CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCEfilecache.investorroom.com/mr5ir_anadarko/866/download... · 2016. 6. 16. · CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCE Ernie Leyendecker,

w w w . a n a d a r k o . c o m | N Y S E : A P C

A N A D A R K O P E T R O L E U M C O R P O R A T I O N

JOHN COLGLAZIERSenior Vice President

832 636 2306

BRIAN KUCKDirector

832 636 7135

JEREMY SMITHDirector

832 636 1544

SHANDELL SZABODirector

832 636 3977

I N V E S T O RR E L A T I O N S

CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCE

Ernie Leyendecker, SVP, International ExplorationMay 2016

w w w . a n a d a r k o . c o m | N Y S E : A P C A N A D A R K O P E T R O L E U M C O R P O R A T I O NA N A D A R K O P E T R O L E U M C O R P O R A T I O Nw w w . a n a d a r k o . c o m | N Y S E : A P C 2

Cautionary LanguageRegarding Forward-Looking Statements and Other Matters

This presentation 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 presentation, including Anadarko’s ability to realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance; timely complete and commercially operate the projects and drilling prospects identified in this presentation; reduce its net debt; consummate the transactions described in this presentation and identify and complete additional transactions; achieve further drilling cost reductions and efficiencies; successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique; and achieve production expectations on its mega projects. See “Risk Factors” in the company’s 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Please also see our website at www.anadarko.com under “Investor Relations” for reconciliations of the differences between any non-GAAP measure used in this presentation, including the appendix slides, and the most directly comparable GAAP financial measures. Also on our website at www.anadarko.com is a glossary of terms.

Cautionary Note to Investors - The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. We may use terms in this presentation, such as “resources,” “net resources,” “net discovered resources,” “recoverable resources,” and similar terms that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2015, File No. 001-08968, available from us at www.anadarko.com or by writing to us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

w w w . a n a d a r k o . c o m | N Y S E : A P C A N A D A R K O P E T R O L E U M C O R P O R A T I O NA N A D A R K O P E T R O L E U M C O R P O R A T I O Nw w w . a n a d a r k o . c o m | N Y S E : A P C

Focus on Enhancing and Preserving ValueReduce Capital Program ~50% YOYReduce DividendsAchieve Additional Cost Savings and Efficiency GainsContinue Active Monetization ProgramReduce Net Debt

3

Successfully Navigating a Volatile Environment

Note: All amounts are approximate


2016 Expectations

$1.3 Billion Monetizations Closed $420 Million Soda Ash and Coal Royalties $750 Million WES Transaction $105+ Million East Chalk Divestiture

Additional Monetizations Under Way

2016E 2015

CAPITAL1

(BILLIONS) $2.6 - $2.8 $5.4 ~50%SALES VOLUMES2

(MMBOE) 282 - 286 292 ~3%OIL SALES VOLUMES2

(MBOPD) 306 - 311 312 ~Flat1 Excludes capital expenditures by WES2 Excludes all sales volumes associated with EOR, Bossier, PRB-CBM and East Chalk

GOM$0.7 B

International$0.7 B

Midstream & Other$0.2 B

U.S. Onshore$1.1 B

2016E CAPITAL PROGRAM$2.6 - $2.8 BILLION*

* Excludes capital expenditures by WES


Benefits of a Balanced Portfolio~18% Base DeclineLeveraging IDUC InventoryMega Project Contribution Full-Year Lucius Contribution Heidelberg First Oil 1Q16 TEN First Oil Expected 3Q16

Note: Maintenance capital is defined as capital investments necessary to keep current-year sales volumes flat to previous year

$2.0 $2.2 $2.5 $2.9 $2.9 $2.7$0.5

$1.1 $1.3$1.8

$2.9

$0.1$2.0

$1.6$1.9

$2.1$2.0

$2.4

$0

$4

$8

2010 2011 2012 2013 2014 2015 2016E

E&P

Cap

ital A

lloca

tion

(Bill

ions

)

