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Anadarko Details Q2 Operations, Financial Update

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Anadarko Details Q2 Operations, Financial Update

Anadarko Petroleum Corporation reported second-quarter 2013 net income attributable to common stockholders of $929 million, or $1.83 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 $392 million, or $0.78 per share (diluted), on an after-tax basis. Cash flow from operating activities in the second quarter of 2013 was approximately $2.502 billion, and discretionary cash flow totaled $1.908 billion.

Second-Quarter 2013 Highlights

  • Generated $290 million of adjusted free cash flow
  • Increased U.S. onshore oil volumes by almost 20,000 barrels per day over second-quarter 2012
  • Reached milestones at four large-scale oil projects in Algeria, Ghana and the Gulf of Mexico
  • Drilled five deepwater discoveries in the Gulf of Mexico and Mozambique

Anadarko Chairman, President and CEO Al Walker, commented: "We continue to have exceptional performance from our portfolio, as evidenced by the results delivered in the second quarter of 2013. Our U.S. onshore activities delivered year-over-year oil growth of 25 percent, averaging approximately 97,000 barrels per day during the quarter. We continued to drive significant improvements into our drilling and completions programs, and costs in each category were favorable to our expectations. We reached milestones at four of our large global oil projects, which are advancing on schedule and on budget, and we achieved a success rate of almost 70 percent in our deepwater exploration/appraisal program, including five new discoveries. We also strengthened the balance sheet, improving our net-debt-to-adjusted-capitalization ratio to 29 percent compared to 34 percent at the end of 2012."

Operations Summary

Anadarko reported total sales volumes of more than 750,000 barrels of oil equivalent (BOE) per day during the second quarter. Liquids sales volumes averaged 309,000 barrels per day, without the benefit of an expected tanker lifting in Algeria, which is anticipated during the third quarter. Natural gas volumes averaged approximately 2.6 billion cubic feet per day. Anadarko is increasing its full-year 2013 sales volumes guidance to a range of 281 to 287 million BOE, from the previous range of 279 to 287 million BOE.

Updates for Anadarko's individual play operations are available below: