Anadarko Announces Third-Quarter 2016 Results

Anadarko Announces Third-Quarter 2016 Results

Anadarko Petroleum Corporation (NYSE: APC) announced its financial and operating results for the third quarter of 2016, including a net loss attributable to common stockholders of $830 million, or $1.61 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $371 million or $0.72 per share (diluted) on an after-tax basis.(1) Net cash provided by operating activities in the third quarter of 2016 was $785 million.

HIGHLIGHTS

Delivered strong sales volumes with oil volumes exceeding the midpoint of guidance by approximately 13,000 barrels per day

Further reduced costs, with both capital expenditures and lease operating expense (LOE) per barrel of oil equivalent (BOE) favorable to guidance

Closed nearly $3 billion of monetizations year to date

Announced $2 billion acquisition of Freeport McMoRan’s deepwater Gulf of Mexico assets

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“Anadarko delivered strong operating performance and generated net cash of $785 million during the quarter,”

said Al Walker, Anadarko Chairman, President and CEO.

“We are increasing our 2016 full-year divestiture-adjusted(2) sales-volume guidance by 8 million BOE from the midpoint of our initial expectations and further enhancing our financial position with line of sight to more than $4 billion of monetizations for the year. We have accelerated activity with two additional rigs in both the Delaware Basin and the DJ Basin in conjunction with our $2 billion deepwater Gulf of Mexico property acquisition, which remains on track to close prior to year end.

Collectively, these actions and results have streamlined our operations, strengthened our financial position and provide confidence in our ability to deliver a 10- to 12-percent compounded annual oil growth rate over the next five years.”

Source / More: OPERATIONS SUMMARY

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