficiency of the portfolio, further lowered our 2015 maintenance capital requirements, and enabled us to increase our full-year sales-volume guidance and lower our capital expectations. I believe the results to date demonstrate we are taking the appropriate actions to preserve value, maintain flexibility and deliver differentiating success.”
OPERATIONS SUMMARY
Anadarko’s first-quarter sales volumes of natural gas, crude oil and natural gas liquids (NGLs) totaled a record 83 million BOE, or an average of 920,000 BOE per day, on a divestiture-adjusted basis.(3)
Anadarko’s U.S. onshore activities continued to achieve strong results and deliver additional cost savings, while enhancing efficiencies in its primary operating areas. In the Wattenberg field, Anadarko delivered a sales-volume increase of more than 85,000 BOE per day year over year and an increase of more than 20,000 BOE per day sequentially over the fourth quarter of 2014, while lowering drilling and completion costs to approximately $3.4 million from $4.0 million per well. In the Eagleford Shale, Anadarko continued to realize strong performance from new wells, which contributed to a new gross processed production record of more than 275,000 BOE per day, while reducing average drilling costs per well by 14 percent from the fourth quarter of 2014. In the Wolfcamp Shale, the company announced its successful delineation activities established a net resource estimate of more than 1 billion BOE in the play with more than 5,000 identified drilling locations. Activities in the Wolfcamp Shale continued to be focused on applying Anadarko’s proven integrated midstream approach to build the foundation for future growth.
Anadarko continued to successfully ramp up production at the Lucius spar in the deepwater Gulf of Mexico toward its design rate of 80,000 barrels of oil per day. Progress also continued on the Heidelberg project, which remains on schedule for first oil in mid-2016. Topsides fabrication is almost 85-percent complete, and the spar hull is expected to sail to location in the second quarter of this year. Also in the Gulf of Mexico, and subsequent to quarter end, an oil discovery was announced at the non-operated Yeti prospect in Walker Ridge block 160. Anadarko owns a 37.5 percent working interest in the discovery.
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 2015 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 5, 2015, 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 2015. The dial-in number is 877.299.4454 in the United States or 617.597.5447 internationally. The confirmation number is 54679117. 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 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) 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.
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 2014, the company had approximately 2.86 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 achieve production and budget expectations. 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 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,” 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
Christina Ramirez, christina.ramirez@anadarko.com, 832.636.8687
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Robin Fielder, robin.fielder@anadarko.com, 832.636.1462
Jeremy Smith, jeremy.smith@anadarko.com, 832.636.1544
Anadarko Petroleum Corporation
