Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 19, 2017 | |
Document And Entity Information [Abstract] | ||
Trading Symbol | APC | |
Entity Registrant Name | ANADARKO PETROLEUM CORP | |
Entity Central Index Key | 773,910 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 560,339,140 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Revenues and Other | |||
Oil sales | $ 1,663 | $ 850 | |
Natural-gas sales | 502 | 366 | |
Natural-gas liquids sales | 289 | 178 | |
Gathering, processing, and marketing sales | 444 | 240 | |
Gains (losses) on divestitures and other, net | 869 | 40 | |
Total | 3,767 | 1,674 | |
Costs and Expenses | |||
Oil and gas operating | 258 | 208 | |
Oil and gas transportation | 249 | 242 | |
Exploration | 1,085 | 126 | |
Gathering, processing, and marketing | 351 | 215 | |
General and administrative | 269 | 449 | |
Depreciation, depletion, and amortization | 1,115 | 1,149 | |
Production, property, and other taxes | 155 | 117 | |
Impairments | 373 | 16 | |
Other operating expense | 22 | 16 | |
Total | 3,877 | 2,538 | |
Operating Income (Loss) | (110) | (864) | |
Other (Income) Expense | |||
Interest expense | 223 | 220 | |
(Gains) losses on derivatives, net | (147) | 299 | |
Other (income) expense, net | (8) | 0 | |
Total | 68 | 517 | |
Income (Loss) Before Income Taxes | (178) | (1,381) | |
Income tax expense (benefit) | 97 | (383) | |
Net Income (Loss) | (275) | (998) | |
Net income (loss) attributable to noncontrolling interests | 43 | [1] | 36 |
Net Income (Loss) Attributable to Common Stockholders | $ (318) | $ (1,034) | |
Per Common Share | |||
Net income (loss) attributable to common stockholders—basic (in usd per share) | $ (0.58) | $ (2.03) | |
Net income (loss) attributable to common stockholders—diluted (in usd per share) | $ (0.58) | $ (2.03) | |
Average Number of Common Shares Outstanding—Basic | 551 | 509 | |
Average Number of Common Shares Outstanding—Diluted | 551 | 509 | |
Dividends (in usd per share) | $ 0.05 | $ 0.05 | |
Commodity Contract and Interest Rate Swap [Member] | |||
Other (Income) Expense | |||
(Gains) losses on derivatives, net | $ (147) | $ 297 | |
[1] | Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ (275) | $ (998) |
Adjustments for derivative instruments | ||
Reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | 1 | 3 |
Income taxes on reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | 0 | (1) |
Total adjustments for derivative instruments, net of taxes | 1 | 2 |
Adjustments for pension and other postretirement plans | ||
Net gain (loss) incurred during period | (4) | (166) |
Income taxes on net gain (loss) incurred during period | 1 | 61 |
Prior service credit (cost) incurred during period | 0 | (1) |
Income taxes on prior service credit (cost) incurred during period | 0 | 1 |
Amortization of net actuarial (gain) loss to general and administrative expense | 9 | 8 |
Income taxes on amortization of net actuarial (gain) loss to general and administrative expense | (3) | (3) |
Amortization of net prior service (credit) cost to general and administrative expense | (6) | (15) |
Income taxes on amortization of net prior service (credit) cost to general and administrative expense | 2 | 5 |
Total adjustments for pension and other postretirement plans, net of taxes | (1) | (110) |
Total | 0 | (108) |
Comprehensive Income (Loss) | (275) | (1,106) |
Comprehensive income (loss) attributable to noncontrolling interests | 43 | 36 |
Comprehensive Income (Loss) Attributable to Common Stockholders | $ (318) | $ (1,142) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents ($123 and $359 related to VIEs) | $ 5,831 | $ 3,184 |
Accounts receivable (net of allowance of $16 and $14) | ||
Customers ($81 and $70 related to VIEs) | 973 | 1,007 |
Others ($12 and $80 related to VIEs) | 604 | 721 |
Other current assets | 299 | 354 |
Total | 7,707 | 5,266 |
Properties and Equipment | ||
Cost | 64,485 | 69,013 |
Less accumulated depreciation, depletion, and amortization | 35,420 | 36,845 |
Net properties and equipment ($5,264 and $5,050 related to VIEs) | 29,065 | 32,168 |
Other Assets ($608 and $609 related to VIEs) | 2,182 | 2,226 |
Goodwill and Other Intangible Assets ($1,214 and $1,221 related to VIEs) | 5,739 | 5,904 |
Total Assets | 44,693 | 45,564 |
Accounts payable | ||
Trade ($166 and $234 related to VIEs) | 1,637 | 1,617 |
Other | 342 | 303 |
Short-term debt | 42 | 42 |
Current asset retirement obligations | 258 | 129 |
Other current liabilities | 1,483 | 1,237 |
Total | 3,762 | 3,328 |
Long-term Debt | 15,284 | 15,281 |
Other Long-term Liabilities | ||
Deferred income taxes | 3,664 | 4,324 |
Asset retirement obligations ($142 and $140 related to VIEs) | 2,684 | 2,802 |
Other | 4,220 | 4,332 |
Total | 10,568 | 11,458 |
Stockholders’ equity | ||
Common stock, par value $0.10 per share (1.0 billion shares authorized, 573.0 million and 572.0 million shares issued) | 57 | 57 |
Paid-in capital | 11,914 | 11,875 |
Retained earnings | 1,330 | 1,704 |
Treasury stock (21.1 million and 20.8 million shares) | (1,054) | (1,033) |
Accumulated other comprehensive income (loss) | (391) | (391) |
Total Stockholders’ Equity | 11,856 | 12,212 |
Noncontrolling interests | 3,223 | 3,285 |
Total Equity | 15,079 | 15,497 |
Total Liabilities and Equity | $ 44,693 | $ 45,564 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 5,831 | $ 3,184 |
Accounts receivable | ||
Allowance for uncollectible accounts | 16 | 14 |
Customers | 973 | 1,007 |
Others | 604 | 721 |
Properties and Equipment | ||
Net properties and equipment | 29,065 | 32,168 |
Other Assets | 2,182 | 2,226 |
Goodwill and Other Intangible Assets | 5,739 | 5,904 |
Accounts payable | ||
Trade | 1,637 | 1,617 |
Other Long-term Liabilities | ||
Asset retirement obligations | $ 2,684 | $ 2,802 |
Stockholders’ equity | ||
Common stock, par value per share (in usd per share) | $ 0.1 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 573,000,000 | 572,000,000 |
Treasury stock, shares | 21,100,000 | 20,800,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current Assets | ||
Cash and cash equivalents | $ 123 | $ 359 |
Accounts receivable | ||
Customers | 81 | 70 |
Others | 12 | 80 |
Properties and Equipment | ||
Net properties and equipment | 5,264 | 5,050 |
Other Assets | 608 | 609 |
Goodwill and Other Intangible Assets | 1,214 | 1,221 |
Accounts payable | ||
Trade | 166 | 234 |
Other Long-term Liabilities | ||
Asset retirement obligations | $ 142 | $ 140 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | |
Balance at Dec. 31, 2016 | $ 15,497 | $ 57 | $ 11,875 | $ 1,704 | $ (1,033) | $ (391) | $ 3,285 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (275) | (318) | 43 | |||||
Common stock issued | [1] | 42 | 0 | 42 | 0 | |||
Dividends—common stock | (28) | (28) | ||||||
Repurchase of common stock | (21) | (21) | ||||||
Distributions to noncontrolling interest owners | (105) | (105) | ||||||
Reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | 1 | 1 | ||||||
Adjustments for pension and other postretirement plans | (1) | (1) | ||||||
Balance at Mar. 31, 2017 | 15,079 | $ 57 | 11,914 | 1,330 | $ (1,054) | $ (391) | $ 3,223 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | $ (31) | $ (3) | $ (28) | |||||
[1] | Represents share-based compensation expense. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (275) | $ (998) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation, depletion, and amortization | 1,115 | 1,149 |
Deferred income taxes | (660) | (413) |
Dry hole expense and impairments of unproved properties | 1,012 | 35 |
Impairments | 373 | 16 |
(Gains) losses on divestitures, net | (804) | (2) |
Total (gains) losses on derivatives, net | (147) | 299 |
Operating portion of net cash received (paid) in settlement of derivative instruments | (8) | 105 |
Other | 83 | 115 |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | 68 | 46 |
Increase (decrease) in accounts payable and other current liabilities | 395 | (326) |
Other items, net | (29) | (163) |
Net cash provided by (used in) operating activities | 1,123 | (137) |
Cash Flows from Investing Activities | ||
Additions to properties and equipment | (1,194) | (1,022) |
Divestitures of properties and equipment and other assets | 2,851 | 35 |
Other, net | 65 | 14 |
Net cash provided by (used in) investing activities | 1,722 | (973) |
Cash Flows from Financing Activities | ||
Borrowings, net of issuance costs | 0 | 4,682 |
Repayments of debt | (10) | (1,608) |
Financing portion of net cash received (paid) for derivative instruments | (37) | (555) |
Increase (decrease) in outstanding checks | 28 | (150) |
Dividends paid | (28) | (25) |
Repurchase of common stock | (21) | (30) |
Issuance of common stock | 0 | 30 |
Sale of subsidiary units | 0 | 440 |
Distributions to noncontrolling interest owners | (105) | (78) |
Proceeds from conveyance of future hard minerals royalty revenues, net of transaction costs | 0 | 413 |
Payments of future hard minerals royalty revenues conveyed | (25) | 0 |
Net cash provided by (used in) financing activities | (198) | 3,119 |
Effect of Exchange Rate Changes on Cash | 0 | (1) |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,647 | 2,008 |
Cash and Cash Equivalents at Beginning of Period | 3,184 | 939 |
Cash and Cash Equivalents at End of Period | $ 5,831 | $ 2,947 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies General Anadarko Petroleum Corporation is engaged in the exploration, development, production, and marketing of oil, natural gas, and NGLs and in the marketing of anticipated production of LNG. In addition, the Company engages in the gathering, processing, treating, and transporting of oil, natural gas, and NGLs as well as gathering and disposal of produced water. The Company also participates in the hard-minerals business through royalty arrangements. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain notes and other information have been condensed or omitted. The accompanying interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company’s consolidated financial statements. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The consolidated financial statements include the accounts of Anadarko and subsidiaries in which Anadarko holds, directly or indirectly, more than 50% of the voting rights and VIEs for which Anadarko is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural-gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in noncontrolled entities over which Anadarko has the ability to exercise significant influence over operating and financial policies and VIEs for which Anadarko is not the primary beneficiary are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for the Company’s proportionate share of earnings, losses, and distributions. Other investments are carried at original cost. Investments accounted for using the equity method and cost method are included in other assets. Recently Adopted Accounting Standards ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, assists in determining whether a transaction should be accounted for as an acquisition or disposal of assets or as a business. This ASU provides a screen that when substantially all of the fair value of the gross assets acquired, or disposed of, are concentrated in a single identifiable asset, or a group of similar identifiable assets, the set will not be considered a business. If the screen is not met, a set must include an input and a substantive process that together significantly contribute to the ability to create an output to be considered a business. The Company’s adoption of this ASU on January 1, 2017, using a prospective approach, could have a material impact on consolidated financial statements as goodwill will not be allocated to divestitures or recorded on acquisitions that are not considered to be a business. The Company’s disposition of Eagleford oil and gas properties in the first quarter of 2017 was not considered a business under this ASU and therefore not allocated goodwill, see Note 3—Acquisitions, Divestitures, and Assets Held for Sale . ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company adopted this ASU on January 1, 2017, using a modified retrospective approach, and recognized a cumulative adjustment to retained earnings of $31 million during the first quarter of 2017. 1. Summary of Significant Accounting Policies (Continued) ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, simplifies the accounting for share-based payment transactions, including the income tax consequences, classification on the statement of cash flows, accounting for forfeitures, and classification of awards as either equity or liabilities. The Company adopted this ASU on January 1, 2017. As a result of adoption, share-based compensation excess tax benefits and tax deficiencies are reflected on a prospective basis in the income statement as a component of the provision for income taxes rather than additional paid-in capital as previously recognized. For the three months ended March 31, 2017, the Company recognized a $15 million tax deficiency as an increase to the provision for income taxes. Cash flows related to excess tax benefits have been classified on a prospective basis as operating activities in the statement of cash flows rather than cash inflows from financing activities and cash outflows from operating activities as previously recognized. Prior periods of the statement of cash flows were not adjusted as there was no material impact. In addition, the Company elected to begin accounting for share-based compensation award forfeitures when they occur instead of estimating the number of forfeitures expected. This change in accounting policy for share-based compensation award forfeitures did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards Issued But Not Yet Adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, requires presentation of service cost in the same line item(s) as other compensation costs arising from services rendered by employees during the period and presentation of the remaining components of net benefit cost in a separate line item outside operating items. Additionally, only the service cost component of net benefit cost will be eligible for capitalization. The Company will adopt this ASU on January 1, 2018, with retrospective presentation of the service cost component and the other components of net benefit cost in the income statement and prospective presentation for the capitalization of the service cost component of net benefit cost in assets. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in that statement to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. This ASU is effective for annual and interim periods beginning after December 15, 2017, and is required to be adopted using a retrospective approach, with early adoption permitted. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2017, and is required to be adopted using a retrospective approach if practicable, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Statement of Cash Flows. 1. Summary of Significant Accounting Policies (Continued) ASU 2014-09, Revenue from Contracts with Customers (Topic 606), supersedes current revenue recognition requirements and industry-specific guidance. The codification requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing, and uncertainty of revenue and cash flows from contracts with customers. The Company has completed an initial review of contracts in each of its revenue streams and is developing accounting policies to address the provisions of the ASU. While the Company does not currently expect net earnings to be materially impacted, the Company is currently analyzing whether total revenues and total expenses may increase as a result of recognizing both revenue for noncash consideration for services provided by our midstream business and revenue and associated cost of product for the subsequent sale of commodities received as such noncash consideration. Anadarko continues to evaluate the impact of this and other provisions of the ASU on its accounting policies, internal controls, and consolidated financial statements and related disclosures and has not finalized any estimates of the potential impacts. The Company will adopt the new standard on January 1, 2018, using the modified retrospective method with a cumulative adjustment to retained earnings. ASU 2016-02, Leases (Topic 842), requires lessees to recognize a lease liability and a right-of-use asset for all leases, including operating leases, with a term greater than 12 months on the balance sheet. The provisions of ASU 2016-02 also modify the definition of a lease and outline the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. This ASU is effective for annual and interim periods beginning after December 15, 2018. The Company is currently analyzing its portfolio of contracts to assess the impact future adoption of this ASU may have on its consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Energy Related Inventory [Abstract] | |
Inventories | 2. Inventories The following summarizes the major classes of inventories included in other current assets: millions March 31, December 31, Oil $ 130 $ 169 Natural gas 19 38 NGLs 94 106 Total inventories $ 243 $ 313 |
Acquisitions, Divestitures, and
Acquisitions, Divestitures, and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Acquisitions, Divestitures, and Assets Held for Sale | 3. Acquisitions, Divestitures, and Assets Held for Sale Acquisition On December 15, 2016, the Company closed the GOM Acquisition for $1.8 billion using a portion of the net proceeds from the September 2016 issuance of 40.5 million shares of its common stock. The GOM Acquisition constitutes a business combination and was accounted for using the acquisition method of accounting. The fair-value measurements of the assets acquired and liabilities assumed at the acquisition date were still preliminary as of March 31, 2017, pending customary closing adjustments. There were no material changes to the fair value of the assets acquired and liabilities assumed from the amounts included on the Company’s Consolidated Balance Sheet at December 31, 2016. Property Exchange On March 17, 2017, WES acquired a third party’s 50% nonoperated interest in the DBJV system in exchange for WES’s 33.75% interest in nonoperated Marcellus midstream assets and $155 million in cash. WES funded the cash consideration with cash on hand and recognized a gain of $125 million as a result of this transaction. After the acquisition, the DBJV system is 100% owned by WES and consolidated by Anadarko. Divestitures and Assets Held for Sale The following summarizes the proceeds received and gains (losses) recognized on divestitures and assets held for sale for the three months ended March 31: millions 2017 2016 Proceeds received, net of closing adjustments $ 2,851 $ 35 Gains (losses) on divestitures, net 804 2 During the three months ended March 31, 2017, the Company divested certain U.S. onshore assets located in the Eagleford area of South Texas for net proceeds of $2.1 billion and a net gain of $726 million . These assets were included in the oil and gas exploration and production reporting segment. Certain Marcellus U.S. onshore assets located in Pennsylvania included in the oil and gas exploration and production and midstream reporting segments satisfied criteria to be considered held for sale during the fourth quarter of 2016, at which time the Company remeasured these assets to their current fair value using a market approach and Level 2 fair-value inputs and recognized a loss of $129 million . The sale of these assets closed during the first quarter of 2017 for net proceeds of $763 million and an additional loss of $44 million . Remaining proceeds of $196 million are currently held in escrow by the purchaser, pending regulatory approval. At March 31, 2017, the Company’s Consolidated Balance Sheet included long-term assets of $215 million , which includes $35 million of goodwill, and long-term liabilities of $15 million , primarily associated with Marcellus assets held in escrow subject to regulatory approval. |
Impairments
Impairments | 3 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Impairments | 4. Impairments Impairments of Long-Lived Assets Impairments of long-lived assets are included in impairment expense in the Company’s Consolidated Statements of Income. The following summarizes impairments of long-lived assets and the related post-impairment fair values by segment: Three Months Ended millions Impairment Fair Value (1) March 31, 2017 Oil and gas exploration and production Gulf of Mexico properties $ 204 $ 231 Midstream 169 49 Total $ 373 $ 280 __________________________________________________________________ (1) Measured as of the impairment date using the income approach and Level 3 inputs. The primary assumptions used to estimate undiscounted future net cash flows include anticipated future production, commodity prices, and capital and operating costs. Impairments during the three months ended March 31, 2017, were primarily related to oil and gas properties in the Gulf of Mexico due to lower forecasted commodity prices and a U.S. onshore midstream property due to a reduced throughput fee as a result of a producer’s bankruptcy. Impairments of Unproved Properties Impairments of unproved properties are included in exploration expense in the Company’s Consolidated Statements of Income. The Company recognized $532 million of impairments of unproved Gulf of Mexico properties during the three months ended March 31, 2017 , of which $467 million related to the Shenandoah project. The unproved property balance related to the Shenandoah project originated from the purchase price allocated to Gulf of Mexico exploration projects from the acquisition of Kerr-McGee Corporation in 2006. For additional details on the Shenandoah project, see Note 5—Suspended Exploratory Well Costs . Potential for Future Impairments Oil price sensitivity At March 31, 2017, the Company’s estimate of undiscounted future cash flows attributable to certain asset groups, primarily related to international and offshore properties, with a combined net book value of approximately $2.7 billion indicated that the carrying amounts were expected to be recovered; however, these asset groups may be at risk for impairment if the estimates of future cash flows decline. The Company estimates that a 10% decline in oil prices (with all other assumptions unchanged) could result in non-cash impairments in excess of $1.0 billion . Natural-gas price sensitivity At March 31, 2017, the Company’s estimate of undiscounted future cash flows attributable to certain U.S. onshore asset groups with a combined net book value of approximately $1.3 billion indicated that the carrying amounts were expected to be recovered; however, these asset groups may be at risk for impairment if the estimates of future cash flows decline. The Company estimates that a 10% decline in natural-gas prices (with all other assumptions unchanged) could result in non-cash impairments in excess of $500 million . It is also reasonably possible that significant declines in commodity prices, further changes to the Company’s drilling plans in response to lower prices, reduction of proved and probable reserve estimates, or increases in drilling or operating costs could result in other additional impairments. |
Suspended Exploratory Well Cost
Suspended Exploratory Well Costs | 3 Months Ended |
Mar. 31, 2017 | |
Capitalized Exploratory Well Costs [Abstract] | |
Suspended Exploratory Well Costs | 5. Suspended Exploratory Well Costs The Company’s suspended exploratory well costs were $1.1 billion at March 31, 2017, and $1.2 billion at December 31, 2016 . Projects with suspended exploratory well costs include wells that have sufficient reserves to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If additional information becomes available that raises substantial doubt as to the economic or operational viability of any of these projects, the associated costs will be expensed at that time. During the three months ended March 31, 2017, the Company expensed suspended exploratory well costs of $435 million related to the Shenandoah project in the Gulf of Mexico, including $267 million previously capitalized for a period greater than one year. The Shenandoah-6 appraisal well and subsequent sidetrack, which completed appraisal activities in April 2017, did not encounter the oil-water contact in the eastern portion of the field. Given the results of this well and the present commodity-price environment, the Company has currently suspended further appraisal activities. Accordingly, the Company determined that the Shenandoah project no longer satisfies the accounting requirements for the continued capitalization of the exploratory well costs. |
Current Liabilities
Current Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 6. Current Liabilities Accounts Payable Accounts payable, trade included liabilities of $290 million at March 31, 2017 , and $262 million at December 31, 2016 , representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. Changes in these liabilities are classified as cash flows from financing activities. Other Current Liabilities The following summarizes the Company’s other current liabilities: millions March 31, December 31, Accrued income taxes $ 671 $ 6 Interest payable 161 244 Production, property, and other taxes payable 253 239 Accrued employee benefits 185 355 Other 213 393 Total other current liabilities $ 1,483 $ 1,237 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 7. Derivative Instruments Objective and Strategy The Company uses derivative instruments to manage its exposure to cash-flow variability from commodity-price and interest-rate risks. Futures, swaps, and options are used to manage exposure to commodity-price risk inherent in the Company’s oil and natural-gas production and natural-gas processing operations (Oil and Natural-Gas Production/Processing Derivative Activities). Futures contracts and commodity-price swap agreements are used to fix the price of expected future oil and natural-gas sales at major industry trading locations such as Cushing, Oklahoma or Sullom Voe, Scotland for oil and Henry Hub, Louisiana for natural gas. Basis swaps are periodically used to fix or float the price differential between product prices at one market location versus another. Options are used to establish a floor price, a ceiling price, or a floor and a ceiling price (collar) for expected future oil and natural-gas sales. Derivative instruments are also used to manage commodity-price risk inherent in customer price requirements and to fix margins on the future sale of natural gas and NGLs from the Company’s leased storage facilities (Marketing and Trading Derivative Activities). Interest-rate swaps are used to fix or float interest rates on existing or anticipated indebtedness. The purpose of these instruments is to manage the Company’s existing or anticipated exposure to interest-rate changes. The fair value of the Company’s current interest-rate swap portfolio is subject to changes in interest rates. The Company does not apply hedge accounting to any of its derivative instruments. As a result, gains and losses associated with derivative instruments are recognized currently in earnings. Net derivative losses attributable to derivatives previously subject to hedge accounting reside in accumulated other comprehensive income (loss) and are reclassified to earnings as the transactions to which the derivatives relate are recognized in earnings. Oil and Natural-Gas Production/Processing Derivative Activities The oil prices listed below are a combination of NYMEX West Texas Intermediate and Intercontinental Exchange, Inc. (ICE) Brent Blend prices. The natural-gas prices listed below are NYMEX Henry Hub prices. The NGLs prices listed below are Oil Price Information Services prices. The following is a summary of the Company’s derivative instruments related to oil and natural-gas production/processing derivative activities at March 31, 2017 : 2017 Settlement 2018 Settlement Oil Three-Way Collars (MBbls/d) 91 — Average price per barrel Ceiling sold price (call) $ 59.80 $ — Floor purchased price (put) $ 50.00 $ — Floor sold price (put) $ 40.00 $ — Natural Gas Three-Way Collars (thousand MMBtu/d) 682 250 Average price per MMBtu Ceiling sold price (call) $ 3.60 $ 3.54 Floor purchased price (put) $ 2.75 $ 2.75 Floor sold price (put) $ 2.00 $ 2.00 Fixed-Price Contracts (thousand MMBtu/d) 19 — Average price per MMBtu $ 2.82 $ — A three-way collar is a combination of three options: a sold call, a purchased put, and a sold put. The sold call establishes the maximum price that the Company will receive for the contracted commodity volumes. The purchased put establishes the minimum price that the Company will receive for the contracted volumes unless the market price for the commodity falls below the sold put strike price, at which point the minimum price equals the reference price (e.g., NYMEX) plus the excess of the purchased put strike price over the sold put strike price. 