HOUSTON, July 26, 2019 /PRNewswire/ -- Anadarko Petroleum
Corporation (NYSE: APC) today announced 2019 second‑quarter
results, reporting a net loss attributable to common stockholders
of $1.025 billion, or
$2.09 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 $1.274 billion,
or $2.60 per share (diluted), on an
after-tax basis,(1) which includes the Chevron merger
termination fee and other merger transaction costs of $1.042 billion. Net cash provided by operating
activities totaled $776 million for
the quarter.
SECOND-QUARTER 2019 OPERATIONAL HIGHLIGHTS
Anadarko's second-quarter 2019 sales volume of oil, natural gas and
natural gas liquids (NGLs) totaled 68 million barrels of oil
equivalent (BOE), or an average of 744,000 BOE per day, which
included 434,000 barrels of oil per day (BOPD).
Anadarko's U.S. onshore assets averaged sales volume of 484,000
BOE per day during the second quarter of 2019, which included
207,000 BOPD. Anadarko's Gulf of
Mexico averaged 158,000 BOE per day in the quarter, which
included 130,000 BOPD. Internationally, the company averaged
102,000 BOE per day during the second quarter, which included
97,000 BOPD.
On June 18, 2019, Anadarko and the
co-venturers in Mozambique's
Offshore Area 1 announced a Final Investment Decision (FID),
officially confirming the Mozambique LNG project is advancing to
the construction phase. The Anadarko-led Area 1 Mozambique LNG
project will be Mozambique's first
onshore LNG development, initially consisting of two LNG trains
with total nameplate capacity of 12.88 million tonnes per annum to
support the development of the Golfinho/Atum fields located
entirely within Offshore Area 1.
FINANCIAL DATA
Eight pages of summary financial data follow, including current
hedge positions and a reconciliation of "divestiture-adjusted" or
"same-store" sales.
(1)
|
See the accompanying
table for details of certain items affecting
comparability.
|
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
2018, the company had 1.47 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 plan, finance, build,
and operate the necessary infrastructure and LNG park in
Mozambique. See "Risk Factors" in
the company's 2018 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
INVESTORS:
Mike Pearl, mike.pearl@anadarko.com,
832.636.3271
Kyle Deakins,
kyle.deakins@anadarko.com, 832.636.2354
Jon VandenBrand,
jon.vandenbrand@anadarko.com, 832.636.1007
MEDIA:
John Christiansen,
john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland,
stephanie.moreland@anadarko.com, 832.636.2912
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 June
30, 2019
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
(1,025)
|
|
|
$
|
(2.09)
|
|
Adjustments for
certain items affecting comparability
|
|
|
|
|
|
|
Total
gains (losses) on derivatives, net, less net cash from settlement
of commodity derivatives (after noncontrolling
interest)*
|
|
$
|
(227)
|
|
|
(175)
|
|
|
(0.36)
|
|
Gains (losses) on
divestitures, net
|
|
6
|
|
|
5
|
|
|
0.01
|
|
Lower-of-cost-or-market inventory
adjustments
|
|
(6)
|
|
|
(5)
|
|
|
(0.01)
|
|
Merger transaction
costs
|
|
(1,042)
|
|
|
(1,042)
|
|
|
(2.12)
|
|
Exploration assets -
impairments
|
|
(38)
|
|
|
(29)
|
|
|
(0.06)
|
|
Reorganization-related charges
|
|
(15)
|
|
|
(11)
|
|
|
(0.02)
|
|
Change in uncertain
tax positions
|
|
|
|
(17)
|
|
|
(0.04)
|
|
Certain items
affecting comparability
|
|
$
|
(1,322)
|
|
|
(1,274)
|
|
|
(2.60)
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
249
|
|
|
$
|
0.51
|
|
|
*
|
Includes
$(232) million related to interest-rate derivatives (after
noncontrolling interest) and $5 million related to commodity
derivatives.