Advantaged Maintenance Capital Provides Flexibility

Maintenance Capital Short-Cycle Growth Capital Mid- & Long-Cycle Capital

L I Q U I D S M I X ~43% ~56%

~$1.8


Increasing Flexibility 50% YOY Capital Reduction 80% Dividend Reduction Improving Cost Structure

Targeting up to $3 Billion Monetizations $1.3 Billion Monetizations Closed

6

Financial Discipline: Investing Within Cash Inflows

-$3

$15

Bill

ions

Differentiating Capital Allocation & Portfolio Management

Adj. DCF Monetizations TPE Capital DWH/TRX Adj. FCF (Cumulative) Adj. FCF (CumulativeIncluding DWH/TRX)

2011 2012 2013 2014 2015 2016E*

* Based on consensus prices as of 5/2/2016: WTI $40/Bbl and HH $2.35/McfNote: See Appendix for non-GAAP definitions and reconciliations


Ample Liquidity $3 Billion Cash-on-Hand 1Q16 $3 Billion 5-Year Revolving Credit Facility $2 Billion 364-Day Facility

Substantial FlexibilitySuccessfully Refinanced Near-Term Maturities Weighted Average Maturity Now 16+ Years No Significant Maturities Until 2024

7

Maintaining Financial StrengthInvestment-Grade Quality, Investment-Grade Approach

Rating Outlook

S&P BBB Negative

FITCH BBB Negative

MOODY’S Ba1 Negative

$0

$500

$1,000

$1,500

$2,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +

Am

ount

Out

stan

ding

($M

M)

APC Maturity Schedule*

Fixed Rate Bonds Retired in 2Q16

~$9,000

* As of 5/2/2016


U.S. Onshore: Enhancing & Preserving Value~70% Capital Reduction YOYFocus on Base ProductionReduce Costs and Improve EfficienciesLeverage 230 IDUCs When Returns Compelling 170+ IDUCs Expected YE16

8

U . S . O N S H O R E N E T S A L E S V O L U M E S * 2 0 1 5 2 0 1 6 E

TOTAL (MBOE/D) 616 605 - 610LIQUIDS (MBBL/D) 283 267 - 271

Delaware Basin~$800 MM

DJ Basin~$1,300 MM

Midstream~$400 MM

Other Onshore~$600 MM

Eagleford$500

Delaware Basin$500+ MM

DJ Basin~$500 MM

Midstream~$100 MM

Other~$100 MM

2016E CAPITAL PROGRAM~$1.2 BILLION

2015 CAPITAL PROGRAM~$3.6 BILLION

* Excludes all sales volumes associated with EOR, Bossier, PRB-CBM and East ChalkNote: See Appendix for non-GAAP definitions

D J B A S I NP L A N N E D A C T I V I T Y

~1 Rig1+ Frac Crews

$6/BOE Development Cost <$15,000/Flowing Barrel

Activation Cost

D E L A W A R E B A S I NP L A N N E D A C T I V I T Y

4+ Rigs1+ Frac Crews

Delineation and Lease Maintenance

2+ BBOE: Doubled Net Resources


$5.1

$4.4

$3.7

$2.4

$0

$3

$6

2013 2014 2015 2016E

Mill

ions

Driving Down Well Costs(4,800’ Short-Lateral Equivalent)

CONSOLIDATED CORE ACREAGEWITH MINERALS-INTEREST UPLIFT

OILLIGHT OIL

5 MILES

<$30

<$25

$0

$20

$40

New Drills IDUCs

WTI

Pric

e ($

/Bbl

)

BTAX PV-10 Breakeven**

9

DJ Basin: World-Class Asset1.5+ BBOE Net Resources ~4,000 Identified Drilling Locations

Leveraging Competitive Advantages Minerals-Interest Ownership Infrastructure in Place IDUC Inventory APC Acreage

APC Mineral Interest

D J B A S I NNet Acres: ~350,000

C O L O R A D O

2 0 1 6 P L A N N E D O P E R A T E D A C T I V I T Y

R I G S W E L L S - S L E F R A C C R E W S Y E 1 6 I D U C S

~1 50+ 1+ 60+

0

100

200

300

$0

$1

$2

$3N

et S

ales

Vol

umes

(MB

OPD

)

