Anadarko Announces Third-Quarter 2014 Results

HOUSTON, TX--(Marketwired - Oct 28, 2014) - Anadarko Petroleum Corporation (NYSE: APC) today announced third-quarter 2014 net income attributable to common stockholders of $1.087 billion, or $2.12 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 $487 million, or $0.96 per share (diluted), on an after-tax basis.⁽¹⁾ Cash flow from operating activities in the third quarter of 2014 was approximately $2.323 billion. Discretionary cash flow totaled $1.776 billion,⁽²⁾ including the year-to-date impact of an adjustment to 2014 U.S. current taxes related to the deferral of the tax benefit and change in anticipated timing of the Tronox settlement payment to early 2015.

Third-Quarter 2014 Highlights

• Increased year-over-year liquids sales volumes by more than 110,000 barrels per day on a divestiture-adjusted basis⁽³⁾
• Closed approximately $1.2 billion of additional asset monetizations
• Doubled year-over-year oil sales volumes in the Wattenberg field
• Expanded the company's "high-confidence" area in the Wolfcamp Shale oil opportunity

"Anadarko delivered another outstanding quarter with year-over-year liquids sales-volume growth of 35 percent on a divestiture-adjusted basis,⁽³⁾ approximately $1.2 billion of new asset monetizations and enhanced cash margins per barrel," said Al Walker, Anadarko Chairman, President and CEO. "The impressive results from our operating activities enable us to increase our 2014 full-year sales-volume expectations for the third time this year, to a new range of 304 to 306 million BOE. The significant liquids sales-volume growth was primarily driven by the excellent results of our Wattenberg horizontal program, where oil volumes doubled relative to the third quarter of last year. We believe the depth and flexibility of our portfolio, along with our efficient allocation of capital and commitment to value acceleration will enable us to continue delivering differentiating value to our shareholders."

Operations Summary
During the third quarter, Anadarko's sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled a record 78 million BOE, or an average of 849,000 BOE per day, representing an increase of almost 105,000 BOE per day on a divestiture-adjusted basis⁽³⁾ over the third quarter of 2013. The growth in higher-margin liquids sales volumes significantly improved the overall product mix to 51 percent liquids in the third quarter of 2014 versus 43 percent in the third quarter of 2013.

The strong growth was largely driven by performance in the Wattenberg field, which continued to benefit from the company's significant commitment to midstream expansions and achieved year-over-year sales-volume growth of 88,000 BOE per day, averaging 189,000 BOE per day for the quarter. The company also demonstrated significant sales-volume growth in the Eagleford Shale, as well as the Wolfcamp Shale oil opportunity where Anadarko expanded its "high-confidence" area within its 600,000-gross-acre position.

Anadarko also continued to advance multiple mega projects during the quarter. In the Gulf of Mexico, the Lucius project is on schedule with first oil expected in the coming weeks. Construction on the Heidelberg spar hull was completed, and the project remains on schedule for first oil in 2016. In Mozambique, the Parliament passed enabling legislation during its last session of the year. This was an important first step toward the ratification of a Decree Law, which is a necessity in creating and facilitating the contractual and legal conditions to move this company-operated LNG project forward.

Financial Summary
Anadarko ended the quarter with approximately $8.3 billion of cash on hand, with the increase driven by asset monetizations. In addition to closing the previously announced $1.075 billion sale of its China subsidiary, the company signed and closed several additional monetizations during the quarter totaling approximately $1.2 billion. Among the new monetizations, Anadarko closed a carried-interest agreement in the emerging Eaglebine play of Central Texas and divested its non-operated interest in the Vito discovery. The company also closed the sale of its interest in a portion of the Utica Shale play in central Ohio, as well as several other transactions.

"Closing more than $2.2 billion of monetizations in the quarter, including our China subsidiary, demonstrates our ongoing commitment to accelerating and enhancing value," added Walker. "We will continue to actively manage our deep portfolio of assets and evaluate opportunities to bring the embedded value forward for our stakeholders."