|
|
|
Quarter Ended June
30, 2018
|
|
|
Before
|
|
After
|
|
Per
Share
|
millions except
per-share amounts
|
|
Tax
|
|
Tax
|
|
(diluted)
|
Net income (loss)
attributable to common stockholders (GAAP)
|
|
|
|
$
|
29
|
|
|
$
|
0.05
|
|
Adjustments for
certain items affecting comparability
|
|
|
|
|
|
|
Total gains (losses)
on derivatives, net, less net cash from settlement of commodity
derivatives*
|
|
$
|
(267)
|
|
|
(205)
|
|
|
(0.40)
|
|
Gains (losses) on
divestitures, net
|
|
52
|
|
|
39
|
|
|
0.07
|
|
Impairments
|
|
|
|
|
|
|
Producing properties
(after noncontrolling interest)
|
|
(45)
|
|
|
(35)
|
|
|
(0.07)
|
|
Exploration
assets
|
|
(41)
|
|
|
(31)
|
|
|
(0.06)
|
|
Contingency
accrual
|
|
(13)
|
|
|
(10)
|
|
|
(0.02)
|
|
Change in uncertain
tax positions
|
|
|
|
(7)
|
|
|
(0.01)
|
|
Certain items
affecting comparability
|
|
$
|
(314)
|
|
|
(249)
|
|
|
(0.49)
|
|
Adjusted net
income (loss) (Non-GAAP)
|
|
|
|
$
|
278
|
|
|
$
|
0.54
|
|
|
*
|
Includes
$32 million related to interest-rate derivatives, $(298)
million related to commodity derivatives, and $(1) million related
to gathering, processing, and marketing sales.
|
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Management believes that the presentation of Adjusted EBITDAX
(Margin) provides information useful in assessing the Company's
operating and financial performance across periods.
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
millions
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
attributable to common stockholders (GAAP)
|
$
|
(1,025)
|
|
|
$
|
29
|
|
|
$
|
(1,040)
|
|
|
$
|
150
|
|
Interest
expense
|
249
|
|
|
237
|
|
|
502
|
|
|
465
|
|
Income tax expense
(benefit)
|
209
|
|
|
125
|
|
|
375
|
|
|
251
|
|
Depreciation,
depletion, and amortization
|
1,161
|
|
|
1,003
|
|
|
2,242
|
|
|
1,993
|
|
Exploration
expense*
|
90
|
|
|
94
|
|
|
139
|
|
|
262
|
|
(Gains) losses on
divestitures, net
|
(6)
|
|
|
(52)
|
|
|
(1)
|
|
|
(28)
|
|
Impairments
|
—
|
|
|
128
|
|
|
—
|
|
|
147
|
|
Total (gains) losses
on derivatives, net, less net cash from settlement of commodity
derivatives
|
255
|
|
|
267
|
|
|
571
|
|
|
240
|
|
Reorganization-related charges
|
15
|
|
|
—
|
|
|
33
|
|
|
—
|
|
Merger transaction
costs
|
1,042
|
|
|
—
|
|
|
1,042
|
|
|
—
|
|
Consolidated
Adjusted EBITDAX (Margin) (Non-GAAP)
|
$
|
1,990
|
|
|
$
|
1,831
|
|
|
$
|
3,863
|
|
|
$
|
3,480
|
|
Total barrels of oil
equivalent (MMBOE)
|
68
|
|
|
58
|
|
|
132
|
|
|
116
|
|
Consolidated
Adjusted EBITDAX (Margin) per BOE
|
$
|
29.26
|
|
|
$
|
31.57
|
|
|
$
|
29.27
|
|
|
$
|
30.00
|
|
|
*
|
Includes
reorganization-related charges of $1 million for the six
months ended June 30, 2019.
|
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
WES is useful because WES is a separate public company with its own
capital structure.
|
|
|
June 30,
2019
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
Anadarko
|
|
WES*
|
|
excluding
|
millions
|
|
|
Consolidated
|
|
Consolidated
|
|
WES
|
Total debt
(GAAP)
|
|
|
$
|
18,229
|
|
|
$
|
7,489
|
|
|
$
|
10,740
|
|
Less cash and cash
equivalents
|
|
|
1,394
|
|
|
96
|
|
|
1,298
|
|
Net debt
(Non-GAAP)
|
|
|
$
|
16,835
|
|
|
$
|
7,393
|
|
|
$
|
9,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko
|
|
|
|
|
|
Anadarko
|
|
excluding
|
millions
|
|
|
|
|
Consolidated
|
|
WES
|
Net debt
|
|
|
|
|
$
|
16,835
|
|
|
$
|
9,442
|
|
Total
equity
|
|
|
|
|
9,331
|
|
|
7,773
|
|
Adjusted
capitalization
|
|
|
|
|
$
|
26,166
|
|
|
$
|
17,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to
adjusted capitalization ratio
|
|
|
|
|
|
64
|
%
|
|
|
55
|
%
|
|
|
*
|
Western Midstream
Partners, LP (WES) is a publicly traded consolidated subsidiary of
Anadarko.
|
Anadarko Petroleum
Corporation
|
Cash Flow
Information
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
millions
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(945)
|
|
|
$
|
17
|
|
|
$
|
(849)
|
|
|
$
|
191
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities
|
|
|
|
|
|
|
|
Depreciation,
depletion, and amortization
|
1,161
|
|
|
1,003
|
|
|
2,242
|
|
|
1,993
|
|
Deferred income
taxes
|
(55)
|
|
|
(15)
|
|
|
(54)
|
|
|
27
|
|
Dry hole expense and
impairments of unproved properties
|
41
|
|
|
43
|
|
|
41
|
|
|
149
|
|
Impairments
|
—
|
|
|
128
|
|
|
—
|
|
|
147
|
|
(Gains) losses on
divestitures, net
|
(6)
|
|
|
(52)
|
|
|
(1)
|
|
|
(28)
|
|
Total (gains) losses
on derivatives, net
|
254
|
|
|
437
|
|
|
569
|
|
|
473
|
|
Operating portion of
net cash received (paid) in settlement of derivative
instruments
|
1
|
|
|
(171)
|
|
|
2
|
|
|
(234)
|
|
Other
|
70
|
|
|
65
|
|
|
112
|
|
|
139
|
|
Changes in assets and
liabilities
|
255
|
|
|
(230)
|
|
|
(157)
|
|
|
(202)
|
|
Net Cash Provided by
(Used in) Operating Activities
|
$
|
776
|
|
|
$
|
1,225
|
|
|
$
|
1,905
|
|
|
$
|
2,655
|
|
Net Cash Provided by
(Used in) Investing Activities
|
$
|
(1,257)
|
|
|
$
|
(1,943)
|
|
|
$
|
(2,785)
|
|
|
$
|
(3,056)
|
|
Net Cash Provided by
(Used in) Financing Activities
|
$
|
(149)
|
|
|
$
|
(319)
|
|
|
$
|
980
|
|
|
$
|
(1,826)
|
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
Summary Financial
Information
|
June
30,
|
|
June
30,
|
millions except
per-share amounts
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
Revenues and
Other
|
|
|
|
|
|
|
|
Oil sales
|
$
|
2,470
|
|
|
$
|
2,265
|
|
|
$
|
4,566
|
|
|
$
|
4,392
|
|
Natural-gas
sales
|
205
|
|
|
203
|
|
|
525
|
|
|
450
|
|
Natural-gas liquids
sales
|
216
|
|
|
318
|
|
|
456
|
|
|
610
|
|
Gathering,
processing, and marketing sales
|
465
|
|
|
382
|
|
|
935
|
|
|
742
|
|
Gains (losses) on
divestitures and other, net
|
86
|
|
|
123
|
|
|
178
|
|
|
142
|
|
Total
|
3,442
|
|
|
3,291
|
|
|
6,660
|
|
|
6,336
|
|
Costs and
Expenses
|
|
|
|
|
|
|
|
Oil and gas
operating
|
310
|
|
|
275
|
|
|
599
|
|
|
551
|
|
Oil and gas
transportation
|
222
|
|
|
209
|
|
|
444
|
|
|
405
|
|
Exploration
|
90
|
|
|
94
|
|
|
139
|
|
|
262
|
|
Gathering,
processing, and marketing
|
274
|
|
|
252
|
|
|
530
|
|
|
489
|
|
General and
administrative
|
368
|
|
|
288
|
|
|
635
|
|
|
566
|
|
Merger transaction
costs
|
1,042
|
|
|
—
|
|
|
1,042
|
|
|
—
|
|
Depreciation,
depletion, and amortization
|
1,161
|
|
|
1,003
|
|
|
2,242
|
|
|
1,993
|
|
Production, property,
and other taxes
|
182
|
|
|
201
|
|
|
381
|
|
|
391
|
|
Impairments
|
—
|
|
|
128
|
|
|
—
|
|
|
147
|
|
Other operating
expense
|
8
|
|
|
22
|
|
|
29
|
|
|
162
|
|
Total
|
3,657
|
|
|
2,472
|
|
|
6,041
|
|
|
4,966
|
|
Operating Income
(Loss)
|
(215)
|
|
|
819
|
|
|
619
|
|
|
1,370
|
|
Other (Income)
Expense
|
|
|
|
|
|
|
|
Interest
expense
|
249
|
|
|
237
|
|
|
502
|
|
|
465
|
|
(Gains) losses on
derivatives, net
|
254
|
|
|
436
|
|
|
567
|
|
|
471
|
|
Other (income)
expense, net
|
18
|
|
|
4
|
|
|
24
|
|
|
(8)
|
|
Total
|
521
|
|
|
677
|
|
|
1,093
|
|
|
928
|
|
Income (Loss)
Before Income Taxes
|
(736)
|
|
|
142
|
|
|
(474)
|
|
|
442
|
|
Income tax expense
(benefit)
|
209
|
|
|
125
|
|
|
375
|
|
|
251
|
|
Net Income
(Loss)
|
(945)
|
|
|
17
|
|
|
(849)
|
|
|
191
|
|
Net income (loss)
attributable to noncontrolling interests
|
80
|
|
|
(12)
|
|
|
191
|
|
|
41
|
|
Net Income (Loss)
Attributable to Common Stockholders
|
$
|
(1,025)
|
|
|
$
|
29
|
|
|
$
|
(1,040)
|
|
|
$
|
150
|
|
Per Common
Share
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders—basic
|
$
|
(2.09)
|
|
|
$
|
0.05
|
|
|
$
|
(2.13)
|
|
|
$
|
0.28
|
|
Net income (loss)
attributable to common stockholders—diluted
|
$
|
(2.09)
|
|
|
$
|
0.05
|
|
|
$
|
(2.13)
|
|
|
$
|
0.28
|
|
Average Number of
Common Shares Outstanding—Basic
|
491
|
|
|
504
|
|
|
491
|
|
|
511
|
|
Average Number of
Common Shares Outstanding—Diluted
|
491
|
|
|
505
|
|
|
491
|
|
|
512
|
|
|
|
|
|
|
|
|
|
Exploration
Expense
|
|
|
|
|
|
|
|
Dry hole
expense
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
55
|
|
Impairments of
unproved properties
|
38
|
|
|
41
|
|
|
38
|
|
|
94
|
|
Geological and
geophysical, exploration overhead, and other expense
|
49
|
|
|
51
|
|
|
98
|
|
|
113
|
|
Total
|
$
|
90
|
|
|
$
|
94
|
|
|
$
|
139
|
|
|
$
|
262
|
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
|
June
30,
|
|
December
31,
|
millions
|
2019
|
|
2018
|
Condensed Balance
Sheets
|
|
|
|
Cash and cash
equivalents
|
$
|
1,394
|
|
|
$
|
1,295
|
|
Accounts receivable,
net of allowance
|
1,779
|
|
|
2,026
|
|
Other current
assets
|
298
|
|
|
474
|
|
Net properties and
equipment
|
29,091
|
|
|
28,615
|
|
Other
assets
|
2,953
|
|
|
2,336
|
|
Goodwill and other
intangible assets
|
5,614
|
|
|
5,630
|
|
Total
Assets
|
$
|
41,129
|
|
|
$
|
40,376
|
|
Short-term debt -
Anadarko*
|
31
|
|
|
919
|
|
Short-term debt -
WES
|
—
|
|
|
28
|
|
Other current
liabilities
|
3,761
|
|
|
3,711
|
|
Long-term debt -
Anadarko*
|
10,709
|
|
|
10,683
|
|
Long-term debt -
WES
|
7,489
|
|
|
4,787
|
|
Deferred income
taxes
|
2,555
|
|
|
2,437
|
|
Asset retirement
obligations
|
2,879
|
|
|
2,847
|
|
Other long-term
liabilities
|
4,374
|
|
|
4,021
|
|
Common
stock
|
58
|
|
|
57
|
|
Paid-in
capital
|
13,135
|
|
|
12,393
|
|
Retained
earnings
|
(149)
|
|
|
1,245
|
|
Treasury
stock
|
(4,892)
|
|
|
(4,864)
|
|
Accumulated other
comprehensive income (loss)
|
(379)
|
|
|
(335)
|
|
Total stockholders'
equity
|
7,773
|
|
|
8,496
|
|
Noncontrolling
interests
|
1,558
|
|
|
2,447
|
|
Total
Equity
|
9,331
|
|
|
10,943
|
|
Total Liabilities and
Equity
|
$
|
41,129
|
|
|
$
|
40,376
|
|
Capitalization
|
|
|
|
Total debt
|
$
|
18,229
|
|
|
$
|
16,417
|
|
Total
equity
|
9,331
|
|
|
10,943
|
|
Total
|
$
|
27,560
|
|
|
$
|
27,360
|
|
|
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
Total debt
|
|
66
|
%
|
|
|
60
|
%
|
Total
equity
|
|
34
|
%
|
|
|
40
|
%
|
Anadarko Petroleum
Corporation
|
(Unaudited)
|
|
Sales Volume and
Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Sales
Volume
|
|
Sales
Volume
|
|
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 June
30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
337
|
|
|
1,167
|
|
|
110
|
|
|
32
|
|
|
106
|
|
|
9
|
|
|
$
|
60.60
|
|
|
$
|
1.93
|
|
|
$
|
19.96
|
|
Algeria
|
60
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
67.60
|
|
|
—
|
|
|
35.83
|
|
Other
International
|
37
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
71.01
|
|
|
—
|
|
|
—
|
|
Total
|
434
|
|
|
1,167
|
|
|
115
|
|
|
40
|
|
|
106
|
|
|
10
|
|
|
$
|
62.45
|
|
|
$
|
1.93
|
|
|
$
|
20.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
284
|
|
|
1,037
|
|
|
95
|
|
|
27
|
|
|
94
|
|
|
8
|
|
|
$
|
66.94
|
|
|
$
|
2.15
|
|
|
$
|
34.66
|
|
Algeria
|
52
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
74.73
|
|
|
—
|
|
|
39.34
