Anadarko Announces Strong First Quarter 2004 Earnings.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--April 30, 2004 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 first quarter 2004 net income available to common shareholders of $392 million, or $1.55 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 $1.46 billion. Net income included a $40 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. charge for an operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. settlement related to a former UPR-owned refinery in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. . Net income excluding this charge was $1.70 per share (diluted).(1) For the same period in 2003, net income before the cumulative effect of a change in accounting principle was $371 million, or $1.45 per share (diluted), on revenues of $1.26 billion. Including the accounting change, net income was $418 million, or $1.63 per share (diluted), in the 2003 first quarter. "Strong volumes and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. variances on expenses compared to our guidance, in addition to robust commodity prices, have us on track to deliver on the performance metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees [1]. we've we've Contraction of we have. we've have laid out for shareholders this year," said Anadarko 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:
Cash flow from operating activities totaled $885 million in the first quarter 2004, compared to $705 million for the first quarter 2003. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses before changes in assets and liabilities for the first quarter 2004 totaled $944 million, compared to $794 million for the first quarter 2003.(1) During the first quarter of 2004, sales volumes totaled 49 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 538,000 BOE per day, up 8 percent from 2003 first quarter sales volumes of 498,000 BOE per day. Oil sales volumes in the first quarter were 202,000 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. (bpd), compared to 173,000 bpd in the same quarter of 2003. The 17 percent increase is mainly attributed to the company's Algerian operations, due to the timing of cargo liftings and the expansion of production facilities and infrastructure. The company's average realized oil prices were $29.94 per barrel barrel: see English units of measurement. , compared with 2003 first quarter prices of $28.64 per barrel. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. natural gas sales volumes of 1,723 million cubic feet (MMcf) per day rose 1 percent from first quarter 2003 volumes of 1,705 MMcf per day. Anadarko's average realized natural gas price in the first quarter of 2004 was $4.92 per thousand cubic feet (Mcf), compared with $4.60 per Mcf for the same period in 2003. EARNINGS CONFERENCE CALL TODAY AT 9:30 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 , 10:30 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 an earnings conference call today at 9:30 a.m. Central Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time (10:30 a.m. Eastern Daylight Time) to discuss first quarter 2004 results and the company's outlook for the remainder of the year. The dial-in number is 913-981-4910, and the confirmation number is 734340. 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 first quarter drilling activity. The report will be available this morning at www.anadarko.com on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page. Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies. Anadarko's operational focus extends from 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 and prolific Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Mid-Continent basins, up through the
western U.S. and Canadian Rockies The Canadian Rockies comprise the Canadian segment of the North American Rocky Mountains range. The southern end in Alberta and British Columbia borders Idaho and Montana of the USA. The northern end is at the Liard Plain in British Columbia. 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 also has significant production in Algeria Algeria (ăljēr`ēə), Arab. Al Djazair, Fr. Algérie, officially People's Democratic Republic of Algeria, republic (2005 est. pop. , Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. and Qatar Qatar or Katar (both: kŭ`tər, gŭ–, kətär`), officially State of Qatar, independent emirate (2005 est. pop. 863,000), c. and is executing strategic exploration programs in several other
countries. More information is available at 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. tables for a reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). to non-GAAP financial measures utilized in calculating net income excluding the operating lease settlement charge, cash flow from operations before changes in assets and liabilities and statements indicating why management believes the non-GAAP measures of net income and cash flow 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 and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While Anadarko makes these forward-looking statements in good faith, neither Anadarko nor its management can guarantee that the anticipated future results will be achieved. 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 included in the company's 2003 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. . FINANCIAL DATA Seven pages of summary financial data follow, including current hedge positions and guidance.
Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
Below is a reconciliation of net income before cumulative effect of
change in accounting principle (GAAP) to net income before cumulative
effect of change in accounting principle and operating lease
settlement charge (non-GAAP) related to a former UPR-owned refinery in
Corpus Christi, Texas, as required under Regulation G of the
Securities Exchange Act of 1934. The company uses net income before
change in accounting principle excluding the operating lease
settlement charge, included in other (income) expense, to evaluate the
company's results from current operations. The operating lease
settlement charge net of income taxes is excluded due to the lack of
comparability between periods.
