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Investor Conference – Anadarko Petroleum Corp

Anadarko Petroleum Corp · Mar 4, 2014 · 94 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investor Conference – Anadarko Petroleum Corp – slide 1
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS Sustained Growth With Unmatched Optionality John Colglazier Senior Vice President 832/636-2306 Jeremy Smith John Colglazier Director…
  2. Investor Conference – Anadarko Petroleum Corp – slide 2
    NYSE: APC www.anadarko.com Presenter Title Company Performance Al Walker Chairman, President and CEO Addressing Uncertainty Bobby Reeves EVP, General Counsel Financial Discipline Bob Gwin EVP, Finance and CFO 15-Minute Break…
  3. Investor Conference – Anadarko Petroleum Corp – slide 3
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS Sustained Growth With Unmatched Optionality John Colglazier Senior Vice President 832/636-2306 Jeremy Smith Al Walker Director 832/636-1544…
  4. Investor Conference – Anadarko Petroleum Corp – slide 4
    NYSE: APC www.anadarko.com Deep Portfolio Supports Future Growth Flexible Capital Allocation Enhances Returns Accelerating Resource Conversion from U.S. Onshore Continued Exploration Success Provides Optionality Active Portfolio…
  5. Investor Conference – Anadarko Petroleum Corp – slide 5
    NYSE: APC www.anadarko.com Accelerating 3 of the Best U.S. Onshore Oil Assets Delivering 2 of the Best Gulf of Mexico Oil Assets Generating Significant Cash at El Merk and Jubilee Advancing World-Class LNG Project in Mozambique…
  6. Investor Conference – Anadarko Petroleum Corp – slide 6
    NYSE: APC www.anadarko.com Long-Term 5-Year Results Objectives (2009 - 2013) Production Growth (CAGR) 5 - 7% 7% Reserve Replacement* 150+% 160% F&D* (/BOE) 15 14.45 70% Deepwater Exploration/Appraisal Success 10 Billion…
  7. Investor Conference – Anadarko Petroleum Corp – slide 7
    NYSE: APC www.anadarko.com Our Goal is to Send Each Employee Home Safely Every Day Total Recordable Incident Rate* 1.00 0.80 0.64 0.60 TRIR 0.40 0.28 0.20 0.00 2008 2009 2010 2011 2012 2013 Anadarko Employees…
  8. Investor Conference – Anadarko Petroleum Corp – slide 8
    NYSE: APC www.anadarko.com 115+ MMBOE Cumulative Production Outperformance vs. 2009 Expectations Reported Sales Volumes 7% CAGR 300 MMBOE 150 0 2009 2010 2011 2012 2013 2009 5-Year Expectations Outperformance…
  9. Investor Conference – Anadarko Petroleum Corp – slide 9
    NYSE: APC www.anadarko.com Ongoing Commitment to Accelerate Value and Reduce Risk Monetizations Since 2009* 5.0 4.8 Billions 2.5 1.7 1.8 1.4 0.1 0.0 2009 2010 2011 2012 2013 * Includes 1+ billion of exploration…
  10. Investor Conference – Anadarko Petroleum Corp – slide 10
    NYSE: APC www.anadarko.com 8% Divestiture-Adjusted Sales-Volumes CAGR 300 8% Same-Store Sales (MMBOE) 10% 7% 6% 7% 150 0 2009 2010 2011 2012 2013 Note: Reported sales-volumes CAGR = 7% ANADARKO PETROLEUM…
  11. Investor Conference – Anadarko Petroleum Corp – slide 11
    NYSE: APC www.anadarko.com 35% Cost Advantage Driven by Capital-Efficient, Lower-Risk Conversions 2010 - 2012 All-In FD&A Costs/BOE 30 24.40 /BOE 20 15.25 10 Anadarko Large-Cap Peers* * Large-cap peers: APA, COP,…
  12. Investor Conference – Anadarko Petroleum Corp – slide 12
