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ANADARKO ANNOUNCES THIRD QUARTER RESULTS

 ANADARKO ANNOUNCES THIRD QUARTER RESULTS
 HOUSTON, Oct. 29 /PRNewswire/ -- Anadarko Petroleum Corporation


(NYSE: APC) today reported net income of $8.0 million (14 cents per share) for the third quarter of 1992 compared to earnings of $486,000 (1 cent per share) in the third quarter of 1991. The significant increase in earnings for the quarter is due primarily to improved natural gas prices and higher gas sales volumes.
 Revenues for the third quarter of 1992 were $85.1 million, a 40 percent increase compared to $60.8 million in the third quarter of 1991.
 "The company's quarterly performance indicates Anadarko's leverage to both higher natural gas sales volumes and higher natural gas prices," said Robert J. Allison Jr., chairman and chief executive officer. "Gas prices are approaching the levels that give producers the financial incentives to explore and develop the gas resource base. We are pleased with the upward trend in the marketplace and expect these favorable conditions to continue in the fourth quarter of 1992."
 Allison also said that Anadarko had increased capital spending plans for 1992. The company's capital spending budget has been increased from $150 million to approximately $190 million.
 For the first nine months of 1992, Anadarko had net income of $4.4 million (8 cents per share) with revenues of $238.0 million. This compares to net income of $13.3 million (24 cents per share) with revenues of $226.0 million for the same period of 1991. Anadarko's 1992 year-to-date results include a $15 million (pretax) provision established in the second quarter of 1992 for unsuccessful international exploration.
 Anadarko's natural gas production during the third quarter of 1992 was 32.7 billion cubic feet (Bcf) or 355 million cubic feet per day (MMcf/d) at an average U.S. price of $1.67 per thousand cubic feet (Mcf). This compares to gas production of 25.6 Bcf or 279 MMcf/d at an average U.S. price of $1.28 per Mcf for the third quarter of 1991. For the first nine months of 1992, Anadarko produced 100.3 Bcf or 366 MMcf/d of natural gas at an average U.S. price of $1.49 per Mcf. This compares to gas production of 95.5 Bcf or 350 MMcf/d at an average U.S price of $1.40 per Mcf for the same period in 1991.
 Anadarko's crude oil production and average U.S. crude oil price for the third quarter of 1992 were relatively flat at 1.1 million barrels and $19.54 per barrel compared to the third quarter of 1991. For the first nine months of 1992, Anadarko's crude oil production was down 5 percent to 3.3 million barrels compared to the same period of 1991. Anadarko's average U.S crude oil price for the first nine months of 1992 was $18.49 per barrel, down $1.10 per barrel compared to the same period of 1991.
 Anadarko Petroleum Corporation is one of the nation's largest independent natural gas and crude oil exploration and production companies. Anadarko's exploration, development and production activities are concentrated in North America's primary geologic basins onshore and offshore. Exploration efforts also are conducted in frontier areas of the United States and overseas. Anadarko has activities in 20 states and three Canadian provinces.
 ANADARKO PETROLEUM CORPORATION
 Volumes and U.S. Prices
 Periods ended Quarter Year to Date
 Sept. 30 1992 1991 1992 1991
 Natural gas, billion cubic feet 32.7 25.6 100.3 95.5
 Price per thousand cubic feet $ 1.67 $ 1.28 $ 1.49 $ 1.40
 Crude oil and condensate,
 thousand barrels 1,128 1,150 3,311 3,476
 Price per barrel $19.54 $19.59 $18.49 $19.59
 Plant and pipeline condensate,
 thousand barrels 22 68 136 273
 Price per barrel $20.21 $18.87 $17.46 $19.00
 Natural gas liquids,
 thousand barrels 595 502 1,583 1,259
 Price per gallon $ 0.33 $ 0.31 $ 0.31 $ 0.34
 Summary Financial Data
 (millions)
 Periods ended Quarter Year to Date
 Sept. 30 1992 1991 1992 1991
 Revenues:
 Gas sales $ 54.6 $ 30.5 $154.0 $135.0
 Oil and condensate sales 21.7 22.9 61.0 70.5
 Natural gas liquids and other 8.8 7.4 23.0 20.5
 Total 85.1 60.8 238.0 226.0
 Costs and Expenses:
 Operating expenses 17.9 18.0 52.8 55.4
 Administrative and general 11.6 8.1 30.7 28.1
 Depreciation, depletion and
 amortization 30.4 22.9 91.2 85.4
 Other taxes 6.9 5.5 21.1 18.7
 Provision for impairment of
 international properties -- -- 15.0 --
 Total 66.8 54.5 210.8 187.6
 Operating Income 18.3 6.3 27.2 38.4
 Other Income 0.1 0.3 0.5 1.9
 Gross Income 18.4 6.6 27.7 40.3
 Interest Expense 6.7 5.8 20.7 20.0
 Income before Income Taxes 11.7 0.8 7.0 20.3
 Income Taxes 3.7 0.3 2.6 7.0
 Net Income $ 8.0 $ 0.5 $ 4.4 $ 13.3
 Per Common Share:
 Net Income $ 0.14 $ 0.01 $ 0.08 $ 0.24
 Dividends $0.075 $0.075 $0.225 $0.225
 Average Number of Shares Outstg. 55.3 55.1 55.2 55.0
 Capital Expenditures $ 29.8 $ 40.3 $112.9 $113.5
 -0- 10/29/92
 /CONTACT: A. Paul Taylor Jr. of Anadarko, 713-875-1101/
 (APC) CO: Anadarko Petroleum Corporation ST: Texas IN: OIL SU: ERN


GK -- NY071 -- 6666 10/29/92 14:21 EST
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