Anadarko Announces Record Results.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- 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 record fourth-quarter and full-year 2005 net income and highlighted exploration and development results that are expected to contribute to future growth. "The strength in oil and natural gas prices, along with operational improvements and an accretive share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, combined to make 2005 a very successful year," Anadarko Chairman, President 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 Hackett may refer to: In places:
FOURTH-QUARTER 2005 RESULTS Fourth-quarter net income available to common shareholders was $874 million, or $3.73 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), on revenues of $2.25 billion. Net income included costs associated with certain legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and international impairments amounting to $84 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , or 36 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (diluted), partially offset by unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on commodity-related derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. and gains from the company's firm transportation keep-whole agreement that totaled $50 million after-tax, or 21 cents per share (diluted). Net income for the fourth quarter of 2004 was $405 million, or $1.64 per share (diluted), on revenues of $1.62 billion. Fourth-quarter 2004 net income included international impairments, legal settlements and charges related to the refocused strategy, partially offset by unrealized gains on commodity-related derivatives and gains from the firm transportation keep-whole agreement, together totaling $71 million after taxes, or 29 cents per share (diluted). Cash flow from operating activities was $1.27 billion in the fourth quarter, 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 $1.59 billion.(1) Sales volumes of natural gas, crude oil and natural gas liquids in the fourth quarter totaled 39 million barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ), or 429,000 BOE per day. Natural gas sales volumes averaged 1,386 million cubic feet per day, at an average price of $9.94 per thousand cubic feet. Oil sales volumes in the fourth quarter averaged 164,000 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. , with an average price of $52.16 per barrel barrel: see English units of measurement. . Natural gas liquids sales volumes averaged 34,000 barrels per day, at an average price of $39.16 per barrel. Overall sales volumes were up slightly from the third quarter 2005, despite the continued temporary impact of hurricanes on significant 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 development projects, and were down year-over-year due to asset divestitures associated with Anadarko's 2004 refocused strategy. "Anadarko's fourth-quarter performance was a strong finish to a watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. year," Hackett said. "Revenues set an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal quarterly record, while at the same time we reduced direct operating costs operating costs npl → gastos mpl operacionales 21 percent from the prior-year period. As a result, we were able to continue expanding our cash margins, partly because of higher commodity prices, but also due to a restructured, more efficient asset base." In October October: see month. , Anadarko completed a $2 billion stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program that began in June June: see month. 2004. In November November: see month. , the board of directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a new $1 billion stock repurchase program, under which Anadarko bought back 2.7 million shares for $246 million by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . Since inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of these two programs, 31.1 million shares were purchased at an average cost of $72.33 per share (including all transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). ), versus a year-end stock price of $94.75 per share. FULL-YEAR 2005 RESULTS Anadarko reported full-year 2005 net income available to common shareholders of $2.47 billion, or $10.39 per share (diluted), on revenues of $7.1 billion. Net income in 2004 was $1.6 billion, or $6.36 per share (diluted), on revenues of $6.08 billion. Cash flow from operating activities totaled $4.15 billion in 2005. Discretionary cash flow totaled $4.42 billion.