Anadarko Announces Third-Quarter Results
Increases Full-Year Sales-Volumes Guidance
HOUSTON, TX, Oct 29, 2012 (Menafn - MARKETWIRE via COMTEX) --Anadarko Petroleum Corporation APC today announcedthird-quarter 2012 income attributable to common stockholders of 121million, or 0.24 per share (diluted). These results include certainitems typically excluded by the investment community in publishedestimates. In total, these items decreased net income byapproximately 301 million, or 0.60 per share (diluted), on anafter-tax basis.(1) Cash flow from operating activities in the thirdquarter of 2012 was approximately 2.229 billion, and discretionarycash flow totaled 1.794 billion.(2)
Third-Quarter 2012 Highlights
--Announced a 3-million-BOE (barrels of oil equivalent) increase to the
midpoint of full-year sales-volumes guidance, while maintaining
previous full-year capital spending expectations
--Increased sales volumes by 79,000 BOE per day over the third quarter
of 2011, representing a 12-percent increase
--Collected an additional 501 million associated with the Algeria tax
resolution
--Enhanced the value of two major projects by increasing the estimated
recoverable resources in Colorado's Wattenberg Horizontal (HZ) program
and Mozambique's Golfinho/Atum complex
"Anadarko is delivering another year of strong operational results andcontinued cost reductions, and with this momentum, we are pleased toincrease our full-year sales-volumes guidance to a new range of 265to 267 million BOE with no corresponding increase in capitalspending," Anadarko President and CEO Al Walker said. "During thequarter, we delivered record liquids volumes of 322,000 barrels perday and safely reduced controllable costs on a per-unit basis inevery category relative to the third quarter of last year. Thesignificant cash generation year-to-date also enabled us tostrengthen the balance sheet by reducing borrowings under ourrevolving credit facility by 1.5 billion, while maintainingapproximately 2.5 billion of cash on hand at the end of the thirdquarter."
Anadarko reported total sales volumes of 68 million BOE, or 739,000BOE per day, during the third quarter. Approximately 1 million BOE ofproduction in the Gulf of Mexico was shut in during the quarter as aresult of weather-related downtime. The company achieved recordliquids sales volumes during the quarter with oil volumes averaging234,000 barrels per day and natural gas liquids averaging 88,000barrels per day, equating to a 41,000-barrel-per-day increase intotal liquids over the third quarter of 2011. Natural gas volumesaveraged approximately 2.5 billion cubic feet per day.
During the quarter, Anadarko continued to ramp up activity in itsWattenberg HZ program in northeast Colorado and in the EaglefordShale in south Texas, with these fields combining for an increase ofmore than 800,000 barrels of liquids sales volumes over the secondquarter of this year. The Wattenberg HZ program continued to deliverrates of return exceeding 100 percent and, due to the exceptionalwell performance in both the Niobrara and Codell formations coupledwith identified down-spacing opportunities and longer laterals, thecompany increased the lower end of its estimated resource range by500 million BOE to a new range of 1.0 billion to 1.5 billion BOE.
Anadarko completed its four-well, initial appraisal program in theGolfinho/Atum complex offshore Mozambique. All four appraisal wellswere successful, resulting in the partnership increasing the field'sestimated recoverable natural gas resources to a new range of 15 to35 trillion cubic feet. In addition, the partnership completed itswell-testing program in the Prosperidade complex with multiple testsat Lagosta-2. Each of three zones flowed at facility-constrainedrates of around 100 million cubic feet per day (MMcf/d). Anadarkocurrently has two contracted drillships operating offshoreMozambique, with one conducting flow testing in the Golfinho/Atumcomplex and the other drilling the Perola Negra (Black Pearl)prospect near the southern end of the Offshore Area 1 Block.
"As a result of the exceptional drilling and testing results inMozambique to date, we have identified the resources capable ofsupplying in excess of 50 million tonnes per annum of LNG (liquefiednatural gas). In the coming weeks we expect to announce our FEED(Front-End Engineering and Design) contractors for both onshoreprocessing and offshore gathering, which will focus on the foundationdevelopment of two trains," said Walker. "We look forward tocontinuing to work with the government of Mozambique and our partnersto advance one of the world's most significant natural gasdiscoveries in the last 20 years, and one that is capable of enablingMozambique to become one of the world's largest exporters of LNG infuture years."
