HOUSTON, Jan. 31, 2017 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced 2016 fourth-quarter results, reporting a net loss attributable to common stockholders of $515 million, or $0.94 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 $243 million, or $0.44 per share (diluted), on an after-tax basis.((1) )Net cash provided by operating activities in the fourth quarter of 2016 was $1.12 billion.
For the year ended Dec. 31, 2016, Anadarko reported a net loss attributable to common stockholders of $3.07 billion, or $5.90 per share (diluted). Full-year 2016 net cash provided by operating activities totaled $3.00 billion.
2016 HIGHLIGHTS
-- Surpassed initial sales-volume expectations by 11 million barrels of oil equivalent (BOE) on a same-store-sales basis,((2) )while keeping capital investments within initial guidance -- Closed more than $4.0 billion of monetizations in 2016, with an additional $3.5 billion of announced divestitures, which are expected to close in the first quarter of 2017 -- Achieved operating milestones including production records at Lucius, Caesar/Tonga and in the Delaware and DJ basins, as well as first oil at Heidelberg and TEN -- Closed the immediately accretive Freeport-McMoRan deepwater Gulf of Mexico acquisition -- Increased the expected five-year compounded annual oil growth rate to 12 to 14 percent
"Our employees did outstanding work over the past year to overcome the prolonged market challenges and sharpen the company's competitive focus going forward," said Al Walker, Anadarko Chairman, President and CEO. "As a result of these actions, we have a stronger balance sheet, an improved cost structure, and a more concentrated portfolio focused on higher-margin oil production provided by our leading positions in the Delaware and DJ basins and the deepwater Gulf of Mexico. These accomplishments, along with our monetization activities, the cash-generating capabilities of our international operations, a successful exploration program, and the acquisition of Freeport-McMoRan's Gulf of Mexico properties, have created strong momentum going into 2017. We are already increasing investments in our three 'Ds' to drive a five-year compounded annual oil growth rate of 12 to 14 percent, and I believe Anadarko is in a better position today to deliver value than at any time in my tenure with the company."
SALES VOLUMES AND PROVED RESERVES
Anadarko's full-year sales volumes of oil, natural gas and natural gas liquids (NGLs) totaled 290 million BOE, or an average of 793,000 BOE per day. Fourth-quarter 2016 sales volumes of oil, natural gas and NGLs averaged approximately 774,000 BOE per day.
In 2016, Anadarko organically added 300 million BOE of proved reserves before the effects of price revisions. Anadarko's costs incurred were $5.63 billion, which includes $2.45 billion of acquisition costs. The company's oil and natural gas exploration and development costs were $3.21 billion.((3)) The company estimates its proved reserves at year-end 2016 totaled 1.72 billion BOE, with 77 percent of its reserves categorized as proved developed. At year-end 2016, Anadarko's proved reserves were comprised of 57 percent liquids and 43 percent natural gas.
OPERATING HIGHLIGHTS
In 2016, Anadarko reduced its capital investments by approximately 50 percent relative to 2015, excluding capital investments associated with Western Gas Partners, LP (NYSE: WES), yet delivered significant sales-volume increases in its two most attractive U.S. onshore operating areas - the Delaware and DJ basins. Sales volumes in the Delaware Basin averaged approximately 45,000 BOE per day, including an increase of 8,000 barrels of oil per day (BOPD), representing a 50-percent increase over 2015. In the DJ Basin, sales volumes averaged 244,000 BOE per day - a 20,000-BOE per day increase over 2015. The company increased rig activity in both basins during the year, ending 2016 with nine operated rigs in the Delaware Basin and five operated rigs in the DJ Basin, compared to six rigs in the Delaware and two in the DJ in the first quarter of 2016.
In December, Anadarko closed the acquisition of Freeport-McMoRan's deepwater Gulf of Mexico properties for $1.8 billion net of purchase-price adjustments, providing the company with the largest number of floating production facilities in the Gulf and doubling its net sales volumes from the region to more than 160,000 BOE per day. Also in the Gulf, the company announced exploration success at the Warrior prospect, which is a likely tieback to the company's Marco Polo facility. Anadarko expects to spud an appraisal well to Warrior in the second quarter of 2017. Additionally, a successful appraisal well was drilled at the Phobos discovery, which is being evaluated as a possible tieback to Anadarko's Lucius facility.
