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ANADARKO CONVERTS 6-1/4 PERCENT DEBENTURES

 HOUSTON, July 8 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced the successful conversion of 99.8 percent of the company's outstanding $100 million principal amount of 6-1/4 percent convertible subordinated debentures due 2014, which were called for redemption on July 2, 1993.
 Debentures in the principal amount of about $99.8 million were converted into about 2.9 million shares of Anadarko common stock pursuant to the indenture. With these newly issued shares, the total issued and outstanding stock of the company is about 58.5 million shares and the average number of common shares outstanding for 1993 is expected to be 57.0 million. The balance of the remaining debentures were redeemed for a cash payment to debenture holders by the company for principal, premium and interest as provided by the indenture.
 The conversion of the debentures significantly improves Anadarko's balance sheet; total debt is reduced to about 37 percent of the company's total capitalization. In addition the conversion is expected to have a slight positive effect on 1993 earnings per share before the cumulative effect of changes in accounting principles.
 -0- 7/8/93
 /CONTACT: A. Paul Taylor Jr. of Anadarko Petroleum Corporation, 713-875-1101/
 (APC)


CO: Anadarko Petroleum Corporation ST: Texas IN: OIL SU:

TS -- NY009 -- 9323 07/08/93 08:27 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
Words:217
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