Exhibit 99.1
Anadarko Announces Strong First-Quarter Earnings,
Increases Capital Budget, Raises 2003 Guidance
HOUSTON--(BUSINESS WIRE)--April 25, 2003--Anadarko Petroleum
Corporation (NYSE:APC)
-- Earnings driven by higher energy prices
-- Capital budget increased by 9 percent to $2.5 billion
-- Exploration success logged in Gulf of Mexico, Canada and
Algeria
-- Production volumes set to grow throughout 2003
Anadarko Petroleum Corporation (NYSE:APC) today announced net
income available to common shareholders of $418 million, or $1.63 per
share (diluted), on revenues of $1.26 billion for the first quarter of
2003. Results include an after-tax gain of $47 million, or 18 cents
per share (diluted) related to the Jan. 1, 2003 adoption of Statement
of Financial Accounting Standards No. 143, "Accounting for Asset
Retirement Obligations." Net income available to common shareholders
before the cumulative effect of the change in accounting principle was
$371 million, or $1.45 per share (diluted). For the same period in
2002, the company earned $88 million, or 34 cents per share (diluted),
on revenues of $790 million.
The increase in earnings in the first quarter of 2003 is primarily
due to sharply higher commodity prices, partly offset by lower sales
volumes resulting from the divestiture of some low-margin North
American producing properties in 2002 and other temporary factors
affecting production from international fields.
"We had a great start to what we expect to be a year of record
earnings for the company," said Robert J. Allison, Jr., Anadarko
Chairman, President and CEO. "Our first quarter performance was
stronger than we had forecast, both operationally and financially.
"We had some nice discoveries in the Gulf of Mexico, Canada and
Algeria, and we still have a number of high-impact exploration wells
drilling that will be completed early in the second quarter.
"Strong energy prices in the first quarter allowed us to fund an
aggressive exploration and development drilling program and still have
excess cash flow, which enabled us to further strengthen our balance
sheet," Allison said.
During the first quarter of 2003, sales volumes totaled 45 million
barrels of oil equivalent (BOE), or 498,000 BOE per day, down 10
percent from the first quarter of 2002 due to several factors,
including:
1) the divestiture in 2002 of approximately 7 million BOE of
annual production in North America, primarily heavy oil in
Canada;
2) the scheduled shut-in of the Al Rayyan oil field in Qatar since
February to install a new production facility;
3) the effect of higher oil prices in Venezuela - where contract
terms with the national oil company provide Anadarko with
specific amounts of revenues that are converted to volume
equivalents at prevailing market prices, giving Anadarko lower
oil volumes when prices increase; and
4) the completion of cost recovery in Algeria. Anadarko previously
had been reimbursed for earlier exploration spending with
additional barrels of oil production.
North American natural gas volumes of 1.7 billion cubic feet (Bcf)
per day were 6 percent lower than a year earlier due to a 10 percent
decline in U.S. production, partly offset by a 12 percent increase in
production from Western Canada. Anadarko's realized average natural
gas price in the first quarter of 2003 was $4.62 per thousand cubic
feet (Mcf) - more than double that of the year-earlier period.
Oil production in the first quarter was 173,000 barrels a day - 18
percent lower than a year earlier - as a result of the factors
mentioned above. Realized oil prices, meanwhile, were 54 percent
higher than a year ago, at $28.59 per barrel.
"We expect production volumes to build each quarter throughout the
year, as we bring on additional production in the Gulf of Mexico,
Canada, Qatar and the Lower 48," Allison said. "Total volumes in the
fourth quarter of this year should be about 20 percent higher than in
the first quarter," he noted.
"We're still expecting 2003 volumes to be about 5 percent higher
than last year's volumes, adjusting for the effect of our 2002
property sales. Next year's volumes are forecast to increase 12
percent over 2003 levels," Allison said.