    NYSE: APC www.anadarko.com Consistent Outperformance vs. Industry Average 2,000 80% 1,500 Success Rate MMBOE 1,000 900 730 60% 650 360 0 40% 2009 2010 2011 2012 2013 Net Risked Discovered Resources Anadarko…
  13. Investor Conference – Anadarko Petroleum Corp – slide 13
    NYSE: APC www.anadarko.com 11,000 Major ANADARKO 9,000 Large-Cap Full-Cycle Value Creation 7,000 (Millions) 5,000 3,000 Average 1,000 -1,000 -3,000 -5,000 1,000 2,000 3,000 4,000 5,000 Resources Created…
  14. Investor Conference – Anadarko Petroleum Corp – slide 14
    NYSE: APC www.anadarko.com 2014 Same-Store Expectations Sales Volumes (MMBOE) Sales-Volumes Growth 6 - 7% 290 - 294 274 Capital (Billions)** 8.1 - 8.5 Reserve Replacement 150+% F&D (/BOE) 15 2013* 2014E 40,000 Barrels…
  15. Investor Conference – Anadarko Petroleum Corp – slide 15
    NYSE: APC www.anadarko.com Same-Store Sales Volumes Price-Normalized EBITDAX**/Share 290 - 294 300 Lucius 274 Algeria Eagleford Wattenberg 19.25 200 17.16 MMBOE U.S. Onshore 15.49 Growth Plays 100 Base 0…
  16. Investor Conference – Anadarko Petroleum Corp – slide 16
    NYSE: APC www.anadarko.com World-Class Exploration Long Cash Cycle High-Impact Targets First-Mover Advantage 10% Transparent Mega-Projects Pipeline Mid Cash Cycle High-Margin Oil 15% Industry-Leading Project Management…
  17. Investor Conference – Anadarko Petroleum Corp – slide 17
    NYSE: APC www.anadarko.com Allocate Capital Investments Within Anticipated Cash Flow Maintain Financial Discipline and Flexibility Provide Attractive Growth and Operating Performance Increase Allocation to Short-Cycle U.S. Onshore…
  18. Investor Conference – Anadarko Petroleum Corp – slide 18
    NYSE: APC www.anadarko.com Exploration Provides Additional Value Upside and Optionality Higher Growth Potential with Sustained 4.50+/Mcf Natural Gas Prices 8+ BBOE Lower-Risk 2013 Company Base U.S. Onshore International and…
  19. Investor Conference – Anadarko Petroleum Corp – slide 19
    NYSE: APC www.anadarko.com 50 - 55/Share Increase in E&P Asset Value Since 2009 10 Billion Asset Monetizations 20+/Share Increase in Midstream Value Driven by WES and WGP Enhancing and Accelerating E&P Asset Value 16 Net…
  20. Investor Conference – Anadarko Petroleum Corp – slide 20
    NYSE: APC www.anadarko.com Sustained 5 - 7% Sales-Volumes Growth Capital-Efficient, Value-Enhancing Allocation Industry-Leading Project Management Best-In-Class Deepwater Exploration/Appraisal Success Unmatched Portfolio…
  21. Investor Conference – Anadarko Petroleum Corp – slide 21
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS John Colglazier Addressing Uncertainty Senior Vice President 832/636-2306 Jeremy Smith Bobby Reeves Director 832/636-1544 EVP, General Counsel…
  22. Investor Conference – Anadarko Petroleum Corp – slide 22
    NYSE: APC www.anadarko.com Memorandum of Opinion Issued December 2013 Not a Final Judgment Finds Kerr-McGee Liable for Fraudulent Conveyance Court Requested Additional Briefing on Damages Remaining Briefing and Decision…
  23. Investor Conference – Anadarko Petroleum Corp – slide 23
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS John Colglazier Financial Discipline Senior Vice President 832/636-2306 Jeremy Smith Bob Gwin Director 832/636-1544 EVP, Finance and CFO Bill…
  24. Investor Conference – Anadarko Petroleum Corp – slide 24
    NYSE: APC www.anadarko.com 3.7 Billion Cash on Hand at YE13, Plus Additional 3.5 Billion from Announced Monetization Transactions 2014 Capital Investments Within Anticipated Cash Flow Planned and Opportunistic Monetizations…
  25. Investor Conference – Anadarko Petroleum Corp – slide 25
    NYSE: APC www.anadarko.com Prudent and Disciplined Provides Flexibility Delivers Attractive Growth and Operating Performance 2014 Expectations Capital Adjusted Free Cash Investment Flow at Strip* 8.1 B 600+ MM 8.3 B 400+…
  26. Investor Conference – Anadarko Petroleum Corp – slide 26
    NYSE: APC www.anadarko.com 10 Billion Asset Monetizations 2009 - 2013 5 Billion Carried-Interest Agreements 4+ Billion Asset Divestitures 1+ Billion Exploration Farm-Outs Not Including WES and WGP Enhances Returns Without…
  27. Investor Conference – Anadarko Petroleum Corp – slide 27
    NYSE: APC www.anadarko.com Exploration Farm-Outs Reduced Financial Risk 2.64 Billion Partial Monetization Accelerated 2018+ Cash Flows to Today Net Proceeds Expected to Fund Future Capital to First Cargoes Net Financial Exposure…
  28. Investor Conference – Anadarko Petroleum Corp – slide 28
    NYSE: APC www.anadarko.com Anticipate Periodic Transactions WES Independently Funds Significant Midstream Expansions Provide Visible Cash Source 3 2.6 B Anadarko 8.4+ Billion WGP 91% Market Value to LP APC Billions As…
  29. Investor Conference – Anadarko Petroleum Corp – slide 29
    NYSE: APC www.anadarko.com Supports Anadarkos U.S. Onshore Expansion 35+% Total Midstream Spending Directly Funded by WES Midstream Capital Investments* 1,500 1,000 Millions 500 0 2008 2009 2010 2011 2012 2013…
  30. Investor Conference – Anadarko Petroleum Corp – slide 30
    NYSE: APC www.anadarko.com March 2009 March 2014 (Billions) (Billions) E&P Assets 40 67 - 70+ Midstream 2+ 12+ Net Debt and Other (8) (6) Total Company NAV 80+/Share 140+/Share 450 MM Shares 505 MM Shares 75%…
  31. Investor Conference – Anadarko Petroleum Corp – slide 31
    NYSE: APC www.anadarko.com Strong Balance Sheet Access to Liquidity Deep Portfolio of Valuable Assets Sustained Operational Results Commitment to Ongoing Monetizations ANADARKO PETROLEUM CORPORATION 32
  32. Investor Conference – Anadarko Petroleum Corp – slide 32
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS U.S. Onshore: Delivering Superior Results John Colglazier Senior Vice President 832/636-2306 Jeremy Smith Chuck Meloy Director 832/636-1544 EVP,…
  33. Investor Conference – Anadarko Petroleum Corp – slide 33
    NYSE: APC www.anadarko.com Deliver Short-Cycle, Capital-Efficient Liquids Growth Build Enabling Infrastructure Increase Efficiencies and EURs Explore for and Accelerate the Next Resource Play Key Growth Contributors Maintain…
  34. Investor Conference – Anadarko Petroleum Corp – slide 34
    NYSE: APC www.anadarko.com 10+% YOY Same-Store* Sales-Volumes 13/BOE Development Costs Growth to 625,000+ BOE/d Continued Efficiency Improvements Wedge Volumes Added at 35,000 per Flowing BOE/d Significant Midstream…
  35. Investor Conference – Anadarko Petroleum Corp – slide 35
    NYSE: APC www.anadarko.com 2014 Capital Budget 5.5 Billion 2014 Expectations Liquids Dry Gas Midstream Exploration Rich 80+% Capital Directed to Liquids Opportunities 50,000 Bbl/d YOY Liquids Growth Oil 15+% EBITDAX YOY…
  36. Investor Conference – Anadarko Petroleum Corp – slide 36