Quarter Ended
March 31
----------------
millions except per share amounts 2004 2003
======================================================================
Net Income
----------------------------------------------------------------------
Net income available to common stockholders before
cumulative effect of change in accounting principle $392 $371
Add back:
Operating lease settlement charge, net of taxes 40 -
----------------------------------------------------------------------
Net income available to common stockholders excluding
operating lease settlement charge $432 $371
======================================================================
Per Common Share
----------------------------------------------------------------------
Net income - before change in accounting principle -
diluted $1.55 $1.45
Net income - before change in accounting principle
excluding operating lease settlement charge - diluted $1.70 $1.45
======================================================================
Below is a reconciliation of cash provided by operating activities
(GAAP) to cash flow from operations before changes in assets and
liabilities (non-GAAP) as required under Regulation G of the
Securities Exchange Act of 1934. The company uses cash flow from
operations before changes in assets and liabilities 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
March 31
----------------
millions 2004 2003
======================================================================
Cash Flow
----------------------------------------------------------------------
Net cash provided by operating activities $885 $705
Add back:
Change in accounts receivable 39 266
Change in accounts payable and accrued expenses (20) (273)
Change in other items - net 40 96
----------------------------------------------------------------------
Cash flow from operations before changes in assets and
liabilities $944 $794
======================================================================
Anadarko Petroleum Corporation
Quarter Ended
Summary Financial Information March 31
----------------
$ and shares in millions 2004 2003
======================================================================
Revenues
----------------------------------------------------------------------
Gas sales $772 $706
Oil and condensate sales 551 445
Natural gas liquids sales 103 85
Other sales 34 19
----------------------------------------------------------------------
Total 1,460 1,255
======================================================================
Costs and Expenses
----------------------------------------------------------------------
Direct operating 158 136
Transportation and cost of product 57 40
Administrative and general 79 88
Depreciation, depletion and amortization 348 290
Other taxes 81 75
Impairments related to oil and gas properties 9 5
----------------------------------------------------------------------
Total 732 634
======================================================================
Operating Income 728 621
======================================================================
Interest Expense and Other (Income) Expense
----------------------------------------------------------------------
Interest expense 63 60
Other (income) expense 60 (39)
----------------------------------------------------------------------
Total 123 21
======================================================================
Income before Income Taxes 605 600
======================================================================
Income Tax Expense 212 228
----------------------------------------------------------------------
Net Income Before Cumulative Effect of Change in
Accounting Principle $393 $372
======================================================================
Preferred Stock Dividends 1 1
======================================================================
Net Income Available to Common Stockholders Before
Cumulative Effect of Change in Accounting Principle $392 $371
======================================================================
Cumulative Effect of Change in Accounting Principle - 47
======================================================================
Net Income Available to Common Stockholders $392 $418
======================================================================
Per Common Share
----------------------------------------------------------------------
Net income - before change in accounting principle -
