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Gold/Mining/Energy : Anadarko Petroleum Cp -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (72)	1/26/2000 2:57:00 PM
From: The Ox	Respond to of 129

Anadarko Announces Operating Results for 1999 - Production Volumes Are the Highest in Company History - Reserve Additions Outpace Production for 18th Consecutive Year - Proved Reserves Up 6% HOUSTON, Jan. 26 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC) today released its 1999 operating results, which were highlighted by record production volumes. Total production surpassed the company's target for the year and reached 49.5 million energy equivalent barrels (MMEEBs), a 5% jump compared to 1998 volumes. During 1999, Anadarko added reserves of crude oil and natural gas equal to 213% of annual production (stated on an energy equivalent barrel -- or EEB -- basis). This marks the 18th consecutive year that the company has more than replaced annual production volumes with reserve additions -- a record that is unmatched in the industry. "Anadarko, like most exploration and production companies, benefited from higher commodity prices in 1999," said Anadarko Chairman and Chief Executive Officer Robert J. Allison, Jr. "What sets us apart from the competition, however, is our continued success in finding high-quality, long-lived hydrocarbon reserves at costs that are among the lowest in the industry." Finding Cost In 1999, Anadarko's worldwide finding cost for proved reserves was $4.87 per energy equivalent barrel (EEB), versus $3.13 per EEB in 1998. For the five-year period from 1995-1999, the company's worldwide finding cost was $3.53 per EEB. The most recent five-year industry average (1994-1998) for worldwide finding cost was $4.66 per EEB. (Source: Arthur Andersen). Industry data for 1999 is not yet available. In the U.S., Anadarko's 1999 finding cost was $9.06 per EEB. For the years 1995-1999, the company's U.S. finding cost was $4.29 per EEB. By comparison, the industry's U.S. finding cost for 1998 was $9.32 per EEB and for the five-year period from 1994-1998 (the most recent industry data available) was $5.73 per EEB. (Source: Arthur Andersen). Anadarko believes that finding costs in any single year can be significantly affected by spending patterns in exploring for, developing and producing reserves; a multi-year average is a more accurate representation of a company's long-term success. Proved Reserves In 1999, the company added 105.4 MMEEBs (after divestitures). Most of the additions in 1999 were the result of continued successful operations in Algeria, Alaska and the Bossier Play in East Texas. Anadarko's proved reserves at year-end 1999 were 991.0 MMEEBs, a 6% increase over year-end 1998. The company's reserves have increased at an average compound rate of 16% over the past five years, following significant discoveries in the Gulf of Mexico, Algeria, Alaska and East Texas. Proved natural gas reserves at year-end 1999 totaled 2.51 Tcf, down slightly from 2.65 Tcf at year-end 1998. Proved reserves of crude oil, condensate and natural gas liquids (NGLs) grew 16% from 494.0 MMBbls at December 31, 1998 to 573.2 MMBbls at year-end 1999. Domestically, Anadarko had 702.3 MMEEBs of proved reserves at year-end 1999, up slightly over the 690.1 MMEEBs at the end of 1998. In Algeria, Anadarko had proved reserves of 288.8 MMEEBs at year-end 1999, up from 245 MMEEBs at year-end 1998. U.S. reserves of oil and gas now account for 71% of the company's total reserves, compared to 74% at year-end 1998. Worldwide, Anadarko's total reserve mix is comprised of 42% natural gas and 58% crude oil, condensate and NGLs. In 1999, Anadarko's capital expenditures were $680 million. The major capital projects for 1999 included ongoing development of discoveries in Algeria and Alaska, as well as construction of production platforms to develop discoveries in the Gulf of Mexico. Significant capital resources were also directed to developing the company's natural gas reserves in the East Texas Bossier Play. "Anadarko generated a great deal of momentum in 1999," said Allison, "and we're carrying it right into 2000. We had 27 rigs working domestically as of January 1, and we'll be adding to them in the months ahead. We're looking forward to a very productive year." 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. SOURCE Anadarko Petroleum Corporation CO: Anadarko Petroleum Corporation ST: Texas IN: OIL SU: 01/26/2000 14:50 EST prnewswire.com

To: The Ox who wrote (72)	1/26/2000 3:00:00 PM
From: The Ox	Read Replies (1) \| Respond to of 129

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 -------------------------------------------------------------------------------- SOURCE: Anadarko Petroleum Corporation