(1) Sales volumes of natural gas, crude oil and natural gas liquids for 2005 totaled 158 million BOE, down from 2004 volumes of 190 million BOE due to asset divestitures. Adjusted for these property sales, volumes increased 5 percent in 2005 compared to the prior year. "Our refocused strategy delivered good results in 2005, with record earnings and cash flows generated by a smaller asset portfolio," Hackett said. "Our $3.4 billion capital program funded exploration and development activity designed to provide volume growth for years to come. In addition to the capital program, we returned about $1.3 billion to stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. through share repurchases, dividends and debt reduction, and still ended the year with $739 million of cash. We entered 2006 with a diverse portfolio of opportunities and a strong, flexible balance sheet, with debt-less-cash-on-hand representing 21 percent of capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ." 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. Anadarko added 291 million BOE of proved reserves, ending 2005 with a total of 2.45 billion BOE, up 6 percent from year-end 2004 excluding sales of reserves in place. This is the 24th consecutive year that Anadarko has more than replaced annual production with new proved reserves. Reserve additions in 2005 came primarily from the deepwater Deepwater or Deep Water may refer to:
Cheyenne, city (1990 pop. 50,008), alt. 6,062 ft (1,848 m), state capital and seat of Laramie co., SE Wyo., near the Colo. and Nebr. lines; inc. 1868. , Genghis Khan Genghis Khan: see Jenghiz Khan. Genghis Khan or Chinggis Khan orig. Temüjin (born 1162, near Lake Baikal, Mongolia—died Aug. and Knotty Head Knotty Head is the deepest oil well drilled in the Gulf of Mexico. It is drilled in 3,500 feet of water and 30,589 feet below the sea floor. It is owned jointly by Chevron, Anadarko Petroleum Corporation, BHP Billiton and Nexen Inc. with each having 25% of the share. discoveries) and fields in the North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. Vernon Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. , East Texas Bossier Bossier may refer to:
American writer best known for Roots (1976), a fictionalized chronicle tracing his family history back to its African origins. Noun 1. , Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. Salt Creek Salt Creek refers to:
Anadarko's year-end 2005 proved reserves remain nearly balanced between natural gas (54 percent, or 7.9 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet) and liquids (46 percent, or 1.1 billion barrels), which include crude oil, condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. and natural gas liquids. "Anadarko's drilling program has continued to achieve organic reserve replacement rates above its peers. In 2005, our reserve additions significantly exceeded the reserves we produced," Hackett said. "Our unconventional-resource focus onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. has yielded solid, lower-risk and highly economic reserve additions, while exploratory success in the deepwater Gulf of Mexico and new initiatives underway internationally position us for continued reserve growth in the future." CONFERENCE CALL TOMORROW AT 9 A.M. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. , 10 A.M. EST EST electroshock therapy. EST abbr. electroshock therapy Anadarko will host a conference call on Tuesday Tuesday: see week. , Feb. 7, at 9 a.m. Central Standard Time (10 a.m. Eastern Standard Time) to discuss 2005 results and the company's outlook for 2006. The dial-in number is 913-981-4900, and the confirmation number is 3986947. 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 2005 drilling 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 Six pages of summary financial and reserves data follow. 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. Anadarko's operational focus in North America extends from the deepwater Gulf of Mexico, up through the western U.S. and Canadian regions and onto the North Slope North Slope, Alaska: see Alaska North Slope. of Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States . Anadarko's international activities are focused on its major positions in North Africa, the Middle East, Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. and exploration or production operations in several other countries. For more information about how Anadarko is bringing excellence to the surface, please visit: www.anadarko.com. (1) See accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. 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 statement indicating why management believes the non-GAAP measures are useful information for investors. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 "Regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. Matters and Additional Factors Affecting Business" in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial (MD&A) included in the company's 2004 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, 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 Year Ended
December 31 December 31
------------------- -------------------
millions 2005 2004 2005 2004
---------------------------------------------------------------------
Cash Flow
---------------------------------------------------------------------
Net cash provided by operating