Operations Report
For details on Anadarko's operating areas and exploration program, including additional details on the newly announced asset monetizations, please refer to the comprehensive report on third-quarter 2014 activity. The report is available at www.anadarko.com.

Conference Call Tomorrow at 8 a.m. CDT, 9 a.m. EDT
Anadarko will host a conference call on Wednesday, Oct. 29, 2014, at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) to discuss third-quarter results, current operations and the company's outlook for the remainder of 2014. The dial-in number is 855.812.0464 in the United States or 970.300.2271 internationally. The confirmation number is 95221684. 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 be available on the website for approximately 30 days following the conference call.

Financial Data
Nine pages of summary financial data follow, including current hedge positions, a reconciliation of "divestiture-adjusted" or "same-store" sales, and updated financial and production guidance.

⁽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.

⁽³⁾ See the accompanying table for a reconciliation of "divestiture-adjusted" or "same-store" sales volumes, which are intended to present performance of Anadarko's continuing asset base, giving effect to recent divestitures.

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 2013, the company had approximately 2.79 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.

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 court approval of the settlement agreement related to the Tronox Adversary Proceeding, issuance of the injunction and dismissal with prejudice of the claims asserted in the Adversary Proceeding, Anadarko's ability to achieve its production targets, successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG park and achieve production and budget expectations on its mega projects. See "Risk Factors" in the company's 2013 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.

Anadarko Petroleum Corporation
Certain Items Affecting Comparability
		Quarter Ended September 30, 2014
		Before				After				Per Share
millions except per-share amounts		Tax				Tax				(diluted)
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*		$	276			$	175			$	0.35
Gains (losses) on divestitures, net			726				647				1.27
Impairments			(394	)			(249	)			(0.49	)
Change in uncertain tax positions (FIN 48)			--				(60	)			(0.12	)
Third-party well and platform decommissioning obligation			(22	)			(14	)			(0.03	)
Interest expense related to Tronox settlement			(19	)			(12	)			(0.02	)
		$	567			$	487			$	0.96

*	For the quarter ended September 30, 2014, this includes $371 million related to commodity derivatives, $(96) million related to other derivatives, and $1 million related to gathering, processing, and marketing sales.

		Quarter Ended September 30, 2013
		Before				After				Per Share
millions except per-share amounts		Tax				Tax				(diluted)
Total gains (losses) on derivatives, net, less net cash from settlement of commodity derivatives*		$	(36	)		$	(21	)		$	(0.04	)
Gains (losses) on divestitures, net			8				5				0.01
Impairments			(593	)			(376	)			(0.74	)
Third-party well and platform decommissioning obligation			10				6				0.01
		$	(611	)		$	(386	)		$	(0.76	)

*	For the quarter ended September 30, 2013, this includes $(120) million related to commodity derivatives, $74 million related to other derivatives, and $10 million related to gathering, processing, and marketing sales.

Reconciliation of GAAP to Non-GAAP Measures

Below are reconciliations of cash provided by operating activities (GAAP) to discretionary cash flow from operations (non-GAAP), free cash flow (non-GAAP), as well as net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses 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. Management uses free cash flow to demonstrate the Company's ability to internally fund capital expenditures and to service or incur additional debt. Management uses adjusted net income (loss) to evaluate the Company's operational trends and performance.

			Quarter Ended								Nine Months Ended
			September 30,								September 30,
millions			2014				2013				2014				2013
Net cash provided by operating activities			$	2,323			$	1,779			$	6,514			$	6,784
Add back
	Algeria exceptional profits tax settlement			--				(32	)			--				(730	)
	Increase (decrease) in accounts receivable			(287	)			11				(104	)			(246	)
	(Increase) decrease in accounts payable and accrued expenses			(689	)			258				(710	)			37
	Other items--net			198				11				225				22
	Certain nonoperating and other excluded items			24				(7	)			25				117
	Current taxes related to asset monetization			207				--				1,033				--
Discretionary cash flow from operations			$	1,776			$	2,020			$	6,983			$	5,984

