Anadarko Announces Third-Quarter Results

http://www.businesswire.com/news/home/20091102006397/en

Achieves Record Quarterly Sales Volumes and Raises Full-Year Sales-Volumes
Guidance

HOUSTON--(Business Wire)--
Anadarko Petroleum Corporation (NYSE:APC) today announced 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.(1) 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.(2)

THIRD-QUARTER 2009 HIGHLIGHTS

* Achieved record quarterly sales volumes (from retained properties), a
12-percent increase over third-quarter 2008
* Reduced lease operating expense (LOE) per barrel of oil equivalent (BOE) by 9
percent sequentially over the second-quarter 2009, and by 15 percent
year-to-date over the comparable nine-month period in 2008
* Announced deepwater drilling successes in the Gulf of Mexico and West Africa
* Received Ghanaian government approval for the Jubilee field Phase I
development plan

"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."

In July, Anadarko announced the Vito exploration well in the deepwater Gulf of
Mexico encountered more than 250 net feet of oil pay in Miocene sands. This
success was followed by the announcement of the Venus discovery offshore Sierra
Leone in September. The results of the Venus well confirmed the existence of an
active petroleum system in this frontier basin, thereby enhancing the
prospectivity of the company`s approximately 8 million gross acres offshore West
Africa.

Anadarko also continued to make significant progress on its mega projects in
West Africa and in the Gulf of Mexico. Offshore Ghana, Anadarko and its partners
successfully drilled the Mahogany-4 appraisal well. The well, which was located
outside the existing Jubilee Unit boundary, encountered more than 140 net feet
of oil pay and expanded the potential productive area of the Jubilee field to
the south and east. Also in Ghana, the Jubilee project reached an important
milestone during the third quarter, as the Ghanaian government formally approved
the Jubilee field Phase I Plan of Development and Unitization Agreement. The
partnership has drilled approximately 70 percent of the development wells in the
field, awarded all contracts and completed about 70 percent of the construction
work on the FPSO (floating production, storage and offloading vessel). Jubilee
remains on schedule to achieve first production during the fourth quarter of
2010.

In the Gulf of Mexico during the third quarter, the company successfully drilled
a development well near the Tonga West discovery as part of the Caesar/Tonga
complex in the Green Canyon area. The well encountered more than 500 net feet of
oil pay, and it will be tied back to Anadarko`s Constitution spar. The
partnership is currently drilling another development well in the complex, a
sidetrack to the original Caesar discovery, which will be the third of four
expected subsea wells in the development. The project currently remains on
schedule, with first production expected in early 2011.

CONFERENCE CALL TOMORROW AT 9 A.M. CST, 10 A.M. EST

Anadarko will host a conference call on Tuesday, Nov. 3, at 9 a.m. Central
Standard Time (10 a.m. Eastern Standard Time) to discuss third-quarter results
and the company`s outlook for the remainder of 2009. The dial-in number is
888.679.8037 in the United States or 617.213.4849 internationally. 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 www.anadarko.com. A replay of the call will also be
available on the Web site for approximately 30 days following the conference
call.

ANADARKO OPERATIONS REPORT

For more details on Anadarko`s operations, please refer to the comprehensive
report on third-quarter activity. The report will be available at
www.anadarko.com on the Investor Relations page.

FINANCIAL DATA

Nine pages of summary financial data follow, including current hedge positions,
financial guidance and supplemental production guidance.

Anadarko Petroleum Corporation`s mission is to deliver a competitive and
sustainable rate of return to shareholders by exploring for, acquiring and
developing oil and natural gas resources vital to the world`s health and
welfare. As of year-end 2008, the company had approximately 2.3 billion barrels
of oil equivalent of proved reserves, making it one of the world`s largest
independent exploration and production companies. For more information about
Anadarko, please visit www.anadarko.com.

(1) See the accompanying table for details of certain items affecting
comparability.

(2) See the accompanying table for a reconciliation of GAAP to non-GAAP
financial measures and a statement indicating why management believes the
non-GAAP financial measures provide useful information for investors.