basic $1.56 $1.49
Net income - before change in accounting principle -
diluted $1.55 $1.45
Change in accounting principle - basic $- $0.19
Change in accounting principle - diluted $- $0.18
Net income - basic $1.56 $1.68
Net income - diluted $1.55 $1.63
----------------------------------------------------------------------
Average Number of Common Shares Outstanding - Basic 252 249
======================================================================
Average Number of Common Shares Outstanding - Diluted 254 258
======================================================================
Anadarko Petroleum Corporation
Quarter Ended
Summary Financial Information March 31
--------------------
$ in millions 2004 2003
======================================================================
Cash Flow from Operating Activities
----------------------------------------------------------------------
Net income before cumulative effect of change
in accounting principle $393 $372
Depreciation, depletion and amortization 348 290
Deferred income taxes 125 154
Impairments related to oil and gas properties 9 5
Other noncash items 69 (27)
----------------------------------------------------------------------
944 794
Increase in accounts receivable (39) (266)
Increase in accounts payable and accrued
expenses 20 273
Other items - net (40) (96)
----------------------------------------------------------------------
Net Cash Provided by Operating Activities $885 $705
======================================================================
Capital Expenditures
----------------------------------------------------------------------
Capital spending $666 $537
Capitalized interest 25 34
Capitalized overhead 41 52
----------------------------------------------------------------------
Total $732 $623
======================================================================
March 31, December 31,
2004 2003
======================================================================
Condensed Balance Sheet
----------------------------------------------------------------------
Current assets $1,414 $1,324
Net properties and equipment 17,741 17,396
Other assets 440 437
Goodwill 1,385 1,389
----------------------------------------------------------------------
Total Assets $20,980 $20,546
----------------------------------------------------------------------
Current liabilities $1,731 $1,715
Long-term debt 5,060 5,058
Other long-term liabilities 5,271 5,174
Stockholders' equity 8,918 8,599
----------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $20,980 $20,546
======================================================================
Capitalization
----------------------------------------------------------------------
Total debt $5,060 $5,058
Stockholders' equity 8,918 8,599
----------------------------------------------------------------------
Total $13,978 $13,657
======================================================================
Capitalization Ratios
----------------------------------------------------------------------
Total debt 36% 37%
Stockholders' equity 64% 63%
======================================================================
Anadarko Petroleum Corporation
Quarter Ended
Volumes and Prices March 31
--------------------
2004 2003
=====================================================================
Natural Gas
---------------------------------------------------------------------
United States
---------------------------------------------------------------------
Volumes, billion cubic feet 121 118
Average daily volumes, million cubic feet per day 1,328 1,316
Price per thousand cubic feet $4.86 $4.47
---------------------------------------------------------------------
Canada
---------------------------------------------------------------------
Volumes, billion cubic feet 36 35
Average daily volumes, million cubic feet per day 395 389
Price per thousand cubic feet $5.12 $5.02
---------------------------------------------------------------------
Total
---------------------------------------------------------------------
Volumes, billion cubic feet 157 153
Average daily volumes, million cubic feet per day 1,723 1,705
Price per thousand cubic feet $4.92 $4.60
---------------------------------------------------------------------
Crude Oil and Condensate
---------------------------------------------------------------------
United States
---------------------------------------------------------------------