Anadarko Petroleum Corporation
Reconciliation of GAAP to Non-GAAP Measures
		Quarter Ended								Nine Months Ended
		September 30,								September 30,
millions		2014				2013				2014				2013
Discretionary cash flow from operations		$	1,776			$	2,020			$	6,983			$	5,984
Less capital expenditures*			2,117				2,298				7,087				5,911
Free cash flow		$	(341	)		$	(278	)		$	(104	)		$	73

*	Includes Western Gas Partners, LP (WES) capital expenditures of $147 million for the quarter ended September 30, 2014, $185 million for the quarter ended September 30, 2013, $490 million for the nine months ended September 30, 2014, and $622 million for the nine months ended September 30, 2013.

		Quarter Ended						Quarter Ended
		September 30, 2014						September 30, 2013
		After			Per Share			After				Per Share
millions except per-share amounts		Tax			(diluted)			Tax				(diluted)
Net income (loss) attributable to common stockholders		$	1,087		$	2.12		$	182			$	0.36
Less certain items affecting comparability			487			0.96			(386	)			(0.76	)
Adjusted net income (loss)		$	600		$	1.16		$	568			$	1.12

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 that would not be readily satisfied by its cash and cash equivalents on hand.

		September 30,
millions		2014
Total debt		$	14,728
Less cash and cash equivalents			8,335
Net debt		$	6,393
Net debt		$	6,393
Stockholders' equity			20,677
Adjusted capitalization		$	27,070
Net debt to adjusted capitalization ratio			24	%

Anadarko Petroleum Corporation
(Unaudited)
		Quarter Ended								Nine Months Ended
Summary Financial Information		September 30,								September 30,
millions except per-share amounts		2014				2013				2014				2013
Consolidated Statements of Income
Revenues and Other
Natural-gas sales		$	830			$	805			$	3,038			$	2,547
Oil and condensate sales			2,637				2,389				7,766				6,761
Natural-gas liquids sales			424				325				1,221				889
Gathering, processing, and marketing sales			339				270				928				750
Gains (losses) on divestitures and other, net			780				64				2,340				296
Total			5,010				3,853				15,293				11,243
Costs and Expenses
Oil and gas operating			275				277				861				769
Oil and gas transportation and other			322				255				869				763
Exploration			199				272				1,000				714
Gathering, processing, and marketing			269				217				771				638
General and administrative			381				255				984				787
Depreciation, depletion, and amortization			1,163				996				3,335				2,958
Other taxes			306				294				981				819
Impairments			394				593				514				632
Algeria exceptional profits tax settlement			--				--				--				33
Deepwater Horizon settlement and related costs			3				5				96				12
Total			3,312				3,164				9,411				8,125
Operating Income (Loss)			1,698				689				5,882				3,118
Other (Income) Expense
Interest expense			204				177				573				513
(Gains) losses on derivatives, net			(323	)			72				453				(393	)
Other (income) expense, net			24				(23	)			12				69
Tronox-related contingent loss			19				--				4,338				--
Total			(76	)			226				5,376				189
Income (Loss) Before Income Taxes			1,774				463				506				2,929
Income tax expense (benefit)			627				240				1,719				1,263
Net Income (Loss)			1,147				223				(1,213	)			1,666
Net income (loss) attributable to noncontrolling interests			60				41				142				95
Net Income (Loss) Attributable to Common Stockholders		$	1,087			$	182			$	(1,355	)		$	1,571
Per Common Share
Net income (loss) attributable to common stockholders--basic		$	2.13			$	0.36			$	(2.69	)		$	3.11
Net income (loss) attributable to common stockholders--diluted		$	2.12			$	0.36			$	(2.69	)		$	3.10
Average Number of Common Shares Outstanding--Basic			506				503				505				502
Average Number of Common Shares Outstanding--Diluted			508				505				505				504
Exploration Expense
Dry hole expense		$	104			$	77			$	527			$	301
Impairments of unproved properties			30				83				216				122
Geological and geophysical expense			13				51				93				111
Exploration overhead and other			52				61				164				180
Total		$	199			$	272			$	1,000			$	714

