Anadarko Provides Update on Hedge Position.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 updated its commodity price hedge position. In connection with its acquisitions of Kerr-McGee The Kerr-McGee Corporation was an energy company involved in the exploration and production of oil and gas resources. The company, founded in 1929, had about 1.4 billion U.S. dollars in assets as of March 31, 2006. and Western Gas Resources Western Gas Resources is a Fortune 1000 company based in Denver, Colorado and founded in 1971. Western is an independent natural gas explorer, producer, gatherer, processor, transporter and energy marketer. in August, Anadarko has sought to hedge approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 75 percent of the acquired oil and natural gas volumes through 2008, including hedges existing prior to the acquisitions. As of Sept. 11, 2006, the hedges in place totaled about 229,000 barrels of oil equivalent per day (BOE/d) for the fourth quarter of 2006, 195,000 BOE/d for 2007 and 169,000 BOE/d for 2008. These hedges represent approximately 85 percent, 72 percent and 63 percent of the acquired oil and natural gas volumes, respectively. The acquired properties produced about 270,000 BOE/d of oil and natural gas in the 2006 second quarter. The attached schedule provides further detail of Anadarko's hedges. 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 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. 2005, the company had 2.45 billion barrels-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. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions. For more information about Anadarko, please visit: www.anadarko.com. 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 "Risk Factors" in the company's 2005 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
Commodity Hedge Position for 4th Qtr 2006 and Beyond
As of September 11, 2006
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Fixed and Physical 2- Way Collars
Contracts
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Volume NYMEX Price Volume Floor Ceiling
Crude Oil Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
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United States
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4th Qtr 2006 23,500 $53.04 44,137 $36.73 $49.82
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Total Year 2007 27,250 $51.44 18,542 $44.33 $60.40
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Total Year 2008
Total Year 2009
Total Year 2010
Total Year 2011
Total Year 2012
Algeria
Total Year 2008
Total Year 2009
Total Year 2010
Total Crude Oil, All Locations
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4th Qtr 2006 23,500 $53.04 44,137 $36.73 $49.82
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Total Year 2007 27,250 $51.44 18,542 $44.33 $60.40
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Total Year 2008
Total Year 2009
Total Year 2010
Total Year 2011
Total Year 2012
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Volume NYMEX Price Volume Floor Ceiling
NGL's Bbl/day $/Bbl Bbl/day $/Bbl $/Bbl
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United States
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4th Qtr 2006,
Propane 4,500 $34.86 $43.68
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4th Qtr 2006,
Ethane 6,500 $21.42 $28.14
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Volume NYMEX Price Volume Floor Ceiling
Natural Gas MMMBtu/d $/MMBtu MMMBtu/d $/MMBtu $/MMBtu
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United States
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4th Qtr 2006 196.0 $ 7.54 662.0 $ 5.58 $ 8.38
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Total Year 2007 265.0 $ 7.03 386.0 $ 6.27 $10.73
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Total Year 2008
Total Year 2009
Canada
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4th Qtr 2006 10.9 $ 2.87
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Total Year 2007 4.5 $ 2.83
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Total Natural Gas, All Locations
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4th Qtr 2006 206.9 $ 7.29 662.0 $ 5.58 $ 8.38
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Total Year 2007 269.5 $ 6.96 386.0 $ 6.27 $10.73
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Remainder Year
2008
Total Year 2009
Anadarko Petroleum Corporation
Commodity Hedge Position for 4th Qtr 2006 and Beyond
As of September 11, 2006
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3- Way Collars
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Volume Sold Floor Purchased Ceiling
Floor
Crude Oil Bbl/day $/Bbl $/Bbl $/Bbl
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United States
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4th Qtr 2006 2,000 $ 20.88 $ 25.00 $ 28.65
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Total Year 2007 35,000 $ 43.57 $ 58.57 $ 86.16
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Total Year 2008 67,000 $ 43.21 $ 58.21 $ 94.75
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Total Year 2009 28,000 $ 40.36 $ 55.36 $ 87.34
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Total Year 2010 8,000 $ 35.00 $ 50.00 $ 86.49
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Total Year 2011 3,000 $ 35.00 $ 50.00 $ 86.00
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Total Year 2012 1,500 $ 35.00 $ 50.00 $ 92.50
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Algeria
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Total Year 2008 19,000 $ 33.51 $ 48.51 $ 86.73
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Total Year 2009 20,000 $ 33.51 $ 48.51 $ 86.62
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Total Year 2010 10,000 $ 33.53 $ 48.53 $ 86.98
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Total Crude Oil, All Locations
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4th Qtr 2006 2,000 $ 20.88 $ 25.00 $ 28.65
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Total Year 2007 35,000 $ 43.57 $ 58.57 $ 86.16
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Total Year 2008 86,000 $ 41.07 $ 56.07 $ 92.98
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Total Year 2009 48,000 $ 37.51 $ 52.51 $ 87.04
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Total Year 2010 18,000 $ 34.18 $ 49.19 $ 86.76
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Total Year 2011 3,000 $ 35.00 $ 50.00 $ 86.00
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Total Year 2012 1,500 $ 35.00 $ 50.00 $ 92.50
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Volume Sold Floor Purchased Ceiling
Floor
NGL's Bbl/day $/Bbl $/Bbl $/Bbl
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United States
4th Qtr 2006,
Propane
4th Qtr 2006,
Ethane
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Volume Sold Floor Purchased Ceiling
Floor
Natural Gas MMMBtu/d $/MMBtu $/MMBtu $/MMBtu
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United States
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4th Qtr 2006 20.0 $ 3.04 $ 4.00 $ 6.00
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Total Year 2007 30.0 $ 6.00 $ 9.00 $ 11.23
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Total Year 2008 500.0 $ 5.00 $ 7.50 $ 14.26
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Total Year 2009 50.0 $ 5.00 $ 7.50 $ 12.60
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Canada
4th Qtr 2006
Total Year 2007
Total Natural Gas, All Locations
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4th Qtr 2006 20.0 $ 3.04 $ 4.00 $ 6.00
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Total Year 2007 30.0 $ 6.00 $ 9.00 $ 11.23
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Remainder Year
2008 500.0 $ 5.00 $ 7.50 $ 14.26
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Total Year 2009 50.0 $ 5.00 $ 7.50 $ 12.60
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