This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Anadarko believes that its expectations are based on
reasonable assumptions. No assurance, however, can be given that such
expectations will prove to have been correct. A number of factors could cause
actual results to differ materially from the projections, anticipated results or
other expectations expressed in this news release, including Anadarko`s ability
to achieve its production targets, successfully manage its capital expenditures,
and timely complete andcommercially operate the projects anddrilling prospects
identified in this news release.See "Risk Factors" in the company`s 2008 Annual
Report on Form 10-K and other public filings and press releases. Anadarko
undertakes no obligation to publicly update or revise any forward-looking
statements.

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

Quarter Ended September 30, 2009
Before After Per Share
millions except per share amounts Tax Tax (diluted)
Unrealized gains (losses) on derivatives, net $ (366 ) (233 ) (0.47 )
Gains (losses) on divestitures, net 26 29 0.06
Reversal of accrual for DWRRA dispute* 735 469 0.95
Impairments (5 ) (3 ) (0.01 )
Change in uncertain tax positions (FIN48) - (11 ) (0.02 )
$ 390 $ 251 $ 0.51

*Includes the reversal of the $78 million (before tax) liability for unpaid interest related to the Deepwater Royalty Relief Act (DWRRA) dispute.

Quarter Ended September 30, 2008
Before After Per Share
millions except per share amounts Tax Tax (diluted)
Unrealized gains (losses) on derivatives, net $ 2,368 $ 1,508 3.22
Impairments (56 ) (35 ) (0.07 )
Other adjustments (119 ) (74 ) (0.15 )
$ 2,193 $ 1,399 $ 3.00

Reconciliation of GAAP to Non-GAAP Measures

Below is a reconciliation of cash provided by operating activities (GAAP) to discretionary cash flow and free cash flow (non-GAAP) and net income from continuing operations (GAAP) to adjusted net income from continuing operations (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. The company uses discretionary cash flow and free cash flow to demonstrate the company's ability to internally fund capital expenditures and to service or incur additional debt. It is useful in
comparisons of oil and gas exploration and production companies because it excludes fluctuations in assets and liabilities. The company uses adjusted net income from continuing operations to evaluate the company`s operational trends and performance.

Quarter Ended Year-to-Date
September 30 September 30
millions 2009 2008 2009 2008
Cash Flow
Net cash provided by operating activities - continuing operations $ 1,067 $ 3,555 $ 2,826 $ 6,059
Add back:
Change in accounts receivable 277 (988 ) 139 (340 )
Change in accounts payable and accrued expenses 23 (1,371 ) 180 (548 )
Change in other items - net (108 ) (64 ) 398 142
Discretionary Cash Flow from Continuing Operations* $ 1,259 $ 1,132 $ 3,543 $ 5,313

*Discretionary cash flow from continuing operations for the quarter and nine months ended September 30, 2009 was increased by a current tax benefit of $21 million and $126 million, respectively. However, actual cash tax (refunds) payments for the quarter and nine months ended September 30, 2009 were $(50) million and $145 million, respectively. For the quarter and nine months ended September 30, 2008, discretionary cash flow from continuing operations was reduced by current tax expense of $1.1 billion and
$1.7 billion, respectively. However, actual cash tax payments for the quarter and nine months ended September 30, 2008 were $337 million and $823 million, respectively.

Anadarko Petroleum Corporation

Reconciliation of GAAP to Non-GAAP Measures

September 30, 2009
Quarter Year
millions Ended to Date
Discretionary cash flow from continuing operations $ 1,259 $ 3,543
Less: Capital expenditures 849 2,870
Free Cash Flow** $ 410 $ 673

**Free cash flow for the quarter and nine months ended September 30, 2009 was increased by a current tax benefit of $21 million and $126 million, respectively. However, actual cash tax (refunds) payments for the quarter and nine months ended September 30, 2009 were $(50) million and $145 million, respectively.

Quarter Ended Quarter Ended
September 30, 2009 September 30, 2008
After Per Share After Per Share
millions except per share amounts Tax (diluted) Tax (diluted)
Income (loss) from continuing operations attributable to common stockholders $ 200 0.40 $ 2,164 4.58
Less: Certain items affecting comparability 251 0.51 1,399 3.00
Adjusted net income (loss) from continuing operations $ (51 ) $ (0.11 ) $ 765 $ 1.58

Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the company's outstanding debt obligations relative to its cash and cash equivalents on hand.
September 30
millions 2009
Total debt $ 12,780
Less: Cash and cash equivalents 3,586
Net Debt $ 9,194

Anadarko Petroleum Corporation

Quarter Ended Year-to-Date
Summary Financial Information September 30 September 30
millions except per share amounts 2009 2008 2009 2008
Revenues and Other
Gas sales $ 446 $ 2,395 $ 1,779 $ 5,089
Oil and condensate sales 1,252 3,217 2,634 4,911
Natural gas liquids sales 166 244 365 703
Gathering, processing and marketing sales 169 353 531 940
Gains (losses) on divestitures and other, net 50 (60 ) 114 270
Reversal of accrual for DWRRA dispute 657 - 657 -
Total 2,740 6,149 6,080 11,913
Costs and Expenses
Oil and gas operating 219 274 720 778
Oil and gas transportation and other * 151 140 467 400
Exploration 224 373 813 880
Gathering, processing and marketing 151 265 469 679
General and administrative 223 216 658 619
Depreciation, depletion and amortization 909 844 2,648 2,438
Other taxes 213 424 543 1,306
Impairments 5 56 79 67
Total 2,095 2,592 6,397 7,167
Operating Income (Loss) 645 3,557 (317 ) 4,746
Other (Income) Expense
Interest expense 121 180 505 558
Other (income) expense, net 111 22 (339 ) (4 )
Total 232 202 166 554
Income (Loss) from Continuing Operations Before Income Taxes 413 3,355 (483 ) 4,192
Income Tax Expense (Benefit) 207 1,181 (142 ) 1,761
Income (Loss) from Continuing Operations $ 206 $ 2,174 $ (341 ) $ 2,431
Income (Loss) from Discontinued Operations, net of taxes - 1 - 58
Net Income (Loss) $ 206 $ 2,175 $ (341 ) $ 2,489
Net Income Attributable to Noncontrolling Interests 6 10 23 15
Net Income (Loss) Attributable to Common Stockholders $ 200 $ 2,165 $ (364 ) $ 2,474
Amounts Attributable to Common Stockholders
Income (loss) from continuing operations attributable to common stockholders $ 200 $ 2,164 $ (364 ) $ 2,416
Income (loss) from discontinued operations, net of tax - 1 - 58
Net income (loss) attributable to common stockholders $ 200 $ 2,165 $ (364 ) $ 2,474
Per Common Share (amounts attributable to common stockholders):
Income (loss) from continuing operations attributable to common stockholders - basic $ 0.40 $ 4.59 $ (0.77 ) $ 5.11
Income (loss) from continuing operations attributable to common stockholders - diluted $ 0.40 $ 4.58 $ (0.77 ) $ 5.10
Income (loss) from discontinued operations, net of taxes - basic $ - $ - $ - $ 0.12
Income (loss) from discontinued operations, net of taxes - diluted $ - $ - $ - $ 0.12
Net income (loss) attributable to common stockholders - basic $ 0.40 $ 4.59 $ (0.77 ) $ 5.23
Net income (loss) attributable to common stockholders - diluted $ 0.40 $ 4.58 $ (0.77 ) $ 5.22
Average Number of Common Shares Outstanding - Basic 491 466 476 467
Average Number of Common Shares Outstanding - Diluted 493 467 476 468

Exploration Expense
Dry hole expense $ 46 $ 143 $ 260 $ 232
Impairments of unproved properties 110 162 348 405
Geological and geophysical expense 7 30 58 122
Exploration overhead and other 61 38 147 121
Total $ 224 $ 373 $ 813 $ 880

* For the three and nine months ended September 30, 2009, Oil and gas transportation and other expenses includes zero and $27 million, respectively, related to payments for early termination of certain drilling rig contracts.

