|
Anadarko Announces 2019 Second-Quarter Results
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)
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See the accompanying table for details of certain items affecting comparability.
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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
Source: PR Newswire
(July 26, 2019 - 4:10 PM EDT)
News by QuoteMedia
www.quotemedia.com |
