Anadarko Reports Third-Quarter Earnings
HOUSTON, Oct 31, 2002 (BUSINESS WIRE) -- Anadarko Petroleum Corporation (NYSE:APC) -- Guidance raised for 2002 earnings. -- Results reflect better-than-expected commodity prices. -- Production volumes on track for full year. Anadarko Petroleum Corporation (NYSE:APC) today reported net income available to common stockholders of $189 million (74 cents per share - diluted) on revenues of $951 million(1) for the third quarter of 2002. Due to higher-than-expected third-quarter results and increased fourth-quarter estimates, the company has raised its 2002 earnings guidance to $3.05 from $2.89 per share - diluted. Higher oil prices for the third quarter of 2002 partly offset the effect of lower natural gas prices and production, compared to the same period in 2001. For the third quarter of 2001, Anadarko had a net loss of $1.35 billion ($5.41 per share - diluted)(2) due to a $1.57 billion non-cash, after-tax impairment of the carrying value of oil and gas properties. Excluding the effect of the impairment, earnings in the third quarter of 2001 were $213 million (81 cents per share - diluted) on revenues of $1.01 billion. Cash flow from operations before changes in assets and liabilities totaled $539 million ($2.09 per share - diluted) in the third quarter of 2002, compared with $735 million ($2.75 per share - diluted) in the same period of 2001. "Our strong earnings performance was due to better-than-expected oil and gas prices during the third quarter," said John Seitz, Anadarko President and CEO. "Production levels are right on track for the year, and we expect to meet our 2002 forecast of 196 million BOE, even after weathering two hurricanes that disrupted production in the Gulf of Mexico," Seitz added. "We are also well positioned to meet our 2003 production forecast of 203 million BOE." The company's combined natural gas, crude oil and natural gas liquids volumes for the third quarter totaled 48 million barrels of oil equivalent (BOE), or 526,000 BOE per day, compared with volumes of 50 million BOE, or 546,000 BOE per day in the second quarter of 2002. Third quarter sales are down from 51 million BOE, or 558,000 BOE per day, for the third quarter of 2001 due to lower volumes in Texas, the Gulf of Mexico and Venezuela and to the sale of oil properties in Guatemala in 2001, which were partly offset by production increases in Algeria and Canada. North American natural gas volumes declined by 8 percent from a year earlier to 1.76 billion cubic feet (Bcf) per day in the third quarter of 2002 due to a 12 percent decline in U.S. production, partly offset by a 12 percent increase in production from Western Canada. U.S. production levels were impacted by lower levels of capital investment during late 2001 and in 2002, compared to the same period in the prior year. Natural gas prices realized in the third quarter of 2002 were $2.64 per thousand cubic feet (Mcf), down 12 percent from the third quarter of 2001. The decline was largely caused by wider price differentials for the company's gas production in the Western states and Canada. Anadarko believes the differentials in the Western states and Canada will improve in 2003 due to increased regional gas demand this winter and the scheduled completion next spring of a pipeline expansion serving the Western states. Oil production for the third quarter of 2002 was essentially flat at 191,000 barrels a day compared to the third quarter of 2001. Operating areas with increases in oil production volumes include Algeria (due to the start-up of additional processing units) and Qatar (purchased by Anadarko in 2001). Areas with decreases in oil production volumes include Venezuela (where contract terms give the company lower "net" volumes when prices rise) and Guatemala (resulting from the sale of properties). Oil prices received in the third quarter of 2002 were $24.50 per barrel, up 12 percent from the same period a year ago. THIRD-QUARTER HIGHLIGHTS -- In the Gulf of Mexico, Anadarko and its partners announced a deepwater subsalt discovery appraisal well at K2 on Green Canyon Block 562. The K2 No. 2 well encountered a total of 339 feet of oil pay in three sands in an untested fault block and reached target depth of 25,700 feet. The well extends the limits of the oil discovery both laterally and downdip on the K2 structure. Additional appraisal drilling is under way. -- Anadarko drilled two successful offsets to the Gregory discovery in East Texas and two successful offsets to the Ansley discovery in North Louisiana. Both discoveries were reported in the second quarter, and development drilling continues at both fields. -- Anadarko agreed to acquire Howell Corporation for approximately $265 million, including Howell's bank debt, and expects to book an initial 50 million BOE of reserves. In addition to the purchase price, the company expects to invest an additional $200 million over the next four years, book an additional 150 million BOE of reserves and increase net oil production from the Salt Creek field from 5,000 to 35,000 barrels of oil per day. The Salt Creek field in Wyoming is one of the largest remaining enhanced oil recovery opportunities in the Lower 48. The purchase is expected to close in December 2002. -- As part of its ongoing program to high-grade its portfolio, Anadarko agreed to sell its heavy oil assets in eastern Alberta in several separate transactions for a total of about $160 million. To date, transactions representing $111 million have closed. FINANCIAL DATA Three pages of summary financial data for the third quarter and year to date 2002 follow, as well as one page providing financial guidance and one page summarizing the company's current hedge positions for the fourth quarter of 2002 and for 2003 and 2004. EARNINGS GUIDANCE Anadarko expects to earn $1.05 per share (diluted) for the fourth quarter of 2002, with expected cash flow of $2.45 per share (diluted). For the full year, the company expects earnings of $3.05 per share (diluted) and cash flow of $8.23 per share (diluted). Price Assumptions Anadarko's estimates assume average NYMEX oil prices of $27.75 per barrel for the fourth quarter and $25.98 per barrel for the full year, and NYMEX natural gas prices of $4.05 per Mcf for the fourth quarter and $3.24 per Mcf for the full year. To determine realized pricing estimates, Anadarko used NYMEX prices, plus or minus an expected price "differential" for each of the company's major producing areas, and any adjustment from hedge positions. "Net" price data are shown on an attached financial table. Anadarko has hedged approximately 11 percent of its natural gas production and 37 percent of its oil production for the fourth quarter of 2002. The company has hedged about 28 percent of total oil and gas production for 2003 and about 13 percent for 2004. The hedge positions are under both fixed-price and "collared" transactions, which use price ceilings and floors to help ensure sales prices within a determined range. A summary of the company's hedge positions is shown on an attached financial table. Volume Assumptions Oil and gas sales volumes are expected to total 48 million BOE in the fourth quarter. Full-year 2002 sales volumes are expected to total 196 million BOE. An attached financial table includes detailed production estimates for each of Anadarko's key operating regions. Capitalization Ratio If the Howell acquisition closes in December 2002, as currently anticipated, Anadarko plans to fund the purchase with debt, which it expects to repay from 2003 cash flow. Assuming a December closing, as well as realization of projected fourth-quarter cash flow from operations and proceeds from announced property sales, Anadarko would end the year with about $5.5 billion in long-term debt, with a debt-to-total-capitalization ratio of about 44 percent, a level the company believes maintains a healthy capital structure. Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies. Houston-based Anadarko is active in the U.S., Canada, Algeria and Qatar and is executing strategic exploration programs in several other countries. More information is available at www.anadarko.com. EARNINGS CONFERENCE CALL The Earnings and Modeling Conference Call is set for Friday, Nov. 1, at 11 a.m. CST (12 p.m. EST). This call will include a discussion of detailed financial issues that support the company's projections of future-period earnings. More details are available at www.anadarko.com. ANADARKO OPERATIONS REPORT For more details on Anadarko's operations, please refer to the comprehensive report on individual wells drilled during the third quarter. The report will be available on Friday, Nov. 1, at www.anadarko.com on the Investor Relations page. (1) In the third quarter of 2002, the Company adopted Emerging Issues Task Force (EITF) Issue No. 02-3, "Recognition and Reporting of Gains and Losses on Energy Trading Contracts." In accordance with EITF 02-3, marketing sales and purchases for prior periods have been reclassified to show net marketing margins as revenues. The marketing margins related to the Company's equity production are included in Gas Sales, Oil Sales and Natural Gas Liquids Sales and are reflected in commodity prices. The marketing margin related to purchases of third-party commodities is shown as Purchased Commodity Sales, which is included in Other Sales Revenue. This reclassification has no effect on reported net income or cash flow. (2) In January 2002, Anadarko discontinued the amortization of goodwill in accordance with the Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets." Stated without amortization of goodwill, the net loss for the third quarter of 2001 would have been $1.33 billion ($5.32 per share - diluted). 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 and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While Anadarko makes these forward-looking statements in good faith, neither Anadarko nor its management can guarantee that the anticipated future results will be achieved. Anadarko discloses proved reserves that comply with the SEC's definitions. Additionally, Anadarko may disclose estimated recoverable reserves, which the SEC guidelines do not allow us to include in filings with the SEC. See Additional Factors Affecting Business in the Management's Discussion and Analysis (MD&A) included in the company's 2001 Annual Report on Form 10-K. Anadarko Petroleum Corporation