Internationally, Anadarko's operations in Algeria continued to produce at their highest level since 2009, with gross production averaging 404,000 BOE per day during the fourth quarter. Meanwhile, the TEN project offshore Ghana, which achieved first oil in August, successfully ramped gross production to an average of approximately 54,000 BOPD in December.
OPERATIONS REPORT
For additional details on Anadarko's fourth-quarter 2016 operations and exploration program, please refer to the comprehensive Operations Report available at www.anadarko.com.
FINANCIAL HIGHLIGHTS
Anadarko ended 2016 with $3.2 billion of cash on hand. During the year, the company generated $3.0 billion of net cash provided by operating activities and closed monetizations totaling more than $4.0 billion. Anadarko also has announced the divestitures of its Eagleford and Marcellus shale positions totaling more than $3.5 billion, which are expected to close during the first quarter of 2017. During the fourth quarter, the company redeemed its remaining $750 million of 2017 debt maturities. Subsequent to year end, the company further strengthened its liquidity position by renewing its $2.0 billion, 364-day credit facility with a new maturity in 2018.
CONFERENCE CALL TOMORROW AT 8 A.M. CST, 9 A.M. EST
Anadarko will host a conference call on Wednesday, Feb. 1, 2017, at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) to discuss fourth-quarter and full-year 2016 results. The dial-in number is 877.883.0383 in the U.S. or 412.902.6506 internationally. The confirmation number is 9799112. 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 same-store sales volumes, which reflects both acquisitions and divestitures.
((3)) 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.
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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 2016, the company had 1.72 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, finalize year-end reserves, 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.
Anadarko Contacts
MEDIA:
John Christiansen, john.christiansen@anadarko.com 832.636.8736
INVESTORS:
Robin Fielder, robin.fielder@anadarko.com 832.636.1462
Jim Grant, james.grant@anadarko.com 832.636.8320
Pete Zagrzecki, pete.zagrzecki@anadarko.com 832.636.7727
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 December 31, 2016 Before After Per Share millions except per- share amounts Tax Tax (diluted) -------------------- --- --- -------- Net income (loss) attributable to common stockholders $(515) $(0.94) Adjustments for certain items affecting comparability Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives* $304 193 0.35 Gains (losses) on divestitures, net (241) (155) (0.28) Impairments Producing and general properties (166) (101) (0.18) Exploration assets (149) (115) (0.21) Restructuring charges (26) (16) (0.03) Early termination of rig (49) (32) (0.06) Loss on early extinguishment of debt (31) (20) (0.04) Environmental reserves 21 13 0.03 Change in uncertain tax positions (FIN 48) (10) (0.02) Certain items affecting comparability $(337) (243) (0.44) ----------------------- ----- ---- ----- Adjusted net income (loss) $(272) $(0.50) ------------------- ----- ------
* Includes $483 million related to interest-rate derivatives and $(179) million related to commodity derivatives.
Quarter Ended December 31, 2015 Before After Per Share millions except per-share amounts Tax Tax (diluted) ------------------------- --- --- -------- Net income (loss) attributable to common stockholders $(1,250) $(2.45) Adjustments for certain items affecting comparability 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) ----------------------- --- --- ----- Certain items affecting comparability $(1,441) (954) (1.88) ----------------------- ------- ---- ----- Adjusted net income (loss) $(296) $(0.57) ------------------------- ----- ------
* Includes $32 million related to interest-rate derivatives, $106 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 oil and natural gas exploration and development costs is a more accurate reflection of the expenditures incurred during the current year excluding acquisition costs and certain obligations to be paid in future periods.
millions Year Ended December 31, 2016 --- ---- Costs incurred $5,633 Costs incurred related to the Gulf of Mexico acquisition* (2,454) Asset retirement obligation liabilities incurred (191) Cash expenditures for asset retirement obligations 222 --------------------------- --- Oil and natural gas exploration and development costs $3,210 ----------------------------------- ------
* Includes capitalized asset retirement costs.
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 WGP is useful because WGP is a separate public company with its own capital structure.