Volumes, million barrels 9 9
Average daily volumes, thousand barrels per day 85 92
Price per barrel $29.88 $27.63
---------------------------------------------------------------------
Canada
---------------------------------------------------------------------
Volumes, million barrels 1 2
Average daily volumes, thousand barrels per day 15 17
Price per barrel $32.14 $29.10
---------------------------------------------------------------------
Algeria
---------------------------------------------------------------------
Volumes, million barrels 7 4
Average daily volumes, thousand barrels per day 79 48
Price per barrel $31.37 $31.82
---------------------------------------------------------------------
Other International
---------------------------------------------------------------------
Volumes, million barrels 2 1
Average daily volumes, thousand barrels per day 23 16
Price per barrel $23.72 $24.51
---------------------------------------------------------------------
Total
---------------------------------------------------------------------
Volumes, million barrels 19 16
Average daily volumes, thousand barrels per day 202 173
Price per barrel $29.94 $28.64
---------------------------------------------------------------------
Natural Gas Liquids
---------------------------------------------------------------------
Total
---------------------------------------------------------------------
Volumes, million barrels 4 4
Average daily volumes, thousand barrels per day 49 41
Price per barrel $23.41 $23.12
=====================================================================
Total Barrels of Oil Equivalent (BOE)
---------------------------------------------------------------------
Volumes, million BOE 49 45
Average daily volumes, thousand BOE per day 538 498
=====================================================================
Anadarko Petroleum Corporation
Hedge Position for 2004 & 2005
March 31, 2004
Fixed and
Physical Contracts 2- Way Collars
NYMEX
Volume Price Volume Floor Ceiling
Crude Oil Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
United States
2nd Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
3rd Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
4th Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
------------------------------------------
Remainder of Year 2004 26,000 $27.22 3,260 $22.00 $26.32
------------------------------------------
Total Year 2005 - $- 1,986 $22.00 $26.32
------------------------------------------
Algeria
2nd Qtr 2004 - $- - $- $-
3rd Qtr 2004 - $- - $- $-
4th Qtr 2004 - $- - $- $-
------------------------------------------
Remainder of Year 2004 - $- - $- $-
------------------------------------------
Total Crude Oil, All
Locations
2nd Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
3rd Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
4th Qtr 2004 26,000 $27.22 3,260 $22.00 $26.32
------------------------------------------
Remainder of Year 2004 26,000 $27.22 3,260 $22.00 $26.32
------------------------------------------
Total Year 2005 - $- 1,986 $22.00 $26.32
------------------------------------------
NYMEX
Volume Price Volume Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu MMMBtu/d $/MMBtu $/MMBtu
United States
2nd Qtr 2004 200.0 $3.88 44.3 $4.29 $6.43
3rd Qtr 2004 200.0 $3.88 44.3 $4.29 $6.43
4th Qtr 2004 200.0 $3.88 44.3 $4.29 $6.43
------------------------------------------
Remainder of Year 2004 200.0 $3.88 44.3 $4.29 $6.43
------------------------------------------
Total Year 2005 - $- 26.3 $3.76 $5.65
------------------------------------------
Canada
2nd Qtr 2004 63.5 $3.83 - $- $-
3rd Qtr 2004 63.5 $3.83 - $- $-
4th Qtr 2004 45.2 $3.63 - $- $-
------------------------------------------
Remainder of Year 2004 57.4 $3.78 - $- $-
------------------------------------------
Total Year 2005 32.6 $3.46 - $- $-
------------------------------------------
Total Natural Gas, All
Locations
2nd Qtr 2004 263.5 $3.87 44.3 $4.29 $6.43
3rd Qtr 2004 263.5 $3.87 44.3 $4.29 $6.43
4th Qtr 2004 245.2 $3.83 44.3 $4.29 $6.43
------------------------------------------
Remainder of Year 2004 257.4 $3.86 44.3 $4.29 $6.43
------------------------------------------
Total Year 2005 32.6 $3.46 26.3 $3.76 $5.65
------------------------------------------
3- Way Collars
Purchased
Volume Sold Floor Floor Ceiling
Crude Oil Bbl/day $/Bbl $/Bbl $/Bbl
United States
2nd Qtr 2004 18,000 $22.50 $27.50 $32.14
