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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anadarko Petroleum Corporation | NYSE:APC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 72.77 | 0 | 01:00:00 |
Delaware | 1-8968 | 76-0146568 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(d) | Exhibits. | |
99 | Anadarko Press Release dated May 4, 2015. |
ANADARKO PETROLEUM CORPORATION | |||
(Registrant) | |||
May 4, 2015 | By: | /s/ M. CATHY DOUGLAS | |
M. Cathy Douglas | |||
Senior Vice President, Chief Accounting Officer and Controller |
Exhibit No. | Description | |
99 | Anadarko Press Release dated May 4, 2015. |
• | 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 |
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. |
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 |
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. |
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. |
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 |
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 | % |
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 | ||
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 | |||||||||||||||
1 Year Anadarko Petroleum Chart |
1 Month Anadarko Petroleum Chart |
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