Anadarko Petroleum Corporation

Quarter Ended Year-to-Date
Summary Financial Information September 30 September 30
millions 2009 2008 2009 2008
Cash Flow from Operating Activities
Net income (loss) $ 206 $ 2,175 $ (341 ) $ 2,489
Less income from discontinued operations, net of taxes - 1 - 58
Depreciation, depletion and amortization 909 844 2,648 2,438
Deferred income taxes 234 57 (8 ) 94
Dry hole expense and impairments of unproved properties 156 305 608 637
Impairments 5 56 79 67
(Gains) losses on divestitures, net (26 ) (1 ) (44 ) (165 )
Unrealized (gains) losses on derivatives 366 (2,368 ) 1,073 (277 )
Reversal of accrual for DWRRA dispute (657 ) - (657 ) -
Other noncash items 66 65 185 88
Discretionary Cash Flow from Continuing Operations 1,259 1,132 3,543 5,313
(Increase) decrease in accounts receivable (277 ) 988 (139 ) 340
Increase (decrease) in accounts payable and accrued expenses (23 ) 1,371 (180 ) 548
Other items - net 108 64 (398 ) (142 )
Cash provided by (used in) operating activities - continuing operations 1,067 3,555 2,826 6,059
Cash provided by (used in) operating activities - discontinued operations - (4 ) - (4 )
Net cash provided by (used in) operating activities*** $ 1,067 $ 3,551 $ 2,826 $ 6,055

*** For the three and nine months ended September 30, 2009, net cash provided by operating activities includes zero and $552 million, respectively, attributable to realized gains on interest rate swaps.

Capital Expenditures $ 849 $ 1,181 $ 2,870 $ 3,469

September 30, December 31,
2009 2008
Condensed Balance Sheet
Cash and cash equivalents $ 3,586 $ 2,360
Other current assets 2,470 2,735
Net properties and equipment 36,703 37,047
Other assets 1,394 1,368
Goodwill and other intangible assets 5,323 5,413
Total Assets $ 49,476 $ 48,923
Current debt $ - $ 1,472
Other current liabilities 2,882 4,064
Long-term debt 11,141 9,128
Midstream subsidiary note to a related party 1,639 1,739
Other long-term liabilities 13,629 13,364
Stockholders' equity 19,820 18,795
Noncontrolling Interests 365 361
Total Liabilities and Stockholders' Equity $ 49,476 $ 48,923
Capitalization
Total debt $ 12,780 $ 12,339
Stockholders' equity 19,820 18,795
Total $ 32,600 $ 31,134
Capitalization Ratios
Total debt 39 % 40 %
Stockholders' equity 61 % 60 %

Anadarko Petroleum Corporation

Quarter Ended Year-to-Date
Sales Volumes and Prices September 30 September 30
2009 2008 2009 2008
Natural Gas
United States
Volumes, billion cubic feet 197 183 618 548
Average daily volumes, million cubic feet per day 2,144 1,994 2,264 2,000
Price per thousand cubic feet excluding derivatives $ 3.02 $ 8.36 $ 3.37 $ 8.55
Realized gain (loss) on derivatives $ 0.54 $ 0.13 $ 0.54 $ (0.15 )
Unrealized gain (loss) on derivatives $ (1.30 ) $ 4.57 $ (1.03 ) $ 0.89
Total gains (losses) on derivatives $ (0.76 ) $ 4.70 $ (0.49 ) $ 0.74
Total price per thousand cubic feet $ 2.26 $ 13.06 $ 2.88 $ 9.29

