Anadarko Announces 3Q Results

by
Nov 02, 2009

THE WOODLANDS, Texas -- Anadarko Petroleum Corporation (NYSE:APC) announced on Monday, Nov. 2, third-quarter 2009 net income from continuing operations attributable to common stockholders totaled $200 million, or $0.40 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $251 million, or $0.51 per share (diluted) on an after-tax basis. Cash flow from continuing operations in the third quarter of 2009 totaled slightly more than $1 billion, and discretionary cash flow totaled approximately $1.26 billion.

"The positive third-quarter results continue to demonstrate the value of Anadarko's portfolio, with strong performance from both our producing assets and deepwater exploration program," Anadarko Chairman and CEO Jim Hackett said. "Our exploration, drilling and operations teams continued to perform very well in achieving record sales volumes, lower costs, increased efficiencies and differentiating deepwater drilling success."

Third-quarter 2009 sales volumes of natural gas, crude oil and natural gas liquids totaled 57 million BOE, or 616,000 BOE per day, comprised of natural gas sales volumes that averaged 2.144 billion cubic feet per day, oil sales volumes that averaged 205,000 barrels per day and natural gas liquids sales volumes that averaged 54,000 barrels per day.

"As a result of both improved operating performance and the absence of severe weather in the Gulf of Mexico, we expect our full-year sales volumes to be approximately 220 million BOE, up from our original midpoint of 210 million BOE at the beginning of the year, without increasing capital spending," continued Hackett. "This equates to a forecasted growth rate of approximately 7 percent over our 2008 total sales volumes of 206 million BOE, while spending approximately 35 percent less capital on near-term projects."

Conference Call
Anadarko will host a conference call on Tuesday, Nov. 3, at 9 a.m. local time to discuss third-quarter results and the company's outlook for the remainder of 2009. The dial-in number is 888 679-8037. The confirmation number is 87335929. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit the company's Web site. A replay of the call will also be available on the Web site for approximately 30 days following the conference call.