Exhibit 99
Anadarko Announces Third Quarter Results
HOUSTON--(BUSINESS WIRE)--Nov. 6, 2006--Anadarko Petroleum
Corporation (NYSE:APC) today announced third quarter 2006 net income
available to common shareholders of $1.46 billion, or $3.15 per share
(diluted), and income from continuing operations of $1.38 billion, or
$2.98 per share (diluted). These results included $873 million ($567
million after tax) or $1.23 per share (diluted) of unrealized gains on
derivatives. The third quarter performance includes the results of
Kerr-McGee Corporation and Western Gas Resources beginning on their
respective Aug. 10 and Aug. 23, 2006, acquisition dates, while
continuing operations results exclude Anadarko's divested Canadian
subsidiary.
In the 2005 third quarter, net income available to common
shareholders was $596 million, or $1.25 per share (diluted) on a
split-adjusted basis, and income from continuing operations was
$532 million, or $1.12 per share (diluted). Third quarter 2005 results
from continuing operations included $99 million ($64 million after
tax) or $.13 per share (diluted) of unrealized losses on derivatives.
Cash flow from operating activities of continuing operations was
$1.57 billion in the third quarter 2006, and discretionary cash flow
totaled $1.11 billion.(1)
"The third quarter was very significant for Anadarko as we
completed two major acquisitions and began repositioning our company
for the future, including the divestiture of our Canadian subsidiary
and certain deepwater properties, which will help us de-lever the
balance sheet," Anadarko Chairman, President and CEO Jim Hackett said.
"Financial and operating results continued to be strong, assisted by
partial-quarter contributions from Kerr-McGee and Western Gas. In
addition, we are already beginning to achieve operating synergies
within our expanded core Gulf of Mexico deepwater and Rockies
unconventional resource plays, providing further conviction that the
combined portfolio can deliver competitive growth and returns."
Third quarter sales volumes of natural gas, crude oil and natural
gas liquids totaled 54 million barrels of oil equivalent (BOE), or
585,000 BOE per day. Sales volumes from continuing operations totaled
49 million BOE, or 530,000 BOE per day, as natural gas sales averaged
1.69 billion cubic feet per day, oil sales averaged 203,000 barrels
per day, and natural gas liquids sales averaged 45,000 barrels per
day.
EARNINGS CONFERENCE CALL TOMORROW AT 9:00 A.M. CST, 10:00 A.M. EST
Anadarko will host an earnings conference call tomorrow at 9:00
a.m. Central Standard Time (10:00 a.m. Eastern Standard Time) to
discuss third quarter 2006 results and the company's outlook for the
remainder of the year. The dial-in number is 913-981-5591 and the
confirmation number is 5964619. For complete instructions on how to
actively participate in the conference call, or to listen to the live
audio webcast or a replay, please refer to www.anadarko.com.
ANADARKO OPERATIONS REPORT
For more details on Anadarko's operations, please refer to the
comprehensive report on third quarter activity. The report will be
available at www.anadarko.com on the Investor Relations page.
FINANCIAL DATA
Eight pages of summary financial data follow, including current
hedge positions and guidance.
Anadarko Petroleum Corporation's mission is to deliver a
competitive and sustainable rate of return to shareholders by
exploring for, acquiring and developing oil and natural gas resources
vital to the world's health and welfare. As of year-end 2005, the
company had 2.45 billion barrels-equivalent of proved reserves, making
it one of the world's largest independent exploration and production
companies. In August 2006, Anadarko acquired Kerr-McGee Corporation
and Western Gas Resources, Inc. in separate transactions.
(1) See accompanying table for a reconciliation of GAAP to
non-GAAP financial measures and statement indicating why management
believes the non-GAAP measures are useful information for investors.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have been
correct. A number of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this news release. See "Risk Factors" in the
company's 2005 Annual Report on Form 10-K and other public filings,
press releases and discussions with company management. Anadarko
undertakes no obligation to publicly update or revise any
forward-looking statements.
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Below is a reconciliation of cash provided by operating activities
(GAAP) to discretionary cash flow (non-GAAP) as required under
Regulation G of the Securities Exchange Act of 1934. The company uses
discretionary cash flow to demonstrate the company's ability to
internally fund capital expenditures and to service or incur
additional debt. It is useful in comparisons of oil and gas
exploration and production companies because it excludes fluctuations
in assets and liabilities.
