Delaware | 76-0146568 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1201 Lake Robbins Drive, The Woodlands, Texas | 77380-1046 | |
(Address of principal executive offices) | (Zip Code) |
Title of Class | Number of Shares Outstanding | |
Common Stock, par value $0.10 per share | 560,339,140 |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. |
Three Months Ended March 31, | ||||||||
millions except per-share amounts | 2017 | 2016 | ||||||
Revenues and Other | ||||||||
Oil sales | $ | 1,663 | $ | 850 | ||||
Natural-gas sales | 502 | 366 | ||||||
Natural-gas liquids sales | 289 | 178 | ||||||
Gathering, processing, and marketing sales | 444 | 240 | ||||||
Gains (losses) on divestitures and other, net | 869 | 40 | ||||||
Total | 3,767 | 1,674 | ||||||
Costs and Expenses | ||||||||
Oil and gas operating | 258 | 208 | ||||||
Oil and gas transportation | 249 | 242 | ||||||
Exploration | 1,085 | 126 | ||||||
Gathering, processing, and marketing | 351 | 215 | ||||||
General and administrative | 269 | 449 | ||||||
Depreciation, depletion, and amortization | 1,115 | 1,149 | ||||||
Production, property, and other taxes | 155 | 117 | ||||||
Impairments | 373 | 16 | ||||||
Other operating expense | 22 | 16 | ||||||
Total | 3,877 | 2,538 | ||||||
Operating Income (Loss) | (110 | ) | (864 | ) | ||||
Other (Income) Expense | ||||||||
Interest expense | 223 | 220 | ||||||
(Gains) losses on derivatives, net | (147 | ) | 297 | |||||
Other (income) expense, net | (8 | ) | — | |||||
Total | 68 | 517 | ||||||
Income (Loss) Before Income Taxes | (178 | ) | (1,381 | ) | ||||
Income tax expense (benefit) | 97 | (383 | ) | |||||
Net Income (Loss) | (275 | ) | (998 | ) | ||||
Net income (loss) attributable to noncontrolling interests | 43 | 36 | ||||||
Net Income (Loss) Attributable to Common Stockholders | $ | (318 | ) | $ | (1,034 | ) | ||
Per Common Share | ||||||||
Net income (loss) attributable to common stockholders—basic | $ | (0.58 | ) | $ | (2.03 | ) | ||
Net income (loss) attributable to common stockholders—diluted | $ | (0.58 | ) | $ | (2.03 | ) | ||
Average Number of Common Shares Outstanding—Basic | 551 | 509 | ||||||
Average Number of Common Shares Outstanding—Diluted | 551 | 509 | ||||||
Dividends (per Common Share) | $ | 0.05 | $ | 0.05 |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Net Income (Loss) | $ | (275 | ) | $ | (998 | ) | ||
Other Comprehensive Income (Loss) | ||||||||
Adjustments for derivative instruments | ||||||||
Reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | 1 | 3 | ||||||
Income taxes on reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | — | (1 | ) | |||||
Total adjustments for derivative instruments, net of taxes | 1 | 2 | ||||||
Adjustments for pension and other postretirement plans | ||||||||
Net gain (loss) incurred during period | (4 | ) | (166 | ) | ||||
Income taxes on net gain (loss) incurred during period | 1 | 61 | ||||||
Prior service credit (cost) incurred during period | — | (1 | ) | |||||
Income taxes on prior service credit (cost) incurred during period | — | 1 | ||||||
Amortization of net actuarial (gain) loss to general and administrative expense | 9 | 8 | ||||||
Income taxes on amortization of net actuarial (gain) loss to general and administrative expense | (3 | ) | (3 | ) | ||||
Amortization of net prior service (credit) cost to general and administrative expense | (6 | ) | (15 | ) | ||||
Income taxes on amortization of net prior service (credit) cost to general and administrative expense | 2 | 5 | ||||||
Total adjustments for pension and other postretirement plans, net of taxes | (1 | ) | (110 | ) | ||||
Total | — | (108 | ) | |||||
Comprehensive Income (Loss) | (275 | ) | (1,106 | ) | ||||
Comprehensive income (loss) attributable to noncontrolling interests | 43 | 36 | ||||||
Comprehensive Income (Loss) Attributable to Common Stockholders | $ | (318 | ) | $ | (1,142 | ) |
millions | March 31, 2017 | December 31, 2016 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents ($123 and $359 related to VIEs) | $ | 5,831 | $ | 3,184 | ||||
Accounts receivable (net of allowance of $16 and $14) | ||||||||
Customers ($81 and $70 related to VIEs) | 973 | 1,007 | ||||||
Others ($12 and $80 related to VIEs) | 604 | 721 | ||||||
Other current assets | 299 | 354 | ||||||
Total | 7,707 | 5,266 | ||||||
Properties and Equipment | ||||||||
Cost | 64,485 | 69,013 | ||||||
Less accumulated depreciation, depletion, and amortization | 35,420 | 36,845 | ||||||
Net properties and equipment ($5,264 and $5,050 related to VIEs) | 29,065 | 32,168 | ||||||
Other Assets ($608 and $609 related to VIEs) | 2,182 | 2,226 | ||||||
Goodwill and Other Intangible Assets ($1,214 and $1,221 related to VIEs) | 5,739 | 5,904 | ||||||
Total Assets | $ | 44,693 | $ | 45,564 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | ||||||||
Trade ($166 and $234 related to VIEs) | $ | 1,637 | $ | 1,617 | ||||
Other | 342 | 303 | ||||||
Short-term debt | 42 | 42 | ||||||
Current asset retirement obligations | 258 | 129 | ||||||
Other current liabilities | 1,483 | 1,237 | ||||||
Total | 3,762 | 3,328 | ||||||
Long-term Debt | 15,284 | 15,281 | ||||||
Other Long-term Liabilities | ||||||||
Deferred income taxes | 3,664 | 4,324 | ||||||
Asset retirement obligations ($142 and $140 related to VIEs) | 2,684 | 2,802 | ||||||
Other | 4,220 | 4,332 | ||||||