    NYSE: APC www.anadarko.com Efficiencies and Cost Savings Realized: 2.3 Billion Drilling 2.2 Billion Completions Enhancing Drilling Performance Improving Completion Costs 300 3 1,000 3 2 2 Billions Billions…
  37. Investor Conference – Anadarko Petroleum Corp – slide 37
    NYSE: APC www.anadarko.com LOE/BOE Improvement 1.5X Liquid Content, Lower Unit Costs 4 50% 60% Liquids Composition Liquids Composition APC 2014E /BOE 3 25% 30% APC 2012 APC 2009 2 0% 0% 2009 2010 2011 2012…
  38. Investor Conference – Anadarko Petroleum Corp – slide 38
    NYSE: APC www.anadarko.com Accelerating 2014 Activity 5 Miles Light Oil Oil Operate 13 Rigs Drill 360+ Wells (450+ Type-Well Equivalents) Wet Gas Optimize Lancaster Plant 1.0 - 1.5 BBOE Current Resource Estimate 500+ MMBOE…
  39. Investor Conference – Anadarko Petroleum Corp – slide 39
    NYSE: APC www.anadarko.com Operating Flexibility Oil 1+ Billion Value Acceleration Light Oil Extended Laterals 350+ MBOE EUR/Well Cost Savings 60+% Liquid Composition 100+% BTAX ROR 300+ Million Reduced Trucking Wet Gas…
  40. Investor Conference – Anadarko Petroleum Corp – slide 40
    NYSE: APC www.anadarko.com 2,000 Optimizing EURs Testing Well Spacing and Frac Designs 13 - 24 Wells/ Upside Section Leveraging Efficiencies 500+ MMBOE Resource Potential Upside Resources (MMBOE) Value/Section 1,000…
  41. Investor Conference – Anadarko Petroleum Corp – slide 41
    NYSE: APC www.anadarko.com Year-End 2013 Infrastructure Oil Takeaway Capacity 120 Gas Gathering Pipelines 3,125 Miles Oil Gathering Pipelines 157 Miles MBOPD Processing Capacity 575 MMcf/d 60 Compression 125,000 HP Gas…
  42. Investor Conference – Anadarko Petroleum Corp – slide 42
    NYSE: APC www.anadarko.com Drilled 1,000+ Wells to Date 2014 Planned Activity Average 1 New Well On Line per Day Increasing Sales Volumes Operate 10 Rigs 2,500+ Identified Wells Yet to Drill Drill 400 Wells 80 68 - 71 Best…
  43. Investor Conference – Anadarko Petroleum Corp – slide 43
    NYSE: APC www.anadarko.com Optimizing Infrastructure Zavala Frio Oil Gathering Pipelines 206 Miles Maverick Dimmit Brasada Gas Gathering Pipelines 512 Miles Processing Plant Oil Terminal and Compression 208,000 HP Gas Pipeline…
  44. Investor Conference – Anadarko Petroleum Corp – slide 44
    NYSE: APC www.anadarko.com 170+ Industry Rigs in the Delaware Basin Significant Oil Opportunity 500 - 600 MBOE/Well Current EUR 85+% Liquids Composition Eddy Lea 1,000+ Gross Processed Average BOE/d IPs Stacked-Pay Potential…
  45. Investor Conference – Anadarko Petroleum Corp – slide 45
    NYSE: APC www.anadarko.com 100+ MMBbl/Section Average STOOIP Significant Upside Potential 1,000+ Locations De-Risked Greater Permian Basin Regional Project O V P 1 UNIVERSITY 26-19 WD-1 ECTOR-FEE E NCT-2 12 SIBLEY 1 PEGASUS…
  46. Investor Conference – Anadarko Petroleum Corp – slide 46
    NYSE: APC www.anadarko.com Testing Stacked Pay Initiating Downspacing Pilots Testing Longer Laterals Increasing EURs 2014 Planned Activity 4,500 Lateral 4,500+ - 7,000 Lateral Operate 8 - 10 Rigs Current Completion Enhanced…
  47. Investor Conference – Anadarko Petroleum Corp – slide 47
    NYSE: APC www.anadarko.com More than Doubled Acreage Position 500+ Locations Gross Acres 360,000 30+% Liquid Composition Net Acres 206,000 1.1 MMBOE EUR per Well APC Operated Acreage APC Non-Op Acreage 2014 Planned Activity…
