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2016-05-05 18:10:00

ANADARKO NET LOSS $1 BLN

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."

Anadarko Petroleum Corporation

(Unaudited)

 

 

Quarter Ended

Summary Financial Information

March 31,

millions except per-share amounts

2016

2015

Consolidated Statements of Income

 

 

Revenues and Other

 

 

Oil and condensate sales

$

850

$

1,419

Natural-gas sales

366

641

Natural-gas liquids sales

178

232

Gathering, processing, and marketing sales

240

293

Gains (losses) on divestitures and other, net

40

(264)

Total

1,674

2,321

Costs and Expenses

 

 

Oil and gas operating

208

296

Oil and gas transportation

242

305

Exploration

126

1,083

Gathering, processing, and marketing

215

254

General and administrative

449

307

Depreciation, depletion, and amortization

1,149

1,256

Other taxes

117

182

Impairments

16

2,783

Other operating expense

16

63

Total

2,538

6,529

Operating Income (Loss)

(864)

(4,208)

Other (Income) Expense

 

 

Interest expense

220

216

(Gains) losses on derivatives, net

297

152

Other (income) expense, net

47

Tronox-related contingent loss

5

Total

517

420

Income (Loss) Before Income Taxes

(1,381)

(4,628)

Income tax expense (benefit)

(383)

(1,392)

Net Income (Loss)

(998)

(3,236)

Net income (loss) attributable to noncontrolling interests

36

32

Net Income (Loss) Attributable to Common Stockholders

$

(1,034)

$

(3,268)

 

anadarko.com

-----

Earlier: 

ANADARKO SELLS MORE 

ANADARKO LOSS $6.7 BLN 

ANADARKO PETROLEUM LOSS $2.2 BLN 

ANADARKO WILL PAY $5B

 

 

 

 

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