Total | 10,568 | 11,458 | ||||||
Equity | ||||||||
Stockholders’ equity | ||||||||
Common stock, par value $0.10 per share (1.0 billion shares authorized, 573.0 million and 572.0 million shares issued) | 57 | 57 | ||||||
Paid-in capital | 11,914 | 11,875 | ||||||
Retained earnings | 1,330 | 1,704 | ||||||
Treasury stock (21.1 million and 20.8 million shares) | (1,054 | ) | (1,033 | ) | ||||
Accumulated other comprehensive income (loss) | (391 | ) | (391 | ) | ||||
Total Stockholders’ Equity | 11,856 | 12,212 | ||||||
Noncontrolling interests | 3,223 | 3,285 | ||||||
Total Equity | 15,079 | 15,497 | ||||||
Total Liabilities and Equity | $ | 44,693 | $ | 45,564 |
Total Stockholders’ Equity | ||||||||||||||||||||||||||||
millions | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests | Total Equity | |||||||||||||||||||||
Balance at December 31, 2016 | $ | 57 | $ | 11,875 | $ | 1,704 | $ | (1,033 | ) | $ | (391 | ) | $ | 3,285 | $ | 15,497 | ||||||||||||
Net income (loss) | — | — | (318 | ) | — | — | 43 | (275 | ) | |||||||||||||||||||
Common stock issued (1) | — | 42 | — | — | — | — | 42 | |||||||||||||||||||||
Dividends—common stock | — | — | (28 | ) | — | — | — | (28 | ) | |||||||||||||||||||
Repurchase of common stock | — | — | — | (21 | ) | — | — | (21 | ) | |||||||||||||||||||
Distributions to noncontrolling interest owners | — | — | — | — | — | (105 | ) | (105 | ) | |||||||||||||||||||
Reclassification of previously deferred derivative losses to (gains) losses on derivatives, net | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||
Adjustments for pension and other postretirement plans | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||
Cumulative effect of accounting change | — | (3 | ) | (28 | ) | — | — | — | (31 | ) | ||||||||||||||||||
Balance at March 31, 2017 | $ | 57 | $ | 11,914 | $ | 1,330 | $ | (1,054 | ) | $ | (391 | ) | $ | 3,223 | $ | 15,079 |
(1) | Represents share-based compensation expense. |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Cash Flows from Operating Activities | ||||||||
Net income (loss) | $ | (275 | ) | $ | (998 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||||||
Depreciation, depletion, and amortization | 1,115 | 1,149 | ||||||
Deferred income taxes | (660 | ) | (413 | ) | ||||
Dry hole expense and impairments of unproved properties | 1,012 | 35 | ||||||
Impairments | 373 | 16 | ||||||
(Gains) losses on divestitures, net | (804 | ) | (2 | ) | ||||
Total (gains) losses on derivatives, net | (147 | ) | 299 | |||||
Operating portion of net cash received (paid) in settlement of derivative instruments | (8 | ) | 105 | |||||
Other | 83 | 115 | ||||||
Changes in assets and liabilities | ||||||||
(Increase) decrease in accounts receivable | 68 | 46 | ||||||
Increase (decrease) in accounts payable and other current liabilities | 395 | (326 | ) | |||||
Other items, net | (29 | ) | (163 | ) | ||||
Net cash provided by (used in) operating activities | 1,123 | (137 | ) | |||||
Cash Flows from Investing Activities | ||||||||
Additions to properties and equipment | (1,194 | ) | (1,022 | ) | ||||
Divestitures of properties and equipment and other assets | 2,851 | 35 | ||||||
Other, net | 65 | 14 | ||||||
Net cash provided by (used in) investing activities | 1,722 | (973 | ) | |||||
Cash Flows from Financing Activities | ||||||||
Borrowings, net of issuance costs | — | 4,682 | ||||||
Repayments of debt | (10 | ) | (1,608 | ) | ||||
Financing portion of net cash received (paid) for derivative instruments | (37 | ) | (555 | ) | ||||
Increase (decrease) in outstanding checks | 28 | (150 | ) | |||||
Dividends paid | (28 | ) | (25 | ) | ||||
Repurchase of common stock | (21 | ) | (30 | ) | ||||
Issuance of common stock | — | 30 | ||||||
Sale of subsidiary units | — | 440 | ||||||
Distributions to noncontrolling interest owners | (105 | ) | (78 | ) | ||||
Proceeds from conveyance of future hard minerals royalty revenues, net of transaction costs | — | 413 | ||||||
Payments of future hard minerals royalty revenues conveyed | (25 | ) | — | |||||
Net cash provided by (used in) financing activities | (198 | ) | 3,119 | |||||
Effect of Exchange Rate Changes on Cash | — | (1 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | 2,647 | 2,008 | ||||||
Cash and Cash Equivalents at Beginning of Period | 3,184 | 939 | ||||||
Cash and Cash Equivalents at End of Period | $ | 5,831 | $ | 2,947 |
millions | March 31, 2017 | December 31, 2016 | |||||
Oil | $ | 130 | $ | 169 | |||
Natural gas | 19 | 38 | |||||
NGLs | 94 | 106 | |||||
Total inventories | $ | 243 | $ | 313 |
millions | 2017 | 2016 | |||||
Proceeds received, net of closing adjustments | $ | 2,851 | $ | 35 | |||
Gains (losses) on divestitures, net | 804 | 2 |
Three Months Ended | |||||||
millions | Impairment | Fair Value (1) | |||||
March 31, 2017 | |||||||
Oil and gas exploration and production | |||||||
Gulf of Mexico properties | $ | 204 | $ | 231 | |||
Midstream | 169 | 49 | |||||
Total | $ | 373 | $ | 280 |
(1) | Measured as of the impairment date using the income approach and Level 3 inputs. The primary assumptions used to estimate undiscounted future net cash flows include anticipated future production, commodity prices, and capital and operating costs. |
millions | March 31, 2017 | December 31, 2016 | |||||
Accrued income taxes | $ | 671 | $ | 6 | |||
Interest payable | 161 | 244 | |||||