December 31, 2016 Anadarko Anadarko WGP* excluding millions Consolidated Consolidated WGP -------- ------------ ------------ --- Total debt $15,323 $3,119 $12,204 Less cash and cash equivalents 3,184 359 2,825 ------------------ ----- --- ----- Net debt $12,139 $2,760 $9,379 -------- ------- ------ ------ Anadarko Anadarko excluding millions Consolidated WGP -------- ------------ --- Net debt $12,139 $9,379 Total equity 15,497 12,212 ------------ ------ ------ Adjusted capitalization $27,636 $21,591 --------------- ------- ------- Net debt to adjusted capitalization ratio 44% 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 Cash Flow Information (Unaudited) Quarter Ended Year Ended December 31, December 31, millions 2016 2015 2016 2015 -------- ---- ---- ---- ---- Cash Flows from Operating Activities ------------------------------------ Net income (loss) $(452) $(1,524) $(2,808) $(6,812) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation, depletion, and amortization 1,099 1,022 4,301 4,603 Deferred income taxes (117) (525) (1,238) (3,152) Dry hole expense and impairments of unproved properties 313 274 613 2,267 Impairments 166 1,504 227 5,075 (Gains) losses on divestitures, net 241 19 757 1,022 Loss on early extinguishment of debt 31 - 155 - Total (gains) losses on derivatives, net (342) (223) 292 (100) Operating portion of net cash received (paid) in settlement of derivative instruments 38 84 267 335 Other 86 101 342 320 Changes in assets and liabilities* 60 (475) 92 (5,435) --------------------- --- ---- --- ------ Net Cash Provided by (Used in) Operating Activities** $1,123 $257 $3,000 $(1,877) --------------------------- ------ ---- ------ ------- Net Cash Provided by (Used in) Investing Activities $(1,506) $(1,075) $(2,762) $(4,771) -------------------------- ------- ------- ------- ------- Net Cash Provided by (Used in) Financing Activities $(413) $(314) $2,008 $220 -------------------------- ----- ----- ------ ---- Capital Expenditures*** $993 $1,313 $3,314 $5,888 ---------------------- ---- ------ ------ ------
* The year ended December 31, 2015, includes a $5,210 million decrease for the Tronox- related contingent liability. ** Restructuring charges (excluding stock-based compensation) were $23 million for the quarter ended December 31, 2016, and $357 million for the year ended December 31, 2016. Cash payments for restructuring charges were $30 million for the quarter ended December 31, 2016, and $247 million for the year ended December 31, 2016. *** Includes Western Gas Partners, LP (WES) capital expenditures of $135 million for the quarter ended December 31, 2016, and $120 million for the quarter ended December 31, 2015, $491 million for the year ended December 31, 2016, and $525 million for the year ended December 31, 2015.
Anadarko Petroleum Corporation (Unaudited) Quarter Ended Year Ended Summary Financial Information December 31, December 31, millions except per- share amounts 2016 2015 2016 2015 -------------------- ---- ---- ---- ---- Consolidated Statements of Income --------------------------------- Revenues and Other ------------------ Oil sales $1,454 $1,156 $4,668 $5,420 Natural-gas sales 443 395 1,564 2,007 Natural-gas liquids sales 281 189 921 833 Gathering, processing, and marketing sales 399 294 1,294 1,226 Gains (losses) on divestitures and other, net (190) 19 (578) (788) ------------------------ ---- --- ---- ---- Total 2,387 2,053 7,869 8,698 ----- ----- ----- ----- ----- Costs and Expenses ------------------ Oil and gas operating 203 230 811 1,014 Oil and gas transportation 258 264 1,002 1,117 Exploration 440 384 946 2,644 Gathering, processing, and marketing 329 256 1,087 1,054 General and administrative 324 288 1,440 1,176 Depreciation, depletion, and amortization 1,099 1,022 4,301 4,603 Other taxes 114 93 536 553 Impairments 166 1,504 227 5,075 Other operating expense 64 154 118 271 ----------------------- --- --- --- --- Total 2,997 4,195 10,468 17,507 ----- ----- ----- ------ ------ Operating Income (Loss) (610) (2,142) (2,599) (8,809) ---------------------- ---- ------ ------ ------ Other (Income) Expense ---------------------- Interest expense 233 209 890 825 Loss on early extinguishment of debt 31 - 155 - (Gains) losses on derivatives, net (343) (222) 286 (99) Other (income) expense, net (15) 40 (101) 149 Tronox-related contingent loss - - - 5 ---------------- --- --- --- --- Total (94) 27 1,230 880 ----- --- --- ----- --- Income (Loss) Before Income Taxes (516) (2,169) (3,829) (9,689) -------------------- ---- ------ ------ ------ Income tax expense (benefit) (64) (645) (1,021) (2,877) ------------------ --- ---- ------ ------ Net Income (Loss) (452) (1,524) (2,808) (6,812) ---------------- ---- ------ ------ ------ Net income (loss) attributable to noncontrolling interests 63 (274) 263 (120) ----------------- --- ---- --- ---- Net Income (Loss) Attributable to Common Stockholders $(515) $(1,250) $(3,071) $(6,692) ----------------------- ----- ------- ------- ------- Per Common Share ---------------- Net income (loss) attributable to common stockholders-basic $(0.94) $(2.45) $(5.90) $(13.18) Net income (loss) attributable to common stockholders-diluted $(0.94) $(2.45) $(5.90) $(13.18) ----------------------- ------ ------ ------ ------- Average Number of Common Shares Outstanding- Basic 551 508 522 508 ------------------------ --- --- --- --- Average Number of Common Shares Outstanding- Diluted 551 508 522 508 ------------------------ --- --- --- --- Exploration Expense ------------------- Dry hole expense $188 $193 $397 $1,052 Impairments of unproved properties 125 81 216 1,215 Geological and geophysical expense 40 63 121 168 Exploration overhead and other 87 47 212 209 ------------------------ --- --- --- --- Total $440 $384 $946 $2,644 ----- ---- ---- ---- ------
Anadarko Petroleum Corporation (Unaudited) December 31, December 31, millions 2016 2015 -------- ---- ---- Condensed Balance Sheets ------------------------ Cash and cash equivalents $3,184 $939 Accounts receivable, net of allowance 1,728 2,469 Other current assets 354 573 Net properties and equipment 32,168 33,751 Other assets 2,226 2,268 Goodwill and other intangible assets 5,904 6,331 ----- ----- Total Assets $45,564 $46,331 ------------ ------- ------- Short-term debt 42 32 Other current liabilities 3,286 4,148 Long-term debt 15,281 15,636 Deferred income taxes 4,324 5,400 Asset retirement obligations 2,802 1,750 Other long-term liabilities 4,332 3,908 Common stock 57 52 Paid-in capital 11,875 9,265 Retained earnings 1,704 4,880 Treasury stock (1,033) (995) Accumulated other comprehensive income (loss) (391) (383) Total stockholders' equity 12,212 12,819 -------------------------- ------ ------ Noncontrolling interests 3,285 2,638 ------------------------ ----- ----- Total Equity 15,497 15,457 ------------ ------ ------ Total Liabilities and Equity $45,564 $46,331 ---------------------------- ------- ------- Capitalization -------------- Total debt $15,323 $15,668 Total equity 15,497 15,457 ------------ ------ ------ Total $30,820 $31,125 ----- ------- ------- Capitalization Ratios --------------------- Total debt 50% 50% Total equity 50% 50% ------------ --- ---
Anadarko Petroleum Corporation (Unaudited) Sales Volumes and Prices Average Daily Sales Volumes Sales Volumes 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 December 31, 2016 United States 240 1,881 116 22 173 10 $46.31 $2.56 $24.24 Algeria 68 - 8 6 - 1 49.39 - 30.10 Other International 28 - - 3 - - 47.18 - - --- --- --- --- --- --- ----- --- --- Total 336 1,881 124 31 173 11 $47.01 $2.56 $24.62 --- ----- --- --- --- --- ------ ----- ------ 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 --- ----- --- --- --- --- ------ ----- ------ Year Ended December 31, 2016 United States 233 2,093 122 85 766 44 $39.06 $2.04 $19.32 Algeria 64 - 6 24 - 2 44.15 - 25.63 Other International 19 - - 7 - - 43.18 - - --- --- --- --- --- --- ----- --- --- Total 316 2,093 128 116 766 46 $40.34 $2.04 $19.64 --- ----- --- --- --- --- ------ ----- ------ 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 --- ----- --- --- --- --- ------ ----- ------ Average Daily Sales Volumes Sales Volumes MBOE/d MMBOE Quarter Ended December 31, 2016 774 71 Quarter Ended December 31, 2015 779 71 Year Ended December 31, 2016 793 290 Year Ended December 31, 2015 836 305