activities $1,271 $450 $4,146 $3,207
Add back:
Change in accounts
receivable 314 7 563 239
Change in accounts payable
and accrued expenses (16) 388 (373) (270)
Change in other items - net 21 170 87 289
---------------------------------------------------------------------
Discretionary Cash Flow $1,590 $1,015 $4,423 $3,465
---------------------------------------------------------------------
Anadarko Petroleum Corporation
Summary Financial Quarter Ended Year Ended
Information (a) December 31 December 31
------------------- -------------------
$ and shares in millions 2005 2004 2005 2004
---------------------------------------------------------------------
Revenues
---------------------------------------------------------------------
Gas sales $1,267 $850 $3,709 $3,298
Oil and condensate sales 783 581 2,838 2,211
Natural gas liquids sales 124 141 457 460
Other sales 71 44 96 110
---------------------------------------------------------------------
Total 2,245 1,616 7,100 6,079
---------------------------------------------------------------------
Costs and Expenses
---------------------------------------------------------------------
Direct operating 146 184 544 682
Transportation and cost of
product 85 67 302 250
General and administrative 131 154 442 423
Depreciation, depletion and
amortization 352 355 1,343 1,447
Other taxes 95 60 376 312
Impairments related to oil and
gas properties 65 63 78 72
---------------------------------------------------------------------
Total 874 883 3,085 3,186
---------------------------------------------------------------------
Operating Income 1,371 733 4,015 2,893
---------------------------------------------------------------------
Interest Expense and Other
(Income) Expense
---------------------------------------------------------------------
Interest expense 49 92 201 352
Other (income) expense (46) (6) (81) 64
---------------------------------------------------------------------
Total 3 86 120 416
---------------------------------------------------------------------
Income Before Income Taxes 1,368 647 3,895 2,477
---------------------------------------------------------------------
Income Tax Expense 493 241 1,424 871
---------------------------------------------------------------------
Net Income $875 $406 $2,471 $1,606
---------------------------------------------------------------------
Preferred Stock Dividends 1 1 5 5
---------------------------------------------------------------------
Net Income Available to Common
Stockholders $874 $405 $2,466 $1,601
---------------------------------------------------------------------
Per Common Share
---------------------------------------------------------------------
Net income - basic $3.77 $1.66 $10.49 $6.41
Net income - diluted $3.73 $1.64 $10.39 $6.36
---------------------------------------------------------------------
Average Number of Common
Shares Outstanding - Basic 232 244 235 250
---------------------------------------------------------------------
Average Number of Common
Shares Outstanding - Diluted 234 246 237 252
---------------------------------------------------------------------
(a) Unrealized gains and losses relating to corporate oil and gas
hedge ineffectiveness have been reclassified to conform to the
current presentation. The effect on prior periods is
insignificant.
Anadarko Petroleum Corporation
Quarter Ended Year Ended
Summary Financial Information December 31 December 31
------------------- -------------------
$ in millions 2005 2004 2005 2004
---------------------------------------------------------------------
Cash Flow from Operating
Activities
---------------------------------------------------------------------
Net income $875 $406 $2,471 $1,606
Depreciation, depletion and
amortization 352 355 1,343 1,447
Deferred income taxes 323 205 566 276
Impairments related to oil and
gas properties 65 63 78 72
Other noncash items (25) (14) (35) 64
----------------------------------------------------------------------
1,590 1,015 4,423 3,465
(Increase) decrease in
accounts receivable (314) (7) (563) (239)
Increase (decrease) in
accounts payable and accrued
expenses 16 (388) 373 270
Other items - net (21) (170) (87) (289)
---------------------------------------------------------------------
Net Cash Provided by Operating
Activities $1,271 $450 $4,146 $3,207
---------------------------------------------------------------------
---------------------------------------------------------------------
Capital Expenditures
---------------------------------------------------------------------
Capital spending $961 $770 $3,192 $2,830
Capitalized interest 17 19 69 86
Capitalized overhead 52 47 176 174
---------------------------------------------------------------------
Total $1,030 $836 $3,437 $3,090
---------------------------------------------------------------------
December 31, September 30, December 31,
2005 2005 2004
---------------------------------------------------------------------
Condensed Balance Sheet