7. Derivative Instruments (Continued) Marketing and Trading Derivative Activities The Company had financial derivative transactions with notional volumes of natural gas totaling 2 Bcf at March 31, 2017 , and December 31, 2016 , that were entered into to mitigate commodity-price risk related to fixed-price purchase and sales contracts and storage activity. Interest-Rate Derivatives Anadarko has outstanding interest-rate swap contracts to manage interest-rate risk associated with anticipated debt issuances. The Company has locked in a fixed interest rate in exchange for a floating interest rate indexed to the three-month LIBOR. At March 31, 2017 , the Company had outstanding interest-rate swaps with a notional amount of $1.6 billion due prior to or in September 2021 that manage interest-rate risk associated with the potential refinancing of the Company’s $900 million Senior Notes due 2019 and the Zero Coupons due 2036 , should the Zero Coupons be put to the Company prior to the swap termination dates. At the next put date in October 2017 , the accreted value of the Zero Coupons will be $883 million . See Note 8—Debt . Depending on market conditions, liability-management actions, or other factors, the Company may enter into offsetting interest-rate swap positions or settle or amend certain or all of the currently outstanding interest-rate swaps. Derivative settlements and collateralization are classified as cash flows from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. As a result of prior extensions of reference-period start dates without settlement of the related interest-rate derivative obligations, the interest-rate derivatives in the Company’s portfolio contain an other-than-insignificant financing element, and therefore, any settlements or collateralization related to these extended interest-rate derivatives are classified as cash flows from financing activities. Cash payments related to interest-rate swap agreements were $24 million during the three months ended March 31, 2017, and $193 million during the three months ended March 31, 2016 . The Company had the following outstanding interest-rate swaps at March 31, 2017 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 500 September 2016 – 2046 September 2018 6.559% $ 300 September 2016 – 2046 September 2020 6.509% $ 450 September 2017 – 2047 September 2018 6.445% $ 100 September 2017 – 2047 September 2020 6.891% $ 250 September 2017 – 2047 September 2021 6.570% 7. Derivative Instruments (Continued) Effect of Derivative Instruments — Balance Sheet The following summarizes the fair value of the Company’s derivative instruments: Gross Derivative Assets Gross Derivative Liabilities millions March 31, December 31, March 31, December 31, Balance Sheet Classification 2017 2016 2017 2016 Commodity derivatives Other current assets $ 51 $ 10 $ (31 ) $ (3 ) Other assets 12 9 — — Other current liabilities 15 66 (35 ) (201 ) Other liabilities — — — (12 ) 78 85 (66 ) (216 ) Interest-rate derivatives Other current assets 8 8 — — Other assets 23 23 — — Other current liabilities — — (69 ) (48 ) Other liabilities — — (1,271 ) (1,328 ) 31 31 (1,340 ) (1,376 ) Total derivatives $ 109 $ 116 $ (1,406 ) $ (1,592 ) Effect of Derivative Instruments — Statement of Income The following summarizes gains and losses related to derivative instruments: millions Three Months Ended Classification of (Gain) Loss Recognized 2017 2016 Commodity derivatives Gathering, processing, and marketing sales (1) $ — $ 2 (Gains) losses on derivatives, net (135 ) (28 ) Interest-rate derivatives (Gains) losses on derivatives, net (12 ) 325 Total (gains) losses on derivatives, net $ (147 ) $ 299 __________________________________________________________________ (1) Represents the effect of Marketing and Trading Derivative Activities. 7. Derivative Instruments (Continued) Credit-Risk Considerations The financial integrity of exchange-traded contracts, which are subject to nominal credit risk, is assured by NYMEX or ICE through systems of financial safeguards and transaction guarantees. Over-the-counter traded swaps, options, and futures contracts expose the Company to counterparty credit risk. The Company monitors the creditworthiness of its counterparties, establishes credit limits according to the Company’s credit policies and guidelines, and assesses the impact on the fair value of its counterparties’ creditworthiness. The Company has the ability to require cash collateral or letters of credit to mitigate its credit-risk exposure. The Company has netting agreements with financial institutions that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities and routinely exercises its contractual right to offset gains and losses when settling with derivative counterparties. In addition, the Company has setoff agreements with certain financial institutions that may be exercised in the event of default and provide for contract termination and net settlement across derivative types. The Company’s derivative instruments are subject to individually negotiated credit provisions that may require collateral of cash or letters of credit depending on the derivative’s portfolio valuation versus negotiated credit thresholds. These credit thresholds may also require full or partial collateralization or immediate settlement of the Company’s obligations if certain credit-risk-related provisions are triggered, such as if the Company’s credit rating from S&P and Moody’s declines to a level that is below investment grade. As of March 31, 2017, the Company’s long-term debt was rated below investment grade (Ba1) by Moody’s and investment grade (BBB) by both S&P and Fitch Ratings. Although certain counterparties required the Company to post collateral due to the Moody’s rating, no counterparties have requested termination or full settlement of derivative positions. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed was $1.2 billion (net of $130 million of collateral) at March 31, 2017 , and $1.4 billion (net of $117 million of collateral) at December 31, 2016 . 7. Derivative Instruments (Continued) Fair Value Fair value of futures contracts is based on unadjusted quoted prices in active markets for identical assets or liabilities, which represent Level 1 inputs. Valuations of physical-delivery purchase and sale agreements, over-the-counter financial swaps, and commodity option collars are based on similar transactions observable in active markets and industry-standard models that primarily rely on market-observable inputs. Inputs used to estimate fair value in industry-standard models are categorized as Level 2 inputs because substantially all assumptions and inputs are observable in active markets throughout the full term of the instruments. Inputs used to estimate the fair value of swaps and options include market-price curves; contract terms and prices; credit-risk adjustments; and, for Black-Scholes option valuations, discount factors and implied market volatility. The following summarizes the fair value of the Company’s derivative assets and liabilities by input level within the fair-value hierarchy: millions Level 1 Level 2 Level 3 Netting (1) Collateral Total March 31, 2017 Assets Commodity derivatives $ — $ 78 $ — $ (45 ) $ — $ 33 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ — $ 109 $ — $ (45 ) $ — $ 64 Liabilities Commodity derivatives $ (1 ) $ (65 ) $ — $ 45 $ 2 $ (19 ) Interest-rate derivatives — (1,340 ) — — 130 (1,210 ) Total derivative liabilities $ (1 ) $ (1,405 ) $ — $ 45 $ 132 $ (1,229 ) December 31, 2016 Assets Commodity derivatives $ 2 $ 83 $ — $ (69 ) $ — $ 16 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ 2 $ 114 $ — $ (69 ) $ — $ 47 Liabilities Commodity derivatives $ (3 ) $ (213 ) $ — $ 69 $ 6 $ (141 ) Interest-rate derivatives — (1,376 ) — — 117 (1,259 ) Total derivative liabilities $ (3 ) $ (1,589 ) $ — $ 69 $ 123 $ (1,400 ) __________________________________________________________________ (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Debt The following summarizes the Company’s outstanding debt, including capital lease obligations, after eliminating the effect of intercompany transactions: millions WES WGP (1) Anadarko (2) Anadarko Consolidated March 31, 2017 Total borrowings at face value $ 3,120 $ 28 $ 13,550 $ 16,698 Net unamortized discounts, premiums, and debt issuance costs (3) (28 ) — (1,587 ) (1,615 ) Total borrowings (4) 3,092 28 11,963 15,083 Capital lease obligations — — 243 243 Less short-term debt — — 42 42 Total long-term debt $ 3,092 $ 28 $ 12,164 $ 15,284 December 31, 2016 Total borrowings at face value $ 3,120 $ 28 $ 13,558 $ 16,706 Net unamortized discounts, premiums, and debt issuance costs (3) (29 ) — (1,599 ) (1,628 ) Total borrowings (4) 3,091 28 11,959 15,078 Capital lease obligations — — 245 245 Less short-term debt — — 42 42 Total long-term debt $ 3,091 $ 28 $ 12,162 $ 15,281 __________________________________________________________________ (1) Excludes WES. (2) Excludes WES and WGP. (3) Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. (4) The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. Fair Value The Company uses a market approach to determine the fair value of its fixed-rate debt using observable market data, which results in a Level 2 fair-value measurement. The carrying amount of floating-rate debt approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair value of the Company’s total borrowings was $17.0 billion at March 31, 2017, and $17.1 billion at December 31, 2016 . Anadarko Borrowings Anadarko has a $3.0 billion five -year senior unsecured RCF maturing in January 2021 (Five-Year Facility) and a $2.0 billion 364 -day senior unsecured RCF (364-Day Facility). In January 2017, the Company extended the maturity date of the 364-Day Facility until January 2018 . At March 31, 2017, the Company had no outstanding borrowings under the Five-Year Facility or the 364-Day Facility and was in compliance with all related covenants. Anadarko’s Zero Coupons can be put to the Company in October of each year, in whole or in part, for the then-accreted value, which will be $883 million at the next put date in October 2017 . Anadarko’s Zero Coupons were classified as long-term debt on the Company’s Consolidated Balance Sheet at March 31, 2017 , as the Company has the ability and intent to refinance these obligations using long-term debt, should the put be exercised. In January 2015, the Company initiated a commercial paper program, which allows for a maximum of $3.0 billion of unsecured commercial paper notes and is supported by the Five-Year Facility. The maturities of the commercial paper notes may vary, but may not exceed 397 days . Due to the Company’s below-investment-grade credit rating from Moody’s, the Company currently does not have access to the commercial paper market and had no outstanding borrowings under the commercial paper program at March 31, 2017 . 8. Debt (Continued) The Company also has notes payable related to its ownership of certain noncontrolling mandatorily redeemable interests that are not included in the Company’s reported debt balance and do not affect consolidated interest expense. See Note 8—Equity Method Investments in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. WES and WGP Borrowings At March 31, 2017, WES was in compliance with all related covenants contained in its $1.2 billion five -year senior unsecured RCF maturing in February 2020 (WES RCF), which is expandable to $1.5 billion . At March 31, 2017, WES had no outstanding borrowings under its RCF, had outstanding letters of credit of $5 million , and had available borrowing capacity of $1.195 billion . At March 31, 2017, WGP was in compliance with all related covenants contained in its $250 million three -year senior secured RCF maturing in March 2019 (WGP RCF), which is expandable to $500 million subject to receiving increased or new commitments from lenders and the satisfaction of certain other conditions. Obligations under the WGP RCF are secured by a first priority lien on all of WGP’s assets (not including the consolidated assets of WES) as well as all equity interests owned by WGP. At March 31, 2017, WGP had outstanding borrowings under its RCF of $28 million at an interest rate of 2.99% and had available borrowing capacity of $222 million . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The following summarizes income tax expense (benefit) and effective tax rates: Three Months Ended millions except percentages 2017 2016 Income tax expense (benefit) $ 97 $ (383 ) Income (loss) before income taxes (178 ) (1,381 ) Effective tax rate (54 )% 28 % The Company reported a loss before income taxes for the three months ended March 31, 2017 and 2016. As a result, items that ordinarily increase or decrease the tax rate will have the opposite effect. The decrease from the 35% U.S. federal statutory rate for the three months ended March 31, 2017 , was primarily attributable to the following decreases: • state taxes, net of federal benefit • non-deductible Algerian exceptional profits tax for Algerian income tax purposes • tax impact from foreign operations • net changes in uncertain tax positions • tax deficiency related to share-based compensation due to the adoption of ASU 2016-09, see Note 1—Summary of Significant Accounting Policies These decreases were partially offset by the following increases: • income attributable to noncontrolling interests • federal manufacturing deduction The decrease from the 35% U.S. federal statutory rate for the three months ended March 31, 2016, was primarily attributable to non-deductible Algerian exceptional profits tax for Algerian income tax purposes, the tax impact from foreign operations, and net changes in uncertain tax positions. At March 31, 2017, the Company’s Consolidated Balance Sheet included $167 million of income taxes receivable presented in accounts receivable—others. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 10. Contingencies Litigation There are no material developments in previously reported contingencies nor are there any other material matters that have arisen since the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 11. Restructuring Charges In the first quarter of 2016, the Company initiated a workforce reduction program to align the size and composition of its workforce with its expected future operating and capital plans. Employee notifications related to the workforce reduction program were completed by June 30, 2016. The Company recognized $203 million of restructuring charges included in G&A in the Company’s Consolidated Statements of Income during the three months ended March 31, 2016. All restructuring charges were recognized in 2016, with the exception of an estimated $29 million of settlement expense expected to be recognized during 2017 for lump-sum payments to terminated participants for which the amount could vary depending on market conditions and participant elections. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | 12. Pension Plans and Other Postretirement Benefits The Company has contributory and non-contributory defined-benefit pension plans, which include both qualified and supplemental plans. The Company also provides certain health care and life insurance benefits for certain retired employees. Retiree health care benefits are funded by contributions from the retiree and, in certain circumstances, contributions from the Company. The Company’s retiree life insurance plan is noncontributory. The following summarizes the Company’s pension and other postretirement benefit cost: Pension Benefits Other Benefits millions 2017 2016 2017 2016 Three Months Ended March 31 Service cost $ 21 $ 26 $ — $ 1 Interest cost 21 26 3 3 Expected (return) loss on plan assets (21 ) (27 ) — — Amortization of net actuarial loss (gain) 6 8 — — Amortization of net prior service cost (credit) — — (6 ) (6 ) Settlement expense 3 — — — Termination benefits expense (1) 4 44 — — Curtailment expense (1) — 8 — (3 ) Net periodic benefit cost $ 34 $ 85 $ (3 ) $ (5 ) __________________________________________________________________ (1) Termination benefits expense and curtailment expense for the three months ended March 31, 2016, relate to the workforce reduction program initiated in the first quarter of 2016. See Note 11—Restructuring Charges . The Company contributed $60 million during the three months ended March 31, 2017, and expects to contribute an additional $107 million to funded pension plans during 2017. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Earnings Per Share The Company’s basic earnings per share (EPS) is computed based on the average number of shares of common stock outstanding for the period and includes the effect of any participating securities and Tangible Equity Units (TEUs) as appropriate. Diluted EPS includes the effect of the Company’s outstanding stock options, restricted stock awards, restricted stock units, TEUs, and WES Series A Preferred units, if the inclusion of these items is dilutive. The following provides a reconciliation between basic and diluted EPS attributable to common stockholders: Three Months Ended millions except per-share amounts 2017 2016 Net income (loss) Net income (loss) attributable to common stockholders $ (318 ) $ (1,034 ) Income (loss) effect of TEUs (2 ) (1 ) Basic $ (320 ) $ (1,035 ) Diluted $ (320 ) $ (1,035 ) Shares Average number of common shares outstanding—basic 551 509 Average number of common shares outstanding—diluted 551 509 Excluded due to anti-dilutive effect 11 10 Net income (loss) per common share Basic $ (0.58 ) $ (2.03 ) Diluted $ (0.58 ) $ (2.03 ) |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest Items [Abstract] | |
Noncontrolling Interests | 14. Noncontrolling Interests WES is a limited partnership formed by Anadarko to acquire, own, develop, and operate midstream assets. During 2016, WES issued 22 million Series A Preferred units to private investors for net proceeds of $687 million , and issued 1.3 million common units to the Company. Proceeds from these issuances were primarily used to acquire interests in Springfield Pipeline LLC from the Company. Pursuant to an agreement between WES and the holders of the Series A Preferred units, 50% of the Series A Preferred units converted into WES common units on a one-for-one basis March 1, 2017, with the remaining Series A Preferred units to be converted in May 2017. WES Class C units issued to Anadarko will convert into WES common units on a one-for-one basis on the conversion date, which was extended in February 2017 from December 31, 2017, to March 1, 2020. The Class C units receive quarterly distributions in the form of additional Class C units until the March 1, 2020 conversion date unless WES elects to convert the units to common units earlier or Anadarko elects to extend the conversion date. WES distributed 179 thousand Class C units to Anadarko during the three months ended March 31, 2017, and 946 thousand Class C units to Anadarko during 2016. WGP is a limited partnership formed by Anadarko to own interests in WES. During 2016, Anadarko sold 12.5 million WGP common units to the public for net proceeds of $476 million . At March 31, 2017, Anadarko’s ownership interest in WGP consisted of an 81.6% limited partner interest and the entire non-economic general partner interest. The remaining 18.4% limited partner interest in WGP was owned by the public. At March 31, 2017, WGP’s ownership interest in WES consisted of a 29.9% limited partner interest, the entire 1.5% general partner interest, and all of the WES incentive distribution rights. At March 31, 2017, Anadarko also owned an 8.7% limited partner interest in WES through other subsidiaries’ ownership of common and Class C units. The remaining 59.9% limited partner interest in WES was owned by the public. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 15. Variable Interest Entities Consolidated VIEs The Company determined that the partners in WGP and WES with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact WGP’s and WES’s economic performance; therefore, WGP and WES are considered VIEs. Anadarko, through its ownership of the general partner interest in WGP, has the power to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to WGP and WES, therefore Anadarko is considered the primary beneficiary and consolidates WGP and WES. See Note 14—Noncontrolling Interests for additional information on WGP and WES. Assets and Liabilities of VIEs The assets of WGP and WES cannot be used by Anadarko for general corporate purposes and are both included in and disclosed parenthetically on the Company’s Consolidated Balance Sheets. The carrying amounts of liabilities related to WGP and WES for which the creditors do not have recourse to other assets of the Company are both included in and disclosed parenthetically on the Company’s Consolidated Balance Sheets. All outstanding debt for WES at March 31, 2017, and December 31, 2016 , including any borrowings under the WES RCF, is recourse to WES’s general partner, which in turn has been indemnified in certain circumstances by certain wholly owned subsidiaries of the Company for such liabilities. All outstanding debt for WGP at March 31, 2017, and December 31, 2016 , including any borrowings under the WGP RCF, is recourse to WGP’s general partner, which is a wholly owned subsidiary of the Company. See Note 8—Debt for additional information on WGP and WES long-term debt balances. VIE Financing WGP’s sources of liquidity include borrowings under its RCF and distributions from WES. WES’s sources of liquidity include cash and cash equivalents, cash flows generated from operations, interest income from a note receivable from Anadarko as discussed below, borrowings under its RCF, the issuance of additional partnership units, or debt offerings. See Note 8—Debt and Note 14—Noncontrolling Interests for additional information on WGP and WES financing activity. Financial Support Provided to VIEs Concurrent with the closing of its May 2008 IPO, WES loaned the Company $260 million in exchange for a 30 -year note bearing interest at a fixed annual rate of 6.50% , payable quarterly. The related interest income for WES was $4 million for each of the three months ended March 31, 2017 and 2016 . The note receivable and related interest income are eliminated in consolidation. In March 2015, WES acquired the Company’s interest in DBJV. The acquisition was financed using a deferred purchase price obligation which requires a cash payment from WES to the Company due on March 31, 2020. The cash payment due to the Company is equal to eight multiplied by the average of WES’s share in DBJV Net Earnings (defined below) for 2018 and 2019 less WES’s share of capital expenditures incurred for DBJV from March 1, 2015 to February 29, 2020. Net Earnings is defined as all revenues less cost of product, operating expenses, and property taxes. The net present value of this obligation was $37 million at March 31, 2017, and $41 million at December 31, 2016 . The reduction in the value of the deferred purchase price obligation was primarily due to revisions reflecting a decrease in WES’s estimate of future Net Earnings, partially offset by a decrease in WES’s estimate of capital expenditures to be incurred by DBJV. In order to reduce WES’s exposure to a majority of the commodity-price risk inherent in certain of their contracts, Anadarko has commodity price swap agreements in place with WES expiring on December 31, 2017. WES has recorded a capital contribution from Anadarko in its Consolidated Statement of Equity and Partners’ Capital for the amount by which the swap price exceeds the applicable market price. WES recorded a capital contribution from Anadarko of $12 million for the three months ended March 31, 2017, and $7 million for the three months ended March 31, 2016 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information Additions to properties and equipment as presented within Anadarko’s cash flows from investing activities include cash payments for cost of properties, equipment, and facilities. The cost of properties includes the initial capitalization of drilling costs associated with all exploratory wells whether or not they were deemed to have a commercially sufficient quantity of proved reserves. The following summarizes cash paid (received) for interest and income taxes, as well as non-cash investing and financing activities: Three Months Ended millions 2017 2016 Cash paid (received) Interest, net of amounts capitalized $ 308 $ 299 Income taxes, net of refunds 1 (8 ) Non-cash investing activities Fair value of properties and equipment from non-cash transactions $ 549 $ — Asset retirement cost additions 61 27 Accruals of property, plant, and equipment 608 623 Net liabilities assumed (divested) in acquisitions and divestitures (82 ) — Non-cash investing and financing activities FPSO construction period obligation (1) $ — $ 2 Deferred drilling lease liability 7 — __________________________________________________________________ (1) Upon completion of the FPSO in the third quarter of 2016, the Company reported the construction period obligation as a capital lease obligation based on the fair value of the FPSO. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 17. Segment Information Anadarko’s business segments are separately managed due to distinct operational differences and unique technology, distribution, and marketing requirements. The Company’s three reporting segments are oil and gas exploration and production, midstream, and marketing. The oil and gas exploration and production segment explores for and produces oil, natural gas, and NGLs and plans for the development and operation of the Company’s LNG project in Mozambique. The midstream segment engages in gathering, processing, treating, and transporting Anadarko and third-party oil, natural-gas, and NGLs production as well as gathering and disposal of produced water. The midstream reporting segment consists of two operating segments, WES and other midstream, which are aggregated into one reporting segment due to similar financial and operating characteristics. The marketing segment sells much of Anadarko’s oil, natural-gas, and NGLs production as well as third-party purchased volumes. To assess the performance of Anadarko’s operating segments, the chief operating decision maker analyzes Adjusted EBITDAX. The Company defines Adjusted EBITDAX as income (loss) before income taxes; interest expense; DD&A; exploration expense; gains (losses) on divestitures, net; impairments; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; and certain items not related to the Company’s normal operations, less net income (loss) attributable to noncontrolling interests. During the periods presented, restructuring charges related to the workforce reduction program included in G&A did not relate to the Company’s normal operations. The Company’s definition of Adjusted EBITDAX excludes gains (losses) on divestitures, net and exploration expense as they are not indicators of operating efficiency for a given reporting period. However, exploration expense is monitored by management as part of costs incurred in exploration and development activities. Similarly, DD&A and impairments are excluded from Adjusted EBITDAX as a measure of segment operating performance because capital expenditures are evaluated at the time capital costs are incurred. Adjusted EBITDAX also excludes interest expense to allow for assessment of segment operating results without regard to Anadarko’s financing methods or capital structure. Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives are excluded from Adjusted EBITDAX because these (gains) losses are not considered a measure of asset operating performance. Finally, net income (loss) attributable to noncontrolling interests is excluded from the Company’s measure of Adjusted EBITDAX because it represents earnings that are not attributable to the Company’s common stockholders. Management believes Adjusted EBITDAX provides information useful in assessing the Company’s operating and financial performance across periods. Adjusted EBITDAX as defined by Anadarko may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) attributable to common stockholders and other performance measures, such as operating income. Below is a reconciliation of consolidated Adjusted EBITDAX to income (loss) before income taxes: Three Months Ended millions 2017 2016 Income (loss) before income taxes $ (178 ) $ (1,381 ) Interest expense 223 220 DD&A 1,115 1,149 Exploration expense 1,085 126 (Gains) losses on divestitures, net (804 ) (2 ) Impairments 373 16 Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives (155 ) 404 Restructuring charges (1 ) 203 Other operating expense — 1 Less net income (loss) attributable to noncontrolling interests 43 36 Consolidated Adjusted EBITDAX $ 1,615 $ 700 17. Segment Information (Continued) Information presented below as “Other and Intersegment Eliminations” includes corporate costs, results from hard-minerals royalties, net cash from settlement of commodity derivatives, and net income (loss) attributable to noncontrolling interests. The following summarizes selected financial information for Anadarko’s reporting segments: millions Oil and Gas Exploration & Production Midstream Marketing Other and Intersegment Eliminations Total Three Months Ended March 31, 2017 Sales revenues $ 1,524 $ 225 $ 1,149 $ — $ 2,898 Intersegment revenues 871 361 (1,024 ) (208 ) — Other (1) 2 33 6 24 65 Total revenues and other (2) 2,397 619 131 (184 ) 2,963 Operating costs and expenses (3) 866 317 165 (43 ) 1,305 Net cash from settlement of commodity derivatives — — — 6 6 Other (income) expense, net — — — (8 ) (8 ) Net income (loss) attributable to noncontrolling interests (1) — — — 43 43 Total expenses and other 866 317 165 (2 ) 1,346 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — (2 ) — (2 ) Adjusted EBITDAX $ 1,531 $ 302 $ (36 ) $ (182 ) $ 1,615 Three Months Ended March 31, 2016 Sales revenues $ 711 $ 125 $ 798 $ — $ 1,634 Intersegment revenues 601 302 (663 ) (240 ) — Other (1) (1 ) 13 1 25 38 Total revenues and other (2) 1,311 440 136 (215 ) 1,672 Operating costs and expenses (3) 773 183 176 (89 ) 1,043 Net cash from settlement of commodity derivatives — — — (103 ) (103 ) Net income (loss) attributable to noncontrolling interests — — — 36 36 Total expenses and other 773 183 176 (156 ) 976 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 4 — 4 Adjusted EBITDAX $ 538 $ 257 $ (36 ) $ (59 ) $ 700 __________________________________________________________________ (1) Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. (2) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (3) Operating costs and expenses excludes exploration expense, DD&A, impairments, restructuring charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of Anadarko and subsidiaries in which Anadarko holds, directly or indirectly, more than 50% of the voting rights and VIEs for which Anadarko is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural-gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in noncontrolled entities over which Anadarko has the ability to exercise significant influence over operating and financial policies and VIEs for which Anadarko is not the primary beneficiary are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for the Company’s proportionate share of earnings, losses, and distributions. Other investments are carried at original cost. Investments accounted for using the equity method and cost method are included in other assets. |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, assists in determining whether a transaction should be accounted for as an acquisition or disposal of assets or as a business. This ASU provides a screen that when substantially all of the fair value of the gross assets acquired, or disposed of, are concentrated in a single identifiable asset, or a group of similar identifiable assets, the set will not be considered a business. If the screen is not met, a set must include an input and a substantive process that together significantly contribute to the ability to create an output to be considered a business. The Company’s adoption of this ASU on January 1, 2017, using a prospective approach, could have a material impact on consolidated financial statements as goodwill will not be allocated to divestitures or recorded on acquisitions that are not considered to be a business. The Company’s disposition of Eagleford oil and gas properties in the first quarter of 2017 was not considered a business under this ASU and therefore not allocated goodwill, see Note 3—Acquisitions, Divestitures, and Assets Held for Sale . ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company adopted this ASU on January 1, 2017, using a modified retrospective approach, and recognized a cumulative adjustment to retained earnings of $31 million during the first quarter of 2017. 1. Summary of Significant Accounting Policies (Continued) ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, simplifies the accounting for share-based payment transactions, including the income tax consequences, classification on the statement of cash flows, accounting for forfeitures, and classification of awards as either equity or liabilities. The Company adopted this ASU on January 1, 2017. As a result of adoption, share-based compensation excess tax benefits and tax deficiencies are reflected on a prospective basis in the income statement as a component of the provision for income taxes rather than additional paid-in capital as previously recognized. For the three months ended March 31, 2017, the Company recognized a $15 million tax deficiency as an increase to the provision for income taxes. Cash flows related to excess tax benefits have been classified on a prospective basis as operating activities in the statement of cash flows rather than cash inflows from financing activities and cash outflows from operating activities as previously recognized. Prior periods of the statement of cash flows were not adjusted as there was no material impact. In addition, the Company elected to begin accounting for share-based compensation award forfeitures when they occur instead of estimating the number of forfeitures expected. This change in accounting policy for share-based compensation award forfeitures did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards Issued But Not Yet Adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, requires presentation of service cost in the same line item(s) as other compensation costs arising from services rendered by employees during the period and presentation of the remaining components of net benefit cost in a separate line item outside operating items. Additionally, only the service cost component of net benefit cost will be eligible for capitalization. The Company will adopt this ASU on January 1, 2018, with retrospective presentation of the service cost component and the other components of net benefit cost in the income statement and prospective presentation for the capitalization of the service cost component of net benefit cost in assets. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, requires an entity to explain the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in that statement to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. This ASU is effective for annual and interim periods beginning after December 15, 2017, and is required to be adopted using a retrospective approach, with early adoption permitted. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, provides clarification on how certain cash receipts and cash payments are presented and classified on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2017, and is required to be adopted using a retrospective approach if practicable, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Statement of Cash Flows. 1. Summary of Significant Accounting Policies (Continued) ASU 2014-09, Revenue from Contracts with Customers (Topic 606), supersedes current revenue recognition requirements and industry-specific guidance. The codification requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing, and uncertainty of revenue and cash flows from contracts with customers. The Company has completed an initial review of contracts in each of its revenue streams and is developing accounting policies to address the provisions of the ASU. While the Company does not currently expect net earnings to be materially impacted, the Company is currently analyzing whether total revenues and total expenses may increase as a result of recognizing both revenue for noncash consideration for services provided by our midstream business and revenue and associated cost of product for the subsequent sale of commodities received as such noncash consideration. Anadarko continues to evaluate the impact of this and other provisions of the ASU on its accounting policies, internal controls, and consolidated financial statements and related disclosures and has not finalized any estimates of the potential impacts. The Company will adopt the new standard on January 1, 2018, using the modified retrospective method with a cumulative adjustment to retained earnings. ASU 2016-02, Leases (Topic 842), requires lessees to recognize a lease liability and a right-of-use asset for all leases, including operating leases, with a term greater than 12 months on the balance sheet. The provisions of ASU 2016-02 also modify the definition of a lease and outline the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements by both lessees and lessors. This ASU is effective for annual and interim periods beginning after December 15, 2018. The Company is currently analyzing its portfolio of contracts to assess the impact future adoption of this ASU may have on its consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Energy Related Inventory [Abstract] | |
Inventory Disclosure Table | The following summarizes the major classes of inventories included in other current assets: millions March 31, December 31, Oil $ 130 $ 169 Natural gas 19 38 NGLs 94 106 Total inventories $ 243 $ 313 |
Acquisitions, Divestitures, a27
Acquisitions, Divestitures, and Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Proceeds Received and Gains (Losses) Recognized on Divestitures | The following summarizes the proceeds received and gains (losses) recognized on divestitures and assets held for sale for the three months ended March 31: millions 2017 2016 Proceeds received, net of closing adjustments $ 2,851 $ 35 Gains (losses) on divestitures, net 804 2 |
Impairments (Tables)
Impairments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Schedule of Impairment Expense | The following summarizes impairments of long-lived assets and the related post-impairment fair values by segment: Three Months Ended millions Impairment Fair Value (1) March 31, 2017 Oil and gas exploration and production Gulf of Mexico properties $ 204 $ 231 Midstream 169 49 Total $ 373 $ 280 __________________________________________________________________ (1) Measured as of the impairment date using the income approach and Level 3 inputs. The primary assumptions used to estimate undiscounted future net cash flows include anticipated future production, commodity prices, and capital and operating costs. |
Current Liabilities (Tables)
Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Liabilities | The following summarizes the Company’s other current liabilities: millions March 31, December 31, Accrued income taxes $ 671 $ 6 Interest payable 161 244 Production, property, and other taxes payable 253 239 Accrued employee benefits 185 355 Other 213 393 Total other current liabilities $ 1,483 $ 1,237 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following is a summary of the Company’s derivative instruments related to oil and natural-gas production/processing derivative activities at March 31, 2017 : 2017 Settlement 2018 Settlement Oil Three-Way Collars (MBbls/d) 91 — Average price per barrel Ceiling sold price (call) $ 59.80 $ — Floor purchased price (put) $ 50.00 $ — Floor sold price (put) $ 40.00 $ — Natural Gas Three-Way Collars (thousand MMBtu/d) 682 250 Average price per MMBtu Ceiling sold price (call) $ 3.60 $ 3.54 Floor purchased price (put) $ 2.75 $ 2.75 Floor sold price (put) $ 2.00 $ 2.00 Fixed-Price Contracts (thousand MMBtu/d) 19 — Average price per MMBtu $ 2.82 $ — The Company had the following outstanding interest-rate swaps at March 31, 2017 : millions except percentages Mandatory Weighted-Average Notional Principal Amount Reference Period Termination Date Interest Rate $ 500 September 2016 – 2046 September 2018 6.559% $ 300 September 2016 – 2046 September 2020 6.509% $ 450 September 2017 – 2047 September 2018 6.445% $ 100 September 2017 – 2047 September 2020 6.891% $ 250 September 2017 – 2047 September 2021 6.570% |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following summarizes the fair value of the Company’s derivative instruments: Gross Derivative Assets Gross Derivative Liabilities millions March 31, December 31, March 31, December 31, Balance Sheet Classification 2017 2016 2017 2016 Commodity derivatives Other current assets $ 51 $ 10 $ (31 ) $ (3 ) Other assets 12 9 — — Other current liabilities 15 66 (35 ) (201 ) Other liabilities — — — (12 ) 78 85 (66 ) (216 ) Interest-rate derivatives Other current assets 8 8 — — Other assets 23 23 — — Other current liabilities — — (69 ) (48 ) Other liabilities — — (1,271 ) (1,328 ) 31 31 (1,340 ) (1,376 ) Total derivatives $ 109 $ 116 $ (1,406 ) $ (1,592 ) The following summarizes gains and losses related to derivative instruments: millions Three Months Ended Classification of (Gain) Loss Recognized 2017 2016 Commodity derivatives Gathering, processing, and marketing sales (1) $ — $ 2 (Gains) losses on derivatives, net (135 ) (28 ) Interest-rate derivatives (Gains) losses on derivatives, net (12 ) 325 Total (gains) losses on derivatives, net $ (147 ) $ 299 __________________________________________________________________ (1) Represents the effect of Marketing and Trading Derivative Activities. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following summarizes the fair value of the Company’s derivative assets and liabilities by input level within the fair-value hierarchy: millions Level 1 Level 2 Level 3 Netting (1) Collateral Total March 31, 2017 Assets Commodity derivatives $ — $ 78 $ — $ (45 ) $ — $ 33 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ — $ 109 $ — $ (45 ) $ — $ 64 Liabilities Commodity derivatives $ (1 ) $ (65 ) $ — $ 45 $ 2 $ (19 ) Interest-rate derivatives — (1,340 ) — — 130 (1,210 ) Total derivative liabilities $ (1 ) $ (1,405 ) $ — $ 45 $ 132 $ (1,229 ) December 31, 2016 Assets Commodity derivatives $ 2 $ 83 $ — $ (69 ) $ — $ 16 Interest-rate derivatives — 31 — — — 31 Total derivative assets $ 2 $ 114 $ — $ (69 ) $ — $ 47 Liabilities Commodity derivatives $ (3 ) $ (213 ) $ — $ 69 $ 6 $ (141 ) Interest-rate derivatives — (1,376 ) — — 117 (1,259 ) Total derivative liabilities $ (3 ) $ (1,589 ) $ — $ 69 $ 123 $ (1,400 ) __________________________________________________________________ (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule or Debt Outstanding | The following summarizes the Company’s outstanding debt, including capital lease obligations, after eliminating the effect of intercompany transactions: millions WES WGP (1) Anadarko (2) Anadarko Consolidated March 31, 2017 Total borrowings at face value $ 3,120 $ 28 $ 13,550 $ 16,698 Net unamortized discounts, premiums, and debt issuance costs (3) (28 ) — (1,587 ) (1,615 ) Total borrowings (4) 3,092 28 11,963 15,083 Capital lease obligations — — 243 243 Less short-term debt — — 42 42 Total long-term debt $ 3,092 $ 28 $ 12,164 $ 15,284 December 31, 2016 Total borrowings at face value $ 3,120 $ 28 $ 13,558 $ 16,706 Net unamortized discounts, premiums, and debt issuance costs (3) (29 ) — (1,599 ) (1,628 ) Total borrowings (4) 3,091 28 11,959 15,078 Capital lease obligations — — 245 245 Less short-term debt — — 42 42 Total long-term debt $ 3,091 $ 28 $ 12,162 $ 15,281 __________________________________________________________________ (1) Excludes WES. (2) Excludes WES and WGP. (3) Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. (4) The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Taxes and Effective Tax Rate | The following summarizes income tax expense (benefit) and effective tax rates: Three Months Ended millions except percentages 2017 2016 Income tax expense (benefit) $ 97 $ (383 ) Income (loss) before income taxes (178 ) (1,381 ) Effective tax rate (54 )% 28 % |
Pension Plans and Other Postr33
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost Table | The following summarizes the Company’s pension and other postretirement benefit cost: Pension Benefits Other Benefits millions 2017 2016 2017 2016 Three Months Ended March 31 Service cost $ 21 $ 26 $ — $ 1 Interest cost 21 26 3 3 Expected (return) loss on plan assets (21 ) (27 ) — — Amortization of net actuarial loss (gain) 6 8 — — Amortization of net prior service cost (credit) — — (6 ) (6 ) Settlement expense 3 — — — Termination benefits expense (1) 4 44 — — Curtailment expense (1) — 8 — (3 ) Net periodic benefit cost $ 34 $ 85 $ (3 ) $ (5 ) __________________________________________________________________ (1) Termination benefits expense and curtailment expense for the three months ended March 31, 2016, relate to the workforce reduction program initiated in the first quarter of 2016. See Note 11—Restructuring Charges . |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Earnings Per Share Table | The following provides a reconciliation between basic and diluted EPS attributable to common stockholders: Three Months Ended millions except per-share amounts 2017 2016 Net income (loss) Net income (loss) attributable to common stockholders $ (318 ) $ (1,034 ) Income (loss) effect of TEUs (2 ) (1 ) Basic $ (320 ) $ (1,035 ) Diluted $ (320 ) $ (1,035 ) Shares Average number of common shares outstanding—basic 551 509 Average number of common shares outstanding—diluted 551 509 Excluded due to anti-dilutive effect 11 10 Net income (loss) per common share Basic $ (0.58 ) $ (2.03 ) Diluted $ (0.58 ) $ (2.03 ) |
Supplemental Cash Flow Inform35
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Table | The following summarizes cash paid (received) for interest and income taxes, as well as non-cash investing and financing activities: Three Months Ended millions 2017 2016 Cash paid (received) Interest, net of amounts capitalized $ 308 $ 299 Income taxes, net of refunds 1 (8 ) Non-cash investing activities Fair value of properties and equipment from non-cash transactions $ 549 $ — Asset retirement cost additions 61 27 Accruals of property, plant, and equipment 608 623 Net liabilities assumed (divested) in acquisitions and divestitures (82 ) — Non-cash investing and financing activities FPSO construction period obligation (1) $ — $ 2 Deferred drilling lease liability 7 — __________________________________________________________________ (1) Upon completion of the FPSO in the third quarter of 2016, the Company reported the construction period obligation as a capital lease obligation based on the fair value of the FPSO. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Consolidated Adjusted EBITDAX to Income (Loss) Before Income Taxes | Below is a reconciliation of consolidated Adjusted EBITDAX to income (loss) before income taxes: Three Months Ended millions 2017 2016 Income (loss) before income taxes $ (178 ) $ (1,381 ) Interest expense 223 220 DD&A 1,115 1,149 Exploration expense 1,085 126 (Gains) losses on divestitures, net (804 ) (2 ) Impairments 373 16 Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives (155 ) 404 Restructuring charges (1 ) 203 Other operating expense — 1 Less net income (loss) attributable to noncontrolling interests 43 36 Consolidated Adjusted EBITDAX $ 1,615 $ 700 |
Schedule of Segment Reporting Information, by Segment | The following summarizes selected financial information for Anadarko’s reporting segments: millions Oil and Gas Exploration & Production Midstream Marketing Other and Intersegment Eliminations Total Three Months Ended March 31, 2017 Sales revenues $ 1,524 $ 225 $ 1,149 $ — $ 2,898 Intersegment revenues 871 361 (1,024 ) (208 ) — Other (1) 2 33 6 24 65 Total revenues and other (2) 2,397 619 131 (184 ) 2,963 Operating costs and expenses (3) 866 317 165 (43 ) 1,305 Net cash from settlement of commodity derivatives — — — 6 6 Other (income) expense, net — — — (8 ) (8 ) Net income (loss) attributable to noncontrolling interests (1) — — — 43 43 Total expenses and other 866 317 165 (2 ) 1,346 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — (2 ) — (2 ) Adjusted EBITDAX $ 1,531 $ 302 $ (36 ) $ (182 ) $ 1,615 Three Months Ended March 31, 2016 Sales revenues $ 711 $ 125 $ 798 $ — $ 1,634 Intersegment revenues 601 302 (663 ) (240 ) — Other (1) (1 ) 13 1 25 38 Total revenues and other (2) 1,311 440 136 (215 ) 1,672 Operating costs and expenses (3) 773 183 176 (89 ) 1,043 Net cash from settlement of commodity derivatives — — — (103 ) (103 ) Net income (loss) attributable to noncontrolling interests — — — 36 36 Total expenses and other 773 183 176 (156 ) 976 Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement — — 4 — 4 Adjusted EBITDAX $ 538 $ 257 $ (36 ) $ (59 ) $ 700 __________________________________________________________________ (1) Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. (2) Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. (3) Operating costs and expenses excludes exploration expense, DD&A, impairments, restructuring charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Standards Update 2016-16 [Member] | Restatement Adjustment [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative adjustment to retained earnings | $ 31 |
Accounting Standards Update 2016-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Share-based compensation excess tax deficiency | $ 15 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Energy Related Inventory [Abstract] | ||
Oil | $ 130 | $ 169 |
Natural gas | 19 | 38 |
NGLs | 94 | 106 |
Total inventories | $ 243 | $ 313 |
Acquisitions, Divestitures, a39
Acquisitions, Divestitures, and Assets Held for Sale - Acquisitions (Detail) - USD ($) shares in Millions, $ in Billions | Dec. 15, 2016 | Sep. 30, 2016 |
Property, Plant, and Equipment [Line Items] | ||
Common stock issued during the period | 40.5 | |
GOM Acquisition [Member] | ||
Property, Plant, and Equipment [Line Items] | ||
Purchase Price | $ 1.8 |
Acquisitions, Divestitures, a40
Acquisitions, Divestitures, and Assets Held for Sale - Property Exchange (Detail) - USD ($) $ in Millions | Mar. 17, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Nonmonetary Transaction [Line Items] | |||
Cash payment to acquire a third party's interest in the DBJV system | $ 1,194 | $ 1,022 | |
Delaware Basin Joint Venture System [Member] | |||
Nonmonetary Transaction [Line Items] | |||
Third party nonoperated interest percentage to be acquired | 50.00% | ||
Western Gas Partners, LP [Member] | Delaware Basin Joint Venture System [Member] | |||
Nonmonetary Transaction [Line Items] | |||
Cash payment to acquire a third party's interest in the DBJV system | $ 155 | ||
Gain on acquisition | $ 125 | ||
Operated interest percentage | 100.00% | ||
Western Gas Partners, LP [Member] | Marcellus Assets [Member] | |||
Nonmonetary Transaction [Line Items] | |||
Non operated interest percentage | 33.75% |
Acquisitions, Divestitures, a41
Acquisitions, Divestitures, and Assets Held for Sale - Divestitures and Assets Held for Sale (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from divestitures | $ 2,851 | $ 35 | |
Gain (loss) on divestitures | 804 | $ 2 | |
Held for Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Long-term assets associated with assets held for sale | 215 | ||
Goodwill associated with assets held for sale | 35 | ||
Long-term liabilities associated with assets held for sale | 15 | ||
Exploration and Production [Member] | Certain U.S. Onshore Assets in South Texas [Member] | Asset Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from divestitures | 2,100 | ||
Gain (loss) on divestitures | 726 | ||
Oil And Gas Exploration And Production Reporting Segment And Midstream Reporting Segment [Member] | Certain Onshore Domestic Southern And Appalachia Assets [Member] | Held for Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from divestitures | 763 | ||
Gain (loss) on divestitures | (44) | ||
Proceeds receivable | $ 196 | ||
Oil And Gas Exploration And Production Reporting Segment And Midstream Reporting Segment [Member] | Certain Onshore Domestic Southern And Appalachia Assets [Member] | Held for Sale [Member] | Fair Value, Inputs, Level 2 [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset held for sale | $ 129 |
Impairments - Impairments and F
Impairments - Impairments and Fair Values by Segment Table (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Impaired Long Lived Assets Held and Used [Line Items] | |||
Total impairments | $ 373 | $ 16 | |
Total fair value | [1] | 280 | |
Exploration and Production [Member] | Gulf of Mexico Properties [Member] | |||
Impaired Long Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | 204 | ||
Fair value of long-lived assets held for use | [1] | 231 | |
Midstream [Member] | |||
Impaired Long Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | 169 | ||
Fair value of long-lived assets held for use | [1] | $ 49 | |
[1] | Measured as of the impairment date using the income approach and Level 3 inputs. The primary assumptions used to estimate undiscounted future net cash flows include anticipated future production, commodity prices, and capital and operating costs. |
Impairments - Additional Inform
Impairments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Property, Plant, and Equipment [Line Items] | |||
Impairment of unproved properties | $ 1,012 | $ 35 | |
Net book value | $ 29,065 | $ 32,168 | |
Percent decline in price assumption for impairment analysis | 10.00% | ||
Unproved Gulf of Mexico Properties [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Impairment of unproved properties | $ 532 | ||
Unproved Shenandoah Properties [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Impairment of unproved properties | 467 | ||
Certain International Asset Group at Risk for Impairment [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Net book value | 2,700 | ||
Potential non-cash impairments that could be recognized in the future, in excess of | 1,000 | ||
Certain U.S. Onshore Asset Groups at Risk for Impairment [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Net book value | 1,300 | ||