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 December 31, 2016 United States $1,025 $443 $259 $39 $ - $ - Algeria 309 - 22 - - - Other International 120 - - - - - --- --- --- --- --- --- Total $1,454 $443 $281 $39 $ - $ - ------ ---- ---- --- --- --- --- --- Quarter Ended December 31, 2015 United States $799 $395 $173 $ - $84 $ - Algeria 282 - 16 - - - Other International 75 - - - - - --- --- --- --- --- --- Total $1,156 $395 $189 $ - $84 $ - ------ ---- ---- --- --- --- --- --- Year Ended December 31, 2016 United States $3,330 $1,564 $861 $253 $13 $(1) Algeria 1,043 - 60 - - - Other International 295 - - - - - --- --- --- --- --- --- Total $4,668 $1,564 $921 $253 $13 $(1) ------ ------ ---- ---- --- --- 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 ------ ------ ---- --- ---- ---
Anadarko Petroleum Corporation Estimated Year-End Proved Reserves 2014 - 2016 MMBOE 2016 2015 2014 ---- ---- ---- Proved Reserves Beginning of year 2,057 2,858 2,792 Reserves additions and revisions Discoveries and extensions 40 29 63 Infill- drilling additions 69 89 577 --- --- --- Drilling- related reserves additions and revisions 109 118 640 Other non- price- related revisions 191 289 (137) --- --- ---- Net organic reserves additions 300 407 503 Acquisition of proved reserves in place 97 1 - Price- related revisions (147) (624) (1) ---- ---- --- Total reserves additions and revisions 250 (216) 502 Sales in place (294) (279) (124) Production (291) (306) (312) ---- ---- ---- End of year 1,722 2,057 2,858 ----- ----- ----- Proved Developed Reserves Beginning of year 1,632 1,969 2,003 ----- ----- ----- End of year 1,325 1,632 1,969 ----- ----- -----
Anadarko Petroleum Corporation Commodity Hedge Positions As of January 31, 2017 Weighted Average Price per barrel Volume Floor Sold Floor Purchased Ceiling Sold (MBbls/d) --------- Oil Three-Way Collars 2017 WTI 68 $40.00 $50.00 $58.84 Brent 23 $40.00 $50.00 $62.64 91 $40.00 $50.00 $59.80 Volume Weighted Average Price per MMBtu (thousand MMBtu/d) Floor Sold Floor Purchased Ceiling Sold -------- ---------- --------------- ------------ Natural Gas Three-Way Collars 2017 682 $2.00 $2.75 $3.60 2018 250 $2.00 $2.75 $3.54
Interest-Rate Derivatives As of January 31, 2017 Instrument Notional Amt. Reference Period Mandatory Rate Paid Rate Received Termination Date --- --- --- 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 December 31, 2016 Quarter Ended December 31, 2015 Oil Natural Gas NGLs Total Oil Natural Gas NGLs Total MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d ------- ------ ------- ------ ------- ------ ------- ------ U.S. Onshore 147 1,704 102 533 159 1,559 82 501 Deepwater Gulf of Mexico 69 82 8 91 54 115 6 79 International and Alaska 107 - 8 115 96 - 6 102 Same-Store Sales 323 1,786 118 739 309 1,674 94 682 --- ----- --- --- --- ----- --- --- Acquisition* 12 11 1 15 - - - - Divestitures** 1 84 5 20 7 394 24 97 --- --- --- --- --- --- --- --- Total 336 1,881 124 774 316 2,068 118 779 --- ----- --- --- --- ----- --- --- Year Ended December 31, 2016 Year Ended December 31, 2015 Oil Natural Gas NGLs Total Oil Natural Gas NGLs Total MBbls/d MMcf/d MBbls/d MBOE/d MBbls/d MMcf/d MBbls/d MBOE/d ------- ------ ------- ------ ------- ------ ------- ------ U.S. Onshore 155 1,737 100 545 160 1,618 92 522 Deepwater Gulf of Mexico 62 79 7 82 53 152 7 85 International and Alaska 93 - 6 99 94 - 6 100 Same-Store Sales 310 1,816 113 726 307 1,770 105 707 --- ----- --- --- --- ----- --- --- Acquisition* 3 3 - 4 - - - - Divestitures** 3 274 15 63 10 564 25 129 --- --- --- --- --- --- --- --- Total 316 2,093 128 793 317 2,334 130 836 --- ----- --- --- --- ----- --- ---
* Includes volumes related to the acquisition of Gulf of Mexico assets on December 15, 2016. ** Includes East Chalk, Wamsutter, Ozona, Elm Grove, Hugoton, Hearne, Carthage, EOR, Bossier, and Powder River Basin CBM.
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