Operations Report For more details on Anadarko's operations andexploration program, please refer to the comprehensive report onthird-quarter 2012 activity. The report is available atwww.anadarko.com on the Investor Relations page.
Conference Call Tomorrow at 9 a.m. CDT, 10 a.m. EDT Anadarko willhost a conference call on Tuesday, October 30 at 9 a.m. CentralDaylight Time (10 a.m. Eastern Daylight Time) to discussthird-quarter results, current operations and the company's outlookfor the remainder of 2012. The dial-in number is 855.812.0464 in theUnited States, or 970.300.2271 internationally. The confirmationnumber is 37608290. For complete instructions on how to participatein the conference call, or to listen to the live audio webcast andslide presentation, please visit www.anadarko.com. A replay of thecall will be available on the website for approximately 30 daysfollowing the conference call.
Financial Data Eight pages of summary financial data follow,including current hedge positions and updated financial andproduction guidance.
(1) See the accompanying table for details of certain items affectingcomparability.
(2) See the accompanying table for a reconciliation of GAAP tonon-GAAP financial measures and a statement indicating why managementbelieves the non-GAAP financial measures provide useful informationfor investors.
Anadarko Petroleum Corporation's mission is to deliver a competitiveand sustainable rate of return to shareholders by exploring for,acquiring and developing oil and natural gas resources vital to theworld's health and welfare. As of year-end 2011, the company hadapproximately 2.54 billion barrels-equivalent of proved reserves,making it one of the world's largest independent exploration andproduction companies. For more information about Anadarko and APCFlash Feed updates, please visit www.anadarko.com.
This news release contains forward-looking statements within themeaning of Section 27A of the Securities Act of 1933 and Section 21Eof the Securities Exchange Act of 1934. Anadarko believes that itsexpectations are based on reasonable assumptions. No assurance,however, can be given that such expectations will prove to have beencorrect. A number of factors could cause actual results to differmaterially from the projections, anticipated results or otherexpectations expressed in this news release, including Anadarko'sability to drill, develop and commercially operate the drillingprospects identified in this news release, to meet financial andoperating guidance, and to successfully plan, build and operate anLNG project. See "Risk Factors" in the company's 2011 Annual Reporton Form 10-K, Quarterly Reports on Form 10-Q, and other publicfilings and press releases. Anadarko undertakes no obligation topublicly update or revise any forward-looking statements.
Cautionary Note to U.S. Investors: Effective Jan. 1, 2010, the UnitedStates Securities and Exchange Commission ("SEC") permits oil and gascompanies, in their filings with the SEC, to disclose only proved,probable and possible reserves that meet the SEC's definitions forsuch terms. Anadarko uses certain terms in this news release, such as"estimated resource range," "estimated recoverable natural gasresources," and similar terms that the SEC's guidelines strictlyprohibit Anadarko from including in filings with the SEC. U.S.investors are urged to consider closely the disclosure in Anadarko'sForm 10-K for the year ended Dec. 31, 2011, File No. 001-08968,available from Anadarko at www.anadarko.com or by writing Anadarkoat: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, TheWoodlands, Texas 77380, Attn: Investor Relations. This form may alsobe obtained by contacting the SEC at 1-800-SEC-0330.
Anadarko Petroleum Corporation
Certain Items Affecting Comparability
Quarter Ended September 30, 2012
----------------------------------
BeforeAfterPer Share
millions except per-share amountsTaxTax(diluted)
------------------------------
Unrealized gains (losses) on
derivatives, net*(456) (290) (0.58)
Gains (losses) on divestitures, net630.01
Impairments, including unproved
properties(5)(4)(0.01)
Algeria exceptional profits tax
settlement(7)(7)(0.01)
Deepwater Horizon settlement and related
costs(4)(3)(0.01)
------------------------------
(466) (301) (0.60)
==============================
* For the quarter ended September 30, 2012, before-tax unrealizedgains (losses) on derivatives, net includes (437) million related tocommodity derivatives, (14) million related to other derivatives,and (5) million related to gathering, processing, and marketingsales.