FIRST QUARTER 2003 OPERATING HIGHLIGHTS
-- In the Gulf of Mexico, Anadarko made a natural gas discovery
at its Jubilee prospect, the first well in Anadarko's Eastern
Gulf exploration program. The Atwater Valley 349 No. 1 well
was drilled in 8,800 feet of water to a target depth of 18,310
feet and encountered 83 feet of net pay. Although the company
has not yet determined proved reserves, the estimated recovery
is expected to be 40 million to 50 million BOE. The company
believes Jubilee could be commercially produced when hub
facilities are established in the area.
Anadarko also authorized construction of an $86 million
production platform for its Tarantula subsalt discovery on
South Timbalier Block 308. The platform will have a capacity
of 100 million cubic feet (MMcf) per day of natural gas and
30,000 barrels per day of oil. First production is expected in
the fourth quarter of 2004.
Anadarko holds a 100 percent working interest in both fields.
-- In North Louisiana, average daily gross natural gas production
from the Vernon area increased from the fourth quarter of 2002
by 26 percent to 120 MMcf per day in the first quarter of
2003. First-quarter drilling focused on extending the Vernon
field boundaries and developing the "sweet spots." Among the
standout wells drilled during the quarter was the Smith 9-1 in
the northwest portion of the field, which tested at 11.5 MMcf
of gas per day. Anadarko has a 97.7 percent working interest
in that well. Four others also tested at rates between 8 MMcf
and 10 MMcf per day. Several offsets are planned.
-- In Algeria, Anadarko and partners Sonatrach, Maersk and
Eni-Lasmo announced the partnership's second oil discovery
since resuming exploration in October 2002 on Block 404 in the
Berkine Basin. The SFSW-1 discovery well was drilled to a
total depth of 10,637 feet and encountered 36 feet of net oil
pay in the TAGI reservoir. It tested at a rate of 2,689
barrels per day of 47 degree API gravity oil and 4.72 MMcf per
day of gas.
-- In Canada, Anadarko announced a natural gas discovery in the
Saddle Hills area of Alberta, increasing proved reserves by
over 40 Bcf of gas from this multi-zone play. The Saddle Hills
15-34-75-7W6 discovery well, drilled into the Devonian, flowed
at a rate of 15.9 MMcf per day of gas. With this 100
percent-owned well online and other activity this year, total
gas production from Saddle Hills increased to 80 MMcf per day,
compared with just 2 MMcf per day a year earlier.
FINANCIAL DATA
Three pages of summary financial data for the first quarter of
2003 follow, as well as one page providing detailed financial guidance
for the second quarter and full year 2003. In addition, another page
summarizes the company's current hedge positions for the second
quarter of 2003 and for the remainder of 2003 and 2004.
CAPITAL BUDGET INCREASE
The Board of Directors has approved a $200 million increase in the
company's 2003 capital budget, which will enable Anadarko to
accelerate its exploration program in the Gulf of Mexico, Algeria and
Canada and more aggressively develop key producing fields in Canada
and East Texas. This increase, about three-quarters of which will go
toward exploration, will raise Anadarko's capital budget to $2.5
billion.
EARNINGS GUIDANCE
Anadarko expects to earn $289 million, or $1.15 per share
(diluted) for the second quarter of 2003, with expected cash flow from
operating activities of $710 million. The expected average number of
diluted shares outstanding is 252 million.
For the full year, the company expects earnings of $1.39 billion,
or $5.51 per share (diluted) and cash flow from operating activities
of $3.16 billion. The expected average number of diluted shares
outstanding is 253 million.
Second-quarter and full year 2003 estimates of shares outstanding
reflect the redemption on April 15, 2003, of the company's Zero Coupon
Convertible Debentures due 2020. Anadarko paid $556.46 per debenture,
reflecting the issue price plus accrued interest as of the redemption
date, which is equivalent to $47.85 per share under the conversion
provisions.
Price Assumptions
Anadarko's 2003 estimates assume average NYMEX oil prices of $27
per barrel for the second quarter, dropping to $25 per barrel for the
remainder of the year, with a full-year average of $27.75 per barrel.
The company's NYMEX natural gas price estimate is $5 per Mcf both for
the second quarter and the remainder of the year, with a full-year
average of $5.40 per Mcf.