Anadarko Petroleum Corporation
(Unaudited)
			Quarter Ended						Nine Months Ended
Summary Financial Information			September 30,						September 30,
millions			2014			2013			2014			2013
Cash Flows from Operating Activities
Net income (loss)			$	1,147		$	223		$	(1,213	)	$	1,666
Adjustments to reconcile net income (loss) to net cash provided by operating activities
	Depreciation, depletion, and amortization			1,163			996			3,335			2,958
	Deferred income taxes			(398	)		(28	)		(210	)		535
	Dry hole expense and impairments of unproved properties			134			160			743			423
	Impairments			394			593			514			632
	(Gains) losses on divestitures, net			(726	)		(8	)		(2,194	)		(165	)
	Total (gains) losses on derivatives, net			(324	)		64			462			(396	)
	Operating portion of net cash received (paid) in settlement of derivative instruments			48			(28	)		(138	)		37
	Other			87			53			195			174
	Changes in assets and liabilities
		Deepwater Horizon settlement and related costs		1			2			93			3
		Algeria exceptional profits tax settlement		--			32			--			730
		Tronox-related contingent loss		19			--			4,338			--
		(Increase) decrease in accounts receivable		287			(11	)		104			246
		Increase (decrease) in accounts payable and accrued expenses		689			(258	)		710			(37	)
		Other items--net		(198	)		(11	)		(225	)		(22	)
Net Cash Provided by Operating Activities			$	2,323		$	1,779		$	6,514		$	6,784
Capital Expenditures			$	2,117		$	2,298		$	7,087		$	5,911

		September 30,				December 31,
millions		2014				2013
Condensed Balance Sheets
Cash and cash equivalents		$	8,335			$	3,698
Accounts receivable, net of allowance			2,712				2,722
Other current assets			692				688
Net properties and equipment			41,104				40,929
Other assets			2,321				2,082
Goodwill and other intangible assets			5,501				5,662
Total Assets		$	60,665			$	55,781
Other current liabilities		$	5,702			$	5,703
Deepwater Horizon settlement and related costs			93				--
Tronox-related contingent liability			5,188				--
Long-term debt			14,728				13,065
Deferred income taxes			7,512				9,245
Other long-term liabilities			4,879				4,118
Stockholders' equity			20,677				21,857
Noncontrolling interests			1,886				1,793
Total Liabilities and Equity		$	60,665			$	55,781
Capitalization
Total debt		$	14,728			$	13,565
Stockholders' equity			20,677				21,857
Total		$	35,405			$	35,422
Capitalization Ratios
Total debt			42	%			38	%
Stockholders' equity			58	%			62	%

 

Anadarko Petroleum Corporation

(Unaudited)

Sales Volumes and Prices
		Average Daily Sales Volumes						Sales Volumes						Average Sales Price
		Natural Gas MMcf/d		Crude Oil & Condensate MBbls/d		NGLs MBbls/d		Natural Gas Bcf		Crude Oil & Condensate MMBbls		NGLs MMBbls		Natural Gas Per Mcf			Crude Oil & Condensate Per Bbl			NGLs Per Bbl
Quarter Ended September 30, 2014
United States		2,494		213		129		230		20		11		$	3.62		$	92.59		$	35.11
Algeria		--		62		1		--		6		--			--			98.69			65.55
Other International		--		28		--		--		2		--			--			100.48			--
Total		2,494		303		130		230		28		11		$	3.62		$	94.56		$	35.35
Quarter Ended September 30, 2013
United States		2,629		152		92		242		14		9		$	3.33		$	103.15		$	38.49
Algeria		--		62		--		--		5		--			--			110.95			--
Other International		--		31		--		--		3		--			--			110.54			--
Total		2,629		245		92		242		22		9		$	3.33		$	106.05		$	38.49
Nine Months Ended September 30, 2014
United States		2,603		197		116		711		54		31		$	4.27		$	95.30		$	38.21
Algeria		--		64		1		--		18		--			--			105.38			66.14
Other International		--		27		--		--		7		--			--			106.06			--
Total		2,603		288		117		711		79		31		$	4.27		$	98.57		$	38.38
Nine Months Ended September 30, 2013
United States		2,655		155		88		725		42		24		$	3.51		$	98.48		$	37.07
Algeria		--		53		--		--		14		--			--			109.20			--
Other International		--		34		--		--		10		--			--			108.53			--
Total		2,655		242		88		725		66		24		$	3.51		$	102.23		$	37.07