Quarter Ended Year to Date
Summary Financial Information (a) September 30 September 30
----------------- ----------------
$ and shares in millions 2002 2001 2002 2001
- ---------------------------------------------------------------------
Revenues
- ---------------------------------------------------------------------
Gas sales $429 $528 $1,294 $2,501
Oil and condensate sales 431 384 1,206 1,129
Natural gas liquids sales 57 66 156 210
Other sales 34 32 87 80
- ---------------------------------------------------------------------
Total 951 1,010 2,743 3,920
- ---------------------------------------------------------------------
Costs and Expenses
- ---------------------------------------------------------------------
Operating expenses 172 195 555 572
Administrative and general 78 67 227 180
Depreciation, depletion and
amortization 288 305 829 899
Other taxes 50 54 168 203
Impairments related to oil and gas
properties - 2,528 33 2,543
Amortization of goodwill - 21 - 57
- ---------------------------------------------------------------------
Total 588 3,170 1,812 4,454
- ---------------------------------------------------------------------
Operating Income (Loss) 363 (2,160) 931 (534)
- ---------------------------------------------------------------------
Other (Income) Expense
- ---------------------------------------------------------------------
Merger expenses - 9 - 36
Interest expense 49 18 146 65
Other (income) expense 9 9 11 (91)
- ---------------------------------------------------------------------
Total 58 36 157 10
- ---------------------------------------------------------------------
Income (Loss) before Income Taxes 305 (2,196) 774 (544)
- ---------------------------------------------------------------------
Income Taxes
- ---------------------------------------------------------------------
Income taxes 115 (845) 254 (228)
Effect of change in Canadian
income tax rate - - - (31)
- ---------------------------------------------------------------------
Total 115 (845) 254 (259)
- ---------------------------------------------------------------------
Net Income (Loss) Before
Cumulative Effect of Change in
Accounting Principle $190 $(1,351) $520 $(285)
- ---------------------------------------------------------------------
Preferred Stock Dividends 1 2 4 6
- ---------------------------------------------------------------------
Net Income (Loss) Available to
Common Stockholders Before
Cumulative Effect of Change in
Accounting Principle $189 $(1,353) $516 $(291)
- ---------------------------------------------------------------------
Cumulative Effect of Change in
Accounting Principle - - - 5
- ---------------------------------------------------------------------
Net Income (Loss) Available to
Common Stockholders $189 $(1,353) $516 $(296)
- ---------------------------------------------------------------------
Per Common Share
- ---------------------------------------------------------------------
Net income (loss) - before change
in accounting principle - basic $0.76 $(5.41) $2.08 $(1.16)
Net income (loss) - before change
in accounting principle - diluted $0.74 $(5.41) $2.01 $(1.16)
Change in accounting principle -
basic $- $- $- $(0.02)
Change in accounting principle -
diluted $- $- $- $(0.02)
Net income (loss) - basic $0.76 $(5.41) $2.08 $(1.18)
Net income (loss) - diluted $0.74 $(5.41) $2.01 $(1.18)
Dividends $0.075 $0.05 $0.225 $0.15
- ---------------------------------------------------------------------
Average Number of Common Shares
Outstanding - Basic 249 250 248 250
- ---------------------------------------------------------------------
Average Number of Common Shares
Outstanding - Diluted 258 250 260 250
- ---------------------------------------------------------------------
(a) Net loss for year to date September 30, 2001 reflects a change in
accounting principle related to accounting for derivative
instruments and hedging activities.
In accordance with EITF 02-3 adopted in the third quarter 2002,
marketing revenues and purchases are presented net within
revenues. The marketing margin related to Anadarko's equity
production is included in gas sales, oil sales and natural gas
liquids sales. The marketing margin related to purchases of third
party commodities is included in other sales. Prior period results
have been reclassified to conform to the current presentation.