Production, property, and other taxes payable | 253 | 239 | |||||
Accrued employee benefits | 185 | 355 | |||||
Other | 213 | 393 | |||||
Total other current liabilities | $ | 1,483 | $ | 1,237 |
2017 Settlement | 2018 Settlement | ||||||
Oil | |||||||
Three-Way Collars (MBbls/d) | 91 | — | |||||
Average price per barrel | |||||||
Ceiling sold price (call) | $ | 59.80 | $ | — | |||
Floor purchased price (put) | $ | 50.00 | $ | — | |||
Floor sold price (put) | $ | 40.00 | $ | — | |||
Natural Gas | |||||||
Three-Way Collars (thousand MMBtu/d) | 682 | 250 | |||||
Average price per MMBtu | |||||||
Ceiling sold price (call) | $ | 3.60 | $ | 3.54 | |||
Floor purchased price (put) | $ | 2.75 | $ | 2.75 | |||
Floor sold price (put) | $ | 2.00 | $ | 2.00 | |||
Fixed-Price Contracts (thousand MMBtu/d) | 19 | — | |||||
Average price per MMBtu | $ | 2.82 | $ | — |
millions except percentages | Mandatory | Weighted-Average | |||||||
Notional Principal Amount | Reference Period | Termination Date | Interest Rate | ||||||
$ | 500 | September 2016 – 2046 | September 2018 | 6.559% | |||||
$ | 300 | September 2016 – 2046 | September 2020 | 6.509% | |||||
$ | 450 | September 2017 – 2047 | September 2018 | 6.445% | |||||
$ | 100 | September 2017 – 2047 | September 2020 | 6.891% | |||||
$ | 250 | September 2017 – 2047 | September 2021 | 6.570% |
Gross Derivative Assets | Gross Derivative Liabilities | |||||||||||||||
millions | March 31, | December 31, | March 31, | December 31, | ||||||||||||
Balance Sheet Classification | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Commodity derivatives | ||||||||||||||||
Other current assets | $ | 51 | $ | 10 | $ | (31 | ) | $ | (3 | ) | ||||||
Other assets | 12 | 9 | — | — | ||||||||||||
Other current liabilities | 15 | 66 | (35 | ) | (201 | ) | ||||||||||
Other liabilities | — | — | — | (12 | ) | |||||||||||
78 | 85 | (66 | ) | (216 | ) | |||||||||||
Interest-rate derivatives | ||||||||||||||||
Other current assets | 8 | 8 | — | — | ||||||||||||
Other assets | 23 | 23 | — | — | ||||||||||||
Other current liabilities | — | — | (69 | ) | (48 | ) | ||||||||||
Other liabilities | — | — | (1,271 | ) | (1,328 | ) | ||||||||||
31 | 31 | (1,340 | ) | (1,376 | ) | |||||||||||
Total derivatives | $ | 109 | $ | 116 | $ | (1,406 | ) | $ | (1,592 | ) |
millions | Three Months Ended March 31, | |||||||
Classification of (Gain) Loss Recognized | 2017 | 2016 | ||||||
Commodity derivatives | ||||||||
Gathering, processing, and marketing sales (1) | $ | — | $ | 2 | ||||
(Gains) losses on derivatives, net | (135 | ) | (28 | ) | ||||
Interest-rate derivatives | ||||||||
(Gains) losses on derivatives, net | (12 | ) | 325 | |||||
Total (gains) losses on derivatives, net | $ | (147 | ) | $ | 299 |
(1) | Represents the effect of Marketing and Trading Derivative Activities. |
millions | Level 1 | Level 2 | Level 3 | Netting (1) | Collateral | Total | |||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Commodity derivatives | $ | — | $ | 78 | $ | — | $ | (45 | ) | $ | — | $ | 33 | ||||||||||
Interest-rate derivatives | — | 31 | — | — | — | 31 | |||||||||||||||||
Total derivative assets | $ | — | $ | 109 | $ | — | $ | (45 | ) | $ | — | $ | 64 | ||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | (1 | ) | $ | (65 | ) | $ | — | $ | 45 | $ | 2 | $ | (19 | ) | ||||||||
Interest-rate derivatives | — | (1,340 | ) | — | — | 130 | (1,210 | ) | |||||||||||||||
Total derivative liabilities | $ | (1 | ) | $ | (1,405 | ) | $ | — | $ | 45 | $ | 132 | $ | (1,229 | ) | ||||||||
December 31, 2016 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Commodity derivatives | $ | 2 | $ | 83 | $ | — | $ | (69 | ) | $ | — | $ | 16 | ||||||||||
Interest-rate derivatives | — | 31 | — | — | — | 31 | |||||||||||||||||
Total derivative assets | $ | 2 | $ | 114 | $ | — | $ | (69 | ) | $ | — | $ | 47 | ||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | (3 | ) | $ | (213 | ) | $ | — | $ | 69 | $ | 6 | $ | (141 | ) | ||||||||
Interest-rate derivatives | — | (1,376 | ) | — | — | 117 | (1,259 | ) | |||||||||||||||
Total derivative liabilities | $ | (3 | ) | $ | (1,589 | ) | $ | — | $ | 69 | $ | 123 | $ | (1,400 | ) |
(1) | Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. |
millions | WES | WGP (1) | Anadarko (2) | Anadarko Consolidated | |||||||||||
March 31, 2017 | |||||||||||||||
Total borrowings at face value | $ | 3,120 | $ | 28 | $ | 13,550 | $ | 16,698 | |||||||
Net unamortized discounts, premiums, and debt issuance costs (3) | (28 | ) | — | (1,587 | ) | (1,615 | ) | ||||||||
Total borrowings (4) | 3,092 | 28 | 11,963 | 15,083 | |||||||||||
Capital lease obligations | — | — | 243 | 243 | |||||||||||
Less short-term debt | — | — | 42 | 42 | |||||||||||
Total long-term debt | $ | 3,092 | $ | 28 | $ | 12,164 | $ | 15,284 | |||||||
December 31, 2016 | |||||||||||||||
Total borrowings at face value | $ | 3,120 | $ | 28 | $ | 13,558 | $ | 16,706 | |||||||
Net unamortized discounts, premiums, and debt issuance costs (3) | (29 | ) | — | (1,599 | ) | (1,628 | ) | ||||||||
Total borrowings (4) | 3,091 | 28 | 11,959 | 15,078 | |||||||||||
Capital lease obligations | — | — | 245 | 245 | |||||||||||
Less short-term debt | — | — | 42 | 42 | |||||||||||
Total long-term debt | $ | 3,091 | $ | 28 | $ | 12,162 | $ | 15,281 |
(1) | Excludes WES. |
(2) | Excludes WES and WGP. |