Certain Items Affecting Comparability
|
| | | | | | | | | | | | |
| | 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 | ) |
| |
* | For the quarter ended March 31, 2015, this includes $(37) million related to commodity derivatives, $(205) million related to other derivatives, and $(1) million related to gathering, processing, and marketing sales. |
|
| | | | | | | | | | | | |
| | Quarter Ended March 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*
| | $ | (363 | ) | | $ | (230 | ) | | $ | (0.46 | ) |
Gains (losses) on divestitures, net | | 1,459 |
| | 942 |
| | 1.87 |
|
Impairments | | (3 | ) | | (2 | ) | | — |
|
Tronox-related contingent loss | | (4,300 | ) | | (4,018 | ) | | (7.97 | ) |
| | $ | (3,207 | ) | | $ | (3,308 | ) | | $ | (6.56 | ) |
| |
* | For the quarter ended March 31, 2014, this includes $(123) million related to commodity derivatives, $(238) million related to other derivatives, and $(2) 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 |
| March 31, 2015 | | March 31, 2014 |
| After | | Per Share | | After | | Per Share |
millions except per-share amounts | Tax | | (diluted) | | Tax | | (diluted) |
Net income (loss) attributable to common stockholders | $ | (3,268 | ) | | $ | (6.45 | ) | | $ | (2,669 | ) | | $ | (5.30 | ) |
Less certain items affecting comparability | (2,903 | ) | | (5.73 | ) | | (3,308 | ) | | (6.56 | ) |
Adjusted net income (loss) | $ | (365 | ) | | $ | (0.72 | ) | | $ | 639 |
| | $ | 1.26 |
|
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 | 2015 | | 2014 |
Net cash provided by (used in) operating activities | $ | (4,504 | ) | | $ | 1,729 |
|
Add back | | | |
Increase (decrease) in accounts receivable | (357 | ) | | 266 |
|
(Increase) decrease in accounts payable and accrued expenses | 283 |
| | 63 |
|
Other items—net | 608 |
| | (55 | ) |
Tronox settlement payment | 5,215 |
| | — |
|
Certain nonoperating and other excluded items | 22 |
| | — |
|
Current taxes related to asset monetizations | 228 |
| | 520 |
|
Discretionary cash flow from operations | $ | 1,495 |
| | $ | 2,523 |
|
|
| | | | | | | |
| Quarter Ended |
| March 31, |
millions | 2015 | | 2014 |
Discretionary cash flow from operations | $ | 1,495 |
| | $ | 2,523 |
|
Less capital expenditures* | 1,822 |
| | 2,568 |
|
Free cash flow** | $ | (327 | ) | | $ | (45 | ) |
| |
* | Includes Western Gas Partners, LP (WES) capital expenditures of $156 million for the quarter ended March 31, 2015, and $170 million for the quarter ended March 31, 2014. |
| |
** | 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, 2015 |
| | | | | | | Anadarko |
| | | Anadarko | | WGP* | | excluding |
millions | | | Consolidated | | Consolidated | | WGP |
Total debt | | | $ | 16,865 |
| | $ | 2,533 |
| | $ | 14,332 |
|
Less cash and cash equivalents | | | 2,308 |
| | 60 |
| | 2,248 |
|
Net debt | | | $ | 14,557 |
| | $ | 2,473 |
| | $ | 12,084 |
|
| | | | | | | |
| | | | | | | Anadarko |
| | | | | Anadarko | | excluding |
millions | | | | | Consolidated | | WGP |
Net debt | | | | | $ | 14,557 |
| | $ | 12,084 |
|
Total equity | | | | | 18,934 |
| | 16,332 |
|
Adjusted capitalization | | | | | $ | 33,491 |
| | $ | 28,416 |
|
|
| | | | | | | | | |
Net debt to adjusted capitalization ratio | | | | | 43 | % | | 43 | % |
| |
* | 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 | 2015 | | 2014 |
Consolidated Statements of Income | | | |