Bill

ions

Differentiating Capital Allocation & Portfolio Management(E&P Only)

EBITDAX Capital MonetizationsAdj. FCF (Cumulative) Net Sales Volumes

2011 2012 2013 2014 2015 2016E*

* Based on consensus prices as of 5/2/2016: WTI $40/Bbl and HH $2.35/McfNote: EBITDAX excludes corporate G&A; see Appendix for non-GAAP definitions ** Assumes HH $2.35/Mcf


Delaware: Doubling Net Resources & Lowering Costs

T E X A S

DE L AWARE BAS IN Gross Acres: ~610,000

Net Acres: ~255,000

2+ BBOE Net ResourcesMaintaining Top-Tier Acreage Preparing for Full-Scale Development Optimizing Spacing and Completion Design Testing Stacked Oil Potential Ongoing Midstream Expansion

CULBERSON

REEVES

NEW MEXICO

TEXAS

WARD

WINKLER

PECOS

LOVING

OIL-RICH PLAY WITH YEARS OF DEVELOPMENT POTENTIAL

10 MILES

APC AcreageTop-Tier Acreage

~$35~$30

$0

$20

$40

New Drills IDUCs

WTI

Pric

e ($

/Bbl

)

BTAX PV-10 Breakeven*

$11.7

$7.2$6.2

$5.2

$0

$3

$6

$9

$12

YE14 YE15 2016E Projected Pad Development

Tota

l Gro

ss D

C&

E C

ost

(Mill

ions

)

Driving Down Well Costs(4,500’ Short-Lateral Equivalent)

2 0 1 6 P L A N N E D O P E R A T E D A C T I V I T Y

R I G S W E L L S - S L E F R A C C R E W S Y E 1 6 I D U C S

4+ 60+ 1+ 60+

* Assumes HH $2.35/Mcf


CONSTITUTION

MARCO POLO

LUCIUS

11

Gulf of Mexico: Enhancing Value Through TiebacksFocused on Capital-Efficient Tiebacks 30+% BTAX ROR 15 - 30 Development Well Inventory

Advancing Appraisal OpportunitiesMinimal Exploratory Drilling

HEIDELBERG

L U C I U SP L A N N E D A C T I V I T Y

1 Tieback

HEIDELBERGP L A N N E D A C T I V I T Y

Achieved First Oil2 Additional Wells

K 2 C O M P L E XP L A N N E D A C T I V I T Y

2 Tiebacks

CAESAR/TONGAP L A N N E D A C T I V I T Y

2 TiebacksPhase 2 Facility Work

G U L F O F M E X I C OGross Acres: ~1.6 Million

Lease Blocks: 279 Gross /160 Net

APC WI Block

APC Exploration/Appraisal

G O M N E T S A L E S V O L U M E S 2 0 1 5 2 0 1 6 E

TOTAL (MBOE/D) 85 76 - 80LIQUIDS (MBBL/D) 60 63 - 67

T I E B A C K O P P O R T U N I T I E S *

I N V E N T O R Y

CAESAR/TONGA 5 - 8 WELLS

K24 - 7 WELLS

+2 Potential New Fields

HEIDELBERG3 - 6 WELLS

+2 Potential New Fields

LUCIUS

3 - 7 WELLS+

1 Potential New Field+

Third-Party Developments

WARRIOR

PHOBOS

SHENANDOAH

* As of 1/1/2016

w w w . a n a d a r k o . c o m | N Y S E : A P C A N A D A R K O P E T R O L E U M C O R P O R A T I O N

A F R I C A

Ghana & Algeria: Growing Higher-Margin Oil

Algeria 2+ Billion Barrels Cumulative Gross Production Flat YOY Volumes for <$40 Million Capital