(3) | Unamortized discounts, premiums, and debt issuance costs are amortized over the term of the related debt. Debt issuance costs related to RCFs are included in other current assets and other assets on the Company’s Consolidated Balance Sheets. |
(4) | The Company’s outstanding borrowings, except for borrowings under the WGP RCF, are senior unsecured. |
Three Months Ended March 31, | |||||||
millions except percentages | 2017 | 2016 | |||||
Income tax expense (benefit) | $ | 97 | $ | (383 | ) | ||
Income (loss) before income taxes | (178 | ) | (1,381 | ) | |||
Effective tax rate | (54 | )% | 28 | % |
• | state taxes, net of federal benefit |
• | non-deductible Algerian exceptional profits tax for Algerian income tax purposes |
• | tax impact from foreign operations |
• | net changes in uncertain tax positions |
• | tax deficiency related to share-based compensation due to the adoption of ASU 2016-09, see Note 1—Summary of Significant Accounting Policies |
Pension Benefits | Other Benefits | ||||||||||||||
millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Three Months Ended March 31 | |||||||||||||||
Service cost | $ | 21 | $ | 26 | $ | — | $ | 1 | |||||||
Interest cost | 21 | 26 | 3 | 3 | |||||||||||
Expected (return) loss on plan assets | (21 | ) | (27 | ) | — | — | |||||||||
Amortization of net actuarial loss (gain) | 6 | 8 | — | — | |||||||||||
Amortization of net prior service cost (credit) | — | — | (6 | ) | (6 | ) | |||||||||
Settlement expense | 3 | — | — | — | |||||||||||
Termination benefits expense (1) | 4 | 44 | — | — | |||||||||||
Curtailment expense (1) | — | 8 | — | (3 | ) | ||||||||||
Net periodic benefit cost | $ | 34 | $ | 85 | $ | (3 | ) | $ | (5 | ) |
(1) | Termination benefits expense and curtailment expense for the three months ended March 31, 2016, relate to the workforce reduction program initiated in the first quarter of 2016. See Note 11—Restructuring Charges. |
Three Months Ended March 31, | |||||||
millions except per-share amounts | 2017 | 2016 | |||||
Net income (loss) | |||||||
Net income (loss) attributable to common stockholders | $ | (318 | ) | $ | (1,034 | ) | |
Income (loss) effect of TEUs | (2 | ) | (1 | ) | |||
Basic | $ | (320 | ) | $ | (1,035 | ) | |
Diluted | $ | (320 | ) | $ | (1,035 | ) | |
Shares | |||||||
Average number of common shares outstanding—basic | 551 | 509 | |||||
Average number of common shares outstanding—diluted | 551 | 509 | |||||
Excluded due to anti-dilutive effect | 11 | 10 | |||||
Net income (loss) per common share | |||||||
Basic | $ | (0.58 | ) | $ | (2.03 | ) | |
Diluted | $ | (0.58 | ) | $ | (2.03 | ) |
Three Months Ended March 31, | |||||||
millions | 2017 | 2016 | |||||
Cash paid (received) | |||||||
Interest, net of amounts capitalized | $ | 308 | $ | 299 | |||
Income taxes, net of refunds | 1 | (8 | ) | ||||
Non-cash investing activities | |||||||
Fair value of properties and equipment from non-cash transactions | $ | 549 | $ | — | |||
Asset retirement cost additions | 61 | 27 | |||||
Accruals of property, plant, and equipment | 608 | 623 | |||||
Net liabilities assumed (divested) in acquisitions and divestitures | (82 | ) | — | ||||
Non-cash investing and financing activities | |||||||
FPSO construction period obligation (1) | $ | — | $ | 2 | |||
Deferred drilling lease liability | 7 | — |
(1) | Upon completion of the FPSO in the third quarter of 2016, the Company reported the construction period obligation as a capital lease obligation based on the fair value of the FPSO. |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Income (loss) before income taxes | $ | (178 | ) | $ | (1,381 | ) | ||
Interest expense | 223 | 220 | ||||||
DD&A | 1,115 | 1,149 | ||||||
Exploration expense | 1,085 | 126 | ||||||
(Gains) losses on divestitures, net | (804 | ) | (2 | ) | ||||
Impairments | 373 | 16 | ||||||
Total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives | (155 | ) | 404 | |||||
Restructuring charges | (1 | ) | 203 | |||||
Other operating expense | — | 1 | ||||||
Less net income (loss) attributable to noncontrolling interests | 43 | 36 | ||||||
Consolidated Adjusted EBITDAX | $ | 1,615 | $ | 700 |
millions | Oil and Gas Exploration & Production | Midstream | Marketing | Other and Intersegment Eliminations | Total | ||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||
Sales revenues | $ | 1,524 | $ | 225 | $ | 1,149 | $ | — | $ | 2,898 | |||||||||
Intersegment revenues | 871 | 361 | (1,024 | ) | (208 | ) | — | ||||||||||||
Other (1) | 2 | 33 | 6 | 24 | 65 | ||||||||||||||
Total revenues and other (2) | 2,397 | 619 | 131 | (184 | ) | 2,963 | |||||||||||||
Operating costs and expenses (3) | 866 | 317 | 165 | (43 | ) | 1,305 | |||||||||||||
Net cash from settlement of commodity derivatives | — | — | — | 6 | 6 | ||||||||||||||
Other (income) expense, net | — | — | — | (8 | ) | (8 | ) | ||||||||||||
Net income (loss) attributable to noncontrolling interests (1) | — | — | — | 43 | 43 | ||||||||||||||
Total expenses and other | 866 | 317 | 165 | (2 | ) | 1,346 | |||||||||||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | — | — | (2 | ) | — | (2 | ) | ||||||||||||
Adjusted EBITDAX | $ | 1,531 | $ | 302 | $ | (36 | ) | $ | (182 | ) | $ | 1,615 | |||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||
Sales revenues | $ | 711 | $ | 125 | $ | 798 | $ | — | $ | 1,634 | |||||||||
Intersegment revenues | 601 | 302 | (663 | ) | (240 | ) | — | ||||||||||||
Other (1) | (1 | ) | 13 | 1 | 25 | 38 | |||||||||||||
Total revenues and other (2) | 1,311 | 440 | 136 | (215 | ) | 1,672 | |||||||||||||
Operating costs and expenses (3) | 773 | 183 | 176 | (89 | ) | 1,043 | |||||||||||||
Net cash from settlement of commodity derivatives | — | — | — | (103 | ) | (103 | ) | ||||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | — | 36 | 36 | ||||||||||||||
Total expenses and other | 773 | 183 | 176 | (156 | ) | 976 | |||||||||||||
Total (gains) losses on derivatives, net included in marketing revenue, less net cash from settlement | — | — | 4 | — | 4 | ||||||||||||||
Adjusted EBITDAX | $ | 538 | $ | 257 | $ | (36 | ) | $ | (59 | ) | $ | 700 |
(1) | Presentation has been adjusted to align with the current analysis of segment performance. Net income (loss) attributable to noncontrolling interests, previously reported within the Midstream segment, is now presented within Other and Intersegment Eliminations. Other revenues, previously reported within Other and Intersegment Eliminations, is now presented within the applicable segments. |
(2) | Total revenues and other excludes gains (losses) on divestitures, net since these gains and losses are excluded from Adjusted EBITDAX. |
(3) | Operating costs and expenses excludes exploration expense, DD&A, impairments, restructuring charges, and certain other operating expenses since these expenses are excluded from Adjusted EBITDAX. |
• | the Company’s assumptions about energy markets |
• | production and sales volume levels |
• | levels of oil, natural-gas, and NGLs reserves |
• | operating results |
• | competitive conditions |
• | technology |
• | availability of capital resources, levels of capital expenditures, and other contractual obligations |
• | supply and demand for, the price of, and the commercialization and transporting of oil, natural gas, NGLs, and other products or services |
• | volatility in the commodity-futures market |
• | weather |
• | inflation |
• | availability of goods and services, including unexpected changes in costs |
• | drilling risks |
• | processing volumes and pipeline throughput |
• | general economic conditions, nationally, internationally, or in the jurisdictions in which the Company is, or in the future may be, doing business |
• | the Company’s inability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects |
• | legislative or regulatory changes, including changes relating to hydraulic fracturing; retroactive royalty or production tax regimes; deepwater drilling and permitting regulations; derivatives reform; changes in state, federal, and foreign income taxes; environmental regulation, including regulations related to climate change; environmental risks; and liability under international, provincial, federal, regional, state, tribal, local, and foreign environmental laws and regulations |
• | civil or political unrest or acts of terrorism in a region or country |
• | the creditworthiness and performance of the Company’s counterparties, including financial institutions, operating partners, and other parties |
• | volatility in the securities, capital, or credit markets and related risks such as general credit, liquidity, and interest-rate risk |
• | the Company’s ability to successfully monetize select assets, repay or refinance its debt, and the impact of changes in the Company’s credit ratings |
• | uncertainties associated with acquired properties and businesses |
• | disruptions in international oil and NGLs cargo shipping activities |
• | physical, digital, internal, and external security breaches |
• | supply and demand, technological, political, governmental, and commercial conditions associated with long-term development and production projects in domestic and international locations |
• | other factors discussed below and elsewhere in “Risk Factors” and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, this Form 10-Q, and in the Company’s other public filings, press releases, and discussions with Company management |
• | Anadarko’s overall sales-volume product mix increased to 61% liquids in the first quarter of 2017, compared to 53% in the first quarter of 2016, which significantly improved margins. |
• | Anadarko’s first-quarter oil sales volumes averaged 367 MBbls/d, representing a 16% increase from the first quarter of 2016, primarily due to increased volumes from the GOM Acquisition and the startup of TEN offshore Ghana, partially offset by divestitures of U.S. onshore oil and gas assets in 2016 and 2017. |
• | Oil sales volumes in the Delaware basin increased 10 MBbls/d, representing a 46% increase from the first quarter of 2016, due to increased drilling activity. |
• | WES acquired a third party’s 50% nonoperated interest in the DBJV system in exchange for WES’s 33.75% interest in nonoperated Marcellus midstream assets and $155 million in cash. |
• | Anadarko closed the divestiture of its Eagleford and Marcellus assets during the quarter for net proceeds of $2.8 billion, prior to final closing adjustments. |
• | Oil sales volumes averaged 125 MBbls/d, representing a 116% increase from the first quarter of 2016, primarily due to the GOM Acquisition and continued tieback activity at several facilities. |