---------------------------------------------------------------------
Cash and cash equivalents $739 $1,012 $874
Other current assets 2,177 1,968 1,628
Net properties and equipment 17,862 17,283 15,913
Other assets 614 463 468
Goodwill 1,196 1,286 1,309
---------------------------------------------------------------------
Total Assets $22,588 $22,012 $20,192
---------------------------------------------------------------------
Current liabilities $2,403 $2,435 $1,993
Long-term debt 3,555 3,604 3,671
Other long-term liabilities 5,579 5,399 5,243
Stockholders' equity 11,051 10,574 9,285
---------------------------------------------------------------------
Total Liabilities and
Stockholders' Equity $22,588 $22,012 $20,192
---------------------------------------------------------------------
Capitalization
---------------------------------------------------------------------
Total debt $3,677 $3,676 $3,840
Stockholders' equity 11,051 10,574 9,285
---------------------------------------------------------------------
Total $14,728 $14,250 $13,125
---------------------------------------------------------------------
Capitalization Ratios
---------------------------------------------------------------------
Total debt 25% 26% 29%
Stockholders' equity 75% 74% 71%
---------------------------------------------------------------------
Anadarko Petroleum Corporation
Quarter Ended Year Ended
Volumes and Prices (a) December 31 December 31
------------------- -------------------
2005 2004 2005 2004
----------------------------------------------------------------------
Natural Gas
----------------------------------------------------------------------
United States
----------------------------------------------------------------------
Volumes, billion cubic feet 102 120 414 499
Average daily volumes, million
cubic feet per day 1,114 1,306 1,136 1,363
Price per thousand cubic feet $9.83 $5.63 $7.16 $5.18
----------------------------------------------------------------------
Canada
----------------------------------------------------------------------
Volumes, billion cubic feet 25 31 102 138
Average daily volumes, million
cubic feet per day 272 335 278 378
Price per thousand cubic feet $10.39 $5.62 $7.29 $5.17
----------------------------------------------------------------------
Total
----------------------------------------------------------------------
Volumes, billion cubic feet 127 151 516 637
Average daily volumes, million
cubic feet per day 1,386 1,641 1,414 1,741
Price per thousand cubic feet $9.94 $5.63 $7.19 $5.18
----------------------------------------------------------------------
Crude Oil and Condensate
----------------------------------------------------------------------
United States
----------------------------------------------------------------------
Volumes, million barrels 6 10 24 32
Average daily volumes,
thousand barrels per day 70 92 68 88
Price per barrel $51.24 $35.10 $44.35 $31.65
----------------------------------------------------------------------
Canada
----------------------------------------------------------------------
Volumes, million barrels 1 1 3 5
Average daily volumes,
thousand barrels per day 7 12 7 14
Price per barrel $51.36 $43.45 $49.48 $37.37
----------------------------------------------------------------------
Algeria
----------------------------------------------------------------------
Volumes, million barrels 6 4 24 22
Average daily volumes,
thousand barrels per day 61 49 65 61
Price per barrel $56.92 $37.03 $54.38 $34.78
----------------------------------------------------------------------
Other International
----------------------------------------------------------------------
Volumes, million barrels 2 2 8 8
Average daily volumes,
thousand barrels per day 26 24 22 22
Price per barrel $43.48 $30.18 $39.37 $27.91
----------------------------------------------------------------------
Total
----------------------------------------------------------------------
Volumes, million barrels 15 17 59 67
Average daily volumes,
thousand barrels per day 164 177 162 185
Price per barrel $52.16 $35.55 $47.92 $32.66
----------------------------------------------------------------------
Natural Gas Liquids
----------------------------------------------------------------------
Total
----------------------------------------------------------------------
Volumes, million barrels 3 4 13 17
Average daily volumes,
thousand barrels per day 34 46 36 45
Price per barrel $39.16 $33.15 $34.53 $27.76
----------------------------------------------------------------------
Total Barrels of Oil
Equivalent (BOE)
----------------------------------------------------------------------
Volumes, million BOE 39 46 158 190
Average daily volumes,
thousand BOE per day 429 497 434 520
----------------------------------------------------------------------
(a) Unrealized gains and losses relating to corporate oil and gas
hedge ineffectiveness have been reclassified to conform to the
current presentation. The effect on prior periods is
insignificant.