Revenues and Other | | | |
Natural-gas sales | $ | 641 |
| | $ | 1,217 |
|
Oil and condensate sales | 1,419 |
| | 2,424 |
|
Natural-gas liquids sales | 232 |
| | 386 |
|
Gathering, processing, and marketing sales | 293 |
| | 311 |
|
Gains (losses) on divestitures and other, net | (264 | ) | | 1,506 |
|
Total | 2,321 |
| | 5,844 |
|
Costs and Expenses | | | |
Oil and gas operating | 296 |
| | 313 |
|
Oil and gas transportation and other | 361 |
| | 266 |
|
Exploration | 1,083 |
| | 299 |
|
Gathering, processing, and marketing | 254 |
| | 252 |
|
General and administrative | 310 |
| | 298 |
|
Depreciation, depletion, and amortization | 1,256 |
| | 1,124 |
|
Other taxes | 182 |
| | 314 |
|
Impairments | 2,783 |
| | 3 |
|
Deepwater Horizon settlement and related costs | 4 |
| | — |
|
Total | 6,529 |
| | 2,869 |
|
Operating Income (Loss) | (4,208 | ) | | 2,975 |
|
Other (Income) Expense | | | |
Interest expense | 216 |
| | 183 |
|
(Gains) losses on derivatives, net | 152 |
| | 453 |
|
Other (income) expense, net | 47 |
| | 1 |
|
Tronox-related contingent loss | 5 |
| | 4,300 |
|
Total | 420 |
| | 4,937 |
|
Income (Loss) Before Income Taxes | (4,628 | ) | | (1,962 | ) |
Income Tax Expense (Benefit) | (1,392 | ) | | 664 |
|
Net Income (Loss) | (3,236 | ) | | (2,626 | ) |
Net Income (Loss) Attributable to Noncontrolling Interests | 32 |
| | 43 |
|
Net Income (Loss) Attributable to Common Stockholders | $ | (3,268 | ) | | $ | (2,669 | ) |
Per Common Share | | | |
Net income (loss) attributable to common stockholders—basic | $ | (6.45 | ) | | $ | (5.30 | ) |
Net income (loss) attributable to common stockholders—diluted | $ | (6.45 | ) | | $ | (5.30 | ) |
Average Number of Common Shares Outstanding—Basic | 507 |
| | 504 |
|
Average Number of Common Shares Outstanding—Diluted | 507 |
| | 504 |
|
| | | |
Exploration Expense | | | |
Dry hole expense | $ | 29 |
| | $ | 121 |
|
Impairments of unproved properties | 980 |
| | 77 |
|
Geological and geophysical expense | 22 |
| | 43 |
|
Exploration overhead and other | 52 |
| | 58 |
|
Total | $ | 1,083 |
| | $ | 299 |
|
Anadarko Petroleum Corporation
(Unaudited)
|
| | | | | | | |
| Quarter Ended |
Summary Financial Information | March 31, |
millions | 2015 | | 2014 |
Cash Flows from Operating Activities | | | |
Net income (loss) | $ | (3,236 | ) | | $ | (2,626 | ) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | | | |
Depreciation, depletion, and amortization | 1,256 |
| | 1,124 |
|
Deferred income taxes | (1,198 | ) | | 46 |
|
Dry hole expense and impairments of unproved properties | 1,009 |
| | 198 |
|
Impairments | 2,783 |
| | 3 |
|
(Gains) losses on divestitures, net | 334 |
| | (1,459 | ) |
Total (gains) losses on derivatives, net | 152 |
| | 461 |
|
Operating portion of net cash received (paid) in settlement of derivative instruments | 91 |
| | (98 | ) |
Other | 45 |
| | 54 |
|
Changes in assets and liabilities | | | |
Deepwater Horizon settlement and related costs | 4 |
| | — |
|
Tronox-related contingent liability | (5,210 | ) | | 4,300 |
|
(Increase) decrease in accounts receivable | 357 |
| | (266 | ) |
Increase (decrease) in accounts payable and accrued expenses | (283 | ) | | (63 | ) |
Other items—net | (608 | ) | | 55 |
|
Net Cash Provided by (Used in) Operating Activities | $ | (4,504 | ) | | $ | 1,729 |
|
| | | |
Capital Expenditures | $ | 1,822 |
| | $ | 2,568 |
|
|
| | | | | | | | | | | |