		Average Daily Volumes MBOE/d		Sales Volumes MMBOE
Quarter Ended September 30, 2014		849		78
Quarter Ended September 30, 2013		775		71
Nine Months Ended September 30, 2014		839		229
Nine Months Ended September 30, 2013		773		211

Sales Revenue and Commodity Derivatives
		Sales									Net Cash Received (Paid) from Settlement of Commodity Derivatives
		Natural Gas			Crude Oil & Condensate			NGLs			Natural Gas				Crude Oil & Condensate				NGLs
millions
Quarter Ended September 30, 2014
United States		$	830		$	1,817		$	418		$	15			$	(8	)		$	1
Algeria			--			565			6			--				40				--
Other International			--			255			--			--				--				--
Total		$	830		$	2,637		$	424		$	15			$	32			$	1
Quarter Ended September 30, 2013
United States		$	805		$	1,446		$	325		$	40			$	(63	)		$	2
Algeria			--			629			--			--				(5	)			--
Other International			--			314			--			--				--				--
Total		$	805		$	2,389		$	325		$	40			$	(68	)		$	2
Nine Months Ended September 30, 2014
United States		$	3,038		$	5,125		$	1,208		$	(107	)		$	(68	)		$	3
Algeria			--			1,858			13			--				40				--
Other International			--			783			--			--				--				--
Total		$	3,038		$	7,766		$	1,221		$	(107	)		$	(28	)		$	3
Nine Months Ended September 30, 2013
United States		$	2,547		$	4,175		$	889		$	91			$	(61	)		$	7
Algeria			--			1,566			--			--				9				--
Other International			--			1,020			--			--				--				--
Total		$	2,547		$	6,761		$	889		$	91			$	(52	)		$	7

Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 28, 2014
			4th Qtr								Total Year
			Guidance *								Guidance *
			Units								Units
Total Sales Volumes (MMBOE)			77			--		79			304			--		306
Total Sales Volumes (MBOE/d)			837			--		859			833			--		838
Crude Oil (MBbl/d)			298			--		304			287			--		289
	United States		211			--		215			200			--		201
	Algeria		78			--		79			68			--		69
	Ghana		9			--		10			19			--		19
Natural Gas (MMcf/d)
	United States		2,500			--		2,550			2,580			--		2,590
Natural Gas Liquids (MBbl/d)
	United States		115			--		122			116			--		117
	Algeria		5			--		6			1			--		2
			$ / Unit								$ / Unit
Price Differentials vs NYMEX (w/o hedges)
Crude Oil ($/Bbl)			(4.00	)		--		(0.00	)		(1.75	)		--		(0.75	)
	United States		(6.00	)		--		(2.00	)		(4.75	)		--		(3.75	)
	Algeria		4.00			--		6.00			5.25			--		5.75
	Ghana		4.00			--		6.00			6.25			--		6.75
Natural Gas ($/Mcf)
	United States		(0.40	)		--		(0.30	)		(0.35	)		--		(0.30	)
* All volumes exclude the impact from China and Pinedale/Jonah.