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
71.76
|
|
|
—
|
|
|
—
|
|
Total
|
364
|
|
|
1,037
|
|
|
100
|
|
|
34
|
|
|
94
|
|
|
9
|
|
|
$
|
68.43
|
|
|
$
|
2.15
|
|
|
$
|
34.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
335
|
|
|
1,159
|
|
|
108
|
|
|
61
|
|
|
210
|
|
|
19
|
|
|
$
|
57.90
|
|
|
$
|
2.50
|
|
|
$
|
21.71
|
|
Algeria
|
60
|
|
|
—
|
|
|
5
|
|
|
11
|
|
|
—
|
|
|
1
|
|
|
64.57
|
|
|
—
|
|
|
35.39
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
69.01
|
|
|
0.65
|
|
|
—
|
|
Total
|
423
|
|
|
1,159
|
|
|
113
|
|
|
77
|
|
|
210
|
|
|
20
|
|
|
$
|
59.58
|
|
|
$
|
2.50
|
|
|
$
|
22.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
286
|
|
|
1,044
|
|
|
93
|
|
|
52
|
|
|
189
|
|
|
17
|
|
|
$
|
64.75
|
|
|
$
|
2.38
|
|
|
$
|
33.97
|
|
Algeria
|
54
|
|
|
—
|
|
|
5
|
|
|
10
|
|
|
—
|
|
|
1
|
|
|
70.93
|
|
|
—
|
|
|
40.06
|
|
Other
International
|
28
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
69.70
|
|
|
—
|
|
|
—
|
|
Total
|
368
|
|
|
1,044
|
|
|
98
|
|
|
67
|
|
|
189
|
|
|
18
|
|
|
$
|
66.03
|
|
|
$
|
2.38
|
|
|
$
|
34.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Sales
Volume
MBOE/d
|
|
Sales
Volume
MMBOE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2019
|
744
|
|
68
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2018
|
637
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2019
|
729
|
|
132
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2018
|
640
|
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June
30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,862
|
|
|
$
|
205
|
|
|
$
|
200
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Algeria
|
372
|
|
|
—
|
|
|
16
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
236
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
2,470
|
|
|
$
|
205
|
|
|
$
|
216
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1,726
|
|
|
$
|
203
|
|
|
$
|
301
|
|
|
|
$
|
(176)
|
|
|
$
|
6
|
|
|
$
|
—
|
|
Algeria
|
359
|
|
|
—
|
|
|
17
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
180
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
2,265
|
|
|
$
|
203
|
|
|
$
|
318
|
|
|
|
$
|
(176)
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
3,516
|
|
|
$
|
525
|
|
|
$
|
423
|
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Algeria
|
705
|
|
|
—
|
|
|
33
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
345
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
4,566
|
|
|
$
|
525
|
|
|
$
|
456
|
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2018
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
3,349
|
|
|
$
|
450
|
|
|
$
|
575
|
|
|
|
$
|
(243)
|
|
|
$
|
5
|
|
|
$
|
—
|
|
Algeria
|
690
|
|
|
—
|
|
|
35
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
International
|
353
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
4,392
|
|
|
$
|
450
|
|
|
$
|
610
|
|
|
|
$
|
(243)
|
|
|
$
|
5
|
|
|
$
|
—
|
|
Anadarko Petroleum
Corporation
|
Commodity Hedge
Positions
|
As of July 26,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Price per barrel
|
|
|
|
Volume
(MBbls/d)
|
|
Floor
Sold
|
|
Floor
Purchased
|
|
Ceiling
Sold
|
Oil
|
|
|
|
|
|
|
|
|
|
Three-Way
Collars
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
WTI
|
|
57
|
$
|
45.00
|
$
|
55.00
|
$
|
70.22
|
|
Brent
|
|
30
|
$
|
50.00
|
$
|
60.00
|
$
|
78.22
|
|
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Rate
Derivatives
|
As of July 26,
2019
|
|
|
|
|
|
|
Instrument
|
Notional
Amt.