Quarter Ended
September 30
-----------------
millions 2006 2005
- ----------------------------------------------------------------------
Cash Flow
- ----------------------------------------------------------------------
Net cash provided by operating activities -
continuing operations $1,571 $903
Add back:
Change in accounts receivable (43) 386
Change in accounts payable and accrued expenses (233) (272)
Change in other items - net (181) (41)
- ----------------------------------------------------------------------
Discretionary Cash Flow from Continuing Operations $1,114 $976
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended Year to Date
Summary Financial Information September 30 September 30
---------------- ---------------
$ and shares in millions 2006 2005 2006 2005
- ----------------------------------------------------------------------
Revenues
- ----------------------------------------------------------------------
Gas sales $1,546 $701 $2,917 $1,961
Oil and condensate sales 1,496 714 3,304 1,955
Natural gas liquids sales 184 115 429 321
Other sales 272 (5) 358 33
- ----------------------------------------------------------------------
Total 3,498 1,525 7,008 4,270
- ----------------------------------------------------------------------
Costs and Expenses
- ----------------------------------------------------------------------
Direct operating 252 104 536 317
Transportation and cost of product 245 69 428 197
General and administrative 159 87 387 275
Depreciation, depletion and
amortization 546 272 1,201 820
Other taxes 127 97 335 268
Impairments 13 13 31 13
- ----------------------------------------------------------------------
Total 1,342 642 2,918 1,890
- ----------------------------------------------------------------------
Operating Income 2,156 883 4,090 2,380
- ----------------------------------------------------------------------
Interest Expense and Other (Income)
Expense
- ----------------------------------------------------------------------
Interest expense 209 51 313 156
Other (income) expense (14) (36) (21) (31)
- ----------------------------------------------------------------------
Total 195 15 292 125
- ----------------------------------------------------------------------
Income Before Income Taxes 1,961 868 3,798 2,255
- ----------------------------------------------------------------------
Income Tax Expense 579 336 1,188 856
- ----------------------------------------------------------------------
Income from Continuing Operations $1,382 $532 $2,610 $1,399
- ----------------------------------------------------------------------
Income from Discontinued Operations 79 66 327 197
- ----------------------------------------------------------------------
Net Income $1,461 $598 $2,937 $1,596
- ----------------------------------------------------------------------
Preferred Stock Dividends - 2 2 4
- ----------------------------------------------------------------------
Net Income Available to Common
Stockholders $1,461 $596 $2,935 $1,592
- ----------------------------------------------------------------------
Per Common Share
- ----------------------------------------------------------------------
Income from continuing operations -
basic $3.00 $1.13 $5.67 $2.95
Income from continuing operations -
diluted $2.98 $1.12 $5.63 $2.93
Income from discontinued operations -
basic $0.17 $0.14 $0.71 $0.42
Income from discontinued operations -
diluted $0.17 $0.14 $0.70 $0.41
Net income - basic $3.18 $1.27 $6.38 $3.37
Net income - diluted $3.15 $1.25 $6.33 $3.34
- ----------------------------------------------------------------------
Average Number of Common Shares
Outstanding - Basic 460 471 460 472
- ----------------------------------------------------------------------
Average Number of Common Shares
Outstanding - Diluted 463 476 464 477
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended Year to Date
Summary Financial Information September 30 September 30
--------------- ---------------
$ in millions 2006 2005 2006 2005
- ----------------------------------------------------------------------
Cash Flow from Operating Activities
- ----------------------------------------------------------------------
Net income $1,461 $598 $2,937 $1,596
Less net income from discontinued
operations (79) (66) (327) (197)
Depreciation, depletion and
amortization 546 272 1,201 820
Deferred income taxes 85 91 218 209
Impairments 13 13 31 13
Unrealized (gains) losses on
derivatives (886) 99 (883) 112
Other noncash items (26) (31) 1 (8)
- ----------------------------------------------------------------------
