Anadarko Announces First-Quarter Results.HOUSTON -- Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange : APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) today announced a first-quarter 2009 net loss attributable to common stockholders of $338 million, or $0.73 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by approximately $96 million, or $0.20 per share (diluted) on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. .(1)Cash flow from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the first quarter of 2009 was $527 million, and discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. totaled $741 million.(2) FIRST-QUARTER 2009 HIGHLIGHTS * Announced four significant deepwater discoveries * Achieved sequential volume growth over fourth-quarter 2008 * Recognized further improvements in cost structure and drilling efficiencies * Issued bonds to refinance near-term debt and supplement liquidity "Our portfolio yielded very good operating results during the quarter; however, we continue to face a challenging period until we see better alignment between costs and commodity prices," Anadarko Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jim Hackett said. "We prudently scaled back our near-term capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. and still improved sales volumes by approximately 2 million barrels from the fourth quarter of 2008. Toward the end of the second quarter we expect to resume production of approximately 30,000 net BOE (barrels of oil equivalent) per day, currently shut-in due to the lingering effects of hurricane-related outages to downstream infrastructure in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . We remain on track to achieve our 2009 production target of between 208 million and 212 million BOE." "We also had an outstanding quarter with regard to exploration success, which reinforces our commitment to invest in this program. We announced four high-impact discoveries during the quarter - the Heidelberg and Shenandoah prospects in the deepwater Gulf of Mexico and the Tweneboa and Mahogany Deep prospects in West Africa. Additionally, we achieved important milestones in the development of our three mega projects, enabling us to effectively manage costs and maintain schedules for first production." Anadarko and its partners continue to move forward with the Phase I development of the Jubilee field. The Ghanaian government is currently reviewing the field's Plan of Development, and Jubilee remains on track to deliver first production in late 2010. In the deepwater Gulf of Mexico, preparations are under way to begin development drilling in the third quarter at the company's Caesar/Tonga complex, with first production anticipated in early 2011. In Algeria, Anadarko and its partners have awarded the key contracts for the development of the El Merk project, with production expected to commence in 2012. "The advancement of these major development projects and our exploration successes continue to position Anadarko for material future reserve and production growth. Our financial position, improving cost structure and drilling efficiencies are allowing us to manage through the current market environment with a focus on future growth," Hackett added. First-quarter 2009 sales volumes of natural gas, crude oil and natural gas liquids totaled 54 million BOE, or 600,000 BOE per day. First-quarter 2009 natural gas sales volumes averaged 2.3 billion cubic feet per day. Oil sales volumes in the first quarter averaged 174,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. and natural gas liquids sales volumes averaged 40,000 barrels per day. CONFERENCE CALL TOMORROW AT 9 A.M. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT , 10 A.M. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT Anadarko will host a conference call on Thursday, May 7, at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) to discuss first-quarter results and the company's outlook for the remainder of 2009. The dial-in number is 888.713.4213 in the United States or 617.213.4865 internationally. The confirmation number is 62504318. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will also be available on the Web site for approximately 30 days following the conference call. ANADARKO OPERATIONS REPORT For more details on Anadarko's operations, please refer to the comprehensive report on first-quarter activity. The report will be available at www.anadarko.com on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page. FINANCIAL DATA Nine pages of summary financial data follow, including current hedge positions, financial guidance and supplemental production 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 2008, the company had approximately 2.3 billion barrels of oil equivalent of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com. (1)See the accompanying table for details of certain items affecting comparability. (2)See the accompanying table for a reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide 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, including Anadarko's ability to achieve its production targets, successfully manage its capital expenditures, and timely complete and commercially operate the drilling prospects identified in this news release. See "Risk Factors" in the company's 2008 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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