Quarter Ended September 30, 2011
----------------------------------
BeforeAfterPer Share
millions except per-share amountsTaxTax(diluted)
------------------------------
Deepwater Horizon settlement and related
costs(4,042) (2,617) (5.26)
Unrealized gains (losses) on
derivatives, net*(692)(440)(0.88)
Gains (losses) on divestitures, net(225)(140)(0.28)
Impairments, including unproved
properties(312)(177)(0.36)
------------------------------
(5,271) (3,374) (6.78)
==============================
* For the quarter ended September 30, 2011, before-tax unrealizedgains (losses) on derivatives, net includes 159 million related tocommodity derivatives, (854) million related to other derivatives,and 3 million related to gathering, processing, and marketing sales.
Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of cash provided by operating activities(GAAP) to discretionary cash flow from operations (non-GAAP), freecash flow (non-GAAP), and adjusted free cash flow (non-GAAP), as wellas net income (loss) attributable to common stockholders (GAAP) toadjusted net income (loss) (non-GAAP) as required under Regulation Gof the Securities Exchange Act of 1934. Management uses discretionarycash flow from operations because it is useful in comparisons of oiland gas exploration and production companies as it excludesfluctuations in assets and liabilities. Management uses free cashflow and adjusted free cash flow to demonstrate the Company's abilityto internally fund capital expenditures and to service or incuradditional debt. Management uses adjusted net income (loss) toevaluate the Company's operational trends and performance.
Quarter EndedNine Months Ended
September 30,September 30,
------------------------------------
millions2012201120122011
--------------------------------
Net cash provided by operating
activities2,2291,4666,1194,592
Add back:
Deepwater Horizon settlement and
related costs322(10)57
Algeria exceptional profits tax
settlement(501)-(614)-
Change in accounts receivable(58)404(409)939
Change in accounts payable and
accrued expenses-(9)486(250)
Change in other items-net121(4)(27)88
--------------------------------
Discretionary cash flow from
operations1,7941,8795,5455,426
================================
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Quarter EndedNine Months Ended
September 30,September 30,
----------------- -----------------
millions2012201120122011
-------- -------- -------- --------
Discretionary cash flow from operations1,794 1,879 5,545 5,426
Less: Capital expenditures*1,7791,3035,3784,611
-------- -------- -------- --------
Free cash flow15 576 167 815
======== ======== ======== ========
Collection of Algeria exceptional
profits tax receivable501-614-
-------- -------- -------- --------
Adjusted free cash flow516 576 781 815
======== ======== ======== ========
* Includes Western Gas Partners, LP (WES) capital expenditures of 139million and 45 million for the three months ended September 30, 2012and 2011, respectively, and 360 million and 383 million for thenine months ended September 30, 2012 and 2011, respectively.
Quarter EndedQuarter Ended
September 30, 2012September 30, 2011
----------------------------------------
millions except per-shareAfterPer ShareAfterPer Share
amountsTax(diluted)Tax(diluted)
------------------------------------
Net income (loss) attributable
to common stockholders1210.24(3,051) (6.12)
Less: Certain items affecting
comparability(301)(0.60)(3,374)(6.78)
------------------------------------
Adjusted net income (loss)4220.843230.66
====================================
Presented below is a reconciliation of total debt (GAAP) to net debt(non-GAAP). Management uses net debt as a measure of the Company'soutstanding debt obligations that would not be readily satisfied byits cash and cash equivalents on hand.