Discretionary Cash Flow from Continuing
Operations 1,114 976 3,178 2,545
(Increase) decrease in accounts
receivable 43 (386) 388 (273)
Increase (decrease) in accounts payable
and accrued expenses 233 272 (243) 233
Other items - net 181 41 97 (43)
- ----------------------------------------------------------------------
Cash provided by operating activities -
continuing operations 1,571 903 3,420 2,462
Cash provided by operating activities -
discontinued operations 117 241 447 413
- ----------------------------------------------------------------------
Net Cash Provided by Operating
Activities $1,688 $1,144 $3,867 $2,875
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Capital Expenditures
- ----------------------------------------------------------------------
Capital spending $1,117 $703 $2,696 $1,892
Capitalized interest 19 15 47 45
Capitalized overhead 45 28 124 100
- ----------------------------------------------------------------------
Capital expenditures - continuing
operations 1,181 746 2,867 2,037
Capital expenditures - discontinued
operations 177 108 520 370
- ----------------------------------------------------------------------
Total $1,358 $854 $3,387 $2,407
- ----------------------------------------------------------------------
September December September
30, 31, 30,
2006 2005 2005
- ----------------------------------------------------------------------
Condensed Balance Sheet
- ----------------------------------------------------------------------
Cash and cash equivalents $1,803 $561 $766
Other current assets 3,140 1,878 1,655
Current assets held for sale 407 477 559
Net properties and equipment 42,305 15,195 14,672
Other assets 1,093 561 409
Goodwill 8,053 1,089 1,179
Long-term assets held for sale 3,375 2,827 2,772
- ----------------------------------------------------------------------
Total Assets $60,176 $22,588 $22,012
- ----------------------------------------------------------------------
Current debt $16,663 $80 $30
Other current liabilities 4,177 1,984 2,092
Current liabilities held for sale 339 339 313
Long-term debt 11,163 3,547 3,595
Other long-term liabilities 13,264 4,812 4,579
Other long-term liabilities held for
sale 798 775 829
Stockholders' equity 13,772 11,051 10,574
- ----------------------------------------------------------------------
Total Liabilities and Stockholders'
Equity $60,176 $22,588 $22,012
- ----------------------------------------------------------------------
Capitalization
- ----------------------------------------------------------------------
Total debt $27,826 $3,627 $3,625
Stockholders' equity 13,772 11,051 10,574
- ----------------------------------------------------------------------
Total $41,598 $14,678 $14,199
- ----------------------------------------------------------------------
Capitalization Ratios
- ----------------------------------------------------------------------
Total debt 67% 25% 26%
Stockholders' equity 33% 75% 74%
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended Year to Date
Volumes and Prices September 30 September 30
----------------- -----------------
2006 2005 2006 2005
- ---------------------------------------------------------------------
Natural Gas
- ---------------------------------------------------------------------
United States
- ---------------------------------------------------------------------
Volumes, billion cubic feet 156 101 353 311
Average daily volumes, million
cubic feet per day 1,693 1,098 1,294 1,142
Price per thousand cubic feet
excluding derivatives $6.03 $7.58 $6.48 $6.52
- ---------------------------------------------------------------------
Gains (losses) on derivatives $3.90 $(0.64) $1.78 $(0.23)
- ---------------------------------------------------------------------
Total price per thousand cubic
feet $9.93 $6.94 $8.26 $6.29
- ---------------------------------------------------------------------
Crude Oil and Condensate
- ---------------------------------------------------------------------
United States
- ---------------------------------------------------------------------
Volumes, million barrels 11 6 25 18
Average daily volumes, thousand
barrels per day 126 68 93 67
Price per barrel excluding
derivatives $64.57 $58.87 $62.69 $50.37
- ---------------------------------------------------------------------
Gains (losses) on derivatives $25.69 $(15.44) $10.79 $(8.43)
- ---------------------------------------------------------------------
Price per barrel $90.26 $43.43 $73.48 $41.94
- ---------------------------------------------------------------------
Algeria
- ---------------------------------------------------------------------
