Anadarko Declares Quarterly Dividends on Common and Preferred Stock.

HOUSTON -- The Board of Directors of Anadarko Petroleum Corporation (NYSE:APC) today declared quarterly cash dividends on the company's common and preferred shares.

A dividend of 9 cents per share was declared on the company's outstanding common stock, payable March 28, 2007, to stockholders of record at the close of business on March 14, 2007. Also, a standard dividend of $13.65 per share (equivalent to $1.365 per Depositary Share) was declared on the company's 5.46% Series B Cumulative Preferred Stock, payable on March 30, 2007, to stockholders of record at the close of business on March 15, 2007.

The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors will determine dividends on a quarterly basis.

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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 2006, the company had 3.0 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions. For more information about how Anadarko is bringing excellence to the surface, please visit: www.anadarko.com.