Anadarko Petroleum Corporation
Quarter Ended Year to Date
Summary Financial Information September 30 September 30
-------------- -----------------
$ and shares in millions 2002 2001 2002 2001
- ---------------------------------------------------------------------
Cash Flow from Operations before
Changes in Assets and Liabilities
- ---------------------------------------------------------------------
Net income (loss) before cumulative
effect of change in accounting
principle $190 $(1,351) $520 $(285)
Depreciation, depletion and
amortization 288 305 829 899
Amortization of goodwill - 21 - 57
Amortization of restricted stock 3 1 10 1
Non-cash merger expenses - 4 - 11
Interest expense - zero coupon
debentures 4 3 10 9
Deferred income taxes 63 (827) 116 (412)
Impairments related to oil and gas
properties - 2,528 33 2,543
Other non-cash items (9) 51 (19) 78
- ---------------------------------------------------------------------
Total $539 $735 $1,499 $2,901
- ---------------------------------------------------------------------
Capital Expenditures
- ---------------------------------------------------------------------
Capital spending $376 $641 $1,561 $1,971
Capitalized interest 42 55 121 157
Capitalized overhead 48 43 148 125
- ---------------------------------------------------------------------
Total $466 $739 $1,830 $2,253
- ---------------------------------------------------------------------
Condensed Balance Sheet
- ---------------------------------------------------------------------
Current assets $1,051 $1,416
Net properties and equipment 14,572 12,902
Other assets 524 513
Goodwill 1,433 1,435
- ---------------------------------------------------------------------
Total Assets $17,580 $16,266
- ---------------------------------------------------------------------
Current liabilities $1,278 $1,464
Long-term debt 5,460 4,608
Other long-term liabilities 4,060 3,880
Stockholders' equity 6,782 6,314
Commitments and contingencies - -
- ---------------------------------------------------------------------
Total Liabilities and Stockholders'
Equity $17,580 $16,266
- ---------------------------------------------------------------------
Capitalization
- ---------------------------------------------------------------------
Total debt $5,460 $4,717
Stockholders' equity 6,782 6,314
- ---------------------------------------------------------------------
Total $12,242 $11,031
- ---------------------------------------------------------------------
Capitalization Ratios
- ---------------------------------------------------------------------
Total debt 45% 43%
Stockholders' equity 55% 57%
- ---------------------------------------------------------------------
In accordance with EITF 02-3 adopted in the third quarter 2002,
marketing revenues and purchases are presented net within revenues.
The marketing margin related to Anadarko's equity production is
included in gas sales, oil sales and natural gas liquids sales. The
marketing margin related to purchases of third party commodities is
included in other sales. Prior period results have been reclassified
to conform to the current presentation.
Anadarko Petroleum Corporation
Quarter Ended Year to Date
Volumes and Prices (a) September 30 September 30
--------------- ---------------
2002 2001 2002 2001
- ---------------------------------------------------------------------
Natural Gas
- ---------------------------------------------------------------------
United States
- ---------------------------------------------------------------------
Volumes, billion cubic feet 126 144 389 434
Average daily volumes, million cubic
feet per day 1,375 1,563 1,423 1,588
Price per thousand cubic feet $2.67 $2.94 $2.64 $4.77
- ---------------------------------------------------------------------
Canada
- ---------------------------------------------------------------------
Volumes, billion cubic feet 36 32 99 89
Average daily volumes, million cubic
feet per day 389 346 364 326
Price per thousand cubic feet $2.53 $3.32 $2.69 $4.84
- ---------------------------------------------------------------------
Other International
- ---------------------------------------------------------------------
Volumes, billion cubic feet - - - 1
Average daily volumes, million cubic
feet per day - 4 - 4
Price per thousand cubic feet $- $1.50 $- $1.23
- ---------------------------------------------------------------------
Total
- ---------------------------------------------------------------------
Volumes, billion cubic feet 162 176 488 524
Average daily volumes, million cubic
feet per day 1,764 1,913 1,787 1,918
Price per thousand cubic feet $2.64 $3.00 $2.65 $4.78
- ---------------------------------------------------------------------
Crude Oil and Condensate
- ---------------------------------------------------------------------
United States
- ---------------------------------------------------------------------
Volumes, million barrels 8 9 23 26
Average daily volumes, thousand
barrels per day 84 95 88 93
Price per barrel $25.25 $24.04 $22.44 $24.78
- ---------------------------------------------------------------------
Canada
- ---------------------------------------------------------------------
Volumes, million barrels 3 3 10 9
Average daily volumes, thousand
barrels per day 37 37 37 35
Price per barrel $20.77 $20.50 $19.05 $19.49
- ---------------------------------------------------------------------
Algeria
- ---------------------------------------------------------------------
Volumes, million barrels 5 3 16 6
Average daily volumes, thousand
barrels per day 51 28 57 23
Price per barrel $26.91 $24.52 $23.54 $24.95
- ---------------------------------------------------------------------
Other International
- ---------------------------------------------------------------------
Volumes, million barrels 2 3 6 11
Average daily volumes, thousand
barrels per day 19 32 21 39
Price per barrel $22.05 $14.50 $19.34 $14.69
- ---------------------------------------------------------------------
Total
- ---------------------------------------------------------------------
Volumes, million barrels 18 18 55 52
Average daily volumes, thousand
barrels per day 191 192 203 190
Price per barrel $24.50 $21.82 $21.80 $21.78
- ---------------------------------------------------------------------
Natural Gas Liquids
- ---------------------------------------------------------------------
Total
- ---------------------------------------------------------------------
Volumes, million barrels 4 4 11 11
Average daily volumes, thousand
barrels per day 41 48 41 42
Price per barrel $15.40 $14.84 $13.92 $18.33
- ---------------------------------------------------------------------
Total Barrels of Oil Equivalent (BOE)
- ---------------------------------------------------------------------
Volumes, million BOE 48 51 148 151
Average daily volumes, thousand BOE
per day 526 558 542 552
- ---------------------------------------------------------------------
(a) In accordance with EITF 02-3 adopted in the third quarter of 2002,
the marketing margin related to Anadarko's equity production is
included in gas sales, oil sales and natural gas liquids sales and
is reflected in the sales prices shown above. Prior period results
have been reclassified to conform to the current presentation.