Ghana TEN: First Oil Expected 3Q16

APC WI BlockOil FieldGas CondensateAppraisal AreaExport Pipeline

BLOCK 404A

PK0

BLOCK208

10 MILES16 KMS

OURHOUD CPF

HBNS CPF

EL MERK CPF

A L G E R I A

WEST CAPE THREE POINTS

MAHOGANY

TEAK

Jubilee Unit24% WI

20 MILES32 KMS

DEEPWATER TANO

NTOMME

Planned FPSO Location

TWENEBOA

WAWA

ENYENRA

TEN Complex19% WI

G H A N A

12

0

40

80

2011 2012 2013 2014 2015 2016E

MB

bl/d

Algeria Net Sales Volumes

0

20

40

2013 2014 2015 2016E 2017E 2018E

MB

OPD

Ghana Net Sales Volumes

Jubilee TEN

G H A N A &A L G E R I A


FID WHEN UNCERTAINTY

REMOVED

Mozambique LNG: Working Parallel Processes

APPROVE PLAN OF DEVELOPMENT

SECURE 8+ MMTPA SPAs

ADVANCE TOWARD ~2/3 LEVERAGE

Legal &Contractual Framework

OfftakeAgreements

Project Financing

MINIMAL 2016 CAPITAL REQUIRED

13


2016 International & Deepwater Exploration ActivityG O M

L A N D P O S I T I O N

~1.6 MM Gross Acres2 0 1 6 A C T I V I T Y

PHOBOSAppraisal Well

SHENANDOAHAppraisal Well

WARRIORExploration Well

C O L O M B I AL A N D P O S I T I O N

~16 MM Gross Acres2 0 1 6 A C T I V I T Y

PURPLE ANGEL-1 Exploration Well GRAND COL

3D Seismic Acquisition

14

2 0 1 6 P L A N N E D A C T I V I T Y

C A P I T A L D R I L LT A R G E T N E T D I S C O V E R E D R E S O U R C E S

~$500Million

~8Wells

~250Million

C Ô T E D ’ I V O I R EL A N D P O S I T I O N

~1 MM Gross Acres2 0 1 6 A C T I V I T Y

PAON Appraisal Well

PELICAN Exploration WellROSSIGNOL

Exploration Well


Net Discovered Resources

~6.5 BBOE

~$14 Billion

Monetized

~5 BBOE ~250 MBOE/d

Resources RetainedNet Production

Exploration: Creating Unmatched Value with Optionality

15

D R I V I N G V A L U EE X P L O R I N G A P P R A I S I N G D E V E L O P I N G

Colombia Côte d’Ivoire GOM (Warrior)

Shenandoah Paon Phobos

Heidelberg TEN Mozambique LNG

~$10 Billion Capital Invested


Successfully Navigating a Volatile EnvironmentMaintain Financial Discipline and Invest Within Cash InflowsFocus on Value Reduce Capital Spending and Cost StructurePosition U.S. Onshore for the FutureCapitalize on Portfolio Diversification and FlexibilityContinue Active Monetization Program

PRODUCTION

EXPLORATION

EAST AFRICA

WEST AFRICA

GULF OF MEXICO

U.S. ONSHORENORTH AFRICA

ALASKA

COLOMBIA

NEW ZEALAND

w w w . a n a d a r k o . c o m | N Y S E : A P C

A N A D A R K O P E T R O L E U M C O R P O R A T I O N

JOHN COLGLAZIERSenior Vice President

832 636 2306

BRIAN KUCKDirector

832 636 7135

SHANDELL SZABODirector

832 636 3977

PETE ZAGRZECKIDirector

832 636 7727

I N V E S T O RR E L A T I O N S

APPENDIX


Non-GAAP Financial Measure Definitions & Reconciliations

This list of non-GAAP financial measure definitions and related reconciliations is intended to satisfy the requirements of Regulation G of the Securities Exchange Act of 1934, as amended. This information is historical in nature. Anadarko Petroleum Corporation (the “Company”) undertakes no obligation to publicly update or revise any non-GAAP financial measure definitions and related reconciliations. The following slides include reconciliations of GAAP to non-GAAP financial measures and statements indicating why management believes the non-GAAP financial measures provide useful information for investors. Non-GAAP financial measures provided in this presentation for specific areas are calculated using the same methodology.