Crude Oil and Condensate
United States
Volumes, million barrels 13 9 32 32
Average daily volumes, thousand barrels per day 136 103 117 117
Price per barrel excluding derivatives $ 63.79 $ 114.26 $ 53.77 $ 107.89
Realized gain (loss) on derivatives $ - $ (15.27 ) $ 1.00 $ (11.35 )
Unrealized gain (loss) on derivatives $ 2.24 $ 106.14 $ (3.82 ) $ (2.90 )
Total gains (losses) on derivatives $ 2.24 $ 90.87 $ (2.82 ) $ (14.25 )
Price per barrel $ 66.03 $ 205.13 $ 50.95 $ 93.64
Algeria
Volumes, million barrels 5 6 15 16
Average daily volumes, thousand barrels per day 57 64 55 57
Price per barrel excluding derivatives $ 66.95 $ 116.55 $ 56.56 $ 114.51
Realized gain (loss) on derivatives $ - $ (8.39 ) $ 0.48 $ (8.20 )
Unrealized gain (loss) on derivatives $ 0.46 $ 85.29 $ (4.02 ) $ (9.92 )
Total gains (losses) on derivatives $ 0.46 $ 76.90 $ (3.54 ) $ (18.12 )
Price per barrel $ 67.41 $ 193.45 $ 53.02 $ 96.39
Other International
Volumes, million barrels 1 1 4 4
Average daily volumes, thousand barrels per day 12 15 15 16
Price per barrel $ 65.40 $ 105.28 $ 52.24 $ 98.73
Total
Volumes, million barrels 19 16 51 52
Average daily volumes, thousand barrels per day 205 182 187 190
Price per barrel excluding derivatives $ 64.75 $ 114.34 $ 54.48 $ 109.10
Realized gain (loss) on derivatives $ - $ (11.60 ) $ 0.77 $ (9.42 )
Unrealized gain (loss) on derivatives $ 1.62 $ 90.11 $ (3.58 ) $ (4.77 )
Total gains (losses) on derivatives $ 1.62 $ 78.51 $ (2.81 ) $ (14.19 )
Total price per barrel $ 66.37 $ 192.85 $ 51.67 $ 94.91

Natural Gas Liquids
United States
Volumes, million barrels 5 4 13 11
Average daily volumes, thousand barrels per day 54 38 47 39
Total price per barrel $ 33.41 $ 69.30 $ 28.58 $ 65.17
Total Barrels of Oil Equivalent (BOE)
Volumes, million BOE 57 51 167 154
Average daily volumes, thousand BOE per day 616 552 611 562

Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 2, 2009

4th Qtr Total Year
Guidance Guidance

Units Units

Total Sales (MMBOE) 53 - 54 220 - 221

Crude Oil (MBbl/d): 185 - 195 184 - 188

United States 130 - 135 120 - 121
Algeria 40 - 45 50 - 52
Other International 14 - 15 14 - 15

Natural Gas (MMcf/d):

United States 2,100 - 2,150 2,225 - 2,235

Natural Gas Liquids (MBbl/d):

United States 40 - 45 45 - 46

$ / Unit $ / Unit
Price Differentials vs NYMEX (w/o hedges)

Crude Oil ($/Bbl): (3.00 ) - (5.00 ) (3.00 ) - (3.50 )

United States (4.00 ) - (6.00 ) (4.25 ) - (4.75 )
Algeria 1.00 - (1.00 ) - - (0.50 )
Other International (6.00 ) - (11.00 ) (5.00 ) - (6.50 )

Natural Gas ($/Mcf):

United States (0.10 ) - (0.50 ) (0.45 ) - (0.55 )

Anadarko Petroleum Corporation
Financial and Operating Guidance
Continuing Operations
As of November 2, 2009

4th Qtr Total Year
Guidance Guidance

$ MM $ MM
Other Revenues:
Marketing and Gathering Margin 20 - 30 85 - 95
Minerals and Other 15 - 25 790 - 800

Costs and Expenses:
$ / Boe $ / Boe

Oil & Gas Direct Operating 4.50 - 4.90 4.40 - 4.50
Oil & Gas Transportation/Other 2.60 - 2.80 2.75 - 2.80
Depreciation, Depletion and Amortization 15.75 - 16.75 15.80 - 16.10
Production Taxes (% of Revenue) 9.0 % - 11.0 % 9.0 % - 11.0 %