| | | | | March 31, | | December 31, |
millions | | | | | 2015 | | 2014 |
Condensed Balance Sheets | | | | | | | |
Cash and cash equivalents | | | | | $ | 2,308 |
| | $ | 7,369 |
|
Accounts receivable, net of allowance | | | | | 2,174 |
| | 2,527 |
|
Other current assets | | | | | 683 |
| | 1,325 |
|
Net properties and equipment | | | | | 38,270 |
| | 41,589 |
|
Other assets | | | | | 2,998 |
| | 2,310 |
|
Goodwill and other intangible assets | | | | | 6,540 |
| | 6,569 |
|
Total Assets | | | | | $ | 52,973 |
| | $ | 61,689 |
|
Other current liabilities | | | | | 5,134 |
| | 4,934 |
|
Deepwater Horizon settlement and related costs | | | | | 94 |
| | 90 |
|
Tronox-related contingent liability | | | | | — |
| | 5,210 |
|
Long-term debt | | | | | 16,365 |
| | 15,092 |
|
Deferred income taxes | | | | | 7,521 |
| | 9,249 |
|
Other long-term liabilities | | | | | 4,925 |
| | 4,796 |
|
Stockholders’ equity | | | | | 16,332 |
| | 19,725 |
|
Noncontrolling interests | | | | | 2,602 |
| | 2,593 |
|
Total Equity | | | | | $ | 18,934 |
| | $ | 22,318 |
|
Total Liabilities and Equity | | | | | $ | 52,973 |
| | $ | 61,689 |
|
Capitalization | | | | | | | |
Total debt | | | | | $ | 16,865 |
| | $ | 15,092 |
|
Total equity | | | | | 18,934 |
| | 22,318 |
|
Total | | | | | $ | 35,799 |
| | $ | 37,410 |
|
|
| | | | | | | | | |
Capitalization Ratios | | | | | | | |
Total debt | | | | | 47 | % | | 40 | % |
Total equity | | | | | 53 | % | | 60 | % |
Anadarko Petroleum Corporation
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales Volumes and Prices | | | | | | | | | | | | | | | | | |
| Average Daily Sales Volumes | | Sales Volumes | | Average Sales Price |
| | | Oil & | | | | | | Oil & | | | | | | Oil & | | |
| Natural Gas | | Condensate | | NGLs | | Natural Gas | | Condensate | | NGLs | | Natural Gas | | Condensate | | NGLs |
| MMcf/d | | MBbls/d | | MBbls/d | | Bcf | | MMBbls | | MMBbls | | Per Mcf | | Per Bbl | | Per Bbl |
Quarter Ended March 31, 2015 | | | | | | | | | | | | | | | | | |
United States | 2,738 |
| | 237 |
| | 136 |
| | 246 |
| | 22 |
| | 12 |
| | $ | 2.60 |
| | $ | 44.19 |
| | $ | 17.29 |
|
Algeria | — |
| | 70 |
| | 7 |
| | — |
| | 6 |
| | 1 |
| | — |
| | 56.02 |
| | 32.75 |
|
Other International | — |
| | 28 |
| | — |
| | — |
| | 2 |
| | — |
| | — |
| | 49.55 |
| | — |
|
Total | 2,738 |
| | 335 |
| | 143 |
| | 246 |
| | 30 |
| | 13 |
| | $ | 2.60 |
| | $ | 47.12 |
| | $ | 18.00 |
|
| | | | | | | | | | | | | | | | | |
Quarter Ended March 31, 2014 | | | | | | | | | | | | | | | | | |
United States | 2,697 |
| | 180 |
| | 99 |
| | 243 |
| | 16 |
| | 9 |
| | $ | 5.01 |
| | $ | 94.84 |
| | $ | 43.35 |
|
Algeria | — |
| | 60 |
| | — |
| | — |
| | 5 |
| | — |
| | — |
| | 108.55 |
| | — |
|
Other International | — |
| | 30 |
| | — |
| | — |
| | 3 |
| | — |
| | — |
| | 108.14 |
| | — |
|
Total | 2,697 |
| | 270 |
| | 99 |
| | 243 |
| | 24 |
| | 9 |
| | $ | 5.01 |
| | $ | 99.37 |
| | $ | 43.35 |
|
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Average Daily Sales Volumes MBOE/d | | Sales Volumes MMBOE | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Quarter Ended March 31, 2015 | 934 | | 84 | | | | | | | | | | |
Quarter Ended March 31, 2014 | 819 | | 74 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Sales Revenue and Commodity Derivatives | | | | | | | |
| Sales | | | Net Cash Received (Paid) from Settlement of Commodity Derivatives |
