The table below shows production volumes and prices for commodity sales
during the fourth quarter and full year 1999.
Volumes and Prices
Fourth Quarter Annual
1999 1998 % change 1999 1998 % change
Natural Gas
Volumes, billion
cubic feet 41.9 44.8 (6%) 169.8 176.7 (4%)
Average daily volumes,
million cubic feet 456 487 (6%) 465 484 (4%)
Price per thousand
cubic Feet $2.40 $1.88 28% $2.08 $1.92 8%
Crude Oil &
Condensate
Volumes, thousand
barrels 4,016 3,256 23% 14,583 11,126 31%
Average daily volumes,
Thousand barrels
per day 44 35 23% 40 30 31%
Price per barrel $23.02 $10.48 120% $16.83 $11.51 46%
Natural Gas Liquids
Volumes, thousand
barrels 1,619 1,578 3% 6,568 6,640 (1%)
Average daily volumes,
Thousand barrels
per day 18 17 3% 18 18 (1%)
Price per barrel $18.17 $9.14 99% $13.40 $10.29 30%
Comparative financial highlights follow (amounts in millions, except for
per share data)
Quarter Ended December 31
1999 1998
Net income (loss) available
to common stockholders $28.0 $(56.7)
Earnings (loss) per share
- diluted $0.22 $(0.47)
Revenues $223.3 $135.5
Average common shares
outstanding 127.6 120.4
Year Ended December 31
1999 1998
Net income (loss) available
to common stockholders $31.7 $(49.3)
Earnings (loss) per share
- diluted $0.25 $(0.41)
Revenues $701.1 $560.2
Average common shares
outstanding 125.2 120.1
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurances, however, can be given that its goals will be achieved. See Additional Factors Affecting Business in the Management's Discussion and Analysis (MD&A) included in the company's 1998 Annual Report on Form 10-K.
For more information about Anadarko's worldwide operations, please visit the company's web site at www.anadarko.com.
Anadarko Petroleum Corporation
Quarter Ended Year Ended
Summary Financial Information December 31 December 31
$ and shares in millions 1999 1998 1999 1998
Revenues
Gas sales $97.7 $85.7 $357.5 $353.1
Oil and condensate sales 92.9 35.1 249.7 133.1
Natural gas liquids and other 32.7 14.7 93.9 74.0
Total 223.3 135.5 701.1 560.2
Costs and Expenses
Operating expenses 38.0 39.8 141.7 160.5
Administrative and general 30.7 30.0 102.9 94.9
Depreciation, depletion
and amortization 55.9 53.2 218.1 204.5
Other taxes 8.0 9.2 35.5 37.7
Impairments related to
international properties 4.0 70.0 24.0 70.0
Total 136.6 202.2 522.2 567.6
Operating Income (Loss) 86.7 (66.7) 178.9 (7.4)
Interest Expense 19.1 16.6 74.1 57.7
Income (Loss) before
Income Taxes 67.6 (83.3) 104.8 (65.1)
Income Taxes 36.9 (29.3) 62.2 (22.9)
Net Income (Loss) $30.7 $(54.0) $42.6 $(42.2)
Preferred Stock Dividends 2.7 2.7 10.9 7.1
Net Income (Loss) Available
to Common Stockholders $28.0 $(56.7) $31.7 $(49.3)
Per Common Share
Net income (loss) - basic $0.22 $(0.47) $0.25 $(0.41)
Net income (loss) - diluted $0.22 $(0.47) $0.25 $(0.41)
Dividends $0.05 $0.05 $0.20 $0.1875
Average Number of Shares
Outstanding 127.6 120.4 125.2 120.1
Cash Flow from Operations before
Changes in Assets and Liabilities
Net income (Loss) $30.7 $(54.0) $42.6 $(42.2)
Depreciation, depletion and
amortization 55.9 53.2 218.1 204.5
Amortization of restricted
stock 0.5 0.3 1.7 1.1
Deferred U.S. income taxes 17.8 (27.4) 26.5 (22.6)
Impairments related to
international properties 4.0 70.0 24.0 70.0
Total $108.9 $42.1 $312.9 $210.8
Capital Expenditures
Capital spending $227.2 $214.4 $577.1 $801.5
Capitalized interest 5.4 6.3 22.0 24.7
Capitalized overhead 15.7 23.9 80.8 90.8
Total $248.3 $244.6 $679.9 $917.0
Capitalization
Long-term debt $1,443.3 $1,425.4
Stockholders' equity 1,534.6 1,259.5
Total $2,977.9 $2,684.9
Capitalization Ratios
Long-term debt 48% 53%
Stockholders' equity 52% 47%
Total Assets $4,098.4 $3,633.0
Anadarko Petroleum Corporation
Quarter Ended Year Ended
Volumes and Prices December 31 December 31
1999 1998 1999 1998
Natural Gas
Volumes, billion cubic feet 41.9 44.8 169.8 176.7
Average daily volumes, million
cubic feet per day 456 487 465 484
Price per thousand cubic feet $ 2.40 $ 1.88 $ 2.08 $ 1.92
Crude Oil and Condensate
United States
Volumes, thousand barrels 1,906 2,468 8,365 9,752
Average daily volumes,
thousand barrels per day 21 27 23 27
Price per barrel $ 21.31 $ 10.20 $ 15.79 $ 11.44
Algeria
Volumes, thousand barrels 2,110 788 6,218 1,374
Average daily volumes,
thousand barrels per day 23 9 17 4
Price per barrel $ 24.57 $ 11.37 $ 18.23 $ 11.99
Total
Volumes, thousand barrels 4,016 3,256 14,583 11,126
Average daily volumes,
thousand barrels per day 44 35 40 30
Price per barrel $ 23.02 $ 10.48 $ 16.83 $ 11.51
Natural Gas Liquids
Volumes, thousand barrels 1,619 1,578 6,568 6,640
Average daily volumes,
thousand barrels per day 18 17 18 18
Price per barrel $ 18.17 $ 9.14 $ 13.40 $ 10.29
Total Energy Equivalent Barrels
Volumes, million EEBs 12.6 12.3 49.5 47.2
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SOURCE: Anadarko Petroleum Corporation |