Anadarko Petroleum Corporation
Fourth Quarter 2002
Financial Model - Guidance
As of October 31, 2002
3rd Quarter 4th Quarter Total Year
Actual Forecast Forecast
---------------- ---------------- ----------------
$MM $/ Share $MM $/ Share $MM $/ Share
----- -------- ----- -------- ----- --------
Net Income $189 $0.74 $268 $1.05 $784 $3.05
Cash Flow
from
Operations $539 $2.09 $636 $2.45 $2,135 $8.23
- ----------------------------------------------------------------------
Price Deck
(NYMEX) ($/Unit) ($/Unit) ($/Unit)
Crude Oil
($/Bbl) $28.27 $27.75 $25.98
Natural Gas
($/Mcf) $3.18 $4.05 $3.24
Natural Gas
Liquids (%
of NYMEX Oil
Price) 54% 56% 55%
- ----------------------------------------------------------------------
Price Price Price
Differential Differential Differential
Volumes ($ / Unit) Volumes ($ / Unit) Volumes ($ / Unit)
---------------------------------------------------------
Total Sales
(MMBoe) 48 48 196
Crude Oil
(MBbl/d): 191 $(3.77) 205 $(3.42) 203 $(3.54)
United States 84 $(3.02) 81 $(3.58) 85 $(3.23)
Canada 37 $(7.50) 18 $(7.11) 33 $(6.98)
Algeria 51 $(1.36) 82 $(1.87) 63 $(1.41)
Other Inter-
national 19 $(6.22) 24 $(5.34) 22 $(5.76)
Natural Gas
(MMcf/d): 1,764 $(0.54) 1,673 $(0.54) 1,758 $(0.38)
United
States 1,375 $(0.51) 1,297 $(0.50) 1,391 $(0.38)
Canada 389 $(0.65) 376 $(0.66) 367 $(0.37)
Natural Gas
Liquids
(MBbl/d): 41 38 40
United States 38 36 38
Canada 3 2 2
- ----------------------------------------------------------------------
$MM $MM $MM
----- ----- -----
Other
Revenues:
Marketing
Margin
(Sales -
Costs) $15 $9 $41
Minerals and
Other $19 $14 $70
$MM $ / Boe $MM $ / Boe $MM $ / Boe
----- ------- ----- ------- ----- -------
Costs and
Expenses:
Operating
Costs $173 $3.57 $169 $3.53 $725 $3.70
Administrative
and General $78 $75 $302
Depreciation,
Depletion and
Amortization $288 $5.95 $276 $5.75 $1,105 $5.64
Impairments
of Oil and
Gas Assets $- $- $33
Production
and Other
Taxes (% of
Rev) $50 5.4% $59 5.6% $228 6.1%
- ----------------------------------------------------------------------
$MM $MM $MM
----- ----- -----
Other Items:
Interest
Expense $49 $48 $195
Other
(Income)
Expense $8 $14 $24
- ----------------------------------------------------------------------
Federal Tax
Rate 38% 38% 35%
Deferred
Taxes (% of
Total Taxes) 59% 57% 52%
- ----------------------------------------------------------------------
Average
Shares
Outstanding
(MM)
Basic 249 249 249
Diluted 258 258 260
- ----------------------------------------------------------------------
$MM $MM $MM
----- ----- -----
Capital
Investment
Program $465 $471 $2,300
Capital
Budget
(Estimated) $375 $379 $1,940
Capitalized
Direct
Expenses $48 $49 $197
Capitalized
Interest $42 $43 $163
Anadarko Petroleum Corporation
Hedge Position
As of October 31, 2002
Fixed and
Physical Contracts 2- Way Collars
- ----------------------------------------------------------------------
NYMEX
Volume Price Volume Floor Ceiling
- ----------------------------------------------------------------------