|
Reference
Period
|
Mandatory
Termination
Date
|
Rate
Paid
|
Rate
Received
|
Anadarko
|
|
|
|
|
|
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
|
WES
|
|
|
|
|
|
Swap
|
$375
Million
|
December 2019 -
2024
|
December
2019
|
2.662%
|
3M LIBOR
|
Swap
|
$375
Million
|
December 2019 -
2029
|
December
2019
|
2.802%
|
3M LIBOR
|
Swap
|
$375
Million
|
December 2019 -
2049
|
December
2019
|
2.885%
|
3M LIBOR
|
Anadarko Petroleum
Corporation
|
Reconciliation of
Same-Store Sales
|
|
Average Daily
Sales Volume
|
|
Quarter Ended June
30, 2019
|
|
Quarter Ended June
30, 2018
|
|
Oil
MBbls/d
|
|
Natural
Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
|
Oil
MBbls/d
|
|
Natural
Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
U.S.
Onshore
|
207
|
|
|
1,073
|
|
|
98
|
|
|
484
|
|
|
169
|
|
|
969
|
|
|
86
|
|
|
417
|
|
Gulf of
Mexico
|
130
|
|
|
93
|
|
|
12
|
|
|
158
|
|
|
114
|
|
|
66
|
|
|
9
|
|
|
134
|
|
International
|
97
|
|
|
—
|
|
|
5
|
|
|
102
|
|
|
80
|
|
|
—
|
|
|
5
|
|
|
85
|
|
Same-Store
Sales
|
434
|
|
|
1,166
|
|
|
115
|
|
|
744
|
|
|
363
|
|
|
1,035
|
|
|
100
|
|
|
636
|
|
Divestitures
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
1
|
|
Total
|
434
|
|
|
1,167
|
|
|
115
|
|
|
744
|
|
|
364
|
|
|
1,037
|
|
|
100
|
|
|
637
|
|
|
|
|
|
|
Six Months Ended
June 30, 2019
|
|
Six Months Ended
June 30, 2018
|
|
Oil
MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
|
Oil
MBbls/d
|
|
Natural Gas
MMcf/d
|
|
NGLs
MBbls/d
|
|
Total
MBOE/d
|
U.S.
Onshore
|
201
|
|
|
1,061
|
|
|
96
|
|
|
474
|
|
|
163
|
|
|
968
|
|
|
84
|
|
|
408
|
|
Gulf of
Mexico
|
134
|
|
|
96
|
|
|
12
|
|
|
162
|
|
|
120
|
|
|
72
|
|
|
9
|
|
|
141
|
|
International
|
88
|
|
|
—
|
|
|
5
|
|
|
93
|
|
|
82
|
|
|
—
|
|
|
5
|
|
|
87
|
|
Same-Store
Sales
|
423
|
|
|
1,157
|
|
|
113
|
|
|
729
|
|
|
365
|
|
|
1,040
|
|
|
98
|
|
|
636
|
|
Divestitures
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
423
|
|
|
1,159
|
|
|
113
|
|
|
729
|
|
|
368
|
|
|
1,044
|
|
|
98
|
|
|
640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/anadarko-announces-2019-second-quarter-results-300891822.html
SOURCE Anadarko Petroleum Corporation