To determine realized prices, Anadarko used these estimates, plus
or minus an expected price "differential" for each of the company's
major producing areas, and any adjustment for hedge positions.
For 2003, Anadarko has hedged approximately 51 percent of its
natural gas production for the second quarter and 45 percent for July
through December. About 32 percent of Anadarko's oil production is
hedged through December 2003. The hedge positions are under both
fixed-price transactions and "collared" transactions, which use price
ceilings and floors to help ensure sales prices within a determined
range.
Volume Assumptions
Oil and gas sales volumes are expected to total 48 million BOE in
the second quarter. Full-year 2003 sales volumes are expected to total
200 million BOE.
EARNINGS CONFERENCE CALL TODAY AT 9:30 A.M. CDT, 10:30 A.M. EDT
Anadarko will host an earnings conference call today at 9:30 a.m.
Central Daylight Time (10:30 a.m. Eastern Daylight Time) to discuss
first quarter 2003 results and the company's outlook for the remainder
of the year. The dial-in number is 913/981-4901, and the confirmation
number is 243168. For complete instructions on how to participate in
the conference call and to view additional information that will be
presented during the call, visit our website at www.anadarko.com.
ANADARKO OPERATIONS REPORT
For more details on Anadarko's operations, please refer to the
comprehensive report on individual wells drilled during the first
quarter. The report will be available this morning at www.anadarko.com
on the Investor Relations page.
Anadarko Petroleum Corporation is one of the world's largest
independent oil and gas exploration and production companies.
Houston-based Anadarko is active in the U.S., Canada, Algeria, Qatar
and Venezuela and is executing strategic exploration programs in
several other countries. More information is available at
www.anadarko.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that its goals will be achieved. A number of
factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in
this release. While Anadarko makes these forward-looking statements in
good faith, neither Anadarko nor its management can guarantee that the
anticipated future results will be achieved. Anadarko discloses proved
reserves that comply with the Securities and Exchange Commission's
(SEC) definitions. Additionally, Anadarko may disclose estimated
reserves, which the SEC guidelines do not allow us to include in
filings with the SEC. See Additional Factors Affecting Business in the
Management's Discussion and Analysis included in the company's 2002
Annual Report on Form 10-K.
Anadarko Petroleum Corporation
Quarter Ended
Summary Financial Information March 31
------------------------
$ and shares in millions 2003 2002
- ----------------------------------------------------------------------
Revenues
- ----------------------------------------------------------------------
Gas sales $708 $368
Oil and condensate sales 445 353
Natural gas liquids sales 85 43
Other sales 19 26
- ----------------------------------------------------------------------
Total 1,257 790
- ----------------------------------------------------------------------
Costs and Expenses
- ----------------------------------------------------------------------
Operating expenses 176 183
Administrative and general 88 72
Depreciation, depletion and amortization 290 267
Other taxes 75 56
Impairments related to oil and gas properties 5 8
- ----------------------------------------------------------------------
Total 634 586
- ----------------------------------------------------------------------
Operating Income 623 204
- ----------------------------------------------------------------------
Other (Income) Expense
- ----------------------------------------------------------------------
Interest expense 60 49
Other (income) expense (37) 23
- ----------------------------------------------------------------------
Total 23 72