• | First-quarter sales volumes averaged 104 MBbls/d, representing a 17% increase from the first quarter of 2016, primarily as a result of the TEN development project (19% nonoperated participating interest) in Ghana achieving first oil in the third quarter of 2016. |
• | Interim mooring of the FPSO at the Jubilee field in Ghana commenced in the fourth quarter of 2016 and was completed during the first quarter of 2017. Final decisions and approvals will be sought for the long-term turret system solution in mid-2017. It is anticipated that a facility shutdown of up to 12 weeks may be required in the second half of 2017. The partnership is actively seeking optimization solutions to minimize the duration of any shutdown period. |
• | During the quarter, the Company made progress towards finalizing major components of the legal and contractual framework for the LNG project in Mozambique, which will support investment, beginning with the resettlement project, and also position the Company to secure long-term LNG offtake contracts. |
• | The Company generated $1.1 billion of cash flow from operations and ended the quarter with $5.8 billion of cash. |
• | In January 2017, the Company extended the maturity date of the 364-Day Facility until January 2018. |
Three Months Ended March 31, | ||||||||
millions except per-share amounts | 2017 | 2016 | ||||||
Oil, natural-gas, and NGLs sales | $ | 2,454 | $ | 1,394 | ||||
Gathering, processing, and marketing sales | 444 | 240 | ||||||
Gains (losses) on divestitures and other, net | 869 | 40 | ||||||
Revenues and other | $ | 3,767 | $ | 1,674 | ||||
Costs and expenses | 3,877 | 2,538 | ||||||
Other (income) expense | 68 | 517 | ||||||
Income tax expense (benefit) | 97 | (383 | ) | |||||
Net income (loss) attributable to common stockholders | $ | (318 | ) | $ | (1,034 | ) | ||
Net income (loss) per common share attributable to common stockholders—diluted | $ | (0.58 | ) | $ | (2.03 | ) | ||
Average number of common shares outstanding—diluted | 551 | 509 |
Three Months Ended March 31, | ||||||||||||||||
millions except percentages | Oil | Natural Gas | NGLs | Total | ||||||||||||
2016 sales revenues | $ | 850 | $ | 366 | $ | 178 | $ | 1,394 | ||||||||
Changes associated with prices | 684 | 210 | 126 | 1,020 | ||||||||||||
Changes associated with sales volumes | 129 | (74 | ) | (15 | ) | 40 | ||||||||||
2017 sales revenues | $ | 1,663 | $ | 502 | $ | 289 | $ | 2,454 | ||||||||
Increase (decrease) vs. 2016 | 96 | % | 37 | % | 62 | % | 76 | % |
2017 | Inc (Dec) vs. 2016 | 2016 | ||||||||
Barrels of Oil Equivalent | ||||||||||
(MMBOE except percentages) | ||||||||||
United States | 62 | (7 | )% | 67 | ||||||
International | 10 | 16 | 8 | |||||||
Total barrels of oil equivalent | 72 | (5 | ) | 75 | ||||||
Barrels of Oil Equivalent per Day | ||||||||||
(MBOE/d except percentages) | ||||||||||
United States | 691 | (6 | )% | 738 | ||||||
International | 104 | 17 | 89 | |||||||
Total barrels of oil equivalent per day | 795 | (4 | ) | 827 |
Three Months Ended March 31, | |||||||||||
2017 | Inc (Dec) vs. 2016 | 2016 | |||||||||
Oil sales revenues (millions) | $ | 1,663 | 96 | % | $ | 850 | |||||
United States | |||||||||||
Sales volumes—MMBbls | 24 | 15 | % | 21 | |||||||
MBbls/d | 269 | 16 | 232 | ||||||||
Price per barrel | $ | 49.23 | 76 | $ | 28.04 | ||||||
International | |||||||||||
Sales volumes—MMBbls | 9 | 16 | % | 8 | |||||||
MBbls/d | 98 | 18 | 83 | ||||||||
Price per barrel | $ | 53.36 | 56 | $ | 34.11 | ||||||
Total | |||||||||||
Sales volumes—MMBbls | 33 | 15 | % | 29 | |||||||
MBbls/d | 367 | 16 | 315 | ||||||||
Price per barrel | $ | 50.34 | 70 | $ | 29.65 |
millions | Change in Revenues | Due to Change in Prices | Due to Change in Volumes | |||||||||
Three months ended March 31, 2017 vs. 2016 | $ | 813 | $ | 684 | $ | 129 |
• | Sales volumes for the Delaware basin increased by 10 MBbls/d for the three months ended March 31, 2017, primarily due to continued drilling activity. |
• | Sales volumes for the DJ basin decreased by 16 MBbls/d for the three months ended March 31, 2017, primarily due to reduced capital investment during the low commodity price cycle in 2016. |
• | Sales volumes for Eagleford decreased by 15 MBbls/d for the three months ended March 31, 2017, primarily due to the sale of the assets in March 2017. |
• | Sales volumes increased by 67 MBbls/d for the three months ended March 31, 2017, primarily due to the GOM Acquisition in December 2016. |
• | Sales volumes for Ghana increased by 10 MBbls/d for the three months ended March 31, 2017, primarily due to liftings from the TEN development project, which came online late in the third quarter of 2016. |
Three Months Ended March 31, | |||||||||||
2017 | Inc (Dec) vs. 2016 | 2016 | |||||||||
Natural-gas sales revenues (millions) | $ | 502 | 37 | % | $ | 366 | |||||
United States | |||||||||||
Sales volumes—Bcf | 167 | (20 | )% | 210 | |||||||
MMcf/d | 1,859 | (19 | ) | 2,303 | |||||||
Price per Mcf | $ | 3.00 | 71 | $ | 1.75 |
millions | Change in Revenues | Due to Change in Prices | Due to Change in Volumes | |||||||||
Three months ended March 31, 2017 vs. 2016 | $ | 136 | $ | 210 | $ | (74 | ) |
• | Sales volumes for Eagleford decreased by 61 MMcf/d for the three months ended March 31, 2017, primarily due to the sale of the assets in March 2017. |
• | Sales volumes for Marcellus decreased by 43 MMcf/d for the three months ended March 31, 2017, primarily due to natural production declines. The assets were sold on March 31, 2017. |
• | Sales volumes decreased by 402 MMcf/d for the three months ended March 31, 2017, primarily due to the sale of certain Wyoming and East Texas/Louisiana assets in 2016. |
• | Sales volumes increased by 44 MMcf/d for the three months ended March 31, 2017, primarily due to the GOM Acquisition in December 2016. |
Three Months Ended March 31, | |||||||||||
2017 | Inc (Dec) vs. 2016 | 2016 | |||||||||
Natural-gas liquids sales revenues (millions) | $ | 289 | 62 | % | $ | 178 | |||||
United States | |||||||||||
Sales volumes—MMBbls | 10 | (10 | )% | 11 | |||||||
MBbls/d | 112 | (9 | ) | 122 | |||||||
Price per barrel | $ | 26.57 | 77 | $ | 14.98 | ||||||
International | |||||||||||
Sales volumes—MMBbls | 1 | 14 | % | — | |||||||
MBbls/d | 6 | 15 | 6 | ||||||||
Price per barrel | $ | 37.57 | 65 | $ | 22.78 | ||||||
Total | |||||||||||
Sales volumes—MMBbls | 11 | (9 | )% | 11 | |||||||
MBbls/d | 118 | (8 | ) | 128 | |||||||
Price per barrel | $ | 27.17 | 77 | $ | 15.32 |
millions | Change in Revenues | Due to Change in Prices | Due to Change in Volumes | |||||||||
Three months ended March 31, 2017 vs. 2016 | $ | 111 | $ | 126 | $ | (15 | ) |
• | Sales volumes for DJ basin increased by 9 MBbls/d for the three months ended March 31, 2017, primarily due to improved well performance. |
• | Sales volumes decreased by 22 MBbls/d for the three months ended March 31, 2017, primarily due to the sale of certain Wyoming and East Texas/Louisiana assets in 2016. |
• | Sales volumes increased by 5 MBbls/d for the three months ended March 31, 2017, primarily due to the GOM Acquisition in December 2016. |
Three Months Ended March 31, | |||||||||||
millions except percentages | 2017 | Inc (Dec) vs. 2016 | 2016 | ||||||||
Gathering, processing, and marketing sales | $ | 444 | 85 | % | $ | 240 | |||||
Gathering, processing, and marketing expense | 351 | 63 | 215 | ||||||||
Total gathering, processing, and marketing, net | $ | 93 | NM | $ | 25 |
Three Months Ended March 31, | |||||||||||
millions except percentages | 2017 | Inc (Dec) vs. 2016 | 2016 | ||||||||
Gains (losses) on divestitures, net | $ | 804 | NM | $ | 2 | ||||||
Other | 65 | 71 | % | 38 | |||||||
Total gains (losses) on divestitures and other, net | $ | 869 | NM | $ | 40 |
millions | 2017 | 2016 | |||||
Oil and gas operating | $ | 258 | $ | 208 | |||
Oil and gas transportation | 249 | 242 | |||||
Exploration | 1,085 | 126 | |||||
Gathering, processing, and marketing | 351 | 215 | |||||
General and administrative | 269 | 449 | |||||
Depreciation, depletion, and amortization | 1,115 | 1,149 | |||||
Production, property, and other taxes | 155 | 117 | |||||
Impairments | 373 | 16 | |||||
Other operating expense | 22 | 16 | |||||
Total | $ | 3,877 | $ | 2,538 |
Three Months Ended March 31, | |||||||||||
2017 | Inc (Dec) vs. 2016 | 2016 | |||||||||
Oil and gas operating (millions) | $ | 258 | 24 | % | $ | 208 | |||||
Oil and gas operating—per BOE | 3.60 | 30 | 2.77 |
• | higher overall operating costs of $54 million primarily related to the GOM Acquisition |
• | higher non-operated costs of $32 million in Ghana partially related to the completion of interim mooring of the Jubilee FPSO during the first quarter of 2017 along with production from the TEN development, which came online late in the third quarter of 2016 |
• | lower expenses of $21 million as a result of U.S. onshore asset divestitures |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Exploration Expense | ||||||||
Dry hole expense | $ | 476 | $ | 11 | ||||
Impairments of unproved properties | 537 | 24 | ||||||
Geological and geophysical expense | 37 | 37 | ||||||
Exploration overhead and other | 35 | 54 | ||||||
Total exploration expense | $ | 1,085 | $ | 126 |
• | The Company expensed suspended exploratory well costs of $435 million during the three months ended March 31, 2017, related to the Shenandoah project in the Gulf of Mexico. See Note 5—Suspended Exploratory Well Costs in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. |
• | The Company expensed $41 million during the three months ended March 31, 2017, due to unsuccessful drilling activities primarily associated with the Gulf of Mexico and an international property. |
• | The Company recognized $532 million of impairments of unproved Gulf of Mexico properties during the three months ended March 31, 2017, of which $467 million related to the Shenandoah project. The unproved property balance related to the Shenandoah project originated from the purchase price allocated to the Gulf of Mexico exploration projects from the acquisition of Kerr-McGee Corporation in 2006. See Note 5—Suspended Exploratory Well Costs in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q. |
Three Months Ended March 31, | |||||||||||
millions except percentages | 2017 | Inc (Dec) vs. 2016 | 2016 | ||||||||
General and administrative | $ | 269 | (40 | )% | $ | 449 |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Oil and gas exploration and production | ||||||||
U.S. onshore properties | $ | — | $ | 4 | ||||
Gulf of Mexico properties | 204 | 1 | ||||||
Cost-method investment | — | 1 | ||||||
Midstream | 169 | 10 | ||||||
Total | $ | 373 | $ | 16 |
millions | 2017 | 2016 | ||||||
Interest expense | $ | 223 | $ | 220 | ||||