  48. Investor Conference – Anadarko Petroleum Corp – slide 48
    NYSE: APC www.anadarko.com Increasing NGL Yields 100 Improving Efficiencies Since 2011 20% Longer Laterals Bbls/MMcf 19% Higher EUR/Foot Completed 50 12% Lower Total Well Cost/Foot 0 2011 2012 2013 NGL Yield…
  49. Investor Conference – Anadarko Petroleum Corp – slide 49
    NYSE: APC www.anadarko.com NEW YORK 10+ Bcf EUR Reduced Drilling Activity in 2014 PENNSYLVANIA 50 50+% BTAX ROR Operate 1 Rig with 3 - 5 Non-Operated Rigs 7.7 Bcf EUR 150 Focus on Highest-EUR Acreage Non-Operated 50+% BTAX ROR Bradford…
  50. Investor Conference – Anadarko Petroleum Corp – slide 50
    NYSE: APC www.anadarko.com GNB (MMcf/d) Large-Scale Operations Year 2013 2014E Wattenberg (MMcf/d) Processing Year 2013 2014E 970 970 18,000+ Miles of Pipeline Capacity Processing 445 750 Capacity 6 Bcf/d of Throughput…
  51. Investor Conference – Anadarko Petroleum Corp – slide 51
    NYSE: APC www.anadarko.com Focus on Liquids Opportunities 2014 Planned Activity Low-Cost Entry 100+ Million Capital Budget 6 Plays Under Evaluation Quick Transition to Development Previous Success Powder River Deep Oil…
  52. Investor Conference – Anadarko Petroleum Corp – slide 52
    NYSE: APC www.anadarko.com Encouraging Initial Results Robertson 350 MBOE EUR/Well Milam 90+% Oil Composition Concentrated Land Position HBP High Working Interest Brazos Existing Midstream Infrastructure Burleson Gross…
  53. Investor Conference – Anadarko Petroleum Corp – slide 53
    NYSE: APC www.anadarko.com Powder River Wamsutter/Moxa 2,000 +/- 0.50/Mcf Change in Gas Prices Cum. Locations 6,000 Cum. Locations OP NOP 275 Million Annual Cash Flow** 1,000 3,000 0 0 3 4 5 5+ 3 4 5 5+…
  54. Investor Conference – Anadarko Petroleum Corp – slide 54
    NYSE: APC www.anadarko.com Focused on Accelerating Wattenberg, Eagleford and Wolfcamp 50,000 Bbl/d Higher-Margin Liquids Growth to 235,000 Bbl/d Continuing to Deliver Efficiency Improvements Less than 13/BOE Development Costs…
  55. Investor Conference – Anadarko Petroleum Corp – slide 55
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS Delivering High-Margin Growth John Colglazier Senior Vice President 832/636-2306 Jeremy Smith Jim Kleckner Director 832/636-1544 EVP,…
  56. Investor Conference – Anadarko Petroleum Corp – slide 56
    NYSE: APC www.anadarko.com Generating High-Margin Oil Production Delivering World-Class Development Projects Accelerating Value Through Active Portfolio Management ANADARKO PETROLEUM CORPORATION 57
  57. Investor Conference – Anadarko Petroleum Corp – slide 57
    NYSE: APC www.anadarko.com Achieved First Oil at El Merk Sanctioned Heidelberg and Completed 860 Million Development Carry Sanctioned TEN Complex 2.64 Billion Mozambique Partial Monetization ALASKA Sales Volumes (MMBO) 4…
  58. Investor Conference – Anadarko Petroleum Corp – slide 58
    NYSE: APC www.anadarko.com Lucius Spar on Location 2014 Expectations Heidelberg Spar Under Construction Capital 1.7 Billion Sales Volumes 175 - 180 MBOE/d TEN Complex Major Contracts Awarded Mozambique Moving Toward 2018 First…
  59. Investor Conference – Anadarko Petroleum Corp – slide 59
    NYSE: APC www.anadarko.com Excellent Safety Performance Independent Project Analysis (IPA) Track Record of Project Delivery Fast/High-Cost Fast/Low-Cost Schedule Performance 2008 2007 2009 Standardization and Knowledge…
