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ANADARKO TO REDEEM 6-1/4 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES

 HOUSTON, June 2 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today announced that the company has called for redemption its outstanding $100 million principal amount 6-1/4 percent Convertible Subordinated Debentures due 2014. The redemption date for the debentures is July 2, 1993 and debentures may be converted until 5 p.m. (EDST) on that date.
 Under the terms of the indenture, debenture holders are entitled to receive for each $1,000 principal amount of debentures a total $1,045.66 (which includes an early-call premium of $37.50 per debenture and accrued interest from May 15 to the redemption date of $8.16 per debenture).
 Alternatively, holders may choose to convert their debentures into Anadarko common stock at a conversion price of $34.20 per share. Based on Anadarko's June 1, 1993 closing price of $43.00 per share, converting to common stock provides debenture holders with $1,257.31 of value for each $1,000 principal amount of debentures.
 The company said conversion of the debentures into common stock would reduce debt by $100 million and significantly strengthen Anadarko's balance sheet. Total debt would be reduced to approximately 36 percent of the company's total capitalization. The conversion would increase the company's total shares outstanding by 5.3 percent or approximately 2,924,000 shares. The company also said conversion of the debentures would have a slight positive effect on 1993 earnings per share before the cumulative effect of changes in accounting principles.
 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.
 -0- 6/2/93
 /CONTACT: A. Paul Taylor Jr. of Anadarko Petroleum Corporation, 713-875-1101/
 (APC)


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

TM -- NY095 -- 4686 06/02/93 18:46 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
Words:336
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