HOUSTON, July 9, 2018 /PRNewswire/ -- Anadarko Petroleum
Corporation (NYSE: APC) today announced its board of directors has
authorized an expansion of the company's share-repurchase program
to $4.0 billion, representing a
$1.0 billion increase. The company
completed the first $3.0 billion of
this program on June 29, 2018. In
addition, Anadarko announced a $500
million increase to its debt-reduction program, bringing the
total planned to $1.5 billion. These
measures raise the aggregate equity and debt-buyback programs to
$5.5 billion, in addition to the
recent increase of approximately $400
million (annualized) to the company's common dividend. The
board authorization extends through the end of June 2019, and share repurchases will be made in
accordance with applicable securities laws from time to time in
open market or private transactions, depending on market
conditions, and may be discontinued at any time.
"Today's announcement further reinforces our commitment to our
durable strategy of delivering attractive, capital-efficient growth
and applying our free cash flow in a balanced manner to fund the
repurchase of stock and debt, along with dividend increases over
time," said Bob Gwin, Anadarko
Executive Vice President, Finance and CFO. "We aggressively
completed the previously announced $3.0
billion share-repurchase program in just over nine months.
We also retired $100 million of debt
at maturity in May with an additional $900
million expected to be retired upon maturity in the first
half of 2019. Combined with healthy, returns-focused growth, these
actions materially enhance debt-adjusted per-share performance and
create meaningful shareholder value."
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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
2017, the company had 1.44 billion barrels-equivalent of proved
reserves, making it one of the world's largest independent
exploration and production companies. For more information about
Anadarko and APC Flash Feed updates, please visit
www.anadarko.com.
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Anadarko
believes that its expectations are based on reasonable assumptions.
No assurance, however, can be given that such expectations will
prove to have been correct. A number of factors could cause actual
results to differ materially from the projections, anticipated
results or other expectations expressed in this news release,
including Anadarko's ability to successfully complete the share
repurchase and debt-reduction programs and increase the dividend.
See "Risk Factors" in the company's 2017 Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and other public filings and
press releases. Anadarko undertakes no obligation to publicly
update or revise any forward-looking statements.
Anadarko Contacts
MEDIA:
John Christiansen,
john.christiansen@anadarko.com, 832.636.8736
Stephanie Moreland,
stephanie.moreland@anadarko.com, 832.636.2912
INVESTORS:
Robin Fielder,
robin.fielder@anadarko.com, 832.636.1462
Kate Sloan, kate.sloan@anadarko.com,
832.636.2562
Andy Taylor,
andy.taylor@anadarko.com, 832.636.3089
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SOURCE Anadarko Petroleum Corporation