Anadarko Petroleum Corporation
Financial and Operating External Guidance
As of October 28, 2014
				4th Qtr								Total Year
				Guidance *								Guidance *
				$ MM								$ MM
Other Revenues
	Marketing and Gathering Margin			55			--		65			215			--		225
	Minerals and Other			60			--		70			210			--		220
				$ / BOE								$ / BOE
Costs and Expenses
	Oil & Gas Direct Operating			3.75			--		3.95			3.75			--		3.80
	Oil & Gas Transportation/Other			4.00			--		4.20			3.85			--		3.90
	Depreciation, Depletion, and Amortization			14.00			--		14.50			14.45			--		14.55
	Production Taxes (% of Product Revenue)			9.0	%		--		10.0	%		8.5	%		--		9.0	%
				$ MM								$ MM
	General and Administrative			275			--		325			1,260			--		1,310
	Exploration Expense
		Non-Cash		200			--		275			925			--		1,000
		Cash		125			--		150			380			--		405
	Interest Expense (net)			205			--		210			780			--		785
	Other (Income) Expense - Includes Noncontrolling Interests			50			--		60			180			--		190
Tax Rate
	Algeria (All current)			50	%		--		60	%		45	%		--		55	%
	Rest of Company (0% Current for Q4 and 30% Current for FY)			30	%		--		35	%		35	%		--		45	%
Avg. Shares Outstanding (MM)
	Basic			506			--		508			505			--		506
	Diluted			508			--		510			508			--		509
Capital Investment (Excluding Western Gas Partners, LP)				$ MM								$ MM
	APC Capital Expenditures			2,000			--		2,200			8,600			--		8,800
* Excludes items affecting comparability

Anadarko Petroleum Corporation
Commodity Hedge Positions (Excluding Natural Gas Basis)
As of October 28, 2014
						Weighted Average Price per Barrel
				Volume (MBbls/d)		Floor Sold			Floor Purchased			Ceiling Sold
Crude Oil
	Three-Way Collars
	2015
		Brent		25		$	85.00		$	100.00		$	117.55
	Fixed Price - Financial
	2014
		WTI		70		$	96.03
		Brent		70		$	109.55
				140		$	101.94
						Weighted Average Price per MMBtu
				Volume (thousand MMBtu/d)			Floor Sold		Floor Purchased			Ceiling Sold
Natural Gas
	Three-Way Collars
	2014			600		$	2.75		$	3.75		$	5.01
	2015			635		$	2.75		$	3.75		$	4.76
	Fixed Price - Financial
	2014			1,000		$	4.23

Interest-Rate Derivatives
As of October 28, 2014
Instrument	Notional Amt.	Start Date	Maturity	Rate Paid	Rate Received
Swap	$50 Million	Sept. 2016	Sept. 2026	5.91%	3M LIBOR
Swap	$1,850 Million	Sept. 2016	Sept. 2046	6.05%	3M LIBOR

Anadarko Petroleum Corporation

Reconciliation of Same-Store Sales

 

Average Daily Sales Volumes
		Quarter Ended September 30, 2014								Quarter Ended September 30, 2013
		Natural Gas MMcf/d		Crude Oil & Condensate MBbls/d		NGLs MBbls/d		Total MBOE/d		Natural Gas MMcf/d		Crude Oil & Condensate MBbls/d		NGLs MBbls/d		Total MBOE/d
U.S. Onshore		2,340		159		124		673		2,337		98		84		572
Deepwater Gulf of Mexico		154		46		5		77		203		43		5		82
International and Alaska		--		98		1		99		--		92		--		92
Same-Store Sales		2,494		303		130		849		2,540		233		89		746
China and Pinedale/Jonah		--		--		--		--		89		12		3		29
Total		2,494		303		130		849		2,629		245		92		775
		Nine Months Ended September 30, 2014								Nine Months Ended September 30, 2013
		Natural Gas MMcf/d		Crude Oil & Condensate MBbls/d		NGLs MBbls/d		Total MBOE/d		Natural Gas MMcf/d		Crude Oil & Condensate MBbls/d		NGLs MBbls/d		Total MBOE/d
U.S. Onshore		2,393		143		110		652		2,287		97		79		557
Deepwater Gulf of Mexico		201		44		6		84		281		46		6		99
International and Alaska		--		96		1		97		--		87		--		87
Same-Store Sales		2,594		283		117		833		2,568		230		85		743
China and Pinedale/Jonah		9		5		--		6		87		12		3		30
Total		2,603		288		117		839		2,655		242		88		773