- ----------------------------------------------------------------------
Income before Income Taxes 600 132
- ----------------------------------------------------------------------
Income Tax Expense 228 43
- ----------------------------------------------------------------------
Net Income Before Cumulative Effect of Change
in Accounting Principle $372 $89
- ----------------------------------------------------------------------
Preferred Stock Dividends 1 1
- ----------------------------------------------------------------------
Net Income Available to Common Stockholders
Before Cumulative Effect of Change in
Accounting Principle $371 $88
- ----------------------------------------------------------------------
Cumulative Effect of Change in Accounting
Principle 47 -
- ----------------------------------------------------------------------
Net Income Available to Common Stockholders $418 $88
- ----------------------------------------------------------------------
Per Common Share
- ----------------------------------------------------------------------
Net income - before change in accounting
principle - basic $1.49 $0.35
Net income - before change in accounting
principle - diluted $1.45 $0.34
Change in accounting principle - basic $0.19 $-
Change in accounting principle - diluted $0.18 $-
Net income - basic $1.68 $0.35
Net income - diluted $1.63 $0.34
- ----------------------------------------------------------------------
Average Number of Common Shares Outstanding -
Basic 249 248
- ----------------------------------------------------------------------
Average Number of Common Shares Outstanding -
Diluted 258 263
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended
Summary Financial Information March 31
------------------------
$ in millions 2003 2002
- ----------------------------------------------------------------------
Cash Flow from Operating Activities
- ----------------------------------------------------------------------
Net income before cumulative effect of change
in accounting principle $372 $89
Depreciation, depletion and amortization 290 267
Amortization of restricted stock 3 5
Interest expense - zero coupon debentures 3 3
Deferred income taxes 154 9
Impairments related to oil and gas properties 5 8
Other non-cash items (33) 18
- ----------------------------------------------------------------------
794 399
(Increase) decrease in accounts receivable (266) 114
Increase (decrease) in accounts payable and
accrued expenses 273 (104)
Other items - net (96) 9
- ----------------------------------------------------------------------
Net Cash Provided by Operating Activities $705 $418
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Capital Expenditures
- ----------------------------------------------------------------------
Capital spending $537 $732
Capitalized interest 34 38
Capitalized overhead 52 43
- ----------------------------------------------------------------------
Total $623 $813
- ----------------------------------------------------------------------
March 31, December 31,
2003 2002
- ----------------------------------------------------------------------
Condensed Balance Sheet
- ----------------------------------------------------------------------
Current assets $1,604 $1,280
Net properties and equipment 15,904 15,098
Other assets 444 436
Goodwill 1,451 1,434
- ----------------------------------------------------------------------
Total Assets $19,403 $18,248
- ----------------------------------------------------------------------
Current liabilities $2,099 $1,861
Long-term debt 5,171 5,171
Other long-term liabilities 4,682 4,244
Stockholders' equity 7,451 6,972
- ----------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $19,403 $18,248
- ----------------------------------------------------------------------
Capitalization
- ----------------------------------------------------------------------
Total debt $5,425 $5,471
Stockholders' equity 7,451 6,972
- ----------------------------------------------------------------------