millions | Natural Gas | | Oil & Condensate | | NGLs | | | Natural Gas | | Oil & Condensate | | NGLs |
Quarter Ended March 31, 2015 | | | | | | | | | | | | |
United States | $ | 641 |
| | $ | 940 |
| | $ | 213 |
| | | $ | 73 |
| | $ | 2 |
| | $ | 15 |
|
Algeria | — |
| | 352 |
| | 19 |
| | | — |
| | — |
| | — |
|
Other International | — |
| | 127 |
| | — |
| | | — |
| | — |
| | — |
|
Total | $ | 641 |
| | $ | 1,419 |
| | $ | 232 |
| | | $ | 73 |
| | $ | 2 |
| | $ | 15 |
|
| | | | | | | | | | | | |
Quarter Ended March 31, 2014 | | | | | | | | | | | | |
United States | $ | 1,217 |
| | $ | 1,540 |
| | $ | 386 |
| | | $ | (81 | ) | | $ | (16 | ) | | $ | — |
|
Algeria | — |
| | 582 |
| | — |
| | | — |
| | 5 |
| | — |
|
Other International | — |
| | 302 |
| | — |
| | | — |
| | — |
| | — |
|
Total | $ | 1,217 |
| | $ | 2,424 |
| | $ | 386 |
| | | $ | (81 | ) | | $ | (11 | ) | | $ | — |
|
|
| | | | | | | | | | | | | | |
Anadarko Petroleum Corporation |
Financial and Operating External Guidance |
As of May 4, 2015 |
| | | | |
| | 2nd-Qtr | | Full-Year |
| | Guidance * | | Guidance * |
| | | | | | | | |
| | Units | | Units |
| | | | | | | | |
Total Sales Volumes (MMBOE) | | 77 |
| — |
| 79 |
| | 300 |
| — |
| 306 |
|
Total Sales Volumes (MBOE/d) | | 846 |
| — |
| 868 |
| | 822 |
| — |
| 838 |
|
| | | | | | | | |
Crude Oil (MBbl/d) | | 296 |
| — |
| 303 |
| | 290 |
| — |
| 297 |
|
| | | | | | | | |
United States | | 222 |
| — |
| 225 |
| | 207 |
| — |
| 211 |
|
Algeria | | 46 |
| — |
| 48 |
| | 61 |
| — |
| 62 |
|
Ghana | | 28 |
| — |
| 30 |
| | 22 |
| — |
| 24 |
|
| | | | | | | | |
Natural Gas (MMcf/d) | | | | | | | | |
| | | | | | | | |
United States | | 2,530 |
| — |
| 2,580 |
| | 2,455 |
| — |
| 2,480 |
|
| | | | | | | | |
Natural Gas Liquids (MBbl/d) | | | | | | | | |
| | | | | | | | |
United States | | 120 |
| — |
| 130 |
| | 119 |
| — |
| 123 |
|
Algeria | | 5 |
| — |
| 7 |
| | 4 |
| — |
| 6 |
|
| | | | | | | | |
| | | | | | | | |
| | $ / Unit | | $ / Unit |
Price Differentials vs NYMEX (w/o hedges) | | | | | | | | |
| | | | | | | | |
Crude Oil ($/Bbl) | | (3.30 | ) | — |
| 2.10 |
| | (3.80 | ) | — |
| 1.40 |
|
| | | | | | | | |
United States | | (5.00 | ) | — |
| — |
| | (6.00 | ) | — |
| (1.00 | ) |
Algeria | | 2.00 |
| — |
| 8.00 |
| | 2.00 |
| — |
| 8.00 |
|
Ghana | | 2.00 |
| — |
| 8.00 |
| | 1.00 |
| — |
| 6.00 |
|
| | | | | | | | |
Natural Gas ($/Mcf) | | | | | | | | |
| | | | | | | | |
United States | | (0.55 | ) | — |
| (0.40 | ) | | (0.55 | ) | — |
| (0.35 | ) |
| | | | | | | | |
* All volumes and prices exclude the impact from EOR. | | | | | | | | |
|
| | | | | | | | | | | | | | |
Anadarko Petroleum Corporation |
Financial and Operating External Guidance |
As of May 4, 2015 |
| | | | |
| | 2nd-Qtr | | Full-Year |
| | Guidance * | | Guidance * |
| | | | | | | | |
| | $ MM | | $ MM |
Other Revenues | | | | | | | | |
Marketing and Gathering Margin | | 15 |
| — |
| 35 |
| | 130 |
| — |
| 150 |
|
Minerals and Other | | 85 |
| — |
| 95 |
| | 290 |
| — |
| 310 |
|
| | | | | | | | |
| | | | | | | | |
| | $ / BOE | | $ / BOE |
Costs and Expenses | | | | | | | | |
Oil & Gas Direct Operating | | 3.60 |
| — |
| 3.80 |
| | 3.50 |
| — |
| 3.90 |
|
Oil & Gas Transportation/Other | | 3.65 |
| — |
| 3.85 |
| | 3.70 |
| — |
| 3.90 |
|
Depreciation, Depletion, and Amortization | | 14.60 |
| — |
| 15.10 |
| | 14.80 |
| — |
| 15.30 |
|
