Anadarko Provides Additional Details Regarding 2007 Reserves.HOUSTON -- In addition to the detailed information provided in the company's fourth-quarter and year-end 2007 earnings news release and conference call, and in an effort to provide clarification regarding the company's 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. prepared in accordance with U.S. Securities and Exchange Commission (SEC) guidance, 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 confirmed that 109 million barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE BoletÃn 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 ) of the total 121 million BOE categorized as "Revisions" were additions from its infill drilling activity. "We pride ourselves on transparency regarding reserves," 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 said. "Our drilling results delivered outstanding production growth and reserve additions in 2007. The strength and quality of our assets is reflected in the fact that 90% of the reserve additions listed as 'Revisions' were the direct result of our successful infill drilling." On Feb. 4, 2008, Anadarko reported that its estimated worldwide proved reserves at year-end 2007 totaled 2.43 billion BOE. The company added approximately 250 million BOE of proved reserves during the year. 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. For more information about Anadarko, please visit www.anadarko.com. 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 finalization of year-end 2007 reserves. See "Risk Factors" in the company's 2006 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. |
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