Total $12,876 $12,443
- ----------------------------------------------------------------------
Capitalization Ratios
- ----------------------------------------------------------------------
Total debt 42% 44%
Stockholders' equity 58% 56%
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended
Volumes and Prices March 31
--------------
2003 2002
- ----------------------------------------------------------------------
Natural Gas
- ----------------------------------------------------------------------
United States
- ----------------------------------------------------------------------
Volumes, billion cubic feet 118 131
Average daily volumes, million cubic feet per day 1,316 1,458
Price per thousand cubic feet $4.51 $2.23
- ----------------------------------------------------------------------
Canada
- ----------------------------------------------------------------------
Volumes, billion cubic feet 35 31
Average daily volumes, million cubic feet per day 389 347
Price per thousand cubic feet $4.99 $2.39
- ----------------------------------------------------------------------
Total
- ----------------------------------------------------------------------
Volumes, billion cubic feet 153 162
Average daily volumes, million cubic feet per day 1,705 1,805
Price per thousand cubic feet $4.62 $2.26
- ----------------------------------------------------------------------
Crude Oil and Condensate
- ----------------------------------------------------------------------
United States
- ----------------------------------------------------------------------
Volumes, million barrels 9 9
Average daily volumes, thousand barrels per day 92 91
Price per barrel $27.84 $18.99
- ----------------------------------------------------------------------
Canada
- ----------------------------------------------------------------------
Volumes, million barrels 2 3
Average daily volumes, thousand barrels per day 17 38
Price per barrel $27.41 $16.18
- ----------------------------------------------------------------------
Algeria
- ----------------------------------------------------------------------
Volumes, million barrels 4 5
Average daily volumes, thousand barrels per day 48 59
Price per barrel $31.82 $20.62
- ----------------------------------------------------------------------
Other International
- ----------------------------------------------------------------------
Volumes, million barrels 1 2
Average daily volumes, thousand barrels per day 16 24
Price per barrel $24.51 $15.38
- ----------------------------------------------------------------------
Total
- ----------------------------------------------------------------------
Volumes, million barrels 16 19
Average daily volumes, thousand barrels per day 173 212
Price per barrel $28.59 $18.54
- ----------------------------------------------------------------------
Natural Gas Liquids
- ----------------------------------------------------------------------
Total
- ----------------------------------------------------------------------
Volumes, million barrels 4 4
Average daily volumes, thousand barrels per day 41 40
Price per barrel $23.12 $11.83
- ----------------------------------------------------------------------
Total Barrels of Oil Equivalent (BOE)
- ----------------------------------------------------------------------
Volumes, million BOE 45 50
Average daily volumes, thousand BOE per day 498 553
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Second Quarter 2003
Financial Model - Guidance
1st Quarter 2nd Quarter
Actuals Forecast
-------------------- --------------------
$MM $/ Share $MM $/ Share
------- ------------ ------- ------------
Net Income $418 $1.63 $289 $1.15
Cash Flow from Operating
Activities $705 $710
- ---------------------------------------------------------------------
Price Deck (NYMEX) ($/Unit) ($/Unit)
Crude Oil ($/Bbl) $33.87 $27.00
Natural Gas ($/Mcf) $6.59 $5.00
Natural Gas Liquids (% of
NYMEX Oil) 68% 68%
- ---------------------------------------------------------------------