Production Taxes (% of Product Revenue) | | 8.0 | % | — |
| 9.0 | % | | 8.5 | % | — |
| 9.5 | % |
| | | | | | | | |
| | $ MM | | $ MM |
| | | | | | | | |
General and Administrative | | 320 |
| — |
| 340 |
| | 1,250 |
| — |
| 1,300 |
|
Exploration Expense | | | | | | | | |
Non-Cash | | 130 |
| — |
| 150 |
| | 550 |
| — |
| 600 |
|
Cash | | 90 |
| — |
| 110 |
| | 375 |
| — |
| 400 |
|
Interest Expense (net) | | 205 |
| — |
| 215 |
| | 815 |
| — |
| 835 |
|
Other (Income) Expense | | 45 |
| — |
| 55 |
| | 165 |
| — |
| 215 |
|
| | | | | | | | |
Taxes | | | | | | | | |
Algeria (All current) | | 55 | % | — |
| 60 | % | | 55 | % | — |
| 60 | % |
Rest of Company (50% Current / 50% Deferred for Q2 and Expect Significant Current Tax-Benefit for FY) | | 25 | % | — |
| 35 | % | | 25 | % | — |
| 30 | % |
| | | | | | | | |
| | | | | | | | |
Avg. Shares Outstanding (MM) | | | | | | | | |
Basic | | 507 |
| — |
| 508 |
| | 507 |
| — |
| 509 |
|
Diluted | | 508 |
| — |
| 510 |
| | 508 |
| — |
| 510 |
|
| | | | | | | | |
| | | | | | | | |
Capital Investment (Excluding Western Gas Partners, LP) | $ MM | | $ MM |
| | | | | | | | |
APC Capital Expenditures | | 1,425 |
| — |
| 1,625 |
| | 5,400 |
| — |
| 5,700 |
|
| | | | | | | | |
* Excludes items affecting comparability | | | | | | | | |
|
| | | | | | | | | |
Anadarko Petroleum Corporation |
Commodity Hedge Positions |
As of May 4, 2015 |
| | | | | | | | | |
| | | Volume | | Weighted Average Price per MMBtu |
| | | (thousand | | | | | | |
| | | MMBtu/d) | | Floor Sold | | Floor Purchased | | Ceiling Sold |
Natural Gas | | | | | | | | |
Three-Way Collars | | | | | | | |
2015 | | | 635 | $ | 2.75 | $ | 3.75 | $ | 4.76 |
| | | | | | | | | |
Extendable Fixed Price - Financial | | | | | | | |
2015* | 170 | $ | 4.17 | | | | |
__________________________________________________________________
| |
* | Includes an option for the counterparty to extend the contract term to December 2016 at the same price. |
|
| | | | | | | |
| | | | | | | |
Interest Rate Derivatives |
As of May 4, 2015 |
| | | | | | | |
| Instrument | Notional Amt. | Start Date | Maturity | Rate Paid | Rate Received | |
| Swap | $50 Million | Sept. 2016 | Sept. 2026 | 5.91% | 3M LIBOR | |
| Swap | $1,850 Million | Sept. 2016 | Sept. 2046 | 6.06% | 3M LIBOR | |
| | | | | | | |
Anadarko Petroleum Corporation
Reconciliation of Same-Store Sales
|
| | | | | | | | | | | | | | | | | | | | | | | |
Average Daily Sales Volumes |
| Quarter Ended March 31, 2015 | | Quarter Ended March 31, 2014 |
| | | Oil & | | | | | | | | Oil & | | | | |
| Natural Gas | | Condensate | | NGLs | | Total | | Natural Gas | | Condensate | | NGLs | | Total |
| MMcf/d | | MBbls/d | | MBbls/d | | MBOE/d | | MMcf/d | | MBbls/d | | MBbls/d | | MBOE/d |
U.S. Onshore | 2,517 |
| | 168 |
| | 130 |
| | 717 |
| | 2,396 |
| | 112 |
| | 92 |
| | 604 |
|
Deepwater Gulf of Mexico | 221 |
| | 46 |
| | 6 |
| | 89 |
| | 275 |
| | 46 |
| | 6 |
| | 98 |
|
International and Alaska | — |
| | 107 |
| | 7 |
| | 114 |
| | — |
| | 87 |
| | — |
| | 87 |
|
Same-Store Sales | 2,738 |
| | 321 |
| | 143 |
| | 920 |
| | 2,671 |
| | 245 |
| | 98 |
| | 789 |
|
China, Pinedale/Jonah, and EOR | — |
| | 14 |
| | — |
| | 14 |
| | 26 |
| | 25 |
| | 1 |
| | 30 |
|
Total | 2,738 |
| | 335 |
| | 143 |
| | 934 |
| | 2,697 |
| | 270 |
| | 99 |
| | 819 |
|
| | | | | | | | | | | | | | | |
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