Potential non-cash impairments that could be recognized in the future, in excess of | $ 500 |
Suspended Exploratory Well Co44
Suspended Exploratory Well Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Capitalized Exploratory Well Costs [Abstract] | ||
Suspended exploratory well costs | $ 1,100 | $ 1,200 |
Unproved Shenandoah Properties [Member] | ||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ||
Suspended exploratory well cost expensed | 435 | |
Suspended exploratory well costs previously capitalized for a period greater than one year since the completion of drilling at December 31, 2016, charged to exploration expense | $ 267 |
Current Liabilities (Detail)
Current Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Outstanding checks in excess of bank account balances | $ 290 | $ 262 |
Other Current Liabilities | ||
Accrued income taxes | 671 | 6 |
Interest payable | 161 | 244 |
Production, property, and other taxes payable | 253 | 239 |
Accrued employee benefits | 185 | 355 |
Other | 213 | 393 |
Total other current liabilities | $ 1,483 | $ 1,237 |
Derivative Instruments - Oil an
Derivative Instruments - Oil and Natural-Gas Production/Processing Derivative Activities Table (Detail) - Not Designated as Hedging Instrument [Member] MMBTU / d in Thousands | 3 Months Ended |
Mar. 31, 2017MMBTU / dMBbls / d$ / bbl$ / MMBTU | |
Three Way Collars Oil 2016 [Member] | |
Derivative [Line Items] | |
Oil or NGL derivative nonmonetary notional amount per day | MBbls / d | 91 |
Three Way Collars Oil 2016 [Member] | Call Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average ceiling price | $ / bbl | 59.80 |
Three Way Collars Oil 2016 [Member] | Put Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average floor price | $ / bbl | 40 |
Three Way Collars Oil 2016 [Member] | Put Option [Member] | Long [Member] | |
Average price per MMBtu or barrel | |
Average floor price | $ / bbl | 50 |
Three Way Collars Natural Gas 2017 [Member] | |
Average price per MMBtu or barrel | |
Natural-gas derivative nonmonetary notional amount per day | MMBTU / d | 682 |
Three Way Collars Natural Gas 2017 [Member] | Call Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average ceiling price | 3.60 |
Three Way Collars Natural Gas 2017 [Member] | Put Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average floor price | 2 |
Three Way Collars Natural Gas 2017 [Member] | Put Option [Member] | Long [Member] | |
Average price per MMBtu or barrel | |
Average floor price | 2.75 |
Three Way Collars Natural Gas 2018 [Member] | |
Average price per MMBtu or barrel | |
Natural-gas derivative nonmonetary notional amount per day | MMBTU / d | 250 |
Three Way Collars Natural Gas 2018 [Member] | Call Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average ceiling price | 3.54 |
Three Way Collars Natural Gas 2018 [Member] | Put Option [Member] | Short [Member] | |
Average price per MMBtu or barrel | |
Average floor price | 2 |
Three Way Collars Natural Gas 2018 [Member] | Put Option [Member] | Long [Member] | |
Average price per MMBtu or barrel | |
Average floor price | 2.75 |
Forward Contracts Natural Gas 2017 [Member] | |
Average price per MMBtu or barrel | |
Natural-gas derivative nonmonetary notional amount per day | MMBTU / d | 19 |
Average price per MMBtu or barrel | 2.82 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)Bcf | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Bcf | |
Derivative [Line Items] | |||
Cash payment for interest-rate swap agreements | $ 37,000,000 | $ 555,000,000 | |
Debt instrument, principal amount | 16,698,000,000 | $ 16,706,000,000 | |
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features | 130,000,000 | 117,000,000 | |
Total Amount of Senior Notes Due in 2019 [Member] | |||
Derivative [Line Items] | |||
Debt instrument, principal amount | $ 900,000,000 | ||
Zero-Coupon Senior Notes [Member] | |||
Derivative [Line Items] | |||
Debt instrument, maturity date | Oct. 10, 2036 | ||
Debt Instrument, earliest call date | Oct. 10, 2017 | ||
Zero-Coupon Senior Notes [Member] | Accreted Value at Next Potential Put Date [Member] | |||
Derivative [Line Items] | |||
Debt instrument, accreted value | $ 883,000,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gross derivative liabilities | 1,406,000,000 | 1,592,000,000 | |
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral) | 1,200,000,000 | $ 1,400,000,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Cash payment for interest-rate swap agreements | 24,000,000 | $ 193,000,000 | |
Not Designated as Hedging Instrument [Member] | Interest-Rate Swaps 1 Through 5 [Member] | |||
Derivative [Line Items] | |||
Notional principal amount of interest-rate swap | $ 1,600,000,000 | ||
Natural Gas [Member] | Commodity [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Financial derivative transactions | Bcf | 2 | 2 |
Derivative Instruments - Intere
Derivative Instruments - Interest-Rate Derivatives Table (Detail) - Not Designated as Hedging Instrument [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Interest-Rate Swap 1 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 500 |
Reference period start date for interest-rate swap | Sep. 15, 2016 |
Reference period end date for interest-rate swap | Sep. 15, 2046 |
Mandatory termination date for interest-rate swap | Sep. 15, 2018 |
Weighted-average interest rate for interest-rate swap | 6.559% |
Interest-Rate Swap 2 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 300 |
Reference period start date for interest-rate swap | Sep. 15, 2016 |
Reference period end date for interest-rate swap | Sep. 15, 2046 |
Mandatory termination date for interest-rate swap | Sep. 15, 2020 |
Weighted-average interest rate for interest-rate swap | 6.509% |
Interest-Rate Swap 3 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 450 |
Reference period start date for interest-rate swap | Sep. 15, 2017 |
Reference period end date for interest-rate swap | Sep. 15, 2047 |
Mandatory termination date for interest-rate swap | Sep. 15, 2018 |
Weighted-average interest rate for interest-rate swap | 6.445% |
Interest-Rate Swap 4 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 100 |
Reference period start date for interest-rate swap | Sep. 15, 2017 |
Reference period end date for interest-rate swap | Sep. 15, 2047 |
Mandatory termination date for interest-rate swap | Sep. 15, 2020 |
Weighted-average interest rate for interest-rate swap | 6.891% |
Interest-Rate Swap 5 [Member] | |
Derivative [Line Items] | |
Notional principal amount of interest-rate swap | $ 250 |
Reference period start date for interest-rate swap | Sep. 15, 2017 |
Reference period end date for interest-rate swap | Sep. 15, 2047 |
Mandatory termination date for interest-rate swap | Sep. 15, 2021 |
Weighted-average interest rate for interest-rate swap | 6.57% |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments - Balance Sheet Table (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | $ 109 | $ 116 |
Gross derivative liabilities | (1,406) | (1,592) |
Commodity derivatives [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 78 | 85 |
Gross derivative liabilities | (66) | (216) |
Commodity derivatives [Member] | Other current assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 51 | 10 |
Gross derivative liabilities | (31) | (3) |
Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 12 | 9 |
Gross derivative liabilities | 0 | 0 |
Commodity derivatives [Member] | Other current liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 15 | 66 |
Gross derivative liabilities | (35) | (201) |
Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | 0 | (12) |
Interest-rate derivatives [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 31 | 31 |
Gross derivative liabilities | (1,340) | (1,376) |
Interest-rate derivatives [Member] | Other current assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 8 | 8 |
Gross derivative liabilities | 0 | 0 |
Interest-rate derivatives [Member] | Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 23 | 23 |
Gross derivative liabilities | 0 | 0 |
Interest-rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | (69) | (48) |
Interest-rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross derivative assets | 0 | 0 |
Gross derivative liabilities | $ (1,271) | $ (1,328) |
Derivative Instruments - Effe50
Derivative Instruments - Effect of Derivative Instruments - Statement of Income Table (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Derivative [Line Items] | |||
Total (gains) losses on derivatives, net | $ (147) | $ 299 | |
Commodity derivatives [Member] | Gathering, processing, and marketing sales [Member] | |||
Derivative [Line Items] | |||
Total (gains) losses on derivatives, net | [1] | 0 | 2 |
Commodity derivatives [Member] | (Gains) losses on derivatives, net [Member] | |||
Derivative [Line Items] | |||
Total (gains) losses on derivatives, net | (135) | (28) | |
Interest-rate derivatives [Member] | (Gains) losses on derivatives, net [Member] | |||
Derivative [Line Items] | |||
Total (gains) losses on derivatives, net | $ (12) | $ 325 | |
[1] | Represents the effect of Marketing and Trading Derivative Activities. |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Table (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | $ 109 | $ 116 | |
Gross derivative liabilities | (1,406) | (1,592) | |
Derivative assets Netting | [1] | (45) | (69) |
Derivative liabilities Netting | [1] | 45 | 69 |
Derivative assets, Collateral | 0 | 0 | |
Derivative liabilities, Collateral | 132 | 123 | |
Derivative assets | 64 | 47 | |
Derivative liabilities | (1,229) | (1,400) | |
Commodity derivatives [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 78 | 85 | |
Gross derivative liabilities | (66) | (216) | |
Derivative assets Netting | [1] | (45) | (69) |
Derivative liabilities Netting | [1] | 45 | 69 |
Derivative assets, Collateral | 0 | 0 | |
Derivative liabilities, Collateral | 2 | 6 | |
Derivative assets | 33 | 16 | |
Derivative liabilities | (19) | (141) | |
Interest-rate derivatives [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 31 | 31 | |
Gross derivative liabilities | (1,340) | (1,376) | |
Derivative assets Netting | [1] | 0 | 0 |
Derivative liabilities Netting | [1] | 0 | 0 |
Derivative assets, Collateral | 0 | 0 | |
Derivative liabilities, Collateral | 130 | 117 | |
Derivative assets | 31 | 31 | |
Derivative liabilities | (1,210) | (1,259) | |
Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 2 | |
Gross derivative liabilities | (1) | (3) | |
Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 109 | 114 | |
Gross derivative liabilities | (1,405) | (1,589) | |
Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 0 | |
Gross derivative liabilities | 0 | 0 | |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 2 | |
Gross derivative liabilities | (1) | (3) | |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 78 | 83 | |
Gross derivative liabilities | (65) | (213) | |
Recurring [Member] | Commodity derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 0 | |
Gross derivative liabilities | 0 | 0 | |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 0 | |
Gross derivative liabilities | 0 | 0 | |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 31 | 31 | |
Gross derivative liabilities | (1,340) | (1,376) | |
Recurring [Member] | Interest-rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gross derivative assets | 0 | 0 | |
Gross derivative liabilities | $ 0 | $ 0 | |
[1] | Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. |
Debt - Outstanding Debt Table (
Debt - Outstanding Debt Table (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Total borrowings at face value | $ 16,698 | $ 16,706 | |
Net unamortized discounts, premiums, and debt issuance costs | [1] | (1,615) | (1,628) |
Total borrowings | [2] | 15,083 | 15,078 |
Capital lease obligations | 243 | 245 | |
Less short-term debt | 42 | 42 | |
Total long-term debt | 15,284 | 15,281 | |
Western Gas Partners, LP [Member] | |||
Debt Instrument [Line Items] | |||
Total borrowings at face value | 3,120 | 3,120 | |
Net unamortized discounts, premiums, and debt issuance costs | [1] | (28) | (29) |
Total borrowings | [2] | 3,092 | 3,091 |
Capital lease obligations | 0 | 0 | |
Less short-term debt | 0 | 0 | |
Total long-term debt | 3,092 | 3,091 | |
Western Gas Equity Partners, LP excluding WES [Member] | |||
Debt Instrument [Line Items] | |||
Total borrowings at face value | [3] | 28 | 28 |
Net unamortized discounts, premiums, and debt issuance costs | [1],[3] | 0 | 0 |
Total borrowings | [2],[3] | 28 | 28 |
Capital lease obligations | [3] | 0 | 0 |
Less short-term debt | [3] | 0 | 0 |
Total long-term debt | [3] | 28 | 28 |
Anadarko excluding WES and WGP [Member] | |||
Debt Instrument [Line Items] | |||
Total borrowings at face value | [4] | 13,550 | 13,558 |
Net unamortized discounts, premiums, and debt issuance costs | [1],[4] | (1,587) | (1,599) |
Total borrowings | [2],[4] | 11,963 | 11,959 |
Capital lease obligations | [4] | 243 | 245 |
Less short-term debt | [4] | 42 | 42 |
Total long-term debt | [4] | $ 12,164 | $ 12,162 |
[1] | Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. | ||
[2] | The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. | ||
[3] | Excludes WES. | ||
[4] | Excludes WES and WGP. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Five-Year Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | $ 3,000,000,000 | ||
Debt instrument, term | 5 years | ||
Line of credit, expiration date | Jan. 23, 2021 | ||
Line of credit, outstanding borrowings | $ 0 | ||
364-Day Credit Facility Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | $ 2,000,000,000 | ||
Debt instrument, term | 364 days | ||
Line of credit, expiration date | Jan. 12, 2018 | ||
Line of credit, outstanding borrowings | $ 0 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | 3,000,000,000 | ||
Commercial paper, outstanding borrowings | $ 0 | ||