Volumes, million barrels 6 6 18 18
Average daily volumes, thousand
barrels per day 60 65 64 66
Price per barrel $68.09 $61.18 $67.43 $53.58
- ---------------------------------------------------------------------
Other International
- ---------------------------------------------------------------------
Volumes, million barrels 2 2 5 6
Average daily volumes, thousand
barrels per day 17 21 18 21
Price per barrel $52.69 $42.31 $51.27 $37.70
- ---------------------------------------------------------------------
Total
- ---------------------------------------------------------------------
Volumes, million barrels 19 14 48 42
Average daily volumes, thousand
barrels per day 203 154 175 154
Price per barrel excluding
derivatives $64.60 $57.58 $63.26 $50.00
- ---------------------------------------------------------------------
Gains (losses) on derivatives $15.81 $(6.70) $5.72 $(3.64)
- ---------------------------------------------------------------------
Total price per barrel $80.41 $50.88 $68.98 $46.36
- ---------------------------------------------------------------------
Natural Gas Liquids
- ---------------------------------------------------------------------
United States
- ---------------------------------------------------------------------
Volumes, million barrels 4 3 10 10
Average daily volumes, thousand
barrels per day 45 33 38 36
Price per barrel excluding
derivatives $44.70 $37.87 $41.46 $33.17
- ---------------------------------------------------------------------
Gains (losses) on derivatives $(0.47) $- $(0.18) $-
- ---------------------------------------------------------------------
Total price per barrel $44.23 $37.87 $41.28 $33.17
- ---------------------------------------------------------------------
Total Barrels of Oil Equivalent
(BOE) - continuing operations
- ---------------------------------------------------------------------
Volumes, million BOE 49 34 117 104
Average daily volumes, thousand
BOE per day 530 370 429 380
- ---------------------------------------------------------------------
- ---------------------------------------------------------------------
Total Barrels of Oil Equivalent
(BOE) - discontinued operations
- ---------------------------------------------------------------------
Volumes, million BOE 5 5 15 15
Average daily volumes, thousand
BOE per day 55 56 55 56
- ---------------------------------------------------------------------
Total Barrels of Oil Equivalent
(BOE)
- ---------------------------------------------------------------------
Volumes, million BOE 54 39 132 119
Average daily volumes, thousand
BOE per day 585 426 484 436
- ---------------------------------------------------------------------
Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 6, 2006
4th Quarter Total Year
2006 Forecast 2006 Forecast
----------------- -----------------
Units Units
----------------- -----------------
Total Sales (MMBOE) 59 - 62 176 - 179
Crude Oil (MBbl/d): 243 - 250 191 - 195
United States 157 - 160 108 - 109
Algeria 60 - 64 64 - 65
Other International 25 - 27 19 - 21
Natural Gas (MMcf/d):
United States 2,212 - 2,290 1,530 - 1,560
Natural Gas Liquids (MBbl/d):
United States 38 - 41 38 - 40
- ----------------------------------------------------------------------
$/Unit $/Unit
----------------- -----------------
Price Differentials vs NYMEX (w/o
hedges)
Crude Oil ($/Bbl): (4.50) - (6.50) (5.00) - (6.00)
United States (5.50) - (7.50) (5.50) - (6.50)
Algeria (1.25) - (1.75) (0.75) - (1.25)
Other International (13.00) - (15.00) (14.00) - (15.00)
Natural Gas ($/Mcf):
United States (0.60) - (1.20) (0.90) - (1.10)
- ----------------------------------------------------------------------
Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 6, 2006
4th Quarter Total Year
2006 Forecast 2006 Forecast
----------------- -----------------
$MM $MM
----------------- -----------------
Other Revenues:
Marketing and Gathering Margin
(net) 55 - 65 120 - 130
Minerals and Other 35 - 40 90 - 95
- ----------------------------------------------------------------------
Costs and Expenses:
$/Boe $/Boe
----------------- -----------------
Oil & Gas Direct Operating 4.20 - 4.50 4.00 - 4.10
Oil & Gas Transportation/Other 1.00 - 1.50 1.00 - 1.20
Depreciation, Depletion and
Amortization 11.00 - 11.40 10.50 - 10.65
Production Taxes (% of Revenue) 5.5% - 6.0% 5.5% - 5.7%
$MM $MM
----------------- -----------------
General and Administrative 190 - 210 565 - 585
Impairments Related to Oil and
Gas Properties - - 50 30 - 80
(excluding potential Venezuela
impact)
Interest Expense 350 - 370 550 - 570
