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Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2013
Disclosure Text Block [Abstract]  
Summary of Significant Accounting Policies

1.  Summary of Significant Accounting Policies

 

General   Anadarko Petroleum Corporation is engaged in the exploration, development, production, and marketing of natural gas, crude oil, condensate, and natural gas liquids (NGLs). In addition, the Company engages in the gathering, processing, treating, and transporting of natural gas, crude oil, and NGLs. Unless the context otherwise requires, the terms “Anadarko” and “Company” refer to Anadarko Petroleum Corporation and its consolidated subsidiaries.

 

Basis of Presentation   The information furnished herein reflects all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the Company's Consolidated Balance Sheets at March 31, 2013, and December 31, 2012, the Consolidated Statements of Income, Comprehensive Income, and Cash Flows for the three months ended March 31, 2013 and 2012, and the Consolidated Statement of Equity for the three months ended March 31, 2013. Certain prior-period amounts have been reclassified to conform to the current-period presentation.

 

Use of Estimates   The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, including those related to the value of properties and equipment; proved reserves; goodwill; intangible assets; asset retirement obligations; litigation reserves; environmental liabilities; pension assets, liabilities, and costs; income taxes; and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.