Price Price
Differential Differential
Volumes ($ / Unit) Volumes ($ / Unit)
------- ------------ ------- ------------
Total Sales (MMBOE) 45 48
Crude Oil (MBbl/d): 173 $(5.28) 192 $(2.91)
United States 92 $(6.03) 95 $(2.78)
Canada 17 $(6.46) 15 $(3.00)
Algeria 48 $(2.05) 59 $(1.44)
Other International 16 $(9.36) 23 $(7.14)
Natural Gas (MMcf/d): 1,705 $(1.98) 1,770 $(0.76)
United States 1,316 $(2.09) 1,377 $(0.74)
Canada 389 $(1.60) 393 $(0.85)
Natural Gas Liquids
(MBbl/d): 41 38
United States 39 36
Canada 2 2
- ---------------------------------------------------------------------
$MM $MM
------- -------
Other Revenues:
Marketing Margin (Sales -
Costs) $3 $14
Minerals and Other $16 $17
$MM $ / BOE $MM $ / BOE
------- ------------ ------- ------------
Costs and Expenses:
Operating Costs $176 $3.94 $199 $4.17
Administrative and General $88 $85
Depreciation, Depletion and
Amortization $290 $6.49 $313 $6.54
Impairments of Oil and Gas
Properties $5 $-
Production and Other Taxes
(% of Rev) $75 5.9% $69 6.0%
- ---------------------------------------------------------------------
$MM $MM
------- -------
Other Items:
Interest Expense(a) $60 $62
Other (Income) Expense $(37) $6
- ---------------------------------------------------------------------
Federal Tax Rate 38% 38%
Deferred Taxes (% of Total
Taxes) 66% 59%
- ---------------------------------------------------------------------
Average Shares Outstanding
(MM)
Basic 249 250
Diluted 258 252
- ---------------------------------------------------------------------
Capital Investment Program $623 $652
Capital Budget (Estimated) $537 $569
Capitalized Direct Expenses $52 $49
Capitalized Interest $34 $34
Total Year
Forecast
--------------------
$MM $/ Share
------- ----------
Net Income $1,392 $5.51
Cash Flow from Operating Activities $3,160
- ----------------------------------------------------------------------
Price Deck (NYMEX) ($/Unit)
Crude Oil ($/Bbl) $27.75
Natural Gas ($/Mcf) $5.40
Natural Gas Liquids (% of NYMEX Oil) 72%
- ----------------------------------------------------------------------
Price
Differential
Volumes ($ / Unit)
------- ------------
Total Sales (MMBOE) 200
Crude Oil (MBbl/d): 200 $(3.33)
United States 96 $(2.92)
Canada 16 $(3.32)
Algeria 63 $(2.17)
Other International 25 $(7.86)
Natural Gas (MMcf/d): 1,867 $(1.06)
United States 1,443 $(1.06)
Canada 424 $(1.07)
Natural Gas Liquids (MBbl/d): 37
United States 35
Canada 2
- ----------------------------------------------------------------------
$MM
-------
Other Revenues:
Marketing Margin (Sales - Costs) $45
Minerals and Other $64
$MM $ / BOE
------- -----------
Costs and Expenses:
Operating Costs $789 $3.94
Administrative and General $339
Depreciation, Depletion and Amortization $1,301 $6.50
Impairments of Oil and Gas Properties $50
Production and Other Taxes (% of Rev) 282 5.6%
- ----------------------------------------------------------------------
$MM
-------
Other Items:
Interest Expense(a) $225
Other (Income) Expense $(17)
- ----------------------------------------------------------------------
Federal Tax Rate 37%
Deferred Taxes (% of Total Taxes) 59%
- ----------------------------------------------------------------------
Average Shares Outstanding (MM)
Basic 249
Diluted 253
- ----------------------------------------------------------------------
Capital Investment Program $2,500
Capital Budget (Estimated) $2,158
Capitalized Direct Expenses $204
Capitalized Interest $138
(a) Interest expense for the second quarter and full year includes $8
million of accelerated debt issuance cost amortization associated
with the redemption of the convertible debentures in April.
Anadarko Petroleum Corporation
Hedge Position
As of April 25, 2003
Fixed and
Physical
Contracts 2- Way Collars
- ----------------------------------------------------------------------
NYMEX
Volume Price Volume Floor Ceiling
- ----------------------------------------------------------------------
Crude Oil Bbl/d $/Bbl Bbl/d $/Bbl $/Bbl