September 30,
millions2012
--------------
Total debt14,141
Less: Cash and cash equivalents2,532
--------------
Net debt11,609
==============
Net debt11,609
Stockholders' equity20,393
--------------
Adjusted capitalization32,002
==============
--------------
Net debt to adjusted capitalization ratio36%
==============
Anadarko Petroleum Corporation
(Unaudited)
Quarter EndedNine Months Ended
Summary Financial InformationSeptember 30,September 30,
------------------------------------
millions except per-share amounts2012201120122011
--------------------------------
Consolidated Statements of Income
--------------------------------
Revenues and Other
--------------------------------
Natural-gas sales6138401,6822,564
Oil and condensate sales2,1631,9056,6295,948
Natural-gas liquids sales2893779131,080
Gathering, processing, and marketing
sales218262671750
Gains (losses) on divestitures and
other, net49(185)106(214)
--------------------------------
Total3,3323,19910,00110,128
================================
Costs and Expenses
--------------------------------
Oil and gas operating241262732730
Oil and gas transportation and other247217710633
Exploration2973071,662722
Gathering, processing, and marketing185214552590
General and administrative285293816784
Depreciation, depletion, and
amortization9799322,9362,902
Other taxes2673759701,132
Impairments4183166287
Algeria exceptional profits tax
settlement7-(1,797)-
Deepwater Horizon settlement and
related costs44,042154,077
--------------------------------
Total2,5166,8256,76211,857
================================
Operating Income (Loss)816(3,626)3,239(1,729)
================================
Other (Income) Expense
--------------------------------
Interest expense185206561642
(Gains) losses on commodity
derivatives, net237(230)(231)(317)
(Gains) losses on other derivatives,
net14854154939
Other (income) expense, net(10)40(264)(2)
--------------------------------
Total4268702201,262
================================
Income (Loss) Before Income Taxes390(4,496)3,019(2,991)
================================
Income Tax Expense (Benefit)248(1,468)764(762)
================================
Net Income (Loss)142 (3,028) 2,255 (2,229)
================================
Net Income Attributable to
Noncontrolling Interests21236762
================================
Net Income (Loss) Attributable to
Common Stockholders121 (3,051) 2,188 (2,291)
================================
Per Common Share:
================================
Net income (loss) attributable to
common stockholders-basic0.24(6.12) 4.35(4.60)
Net income (loss) attributable to
common stockholders-diluted0.24(6.12) 4.34(4.60)
================================
Average Number of Common Shares
Outstanding-Basic500498499498
================================
Average Number of Common Shares
Outstanding-Diluted502498501498
================================
================================
Exploration Expense
--------------------------------
Dry hole expense1421734675
Impairments of unproved properties601791,043348
Geological and geophysical expense405289152
Exploration overhead and other5559184147
--------------------------------
Total2973071,662722
================================
Anadarko Petroleum Corporation
(Unaudited)
Quarter EndedNine Months Ended
Summary Financial InformationSeptember 30,September 30,
------------------------------------
millions2012201120122011
--------------------------------
Cash Flows from Operating Activities
--------------------------------
Net income (loss)142 (3,028) 2,255 (2,229)
Depreciation, depletion, and
amortization9799322,9362,902
Deferred income taxes(48)(1,453)95(1,195)
Dry hole expense and impairments of
unproved properties2021961,389423
Impairments4183166287
(Gains) losses on divestitures, net(6)22523243
Unrealized (gains) losses on
derivatives, net456692539767
Deepwater Horizon settlement and
related costs44,042154,077
Algeria exceptional profits tax
settlement7-(1,797)-
Tronox-related contingent loss--(250)-
Other5490174151
--------------------------------
Discretionary Cash Flow from
Operations1,7941,8795,5455,426
Deepwater Horizon settlement and
related costs(3)(22)10(57)
Algeria exceptional profits tax
settlement501-614-
(Increase) decrease in accounts
receivable58(404)409(939)
Increase (decrease) in accounts
payable and accrued expenses-9(486)250
Other items-net(121)427(88)
--------------------------------
Net Cash Provided by Operating
Activities2,2291,4666,1194,592
================================
================================
Capital Expenditures1,7791,3035,3784,611
--------------------------------
September 30,December 31,
millions20122011
---------------------------