16


Adjusted EBITDAX (EBITDAX)The Company defines Adjusted EBITDAX as income (loss) before income taxes; gains (losses) on divestitures, net; exploration expense; depreciation, depletion, and amortization; impairments; interest expense; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; and certain items not related to the Company’s normal operations, less net income attributable to noncontrolling interests. During the periods presented, items not related to the Company’s normal operations included Deepwater Horizon settlement and related costs, Algeria exceptional profits tax settlement, Tronox-related contingent loss, and certain other nonoperating items included in other (income) expenses, net.

Management believes that the presentation of Adjusted EBITDAX provides information useful in assessing the Company’s financial condition and results of operations and that Adjusted EBITDAX is a widely accepted financial indicator of a company’s ability to incur and service debt, fund capital expenditures, and make distributions to stockholders.

Adjusted EBITDAX as defined by Anadarko may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) attributable to common stockholders and other performance measures prepared in accordance with GAAP, such as operating income or cash flows from operating activities. Adjusted EBITDAX has important limitations as an analytical tool because it excludes certain items that affect net income (loss) attributable to common stockholders and net cash provided by operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Anadarko’s results as reported under GAAP.

Non-GAAP Reconciliation

Year Ended December 31, 2015Millions

Income (loss) before income taxes (GAAP) $ (9,689)(Gains) losses on divestitures, net 1,022 Exploration Expense 2,644DD&A 4,603 Impairments 5,075 Interest Expense 825Total (gains) losses on derivatives, net, less net cash received in settlement of commodity derivatives 235Other operating expense 74 Tronox-related contingent loss 5 Certain other nonoperating items 22Less net income attributable to noncontrolling interests (120) Consolidated adjusted EBITDAX (Non-GAAP) $ 4,936

17


Net Debt to Adjusted Capitalization Ratio December 31, 2015

MillionsAnadarko

ConsolidatedWGP*

ConsolidatedAnadarko

excluding WGPTotal debt (GAAP) $ 15,751 $ 2,707 $ 13,044

Less cash and cash equivalents 939 100 839Net debt (Non-GAAP) $ 14,812 $ 2,607 $ 12,205

MillionsAnadarko

ConsolidatedAnadarko

excluding WGPNet debt $ 14,812 $ 12,205

Total Equity 15,457 12,819Adjusted Capitalization (Non-GAAP) $ 30,269 $ 25,024

Net debt to adjusted capitalization ratio 49% 49%

Net Debt to Adjusted CapitalizationThe Company defines net debt as total debt less cash and cash equivalents. Net debt for Anadarko excluding Western Gas Equity Partners, LP (WGP) is Anadarko’s Consolidated net debt, less WGP’s net debt.

The Company defines net debt to adjusted capitalization ratio as net debt / (net debt + total equity). Net debt to adjusted capitalization ratio for Anadarko excluding WGP excludes WGP’s net debt and noncontrolling interest attributable to WGP.

Management uses net debt as a measure of the Company’s outstanding debt obligations that would not be readily satisfied by cash and cash equivalents on hand.


*WGP is a publicly traded consolidated subsidiary of Anadarko and Western Gas Partners, LP (WES) is a consolidated subsidiary of WGP

18


Adjusted Discretionary Cash Flow from Operations (Adjusted DCF)The Company defines adjusted discretionary cash flow from operations as net cash provided by (used in) operating activities adjusted by changes in accounts receivable, changes in accounts payable and accrued expenses, other items - net, Deepwater Horizon and Tronox settlement payments, collections associated with the Algeria exceptional profits tax settlement, certain nonoperatingand other excluded items, current taxes related to Tronox tax position, and WES/WGP distributions to third parties. Management uses adjusted discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability.

Adjusted Free Cash Flow (Adjusted FCF)The Company defines adjusted free cash flow as adjusted discretionary cash flow from operations less capital expenditures excluding WES and cash received from the Algeria Exceptional Profits Tax settlement and monetizations. Management uses adjusted free cash flow to demonstrate the Company's ability to fund capital expenditures and to service or incur additional debt.


