2016-05-05 18:10:00
ANADARKO NET LOSS $1 BLN
HOUSTON, May 2, 2016 -- Anadarko Petroleum Corporation (NYSE: APC) announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis. Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million.
FIRST-QUARTER 2016 HIGHLIGHTS
- Announced year-over-year capital reduction of approximately 50 percent
- Improved cost structure by $800 million by reducing the dividend and staffing
- Closed monetizations totaling $1.3 billion
- Issued $3.0 billion of new bonds to refinance debt maturing in 2016 and 2017
"During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies, while taking significant steps to strengthen our financial position without diluting equity," said Al Walker, Anadarko Chairman, President and CEO. "Year to date, we've closed monetizations totaling $1.3 billion and are currently in the process of advancing another $700-plus million of divestitures. We've also removed perceived uncertainty by issuing $3.0 billion of investment-grade bonds to refinance near-term maturities. Additionally, the dividend reduction and the restructuring of our workforce together are expected to provide approximately $800 million of available cash on an annualized basis. These actions combined with our continued focus on financial discipline, operational excellence and best-in-class capital allocation, support our ability to enhance and preserve value in a volatile market environment."
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Anadarko Petroleum Corporation |
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(Unaudited) |
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Quarter Ended |
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Summary Financial Information |
March 31, |
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millions except per-share amounts |
2016 |
2015 |
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Consolidated Statements of Income |
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Revenues and Other |
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Oil and condensate sales |
$ |
850 |
$ |
1,419 |
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Natural-gas sales |
366 |
641 |
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Natural-gas liquids sales |
178 |
232 |
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Gathering, processing, and marketing sales |
240 |
293 |
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Gains (losses) on divestitures and other, net |
40 |
(264) |
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Total |
1,674 |
2,321 |
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Costs and Expenses |
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Oil and gas operating |
208 |
296 |
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Oil and gas transportation |
242 |
305 |
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Exploration |
126 |
1,083 |
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Gathering, processing, and marketing |
215 |
254 |
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General and administrative |
449 |
307 |
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Depreciation, depletion, and amortization |
1,149 |
1,256 |
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Other taxes |
117 |
182 |
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Impairments |
16 |
2,783 |
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Other operating expense |
16 |
63 |
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Total |
2,538 |
6,529 |
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Operating Income (Loss) |
(864) |
(4,208) |
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Other (Income) Expense |
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Interest expense |
220 |
216 |
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(Gains) losses on derivatives, net |
297 |
152 |
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Other (income) expense, net |
— |
47 |
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Tronox-related contingent loss |
— |
5 |
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Total |
517 |
420 |
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Income (Loss) Before Income Taxes |
(1,381) |
(4,628) |
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Income tax expense (benefit) |
(383) |
(1,392) |
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Net Income (Loss) |
(998) |
(3,236) |
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Net income (loss) attributable to noncontrolling interests |
36 |
32 |
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Net Income (Loss) Attributable to Common Stockholders |
$ |
(1,034) |
$ |
(3,268) |
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Earlier:
ANADARKO PETROLEUM LOSS $2.2 BLN