Condensed Balance Sheets
---------------------------
Cash and cash equivalents2,5322,697
Algeria exceptional profits tax
settlement1,122-
Other current assets3,6704,234
Net properties and equipment37,97637,501
Other assets1,6641,516
Goodwill and other intangible
assets5,7545,831
---------------------------
Total Assets52,71851,779
---------------------------
Current debt1,039170
Other current liabilities3,7854,729
Long-term debt13,10215,060
Other long-term liabilities13,36112,837
Stockholders' equity20,39318,105
Noncontrolling interests1,038878
---------------------------
Total Liabilities and Equity52,71851,779
===========================
Capitalization
---------------------------
Total debt14,14115,230
Stockholders' equity20,39318,105
---------------------------
Total34,53433,335
===========================
Capitalization Ratios
---------------------------
Total debt41%46%
Stockholders' equity59%54%
===========================
Anadarko Petroleum Corporation
(Unaudited)
Sales Volumes and Prices
Average Daily VolumesSales Volumes
-------------------------- --------------------------
Natural Crude Oil &Natural Crude Oil &
GasCondensateNGLsGasCondensateNGLs
MMcf/dMBbls/dMBbls/dBcfMMBblsMMBbls
------- ---------- ------- ------- ---------- -------
Quarter Ended
September 30, 2012
United States2,49914388231138
Algeria-61--6-
Other International-30--2-
------- ---------- ------- ------- ---------- -------
Total2,49923488231218
------- ---------- ------- ------- ---------- -------
Quarter Ended
September 30, 2011
United States2,27112974209127
Algeria-54--5-
Other International-24--3-
------- ---------- ------- ------- ---------- -------
Total2,27120774209207
------- ---------- ------- ------- ---------- -------
Nine Months Ended
September 30, 2012
United States2,487146816814022
Algeria-57--16-
Other International-30--8-
------- ---------- ------- ------- ---------- -------
Total2,487233816816422
------- ---------- ------- ------- ---------- -------
Nine Months Ended
September 30, 2011
United States2,336132746383620
Algeria-56--15-
Other International-27--8-
------- ---------- ------- ------- ---------- -------
Total2,336215746385920
------- ---------- ------- ------- ---------- -------
Average Sales Price
-----------------------------
NaturalCrude Oil &
GasCondensateNGLs
Per McfPer BblPer Bbl
-------- ----------- --------
Quarter Ended
September 30, 2012
United States2.67 94.19 35.93
Algeria-109.70-
Other International-107.42-
-------- ----------- --------
Total2.67 99.93 35.93
-------- ----------- --------
Quarter Ended
September 30, 2011
United States4.02 94.02 55.47
Algeria-108.59-
Other International-112.17-
-------- ----------- --------
Total4.02 99.92 55.47
-------- ----------- --------
Nine Months Ended
September 30, 2012
United States2.47 99.26 40.96
Algeria-110.46-
Other International-114.21-
-------- ----------- --------
Total2.47 103.90 40.96
-------- ----------- --------
Nine Months Ended
September 30, 2011
United States4.02 96.84 53.48
Algeria-107.82-
Other International-109.79-
-------- ----------- --------
Total4.02 101.35 53.48
-------- ----------- --------
====================================================
Average DailySales Volumes
Volumes MBOE/dMMBOE
--------------- ---------------
Quarter Ended September 30, 201273968
Quarter Ended September 30, 201166061
Nine Months Ended September 30, 2012729200
Nine Months Ended September 30, 2011678185
============================================================================
Sales Revenue and Commodity Derivatives
Sales
---------------------------
Crude Oil
Natural&
millionsGasCondensateNGLs
-------- ----------- ------
Quarter
Ended
September
30, 2012
United
States613 1,246 289
Algeria-617-
Other
Inter-
national-300-
-------- ----------- ------
Total613 2,163 289
-------- ----------- ------
Quarter
Ended
September
30, 2011
United
States840 1,118 377
Algeria-540-
Other
Inter-
national-247-
-------- ----------- ------
Total840 1,905 377
-------- ----------- ------
Nine Months
Ended
September
30, 2012
United
States1,682 3,981 913
Algeria-1,713-
Other
Inter-
national-935-
-------- ----------- ------
Total1,682 6,629 913
-------- ----------- ------
Nine Months
Ended
September
30, 2011
United
States2,564 3,477 1,080
Algeria-1,644-
Other
Inter-
national-827-
-------- ----------- ------
Total2,564 5,948 1,080
-------- ----------- ------
Commodity Derivatives Gain (Loss)
---------------------------------------------------------------
Crude Oil &
Natural GasCondensateNGLs
-----------------------------------------------------------
millionsRealized UnrealizedRealizedUnrealizedRealizedUnrealized
-------- ----------------------------------------------