Year Ended December 31,millions 2011 2012 2013 2014 2015Net cash provided by (used in) operating activities (GAAP) $ 2,505 $ 8,339 $ 8,888 $ 8,466 $ (1,877)Adjusted by:

Increase (decrease) in accounts receivable 993 (520) 11 (103) 2 Increase (decrease) in accounts payable and accrued expenses (284) 476 (150) (97) 995

Other items – net 16 (126) (146) 71 (772)Deepwater Horizon / Tronox settlement payments 3,948 (6) - - 5,215

Algeria exceptional profits tax settlement - (1,006) (730) - -Certain nonoperating and other excluded items - - 160 119 96

Current taxes related to Tronox tax position - - - - 910

WES/WGP distributions to third parties (79) (107) (158) (216) (280)Adjusted discretionary cash flow from operations (Non-GAAP) $ 7,099 $ 7,050 $ 7,875 $ 8,240 $ 4,289 Adjusted by:

Capital expenditures excluding WES* (6,114) (6,782) (7,731) (8,560) (5,363)

Collection of Algeria exceptional profits of tax receivable - 1,006 730 - -Monetizations 580 1,244 1,033 5,659 1,825

Adjusted free cash flow (Non-GAAP) $ 1,565 $ 2,518 $ 1,907 $ 5,339 $ 751

* WES capital expenditures 439 529 792 696 525

19


Finding and Development CostsThe Company defines finding and development (F&D) costs as total costs incurred divided by reserve additions. In addition, the Company will use several variations of this calculation, including isolating development costs and incorporating price-related and non-price-related reserve additions.

Management believes that the presentation of F&D costs provides useful information in assessing the Company’s ability to efficiently manage its capital programs.


* NM: Not Meaningful

Year Endedmillions December 31, 2015

Costs incurred $ 5,753 Asset retirement obligation liabilities incurred (207)Cash expenditures for asset retirement obligations 298

Oil and natural gas exploration and development costs $ 5,844

Non-price related additions before divestitures (MMBOE) 407

Finding and development costs ($/BOE) $ 14.36

Additions including pre-related revisions (MMBOE) (216)

Finding & development costs including price-related revisions ($/BOE) NM *

20


Glossary of TermsLP: Limited PartnershipM: ThousandsMM: MillionsNGL: Natural Gas LiquidsNYSE: New York Stock ExchangePK0: Point Kilometrique 0 PRB: Powder River BasinROR: Rate of ReturnS&P: Standard & Poor’sSLE: Short Lateral EquivalentT: TrillionTEN: Tweneboa, Enyenra, NtommeTPA: Tonnes per AnnumTPE: Exceptional Profits TaxTRX: TronoxYE: Year EndYOY: Year over YearYTD: Year to DateWES: Western Gas Partners, LPWGP: Western Gas Equity Partners, LP WI: Working InterestWTI: West Texas Intermediate

Adj: AdjustedAPC: Anadarko Petroleum Corp.B: BillionBbl: BarrelBBl/d: Barrels of Liquid per DayBOE: Barrel of Oil Equivalent BOE/d: Barrel of Oil Equivalent per DayBOPD: Barrels of Oil per DayBTAX: Before Tax CBM: Coalbed Methanecf: Cubic Feet of Natural Gascf/d: Cubic Feet per DayCPF: Central Processing Facility DCF: Discretionary Cash FlowDC&E: Drill, Complete and EquipDD&A: Depreciation, Depletion and AmortizationDJ: Denver JulesburgDST: Drill Stem TestDWH: Deepwater HorizonE&P: Exploration and Production EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization

EBITDAX: Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expense EOR: Enhanced Oil RecoveryF&D: Finding and Development CostFCF: Free Cash FlowFID: Final Investment DecisionFPSO: Floating Production Storage and Offloading UnitGAAP: Generally Accepted Accounting Principles G&A: General and AdministrativeGOM: Gulf of MexicoGP: General Partner HBNS: Hassi Berkine Sud (South) HH: Henry HubHOA: Heads of AgreementIDUCs: Intentionally Deferred CompletionsIPA: Independent Producers of AmericaKm: KilometersLNG: Liquefied Natural Gas

21

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CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCEfilecache.investorroom.com/mr5ir_anadarko/866/download... · 2016. 6. 16. · CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCE Ernie Leyendecker,