  60. Investor Conference – Anadarko Petroleum Corp – slide 60
    NYSE: APC www.anadarko.com Capable of Drilling Anywhere in the World 2.5 Million Pound Hook Loads 2 BOP Stacks with Dual Activity Capability 510,000 Average Day Rate Rig Fleet 2014 2015 2016 2017 2018 Discoverer Spirit…
  61. Investor Conference – Anadarko Petroleum Corp – slide 61
    NYSE: APC www.anadarko.com 180 Mega-Project Growth Mega Projects Provide Transparent Growth Estimated Sales Volumes 3.5+ Billion Value Accelerated Mozambique Lucius: 556 Million Carry for 7.2% Interest TEN Complex…
  62. Investor Conference – Anadarko Petroleum Corp – slide 62
    NYSE: APC www.anadarko.com GULF OF MEXICO 556 Million Carried-Interest Agreement Established 2.8 Billion Value KEATHLEY CANYON 300+ MMBOE Gross Resource Lucius Unit World-Class Reservoir Quality and 28% WI 874 875 876 877…
  63. Investor Conference – Anadarko Petroleum Corp – slide 63
    NYSE: APC www.anadarko.com GULF OF MEXICO 860 Million Carried-Interest Agreement Tahiti Established 3 Billion Value 640 200 - 400 MMBOE Gross Resource 679 680 683 Caesar/Tonga Utilizing Lucius Spar Design Accelerates First…
  64. Investor Conference – Anadarko Petroleum Corp – slide 64
    NYSE: APC www.anadarko.com AFRICA SIERRA Jubilee: Producing 100,000+ BOPD LEONE High Margins: 98/Bbl EBITDAX LIBERIA GHANA Discovery to First Production in 3.5 Years CTE DIVOIRE Debottlenecking Projects Under Way 20 miles…
  65. Investor Conference – Anadarko Petroleum Corp – slide 65
    NYSE: APC www.anadarko.com 3 World-Class Assets On Line AFRICA 1.8 BBOE Cumulative Production ALGERIA 400,000+ Bbl/d Current Gross Production 30+% YOY Sales-Volumes Growth Expected in 2014 High Margins: 86/Bbl EBITDAX…
  66. Investor Conference – Anadarko Petroleum Corp – slide 66
    NYSE: APC www.anadarko.com 500+ MMBOE Resource AFRICA 30,000+ Bbl/d Net Production ALGERIA World-Class Infrastructure Developed 4 Fields with 100 Wells Constructed 3 Large-Scale Facilities Installed 650+ Miles of Pipelines…
  67. Investor Conference – Anadarko Petroleum Corp – slide 67
    NYSE: APC www.anadarko.com OFFSHORE AREA 4 Massive Resource AFRICA 45 - 70+ Tcf Recoverable Natural Gas in Area 1 Resource Size Supports 50 MMTPA Extensive Appraisal Drilling Golfinho/Atum Obtained Reserves Certification…
  68. Investor Conference – Anadarko Petroleum Corp – slide 68
    NYSE: APC www.anadarko.com Marine Facilities High-Quality Reservoirs High Deliverability Established Reservoir Continuity Proximity to Shore 5 - 25 Miles Initial Subsea-to-Shore Development Natural Harbor Scalable Onshore…
  69. Investor Conference – Anadarko Petroleum Corp – slide 69
    NYSE: APC www.anadarko.com Reserves Certified for Initial Development FEED Studies on Schedule Environmental Impact Assessment Submitted LNG Offtake Interest from Asian Buyers Project Finance Discussions Under Way Government Support…
  70. Investor Conference – Anadarko Petroleum Corp – slide 70
    NYSE: APC www.anadarko.com High-Margin Oil Projects Deepwater and International 100% Increasing Oil Composition Commercial Focus Accelerates Value % Oil Significant Production/Expanding Margins 75% Advancing Multiple…
  71. Investor Conference – Anadarko Petroleum Corp – slide 71