$ MM $ MM

General and Administrative 240 - 250 900 - 910
Exploration Expense
Non-Cash 220 - 250 830 - 860
Cash 100 - 115 300 - 315
Interest Expense (net) 195 - 210 710 - 725
Other (Income) Expense - - 20 (320 ) - (340 )

Tax Rate
Algerian Tax Rate - 100% Current 60 % - 65 % 60 % - 65 %
Rest of Company Tax Rate 30 % - 40 % 35 % - 40 %
Rest of Company - % of Taxes Current -40 % - -80 % 70 % - 60 %
Rest of Company - % of Taxes Deferred 140 % - 180 % 30 % - 40 %

Avg. Shares Outstanding (MM)

Basic 491 - 493 480 - 482
Diluted 493 - 495 481 - 483

$ MM $ MM
Capital Investment:

Capital Projects 1,060 - 1,540 3,900 - 4,400

Anadarko Petroleum Corporation
Commodity Derivative Positions (Excluding Natural Gas Basis)
As of November 2, 2009

Weighted Average Price per MMBtu
Volume Floor Sold Floor Purchased Ceiling Sold
(thousand
MMBtu/d)
Natural Gas
Three-Way Collars
2009 530 $ 5.45 $ 7.50 $ 11.25
2010 1,630 $ 4.22 $ 5.59 $ 8.23
2011 480 $ 5.00 $ 6.50 $ 8.23
2012 500 $ 5.00 $ 6.50 9.03

Fixed Price
2010 90 $ 6.10
2011 90 $ 6.17

Weighted Average Price per Barrel
Volume Floor Sold Floor Purchased Ceiling Sold
(thousand
MBbls/d)
Crude Oil
Three-Way Collars
2009 48 $ 37.51 $ 52.51 $ 87.04
2010 129 $ 49.34 $ 64.34 $ 90.73
2011 3 $ 35.00 $ 50.00 $ 86.00
2012 2 $ 35.00 $ 50.00 $ 92.50

Interest Rate Derivatives
As of November 2, 2009

Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received

Swap $750 Million Oct-2011 Oct-2021 4.72% 3M LIBOR
Swap $1,250 Million Oct-2011 Oct-2041 4.83% 3M LIBOR
Swap $250 Million Oct-2012 Oct-2022 4.91% 3M LIBOR
Swap $750 Million Oct-2012 Oct-2042 4.80% 3M LIBOR

Anadarko Petroleum Corporation
Natural Gas Basis Hedge Positions
As of November 2, 2009

Volume (thousand Price per MMBtu
MMBtu/d)

Basis Swaps
2009
Gulf Coast 315 $ (0.15 )
Mid Continent 330 $ (0.85 )
Rocky Mountains 555 $ (1.25 )
1,200 $ (0.85 )

2010
Mid Continent 125 $ (0.83 )
Rocky Mountains 360 $ (1.23 )
485 $ (1.13 )

2011 15 $ (0.76 )
Mid Continent 30 $ (2.22 )
Rocky Mountains 45 $ (1.74 )

Rockies Export Firm Transportation
As of November 2, 2009
(Only shown through 2011)

Daily Volume (MMBtus)
by Pricing Point
Delivery/Pricing Point
2009
Mid Continent 491
West Coast 88
San Juan 15
594

2010
Mid Continent 491
West Coast 88
San Juan 15
594

2011
Mid Continent 491
West Coast* 294
Mid West** 250
San Juan 15
1,050

*New agreement with Ruby estimated to begin in March 2011.
**New agreement with Bison estimated to begin in November 2010.

Anadarko Petroleum Corporation
MEDIA:
John Christiansen, john.christiansen@anadarko.com, 832.636.8736
Matt Carmichael, matt.carmichael@anadarko.com, 832.636.2845
INVESTORS:
John Colglazier, john.colglazier@anadarko.com, 832.636.2306
Chris Campbell, CFA, chris.campbell@anadarko.com, 832.636.8434
Dean Hennings, dean.hennings@anadarko.com, 832.636.2462

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