3rd Qtr 2004 18,000 $22.50 $27.50 $32.14
4th Qtr 2004 18,000 $22.50 $27.50 $32.14
--------------------------------------------
Remainder of Year 2004 18,000 $22.50 $27.50 $32.14
--------------------------------------------
Total Year 2005 - $- $- $-
--------------------------------------------
Algeria
2nd Qtr 2004 20,000 $18.00 $22.00 $28.07
3rd Qtr 2004 20,000 $18.00 $22.00 $28.07
4th Qtr 2004 20,000 $18.00 $22.00 $28.07
--------------------------------------------
Remainder of Year 2004 20,000 $18.00 $22.00 $28.07
--------------------------------------------
Total Crude Oil, All
Locations
2nd Qtr 2004 38,000 $20.13 $24.61 $30.00
3rd Qtr 2004 38,000 $20.13 $24.61 $30.00
4th Qtr 2004 38,000 $20.13 $24.61 $30.00
--------------------------------------------
Remainder of Year 2004 38,000 $20.13 $24.61 $30.00
--------------------------------------------
Total Year 2005 - $- $- $-
--------------------------------------------
Purchased
Volume Sold Floor Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu $/MMBtu $/MMBtu
United States
2nd Qtr 2004 268.8 $2.67 $3.65 $5.30
3rd Qtr 2004 268.8 $2.67 $3.65 $5.30
4th Qtr 2004 268.8 $2.67 $3.65 $5.30
--------------------------------------------
Remainder of Year 2004 268.8 $2.67 $3.65 $5.30
--------------------------------------------
Total Year 2005 18.8 $2.20 $3.00 $4.83
--------------------------------------------
Canada
2nd Qtr 2004 - $- $- $-
3rd Qtr 2004 - $- $- $-
4th Qtr 2004 - $- $- $-
--------------------------------------------
Remainder of Year 2004 - $- $- $-
--------------------------------------------
Total Year 2005 - $- $- $-
--------------------------------------------
Total Natural Gas, All
Locations
2nd Qtr 2004 268.8 $2.67 $3.65 $5.30
3rd Qtr 2004 268.8 $2.67 $3.65 $5.30
4th Qtr 2004 268.8 $2.67 $3.65 $5.30
--------------------------------------------
Remainder of Year 2004 268.8 $2.67 $3.65 $5.30
--------------------------------------------
Total Year 2005 18.8 $2.20 $3.00 $4.83
--------------------------------------------
Anadarko Petroleum Corporation
As of April 30, 2004
2nd Qtr Total Year
Financial and Operating Forecast Forecast
Guidance --------------- ----------------
Units Units
--------------- ----------------
Total Sales (MM BOE) 46 - 48 193 - 199
Crude Oil (MBbl/d): 161 - 181 179 - 193
United States 78 - 84 85 - 91
Canada 13 - 15 13 - 15
Algeria 40 - 60 55 - 64
Other International 25 - 29 23 - 25
Natural Gas (MMcf/d): 1,770 - 1,810 1,800 - 1,845
United States 1,375 - 1,415 1,385 - 1,435
Canada 385 - 405 400 - 425
Natural Gas Liquids (MBbl/d): 41 - 45 42 - 46
United States 38 - 43 39 - 44
Canada 2 - 3 2 - 3
----------------------------------------------------------------------
$/ Unit $/ Unit
--------------- -----------------
Price Differentials vs NYMEX
(w/o hedges)
Crude Oil ($/Bbl): (3.50) - (4.00) (3.00) - (3.50)
United States (2.25) - (2.75) (2.25) - (2.75)
Canada (3.25) - (3.75) (3.25) - (3.75)
Algeria (2.50) - (3.00) (2.25) - (2.75)
Other International (9.00) - (9.50) (8.75) - (9.25)
Natural Gas ($/Mcf): (0.45) - (0.65) (0.45) - (0.65)
United States (0.40) - (0.60) (0.40) - (0.60)
Canada (0.55) - (0.75) (0.55) - (0.75)
----------------------------------------------------------------------
$MM $MM
--------------- ----------------
Other Revenues:
Marketing 13 - 17 62 - 66
Minerals and Other 11 - 13 48 - 54
----------------------------------------------------------------------
Costs and Expenses:
$ / Boe $ / Boe
--------------- ----------------
Direct Operating Costs 3.55 - 3.75 3.35 - 3.55
Transportation and Cost of
Product 0.95 - 1.05 1.00 - 1.10
Depr., Depl. and Amort. 7.25 - 7.45 7.20 - 7.40
Production Taxes (% of Rev) 6.3% - 6.8% 6.0% - 6.5%
$MM $MM
---------------- ---------------
Administrative and General 80 - 85 310 - 340
Impairments of Oil and Gas
Assets - - 30 10 - 125
Interest Expense 60 - 65 245 - 255
Other (Income) Expense (5) - 15 55 - 85
Federal Tax Rate 36% - 38% 37% - 39%
Deferred Taxes (% of Total
Taxes) 63% - 68% 62% - 68%
----------------------------------------------------------------------
Avg. Shares Outstanding (MM)
Basic 252 - 253 252 - 253
Fully Diluted 254 - 255 254 - 255
$MM $MM
--------------- ----------------
775 - 825 2,600 - 2,900
E&P (Cost Incurred) 709 - 751 2,305 - 2,535
Capitalized Direct Expenses 43 - 48 180 - 190
Capitalized Interest 23 - 26 90 - 100
Other - - 25 75
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