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS Driving Exploration Value Creation John Colglazier Senior Vice President 832/636-2306 Jeremy Smith Bob Daniels Director 832/636-1544 EVP,…
  72. Investor Conference – Anadarko Petroleum Corp – slide 72
    NYSE: APC www.anadarko.com Identify and Capture Value-Creation Opportunities Create Value Through Commercial Discoveries Provide Optionality to Realize and Enhance Value ANADARKO PETROLEUM CORPORATION 73
  73. Investor Conference – Anadarko Petroleum Corp – slide 73
    NYSE: APC www.anadarko.com 67% Deepwater Exploration/Appraisal Success Top-10 5 Orca 900+ MMBOE Net Discovered Resources Deepwater Discoveries* 1.5 BBOE Net Resources to Development 7 Coronado Deepwater Discoveries…
  74. Investor Conference – Anadarko Petroleum Corp – slide 74
    NYSE: APC www.anadarko.com Consistent Outperformance vs. Industry Average 2,000 80% 1,500 Success Rate MMBOE 1,000 900 730 60% 650 360 0 40% 2009 2010 2011 2012 2013 Net Risked Discovered Resources Anadarko…
  75. Investor Conference – Anadarko Petroleum Corp – slide 75
    NYSE: APC www.anadarko.com Experienced Oil Finders Proven Strategy Leverage Success Multi-Year Balanced Program Value Acceleration ANADARKO PETROLEUM CORPORATION 76
  76. Investor Conference – Anadarko Petroleum Corp – slide 76
    NYSE: APC www.anadarko.com 5-Year Track Record 70% Deepwater Success Explore/ Optimize/ Capture Test Drill Best 5 BBOE Net Discovered Deep Opportunities Resources Evolving Portfolio 5+ Billion Monetized Post Appraisal…
  77. Investor Conference – Anadarko Petroleum Corp – slide 77
    NYSE: APC www.anadarko.com Gulf of Mexico Expertise Play-Opening Discovery Seismic Imaging at Windjammer Deepwater Drilling and Technology and Tool Operations Refinement Play-Opening Discovery at Extensive Shale Expertise…
  78. Investor Conference – Anadarko Petroleum Corp – slide 78
    NYSE: APC www.anadarko.com Funding Through Farm-Outs Cumulative (Billions) 500 1.5 Millions 1.0 250 0.5 0 0.0 2009 2010 2011 2012 2013 Cumulative Funding Shenandoah Optimize Mozambique Capture Opportunities…
  79. Investor Conference – Anadarko Petroleum Corp – slide 79
    NYSE: APC www.anadarko.com Net Discovered Resources 6+ BBOE 2004 - 2013 Capital Invested 9 Billion Monetized 10 Billion 5 BBOE Resources Value Retained 250 MBOE/d Net Production 400 Mozambique TEN Heidelberg…
  80. Investor Conference – Anadarko Petroleum Corp – slide 80
    NYSE: APC www.anadarko.com Test Multiple New Ideas 25 Gross Unrisked Wells Appraise Significant Discoveries Target 600+ MMBOE Net Discovered Resources Capture New Opportunities Focus on Value Acceleration 800 Million Capital…
  81. Investor Conference – Anadarko Petroleum Corp – slide 81
    NYSE: APC www.anadarko.com Competitive Advantages 25+ Years Deepwater Exploration Success Multi-Year Prospect Inventory Industry-Leading Project Management Access to Existing Infrastructure World-Class Reservoirs 100+ MMBO…
  82. Investor Conference – Anadarko Petroleum Corp – slide 82
    NYSE: APC www.anadarko.com Emerging Giant Resource Shenandoah 30% WI Significant Value Creation Less than 300 Million Net Investment Through 2013 51 52 53 Coronado 35% WI Excellent Transmissibility Yucatan Permeability 25%…
  83. Investor Conference – Anadarko Petroleum Corp – slide 83