Commercial Paper [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 397 days | ||
WES RCF [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | $ 1,200,000,000 | ||
Debt instrument, term | 5 years | ||
Line of credit, expiration date | Feb. 26, 2020 | ||
Line of credit, outstanding borrowings | $ 0 | ||
Line of credit, available borrowing capacity | 1,195,000,000 | ||
Line of credit, expandable maximum capacity | 1,500,000,000 | ||
Letters of credit, outstanding | 5,000,000 | ||
WGP RCF [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | $ 250,000,000 | ||
Debt instrument, term | 3 years | ||
Line of credit, expiration date | Mar. 14, 2019 | ||
Line of credit, outstanding borrowings | $ 28,000,000 | ||
Line of credit, available borrowing capacity | 222,000,000 | ||
Line of credit, expandable maximum capacity | $ 500,000,000 | ||
Line of credit, interest rate | 2.99% | ||
Fair Value, Inputs, Level 2 [Member] | Market Approach Valuation Technique [Member] | |||
Debt Instrument [Line Items] | |||
Estimated fair value of total borrowings | $ 17,000,000,000 | $ 17,100,000,000 | |
Zero-Coupon Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, earliest call date | Oct. 10, 2017 | ||
Zero-Coupon Senior Notes [Member] | Accreted Value at Next Potential Put Date [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, accreted value | $ 883,000,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Table (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 97 | $ (383) |
Income (loss) before income taxes | $ (178) | $ (1,381) |
Effective tax rate | (54.00%) | 28.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory rate | 35.00% | 35.00% |
Accounts Receivable Other [Member] | ||
Income Tax Disclosure [Line Items] | ||
Income taxes receivable | $ 167 |
Restructuring Charges (Detail)
Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ (1) | $ 203 |
General and Administrative Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 203 | |
Amount to be Recognized in 2017 [Member] | Retirement Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | $ 29 |
Pension Plans and Other Postr57
Pension Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost Table (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Pension Benefits [Member] | |||
Components of net periodic benefit cost | |||
Service cost | $ 21 | $ 26 | |
Interest cost | 21 | 26 | |
Expected (return) loss on plan assets | (21) | (27) | |
Amortization of net actuarial loss (gain) | 6 | 8 | |
Amortization of net prior service cost (credit) | 0 | 0 | |
Settlement expense | 3 | 0 | |
Termination benefits expense | [1] | 4 | 44 |
Curtailment expense | [1] | 0 | 8 |
Net periodic benefit cost | 34 | 85 | |
Other Benefits [Member] | |||
Components of net periodic benefit cost | |||
Service cost | 0 | 1 | |
Interest cost | 3 | 3 | |
Expected (return) loss on plan assets | 0 | 0 | |
Amortization of net actuarial loss (gain) | 0 | 0 | |
Amortization of net prior service cost (credit) | (6) | (6) | |
Settlement expense | 0 | 0 | |
Termination benefits expense | [1] | 0 | 0 |
Curtailment expense | [1] | 0 | (3) |
Net periodic benefit cost | $ (3) | $ (5) | |
[1] | Termination benefits expense and curtailment expense for the three months ended March 31, 2016, relate to the workforce reduction program initiated in the first quarter of 2016. See Note 11—Restructuring Charges. |
Pension Plans and Other Postr58
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) - Funded Plan [Member] - Pension Benefits [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 60 |
Expected employer contributions in 2017 | $ 107 |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings Per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | ||
Net income (loss) attributable to common stockholders | $ (318) | $ (1,034) |
Income (loss) effect of TEUs | (2) | (1) |
Basic | (320) | (1,035) |
Diluted | $ (320) | $ (1,035) |
Shares | ||
Average number of common shares outstanding—basic | 551 | 509 |
Average number of common shares outstanding—diluted | 551 | 509 |
Excluded due to anti-dilutive effect | 11 | 10 |
Net income (loss) per common share | ||
Basic (in usd per share) | $ (0.58) | $ (2.03) |
Diluted (in usd per share) | $ (0.58) | $ (2.03) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Detail) - USD ($) shares in Thousands, $ in Millions | Mar. 01, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||||
Net proceeds from common units | $ 0 | $ 440 | ||
Western Gas Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units issued in private placement | 1,300 | |||
Western Gas Partners, LP [Member] | Limited Partner [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Public ownership interest in subsidiary | 59.90% | |||
Western Gas Partners, LP [Member] | Limited Partner [Member] | Western Gas Equity Partners, LP Ownership Interest in Western Gas Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in subsidiary | 29.90% | |||
Western Gas Partners, LP [Member] | Limited Partner [Member] | Anadarko Limited Partner Interest in WES Owned Through Other Subsidiaries [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in subsidiary | 8.70% | |||
Western Gas Partners, LP [Member] | General Partner [Member] | Western Gas Equity Partners, LP Ownership Interest in Western Gas Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in subsidiary | 1.50% | |||
Western Gas Equity Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Common units issued to the public | 12,500 | |||
Net proceeds from common units | $ 476 | |||
Western Gas Equity Partners, LP [Member] | Limited Partner [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in subsidiary | 81.60% | |||
Public ownership interest in subsidiary | 18.40% | |||
Series A Preferred Units [Member] | Western Gas Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units issued in private placement | 22,000 | |||
Percentage of units converted | 50.00% | |||
Net proceeds from Series A preferred units | $ 687 | |||
Class C Units [Member] | Western Gas Partners, LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units issued in private placement | 179 | 946 |
Variable Interest Entities (Det
Variable Interest Entities (Detail) - Variable Interest Entity, Primary Beneficiary [Member] - Western Gas Partners, LP [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
May 31, 2008 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||||
Note receivable for WES | $ 260 | |||
Debt instrument, term | 30 years | |||
Fixed annual rate | 6.50% | |||
Interest income for WES | $ 4 | $ 4 | ||
Deferred purchase price obligation - Anadarko | 37 | $ 41 | ||
Above-market component of swap extensions with Anadarko | $ 12 | $ 7 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Cash paid (received) | |||
Interest, net of amounts capitalized | $ 308 | $ 299 | |
Income taxes, net of refunds | 1 | (8) | |
Non-cash investing activities | |||
Fair value of properties and equipment from non-cash transactions | 549 | 0 | |
Asset retirement cost additions | 61 | 27 | |
Accruals of property, plant, and equipment | 608 | 623 | |
Net liabilities assumed (divested) in acquisitions and divestitures | (82) | 0 | |
Non-cash investing and financing activities | |||
FPSO construction period obligation | [1] | 0 | 2 |
Deferred drilling lease liability | $ 7 | $ 0 | |
[1] | Upon completion of the FPSO in the third quarter of 2016, the Company reported the construction period obligation as a capital lease obligation based on the fair value of the FPSO. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 3 |
Midstream [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Segment Information - Reconcili
Segment Information - Reconciliation of Consolidated Adjusted EBITDAX to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting [Abstract] | |||
Income (loss) before income taxes | $ (178) | $ (1,381) | |
Interest expense | 223 | 220 | |
DD&A | 1,115 | 1,149 | |
Exploration expense | 1,085 | 126 | |
(Gains) losses on divestitures, net | (804) | (2) | |
Impairments | 373 | 16 | |
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives | (155) | 404 | |
Restructuring charges | (1) | 203 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net income (loss) attributable to noncontrolling interests | 43 | [1] | 36 |
Consolidated Adjusted EBITDAX | 1,615 | 700 | |
Deepwater Horizon [Member] | Judicial Ruling [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other operating expense | $ 0 | $ 1 | |
[1] | Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. |
Segment Information - Selected
Segment Information - Selected Financial Information for Anadarko's Reporting Segments Table (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | |||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,898 | $ 1,634 | ||
Other | [1] | 65 | 38 | |
Total revenues and other | 3,767 | 1,674 | ||
Operating costs and expenses | 3,877 | 2,538 | ||
Net cash from settlement of commodity derivatives | (8) | 105 | ||
Other (income) expense, net | (8) | 0 | ||
Net income (loss) attributable to noncontrolling interests | 43 | [1] | 36 | |
Total expenses and other | 1,346 | 976 | ||
Consolidated Adjusted EBITDAX | 1,615 | 700 | ||
(Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net cash from settlement of commodity derivatives | 6 | (103) | ||
Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | (2) | 4 | ||
Excluding Gains Losses On Divestitures Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues and other | [2] | 2,963 | 1,672 | |
Excluding Certain Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating costs and expenses | [3] | 1,305 | 1,043 | |
Excluding Certain Other Nonoperating Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other (income) expense, net | (8) | |||
Exploration and Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,524 | 711 | ||
Other | [1] | 2 | (1) | |
Exploration and Production [Member] | Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 871 | 601 | ||
Midstream [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 225 | 125 | ||
Other | [1] | 33 | 13 | |
Midstream [Member] | Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 361 | 302 | ||
Marketing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,149 | 798 | ||
Other | [1] | 6 | 1 | |
Marketing [Member] | Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1,024) | (663) | ||
Operating Segments [Member] | (Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net cash from settlement of commodity derivatives | 0 | 0 | ||
Operating Segments [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 0 | 0 | ||
Operating Segments [Member] | Excluding Certain Other Nonoperating Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other (income) expense, net | 0 | |||
Operating Segments [Member] | Exploration and Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenses and other | 866 | 773 | ||
Consolidated Adjusted EBITDAX | 1,531 | 538 | ||
Operating Segments [Member] | Exploration and Production [Member] | Excluding Gains Losses On Divestitures Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues and other | [2] | 2,397 | 1,311 | |
Operating Segments [Member] | Exploration and Production [Member] | Excluding Certain Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating costs and expenses | [3] | 866 | 773 | |
Operating Segments [Member] | Midstream [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenses and other | 317 | 183 | ||
Consolidated Adjusted EBITDAX | 302 | 257 | ||
Operating Segments [Member] | Midstream [Member] | Excluding Gains Losses On Divestitures Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues and other | [2] | 619 | 440 | |
Operating Segments [Member] | Midstream [Member] | Excluding Certain Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating costs and expenses | [3] | 317 | 183 | |
Operating Segments [Member] | Marketing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenses and other | 165 | 176 | ||
Consolidated Adjusted EBITDAX | (36) | (36) | ||
Operating Segments [Member] | Marketing [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | (2) | 4 | ||
Operating Segments [Member] | Marketing [Member] | Excluding Gains Losses On Divestitures Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues and other | [2] | 131 | 136 | |
Operating Segments [Member] | Marketing [Member] | Excluding Certain Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating costs and expenses | [3] | 165 | 176 | |
Other and Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Other | [1] | 24 | 25 | |
Net income (loss) attributable to noncontrolling interests | 43 | [1] | 36 | |
Total expenses and other | (2) | (156) | ||
Consolidated Adjusted EBITDAX | (182) | (59) | ||
Other and Intersegment Eliminations [Member] | (Gains) losses on derivatives, net [Member] | Commodity Contract [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net cash from settlement of commodity derivatives | 6 | (103) | ||
Other and Intersegment Eliminations [Member] | Gathering, processing, and marketing sales [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | 0 | 0 | ||
Other and Intersegment Eliminations [Member] | Excluding Gains Losses On Divestitures Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues and other | [2] | (184) | (215) | |
Other and Intersegment Eliminations [Member] | Excluding Certain Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating costs and expenses | [3] | (43) | (89) | |
Other and Intersegment Eliminations [Member] | Excluding Certain Other Nonoperating Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other (income) expense, net | (8) | |||
Other and Intersegment Eliminations [Member] | Intersegment Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (208) | $ (240) | ||
[1] | Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. | |||
[2] | Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. | |||
[3] | Operating costs and expenses excludes exploration expense, DD&A, impairments, restructuring charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. |