(Gains) losses on derivatives, net (1) | (147 | ) | 297 | |||||
Other (income) expense, net | (8 | ) | — | |||||
Total | $ | 68 | $ | 517 |
(1) | (Gains) losses on derivatives, net represents the changes in fair value of the Company’s derivative instruments as a result of changes in commodity prices and interest rates, contract modifications, and settlements. See Note 7—Derivative Instruments in the Notes to Consolidated Financial Statements under Item 1 of this Form 10-Q. |
Three Months Ended March 31, | ||||||||
millions except percentages | 2017 | 2016 | ||||||
Income tax expense (benefit) | $ | 97 | $ | (383 | ) | |||
Income (loss) before income taxes | (178 | ) | (1,381 | ) | ||||
Effective tax rate | (54 | )% | 28 | % |
Three Months Ended March 31, | ||||||||
millions | 2017 | 2016 | ||||||
Net cash provided by (used in) operating activities | $ | 1,123 | $ | (137 | ) | |||
Net cash provided by (used in) investing activities | 1,722 | (973 | ) | |||||
Net cash provided by (used in) financing activities | (198 | ) | 3,119 |
millions | 2017 | 2016 | ||||||
Cash Flows from Investing Activities | ||||||||
Additions to properties and equipment (1) | $ | 1,194 | $ | 1,022 | ||||
Adjustments for capital expenditures | ||||||||
Changes in capital accruals | 58 | (130 | ) | |||||
Other | 3 | 4 | ||||||
Total capital expenditures (2) | $ | 1,255 | $ | 896 |
(1) | Additions to properties and equipment as presented within Anadarko’s cash flows from investing activities include cash payments for cost of properties, equipment, and facilities. The cost of properties includes the initial capitalization of drilling costs associated with all exploratory wells whether or not they were deemed to have a commercially sufficient quantity of proved reserves. |
(2) | Includes WES capital expenditures of $286 million for the three months ended March 31, 2017, and $140 million for the three months ended March 31, 2016. Capital expenditures exclude the FPSO capital lease asset. |
millions except percentages | March 31, 2017 | December 31, 2016 | |||||
Anadarko | $ | 12,206 | $ | 12,204 | |||
WES | 3,092 | 3,091 | |||||
WGP | 28 | 28 | |||||
Total debt | $ | 15,326 | $ | 15,323 | |||
Total equity | 15,079 | 15,497 | |||||
Debt to total capitalization ratio | 50.4 | % | 49.7 | % |
millions | 2017 | 2016 | ||||||
WES distributions to unitholders (excluding Anadarko and WGP) (1) | $ | 68 | $ | 63 | ||||
WES distributions to Series A Preferred unitholders (2) | 15 | — | ||||||
WGP distributions to unitholders (excluding Anadarko) (3) | 19 | 11 |
(1) | WES has made quarterly distributions to its unitholders since its IPO in the second quarter of 2008 and has increased its distribution from $0.30 per common unit for the third quarter of 2008 to $0.875 per common unit for the first quarter of 2017 (to be paid in May 2017). |
(2) | WES has made quarterly distributions of $0.68 per unit, prorated based on issuance date, to its Series A Preferred unitholders since the unit issuances in March and April 2016 (to be paid in May 2017). |
(3) | WGP has made quarterly distributions to its unitholders since its IPO in December 2012 and has increased its distribution from $0.17875 per common unit for the first quarter of 2013 to $0.49125 per unit for the first quarter of 2017 (to be paid in May 2017). |
Period | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs | |||||||||
January 1 - 31, 2017 | 21,117 | $ | 71.08 | — | $ | — | |||||||
February 1 - 28, 2017 | 2,968 | $ | 69.47 | — | $ | — | |||||||
March 1 - 31, 2017 | 307,298 | $ | 62.52 | — | $ | — | |||||||
Total | 331,383 | $ | 63.13 | — | $ | — |
(1) | During the first quarter of 2017, all purchased shares related to stock received by the Company for the payment of withholding taxes due on employee share issuances under share-based compensation plans. |
Exhibit Number | Description | |||
3 | (i) | |||
(ii) | ||||
10 | (i) | |||
* | 31 | (i) | Rule 13a-14(a)/15d-14(a) Certification—Chief Executive Officer | |
* | 31 | (ii) | Rule 13a-14(a)/15d-14(a) Certification—Chief Financial Officer | |
** | 32 | Section 1350 Certifications | ||
* | 101 | .INS | XBRL Instance Document | |
* | 101 | .SCH | XBRL Schema Document | |
* | 101 | .CAL | XBRL Calculation Linkbase Document | |
* | 101 | .DEF | XBRL Definition Linkbase Document | |
* | 101 | .LAB | XBRL Label Linkbase Document | |
* | 101 | .PRE | XBRL Presentation Linkbase Document |
ANADARKO PETROLEUM CORPORATION | |||
(Registrant) | |||
May 2, 2017 | By: | /s/ ROBERT G. GWIN | |
Robert G. Gwin Executive Vice President, Finance and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Anadarko Petroleum Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ R. A. WALKER |
R. A. Walker |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Anadarko Petroleum Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ ROBERT G. GWIN |
Robert G. Gwin |
Executive Vice President, Finance and Chief Financial Officer |
(1) | the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (Report), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
May 2, 2017 | ||
/s/ R. A. WALKER | ||
R. A. Walker | ||
Chairman, President and Chief Executive Officer | ||
May 2, 2017 | ||
/s/ ROBERT G. GWIN | ||
Robert G. Gwin | ||
Executive Vice President, Finance and Chief Financial Officer |
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