Anadarko Petroleum Corporation
Oil and Gas Reserves
Other
U.S. Canada Algeria Int'l Total
--------------------------------------------------------------------
Total (MMBOE)
--------------------------------------------------------------------
Proved Reserves
--------------------------------------------------------------------
December 31, 2004 1,646 254 350 117 2,367
Revisions of prior
estimates
Performance 5 (6) (20) (16) (37)
Price-related 9 1 14 (10) 14
Extensions, discoveries and
other additions 226 34 4 - 264
Improved recovery 45 - - - 45
Purchases in place 5 - - - 5
Sales in place (25) (1) - (25) (51)
Production (106) (20) (24) (8) (158)
--------------------------------------------------------------------
December 31, 2005 1,805 262 324 58 2,449
--------------------------------------------------------------------
Proved Developed Reserves
--------------------------------------------------------------------
December 31, 2004 1,095 195 176 51 1,517
December 31, 2005 1,099 199 195 31 1,524
--------------------------------------------------------------------
Natural Gas (Bcf)
--------------------------------------------------------------------
Proved Reserves
--------------------------------------------------------------------
December 31, 2004 6,093 1,282 - 153 7,528
Revisions of prior
estimates
Performance 29 (35) - - (6)
Price-related 28 1 - - 29
Extensions, discoveries and
other additions 912 188 - - 1,100
Improved recovery - - - - -
Purchases in place 28 2 - - 30
Sales in place (98) (4) - (153) (255)
Production (414) (102) - - (516)
--------------------------------------------------------------------
December 31, 2005 6,578 1,332 - - 7,910
--------------------------------------------------------------------
Proved Developed Reserves
--------------------------------------------------------------------
December 31, 2004 4,469 997 - - 5,466
December 31, 2005 4,553 1,024 - - 5,577
--------------------------------------------------------------------
Oil, Condensate and NGLs
(MMBbls)
--------------------------------------------------------------------
Proved Reserves
--------------------------------------------------------------------
December 31, 2004 632 40 350 91 1,113
Revisions of prior
estimates
Performance - - (20) (16) (36)
Price-related 3 1 14 (9) 9
Extensions, discoveries and
other additions 74 2 4 - 80
Improved recovery 45 - - - 45
Purchases in place - - - - -
Sales in place (9) - - - (9)
Production (37) (3) (24) (8) (72)
--------------------------------------------------------------------
December 31, 2005 708 40 324 58 1,130
--------------------------------------------------------------------
Proved Developed Reserves
--------------------------------------------------------------------
December 31, 2004 350 29 176 51 606
December 31, 2005 340 28 195 31 594
--------------------------------------------------------------------
Anadarko Petroleum Corporation
Costs Incurred and Capital Expenditures - Oil and Gas Producing
Activities
millions 2005
----------------------------------------------------------------------
United States
Property acquisition
Exploration $216
Development 44
Exploration 527
Development 1,854
----------------------------------------------------------------------
Total United States - Costs Incurred 2,641
----------------------------------------------------------------------
Less: Asset retirement costs (29)
Plus: Asset retirement expenditures 25
----------------------------------------------------------------------
Total United States - Oil & Gas Capital Expenditures 2,637
----------------------------------------------------------------------
Canada
Property acquisition
Exploration 40
Development 1
Exploration 134
Development 319
----------------------------------------------------------------------
Total Canada - Costs Incurred 494
----------------------------------------------------------------------
Less: Asset retirement costs (8)
Plus: Asset retirement expenditures 4
----------------------------------------------------------------------
Total Canada - Oil & Gas Capital Expenditures 490
----------------------------------------------------------------------
Algeria
Exploration 12
Development 45
----------------------------------------------------------------------
Total Algeria - Costs Incurred 57
----------------------------------------------------------------------
Less: Asset retirement costs -
Plus: Asset retirement expenditures -
----------------------------------------------------------------------
Total Algeria - Oil & Gas Capital Expenditures 57
----------------------------------------------------------------------
Other International
Property acquisition
Exploration 13
Exploration 49
Development 60
----------------------------------------------------------------------
Total Other International - Costs Incurred 122
----------------------------------------------------------------------
Less: Asset retirement costs -
Plus: Asset retirement expenditures -
----------------------------------------------------------------------
Total Other International - Oil & Gas Capital
Expenditures 122
----------------------------------------------------------------------
Total
Property acquisition
Exploration 269
Development 45
Exploration 722
Development 2,278
----------------------------------------------------------------------
Total - Costs Incurred 3,314
----------------------------------------------------------------------
Less: Asset retirement costs (37)
Plus: Asset retirement expenditures 29
----------------------------------------------------------------------
Total - Oil & Gas Capital Expenditures $3,306
----------------------------------------------------------------------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion