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ANADARKO REPORTS SIGNIFICANT INCREASE IN FIRST QUARTER RESULTS

 HOUSTON, April 29 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced first quarter 1993 net income (before changes in accounting principles) of $15.3 million (28 cents per share of common stock) compared to $4.2 million (8 cents per share of common stock) for the first quarter of 1992. After changes in accounting principles related to income taxes and post-retirement benefits(A), net income for the first quarter of 1993 was $92.7 million ($1.67 per share).
 Revenues for the first quarter of 1993 were $129.3 million compared to $83.4 million for the first quarter of 1992, an increase of 55 percent. The increase in revenues and net income is due primarily to higher natural gas production and prices and higher crude oil production from an acquisition of producing properties in 1992.
 Anadarko's natural gas production for the first quarter of 1993 was 46.8 billion cubic feet (Bcf) or 520 million cubic feet per day (MMcf/d), which is 18 percent higher than first quarter 1992 volumes and a record quarterly volume for Anadarko. The company's average U.S. natural gas price for the first quarter was $1.73 per thousand cubic feet (Mcf) compared to $1.37 per Mcf for the first quarter of 1992, an increase of 26 percent.
 Anadarko's crude oil production for the first quarter of 1993 was 1.9 million barrels, an increase of 67 percent compared to the first quarter of 1992, and also a record quarterly volume for Anadarko. The volume increase is due to the acquisition of producing properties in 1992. The company's average U.S. crude oil price for the first quarter of 1993 was $17.67 per barrel, up 4 percent compared to $16.95 per barrel during the same period of 1992.
 (A) -- Changes in accounting principles resulted from implementation of Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes and SFAS No. 106, Employers' Accounting for Post-Retirement Benefits Other Than Pensions. SFAS 109 increased 1993 income (net of taxes) by $87.1 million; SFAS 106 decreased 1993 income (net of taxes) by $9.7 million. The cumulative effect of these accounting changes is an increase of $77.4 million ($1.40 per share).
 Anadarko Petroleum Corporation is one of the nation's largest independent natural gas and crude oil exploration and production companies. Anadarko's exploration, development and production activities are concentrated in North America's primary geologic basins onshore and offshore. Exploration efforts also are conducted in frontier areas of the United States and overseas. Anadarko has activities in 20 states and three Canadian provinces.
 ANADARKO PETROLEUM CORPORATION
 Volumes and U.S. Prices
 Year to Date March 31 1993 1992
 Natural gas, billion cubic feet 46.8 39.6
 Price per thousand cubic feet $ 1.73 $ 1.37
 Crude oil and condensate, thousand barrels 1,931 1,157
 Price per barrel $17.67 $16.95
 Natural gas liquids, thousand barrels 807 547
 Price per gallon $ 0.34 $ 0.28
 Summary Financial Data
 Year to Date March 31 1993 1992
 Revenues
 Gas sales $ 83.1 $ 57.1
 Oil and condensate sales 33.3 18.7
 Natural gas liquids and other 12.9 7.6
 Total 129.3 83.4
 Costs and Expenses
 Operating expenses 24.2 18.3
 Administrative and general 12.9 9.3
 Depreciation, depletion and amortization 45.6 34.3
 Other taxes 11.1 7.9
 Provisions for impairments of international properties 4.7 --
 Total 98.5 69.8
 Operating Income 30.8 13.6
 Other Income 0.3 0.3
 Gross Income 31.1 13.9
 Interest Expense 8.4 7.3
 Income before Income Taxes and Cumulative Effect of
 Changes in Accounting Principles 22.7 6.6
 Income Taxes 7.4 2.4
 Net Income before Cumulative Effect of Changes in
 Accounting Principles 15.3 4.2
 Cumulative effect of changes in accounting principles 77.4 --
 Net Income $ 92.7 $ 4.2
 Per Common Share
 Primary
 Net income before cumulative effect of changes
 in accounting principles $ 0.28 $ 0.08
 Cumulative effect of changes in accounting principles 1.40 --
 Net income $ 1.67 $ 0.08
 Fully Diluted
 Net income before cumulative effect of changes
 in accounting principles $ 0.28 $ 0.08
 Cumulative effect of changes in accounting principles 1.32 --
 Net income $ 1.60 $ 0.08
 Dividends $0.075 $0.075
 Average Number of Shares Outstanding
 Primary 55.4 55.2
 Fully Diluted 58.5 55.2
 Capital Expenditures $ 39.7 $ 29.8
 -0- 4/29/93
 /CONTACT: A. Paul Taylor, Jr. of Anadarko Petroleum Corporation, 713-875-1101/
 (APC)


CO: Anadarko Petroleum Corporation ST: Texas IN: OIL SU: ERN

TS -- NY061 -- 2631 04/29/93 11:49 EDT
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Date:Apr 29, 1993
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