Quarter
Ended
September
30, 2012
United
States170 (262) 21(164) 3(11)
Algeria--6---
Other
Inter-
national------
-------- ----------------------------------------------
Total170 (262) 27(164) 3(11)
-------- ----------------------------------------------
Quarter
Ended
September
30, 2011
United
States72 7-133(1) 19
Algeria------
Other
Inter-
national------
-------- ----------------------------------------------
Total72 7-133(1) 19
-------- ----------------------------------------------
Nine Months
Ended
September
30, 2012
United
States564 (464) 3677618
Algeria--(6)---
Other
Inter-
national------
-------- ----------------------------------------------
Total564 (464) 3077618
-------- ----------------------------------------------
Nine Months
Ended
September
30, 2011
United
States215 (54) (56) 188(1) 19
Algeria--(3)9--
Other
Inter-
national------
-------- ----------------------------------------------
Total215 (54) (59) 197(1) 19
-------- ----------------------------------------------
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 29, 2012
4th QtrTotal Year
GuidanceGuidance
------------------------------
UnitsUnits
------------------------------
Total Sales (MMBOE)65 -67265 -267
Total Sales (MBOE/d)711 -730724 -730
Crude Oil (MBbl/d):225 -233231 -233
United States151 -154148 -148
Algeria44 -4653 -54
Other International30 -3430 -31
Natural Gas (MMcf/d):
United States2,340 -2,4002,450 -2,465
Natural Gas Liquids (MBbl/d):
United States92 -9684 -85
----------------------------------------------------------------------------
/ Unit / Unit
------------------------------
Price Differentials vs NYMEX (w/o hedges)
Crude Oil (/Bbl):6.50 -8.507.50 -8.00
United States0.50 -2.502.50 -3.00
Algeria17.75 -19.7515.50 -16.00
Other International18.50 -20.5018.00 -18.50
Natural Gas (/Mcf):
United States(0.05) - (0.25)(0.10) - (0.15)
----------------------------------------------------------------------------
Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 29, 2012
4th QtrTotal Year
GuidanceGuidance*
------------------------------
MM MM
------------------------------
Other Revenues:
Marketing and Gathering Margin40 -50175 -185
Minerals and Other30 -40160 -170
----------------------------------------------------------------------------
Costs and Expenses:
/ BOE / BOE
------------------------------
Oil & Gas Direct Operating4.00 -4.203.75 -3.80
Oil & Gas Transportation/Other3.70 -3.903.60 -3.65
Depreciation, Depletion and Amortization14.70 -15.2514.55 -14.75
Production Taxes (% of Revenue)8.5% -9.0%10.0% -10.5%
MM MM
------------------------------
General and Administrative290 -3101,110 -1,130
Exploration Expense
Non-Cash190 -210715 -735
Cash150 -160420 -430
Interest Expense (net)185 -190745 -750
Other (Income) Expense5 -4560 -100
Tax Rate:
Algeria (All current)45% -45%50% -55%
Rest of Company (50% Current for 4Q and
20% for FY)50% -60%45% -50%
----------------------------------------------------------------------------
Avg. Shares Outstanding (MM)
Basic499 -500499 -500
Diluted501 -503501 -503
Capital Investment (Excluding Western Gas
Partners, LP) MM MM
------------------------------
APC Capital Expenditures1,550 -1,8506,400 -6,700
Capitalized Interest45 -50200 -200
* Excludes items affecting comparability
Anadarko Petroleum Corporation
Commodity Hedge Positions (Excluding Natural Gas Basis)
As of 10 a.m. CDT on October 29, 2012
Weighted Average Price per Barrel
---------------------------------
VolumeFloorFloorCeiling
(MBbls/d)SoldPurchasedSold
------------------------------------
Crude Oil
Three-Way Collars
2012
Brent4585.00105.00125.60
WTI1771.3690.91113.30
------------------------------------
6281.34101.22122.30
2013
Brent2685.00105.00125.15
Fixed Price - Financial
2012
Brent40110.10
WTI20101.39
------------------
60107.19
2013
Brent34110.04
Weighted
VolumeAverage
(thousandPrice per
MMBtu/d)MMBtu
------------------
Natural Gas
Fixed Price - Financial
20121,0004.69
20131,0204.00
----------------------------------------------------------------------------
Interest Rate Derivatives
As of October 29, 2012
--------------------------------------------------------------------------
RateRate
InstrumentNotional Amt.Start DateMaturityPaidReceived
--------------------------------------------------------------------------
Swap750 MillionJune 2014June 20246.00%3M LIBOR
Swap1,100 MillionJune 2014June 20445.57%3M LIBOR
Swap50 MillionSeptember 2016September 20265.91%3M LIBOR
Swap750 MillionSeptember 2016September 20465.86%3M LIBOR
----------------------------------------------------------------------------
SOURCE: Anadarko Petroleum Corporation
Copyright 2012 Marketwire, Inc., All rights reserved.