Other (Income) Expense (10) - 5 (20) - -
Federal Tax Rate 30% - 35% 31% - 33%
Deferred Taxes (% of Total Taxes) 20% - 40% 20% - 30%
- ----------------------------------------------------------------------
Avg. Shares Outstanding
MM MM
Basic 460 - 462 460 - 461
Diluted 464 - 465 464 - 465
$MM $MM
----------------- -----------------
Capital Investment 1,450 - 1,650 4,350 - 4,550
Capital Projects 1,377 - 1,564 4,110 - 4,290
Capitalized Direct Expenses 60 - 70 180 - 195
Capitalized Interest 13 - 16 60 - 65
Anadarko Petroleum Corporation
Commodity Hedge Position for 4th Quarter 2006 and Beyond (excluding
Natural Gas Basis)
As of November 6, 2006
- ----------------------------------------------------------------------
Positions Not Receiving Hedge Accounting
----------------- --------------------------
Fixed and
Physical 2- Way Collars
--------------------------------------------
- ------------------------- ----------------- --------------------------
NYMEX
Volume Price Volume Floor Ceiling
Crude Oil Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
- ------------------------- ----------------- --------------------------
United States
----------------- --------------------------
4th Qtr 2006 23,500 $53.04 44,137 $36.73 $49.82
----------------- --------------------------
----------------- --------------------------
Total Year 2007 27,250 $51.44 18,542 $44.33 $60.40
----------------- --------------------------
Total Year 2008
Total Year 2009
- ------------------------- ----------------- --------------------------
NYMEX
Volume Price Volume Floor Ceiling
NGL's Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
- ------------------------- ----------------- --------------------------
United States
--------------------------
4th Qtr 2006, Propane 4,500 $34.86 $43.68
--------------------------
--------------------------
4th Qtr 2006, Ethane 6,500 $21.42 $28.14
--------------------------
- ------------------------- ----------------- --------------------------
NYMEX
Volume Price Volume Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu MMMBtu/d $/MMBtu $/MMBtu
- ------------------------- ----------------- --------------------------
United States
----------------- --------------------------
4th Qtr 2006 196.0 $7.54 662.0 $5.58 $8.38
----------------- --------------------------
----------------- --------------------------
Total Year 2007 265.0 $7.03 386.0 $6.27 $10.73
----------------- --------------------------
Total Year 2008
Total Year 2009
- ----------------------------------------------------------------------
Positions Not Receiving Hedge Accounting
---------------------------------
3- Way Collars
---------------------------------
- ----------------------------------- ---------------------------------
Sold Purchased
Volume Floor Floor Ceiling
Crude Oil Bbl/day $/Bbl $/Bbl $/Bbl
- ----------------------------------- ---------------------------------
United States
---------------------------------
4th Qtr 2006 2,000 $20.88 $25.00 $28.65
---------------------------------
---------------------------------
Total Year 2007 3,000 $50.00 $65.00 $86.22
---------------------------------
---------------------------------
Total Year 2008 39,000 $45.00 $60.00 $100.10
---------------------------------
---------------------------------
Total Year 2009 3,000 $45.00 $60.00 $87.00
---------------------------------
- ----------------------------------- ---------------------------------
Sold Purchased
Volume Floor Floor Ceiling
NGL's Bbl/day $/Bbl $/Bbl $/Bbl
- ----------------------------------- ---------------------------------
United States
4th Qtr 2006, Propane
4th Qtr 2006, Ethane
- ----------------------------------- ---------------------------------
Sold Purchased
Volume Floor Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu $/MMBtu $/MMBtu
- ----------------------------------------------------------------------
United States
---------------------------------
4th Qtr 2006 20.0 $3.04 $4.00 $6.00
---------------------------------
---------------------------------
Total Year 2007 20.0 $6.00 $9.00 $11.25
---------------------------------
---------------------------------
Total Year 2008 390.0 $5.00 $7.50 $14.29
---------------------------------
---------------------------------
Total Year 2009 50.0 $5.00 $7.50 $12.60
---------------------------------
Positions Receiving Hedge Accounting
----------------- -------------------------
Fixed and
Physical 2- Way Collars
----------------- -------------------------
----------------------- ----------------- -------------------------
NYMEX
Volume Price Volume Floor Ceiling
Crude Oil Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
----------------------- ----------------- -------------------------
United States
Total Year 2007
Total Year 2008
Total Year 2009
Total Year 2010
Total Year 2011
Total Year 2012
Algeria
Total Year 2008
Total Year 2009
Total Year 2010
----------------------- ----------------- -------------------------
NYMEX
Volume Price Volume Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu MMMBtu/d $/MMBtu $/MMBtu
----------------------- ----------------- -------------------------
United States
Total Year 2007
Total Year 2008
Positions Receiving Hedge Accounting
----------------------------------
3- Way Collars
----------------------------------
---------------------------------- ----------------------------------
Sold Purchased
Volume Floor Floor Ceiling
Crude Oil Bbl/day $/Bbl $/Bbl $/Bbl
---------------------------------- ----------------------------------
United States
----------------------------------
Total Year 2007 32,000 $42.97 $57.97 $86.16
----------------------------------
----------------------------------
Total Year 2008 28,000 $40.71 $55.71 $87.30
----------------------------------
----------------------------------
Total Year 2009 25,000 $39.80 $54.80 $87.38
----------------------------------
----------------------------------
Total Year 2010 8,000 $35.00 $50.00 $86.49
----------------------------------
----------------------------------
Total Year 2011 3,000 $35.00 $50.00 $86.00
----------------------------------
----------------------------------
Total Year 2012 1,500 $35.00 $50.00 $92.50
----------------------------------
Algeria
----------------------------------
Total Year 2008 19,000 $33.51 $48.51 $86.73
----------------------------------
----------------------------------
Total Year 2009 20,000 $33.51 $48.51 $86.62
----------------------------------
----------------------------------
Total Year 2010 10,000 $33.53 $48.53 $86.98
----------------------------------
---------------------------------- ----------------------------------
Sold Purchased
Volume Floor Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu $/MMBtu $/MMBtu
---------------------------------- ----------------------------------
United States
----------------------------------
Total Year 2007 10.0 $6.00 $9.00 $11.18
----------------------------------
----------------------------------
Total Year 2008 110.0 $5.00 $7.50 $14.14
----------------------------------
Anadarko Petroleum Corporation
Natural Gas Basis Hedge Position for 4th Quarter 2006 and Beyond
As of November 6, 2006
- ----------------------------------------------------------------------
-----------------------------------------
Daily Volume (MMBtu's) by Pricing Point
- ----------------------------------------------------------------------
Pricing Point 4th Qtr 2006 2007 2008 2009
- ----------------------------------------------------------------------
Gulf Coast 800 130,600 110,000 -
Mid Continent 57,500 220,000 210,000 -
Rocky Mountains 332,120 196,055 244,973 20,000
West Texas 7,500 10,000 10,000 -
-----------------------------------------
Total Daily Volume Hedged 397,920 556,655 574,973 20,000
=========================================
-----------------------------------------
Average Price Differential to Henry Hub
- ----------------------------------------------------------------------
Pricing Point 4th Qtr 2006 2007 2008 2009
- ----------------------------------------------------------------------
Gulf Coast ($0.028) ($0.614) ($0.475) -
Mid Continent ($0.112) ($0.986) ($0.922) -
Rocky Mountains ($1.498) ($1.469) ($1.426) ($1.080)
West Texas ($0.970) ($1.196) ($1.080) -
-----------------------------------------
Average Price
Differential Hedged ($1.283) ($1.081) ($1.053) ($1.080)
=========================================
- ----------------------------------------------------------------------
Rockies Export Firm Transportation
As of November, 2006
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
Delivery/Pricing Point 4th Qtr 2006 2007 2008 2009
- ----------------------------------------------------------------------
Mid Continent 471 471 332 -
West Coast 103 103 78 -
-----------------------------------------
Total 574 574 410 0
=========================================
CONTACT: Anadarko Petroleum Corporation, Houston
Media:
Teresa Wong, 832-636-1203
teresa.wong@anadarko.com
or
John Christiansen, 832-636-8736
john.christiansen@anadarko.com
or
Susan Richardson, 832-636-1537
susan.richardson@anadarko.com
or
Investors:
John Colglazier, 832-636-2306
john.colglazier@anadarko.com
or
Stewart Lawrence, 832-636-3326
stewart.lawrence@anadarko.com