- ----------------------------------------------------------------------
United States
2nd Qtr 2003 14,000 $25.39 - $- $-
3rd Qtr 2003 14,000 $25.39 - $- $-
4th Qtr 2003 14,000 $25.39 - $- $-
Remainder Yr 2003 14,000 $25.39 - $- $-
Total Yr 2004 8,000 $23.09 - $- $-
Canada
2nd Qtr 2003 659 $23.80 - $- $-
3rd Qtr 2003 - $- - $- $-
4th Qtr 2003 - $- - $- $-
Remainder Yr 2003 218 $23.80 - $- $-
Total Yr 2004 - $- - $- $-
Algeria
Total Yr 2004 - $- - $- $-
- ----------------------------------------------------------------------
Total
2nd Qtr 2003 14,659 $25.32 - $- $-
3rd Qtr 2003 14,000 $25.39 - $- $-
4th Qtr 2003 14,000 $25.39 - $- $-
Remainder Yr 2003 14,200 $25.36 - $- $-
Total Yr 2004 8,000 $23.09 - $- $-
- ----------------------------------------------------------------------
Natural Gas MMcf/d $/Mcf MMcf/d $/Mcf $/Mcf
- ----------------------------------------------------------------------
United States
2nd Qtr 2003 200.0 $3.89 236.3 $4.70 $5.59
3rd Qtr 2003 430.0 $4.44 6.2 $3.00 $5.00
4th Qtr 2003 430.0 $4.44 6.2 $3.00 $5.00
Remainder Yr 2003 353.9 $4.33 82.3 $4.62 $5.56
Total Yr 2004 200.0 $3.88 6.2 $3.00 $5.00
Canada
2nd Qtr 2003 68.2 $3.37 - $- $-
3rd Qtr 2003 68.2 $3.37 - $- $-
4th Qtr 2003 65.1 $3.24 - $- $-
Remainder Yr 2003 67.1 $3.33 - $- $-
Total Yr 2004 58.9 $3.19 - $- $-
- ----------------------------------------------------------------------
Total
2nd Qtr 2003 268.2 $3.76 236.3 $4.70 $5.59
3rd Qtr 2003 498.2 $4.29 6.2 $3.00 $5.00
4th Qtr 2003 495.1 $4.28 6.2 $3.00 $5.00
Remainder Yr 2003 421.0 $4.17 82.3 $4.62 $5.56
Total Yr 2004 258.9 $3.72 6.2 $3.00 $5.00
All
3- Way Collars Hedges
- ----------------------------------------------------------------------
Pur-
Sold chased
Volume Floor Floor Ceiling Volume
- ----------------------------------------------------------------------
Crude Oil Bbl/d $/Bbl $/Bbl $/Bbl Bbl/d
- ----------------------------------------------------------------------
United States
2nd Qtr 2003 53,000 $18.62 $23.81 $27.39 67,000
3rd Qtr 2003 53,000 $18.62 $23.81 $27.39 67,000
4th Qtr 2003 53,000 $18.62 $23.81 $27.39 67,000
Remainder Yr 2003 53,000 $18.62 $23.81 $27.39 67,000
Total Yr 2004 8,000
Canada
2nd Qtr 2003 - $- $- $- 659
3rd Qtr 2003 - $- $- $- -
4th Qtr 2003 - $- $- $- -
Remainder Yr 2003 - $- $- $- 218
Total Yr 2004 - $- $- $- -
Algeria
Total Yr 2004 20,000 $18.00 $22.00 $28.07 20,000
- ----------------------------------------------------------------------
Total
2nd Qtr 2003 53,000 $18.62 $23.81 $27.39 67,659
3rd Qtr 2003 53,000 $18.62 $23.81 $27.39 67,000
4th Qtr 2003 53,000 $18.62 $23.81 $27.39 67,000
Remainder Yr 2003 53,000 $18.62 $23.81 $27.39 67,200
Total Yr 2004 20,000 $18.00 $22.00 $28.07 28,000
- ----------------------------------------------------------------------
Natural Gas MMcf/d $/Mcf $/Mcf $/Mcf MMcf/d
- ----------------------------------------------------------------------
United States
2nd Qtr 2003 398.8 $2.91 $3.97 $5.01 835.1
3rd Qtr 2003 398.8 $2.91 $3.97 $5.01 835.0
4th Qtr 2003 398.8 $2.91 $3.97 $5.01 835.0
Remainder Yr 2003 398.8 $2.91 $3.97 $5.01 835.0
Total Yr 2004 268.8 $2.67 $3.65 $5.30 475.0
Canada
2nd Qtr 2003 - $- $- $- 68.2
3rd Qtr 2003 - $- $- $- 68.2
4th Qtr 2003 - $- $- $- 65.1
Remainder Yr 2003 - $- $- $- 67.1
Total Yr 2004 - $- $- $- 58.9
- ----------------------------------------------------------------------
Total
2nd Qtr 2003 398.8 $2.91 $3.97 $5.01 903.3
3rd Qtr 2003 398.8 $2.91 $3.97 $5.01 903.2
4th Qtr 2003 398.8 $2.91 $3.97 $5.01 900.1
Remainder Yr 2003 398.8 $2.91 $3.97 $5.01 902.1
Total Yr 2004 268.8 $2.67 $3.65 $5.30 533.9
CONTACT: Anadarko Petroleum Corporation, Houston
Media Contacts:
Teresa Wong, 832/636-1203
teresa_wong@anadarko.com
or
Anne Vincent, 832/636-8368
anne_vincent@anadarko.com
or
Lee Warren, 832/636-3321
lee_warren@anadarko.com
or
Investor Contacts:
Paul Taylor, 832/636-3471
paul_taylor@anadarko.com
or
David Larson, 832/636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832/636-3326
stewart_lawrence@anadarko.com