    NYSE: APC www.anadarko.com Large, 4-Way Structure 470 EAST BREAKS Prolific, Oil-Prone Area 511 516 Boomvang Spar Nansen Spar 555 556 Leverage Infrastructure 592 593 597 598 599 602 603 Deep Nansen Significant Running Room 636…
  84. Investor Conference – Anadarko Petroleum Corp – slide 84
    NYSE: APC www.anadarko.com Bimini Prolific Oil-Prone Area GARDEN BANKS 23,000 Bimini 50% WI Subsalt 3-Way Closure Conger 25% WI 168 222 MMBOE EUR Penn State Deep Miocene Test 50% WI 30 MMBOE EUR 212 215 216 Power…
  85. Investor Conference – Anadarko Petroleum Corp – slide 85
    NYSE: APC www.anadarko.com Haleakala 30,000 802 845 Vito 19% WI Subsalt 3-Way Closure Haleakala 100% WI 940 941 943 945 976 977 978 984 985 MISSISSIPPI CANYON 7,000 Objective Section 8 9 13 18 19 ATWATER VALLEY…
  86. Investor Conference – Anadarko Petroleum Corp – slide 86
    NYSE: APC www.anadarko.com Competitive Advantages World-Class Reservoirs Leverage Understanding to New Areas Billion-Barrel Discovery Potential Significant Position in Emerging Plays 2014 Planned Activity Reputation Affords…
  87. Investor Conference – Anadarko Petroleum Corp – slide 87
    NYSE: APC www.anadarko.com Mozambique Exploration: Another Active Year AFRICA Moreia Offshore Define Discovery Areas Polvo Kifaru Appraise Orca TANZANIA Evaluate Lunique Sub-Thrust Orca Test Deeper Objectives Ourico Do…
  88. Investor Conference – Anadarko Petroleum Corp – slide 88
    NYSE: APC www.anadarko.com AFRICA KENYA Validated Depositional Model L-07 Well-Developed Reservoirs L-12 TANZANIA Working Petroleum System Evident Good Seal Capacity L-11A 2014 Planned Activity Drill 1 Exploration Well…
  89. Investor Conference – Anadarko Petroleum Corp – slide 89
    NYSE: APC www.anadarko.com Canterbury Basin: 4 MM Acres Drilling Caravel AUSTRALIA Larger Prospect than Nearby Analog Discovery Substantial Follow-On Opportunities Pegasus Basin: 2 MM Acres Taranaki Basin Acquire 2D…
  90. Investor Conference – Anadarko Petroleum Corp – slide 90
    NYSE: APC www.anadarko.com Pursuing the Next Jubilee AFRICA SIERRA LEONE Determining Commerciality GHANA Plan to Drill Paon Appraisal Well LIBERIA CTE DIVOIRE Ghana Discoveries 2014 Planned Exploration Timbo Drill 4 Wells…
  91. Investor Conference – Anadarko Petroleum Corp – slide 91
    NYSE: APC www.anadarko.com SOUTH La Luna Source Rock AMERICA Col 5 (TEA) Premier Acreage Position in Frontier Basin Purple Geologic Setting Similar to Mozambique Angel Acquired Regional 3D Seismic Fuerte Norte Maturing…
  92. Investor Conference – Anadarko Petroleum Corp – slide 92
    NYSE: APC www.anadarko.com Experienced Oil Finders Proven Strategy Leverage Success Multi-Year Balanced Program Value Acceleration Industry-Leading Success ANADARKO PETROLEUM CORPORATION 93
  93. Investor Conference – Anadarko Petroleum Corp – slide 93
    2014 ANADARKO INVESTOR CONFERENCE NYSE: APC www.anadarko.com INVESTOR RELATIONS Sustained Growth With Unmatched Optionality John Colglazier Senior Vice President 832/636-2306 Jeremy Smith Al Walker Director 832/636-1544…
  94. Investor Conference – Anadarko Petroleum Corp – slide 94
    NYSE: APC www.anadarko.com Sustained 5 - 7% Sales-Volumes Growth Capital-Efficient, Value-Enhancing Allocation Industry-Leading Project Management Best-In-Class Deepwater Exploration/Appraisal Success Unmatched Portfolio…

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