Crude Oil Bbl/d $/Bbl Bbl/d $/Bbl $/Bbl
- ----------------------------------------------------------------------
United States
4th Qtr 2002 20,000 $26.78 25,000 $25.00 $28.22
Ttl Yr 2003 14,000 $25.39 - $- $-
Ttl Yr 2004 8,000 $23.09 - $- $-
Canada
4th Qtr 2002 8,000 $25.78 4,000 $22.30 $23.32
Ttl Yr 2003 700 $23.80 1,000 $22.30 $23.32
Ttl Yr 2004 - $- - $- $-
- ----------------------------------------------------------------------
Total
4th Qtr 2002 28,000 $26.49 29,000 $24.63 $27.54
Ttl Yr 2003 14,700 $25.31 1,000 $22.30 $23.32
Ttl Yr 2004 8,000 $23.09 - $- $-
- ----------------------------------------------------------------------
Natural Gas MMcf/d $/Mcf MMcf/d $/Mcf $/Mcf
- ----------------------------------------------------------------------
United States
4th Qtr 2002 - $- 106.3 $3.71 $4.24
Ttl Yr 2003 200.0 $3.89 6.2 $3.00 $5.00
Ttl Yr 2004 200.0 $3.88 6.2 $3.00 $5.00
Canada
4th Qtr 2002 58.7 $3.45 3.2 $1.66 $4.23
Ttl Yr 2003 67.5 $3.34 - $- $-
Ttl Yr 2004 58.9 $3.19 - $- $-
- ----------------------------------------------------------------------
Total
4th Qtr 2002 58.7 $3.45 109.5 $3.65 $4.24
Ttl Yr 2003 267.5 $3.75 6.2 $3.00 $5.00
Ttl Yr 2004 258.9 $3.72 6.2 $3.00 $5.00
3- Way Collars Total
- ----------------------------------------------------------------------
Sold Purchased
Volume Floor Floor Ceiling Volume
- ----------------------------------------------------------------------
Crude Oil Bbl/d $/Bbl $/Bbl $/Bbl Bbl/d
- ----------------------------------------------------------------------
United States
4th Qtr 2002 18,000 $17.89 $21.94 $28.04 63,000
Ttl Yr 2003 53,000 $18.62 $23.81 $27.42 67,000
Ttl Yr 2004 - $- $- $- 8,000
Canada
4th Qtr 2002 - $- $- $- 12,000
Ttl Yr 2003 - $- $- $- 1,700
Ttl Yr 2004 - $- $- $- -
- ----------------------------------------------------------------------
Total
4th Qtr 2002 18,000 $17.89 $21.94 $28.04 75,000
Ttl Yr 2003 53,000 $18.62 $23.81 $27.42 68,700
Ttl Yr 2004 - $- $- $- 8,000
- ----------------------------------------------------------------------
Natural Gas MMcf/d $/Mcf $/Mcf $/Mcf MMcf/d
- ----------------------------------------------------------------------
United States
4th Qtr 2002 18.8 $2.20 $3.00 $4.83 125.1
Ttl Yr 2003 258.8 $2.52 $3.61 $4.66 465.0
Ttl Yr 2004 168.8 $2.47 $3.44 $4.89 375.0
Canada
4th Qtr 2002 - $- $- $- 61.9
Ttl Yr 2003 - $- $- $- 67.5
Ttl Yr 2004 - $- $- $- 58.9
- ----------------------------------------------------------------------
Total
4th Qtr 2002 18.8 $2.20 $3.00 $4.83 187.0
Ttl Yr 2003 258.8 $2.52 $3.61 $4.66 532.5
Ttl Yr 2004 168.8 $2.47 $3.44 $4.89 433.9
Anadarko Petroleum Corporation CONTACT: Anadarko Petroleum Corporation, Houston
Media Contacts:
Teresa Wong, 832/636-1203
teresa_wong@anadarko.com
or
Anne Vincent, 832/636-8368
anne_vincent@anadarko.com
or
Investor Contacts:
Paul Taylor, 832/636-3471
paul_taylor@anadarko.com
or
David Larson, 832/636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832/636-3326
stewart_lawrence@anadarko.com |
