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anadarko petroleum corp (APC) Key Developments

Anadarko Petroleum Corporation Declares Quarterly Dividend Payable Sept. 24, 2014

The Board of Directors of Anadarko Petroleum Corporation declared a quarterly cash dividend on the company's common stock of 27 cents per share, payable Sept. 24, 2014, to stockholders of record at the close of business on Sept. 10, 2014.

Anadarko Petroleum Corporation Announces Dividend for the Second Quarter Ended June 30, 2014

Anadarko Petroleum Corporation announced a 50% increase in the company's quarterly dividend to 27 cents per share for the second quarter ended June 30, 2014.

Anadarko Petroleum Corporation Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production and Earnings Guidance for the Third Quarter and Full Year of 2014; Reports Impairments for the Second Quarter Ended June 30, 2014

Anadarko Petroleum Corporation announced unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $4,439 million against $3,497 million a year ago. Operating income was $1,209 million against $1,140 million a year ago. Income before income taxes was $694 million against $1,526 million a year ago. Net income attributable to common stockholders was $227 million or $0.45 basic and diluted per share against $929 million or $1.83 diluted per share a year ago. Net cash provided by operating activities was $2,462 million against $2,502 million a year ago. Capital expenditures were $2,402 million against $1,866 million a year ago. Adjusted net income was $669 million or $1.32 diluted per share against $534 million or $1.05 diluted per share a year ago. For the six months, the company reported total revenues of $10,283 million against $7,390 million a year ago. Operating income was $4,184 million against $2,429 million a year ago. Income before income taxes was $1,268 million against loss before income taxes of $2,466 million a year ago. Net loss attributable to common stockholders was $2,442 million or $4.84 basic and diluted per share against net income attributable to common stockholders $1,389 million or $2.74 diluted per share a year ago. Net cash provided by operating activities was $4,191 million against $5,005 million a year ago. Capital expenditures were $4,970 million against $3,613 million a year ago. Net debt as on June 30, 2014 was $8,049 million. The company announced operating results for the second quarter and six months ended June 30, 2014. For the second quarter, the company’s sales volumes of crude oil, natural gas and natural gas liquids (NGLs) totaled a record 77 million BOE, or an average of 848,000 BOE per day, representing an increase of almost 100,000 BOE per day over the second quarter of 2013. Average daily volumes per day was 848 MBOE compared to 750 MBOE for the same period a year ago. Total average natural gas volumes were 2,620 MMcf per day compared to 2,647 MMcf per day for the same period a year ago. Total average Crude Oil & Condensate volumes were 291 MBbls per day compared to 226 MBbls per day for the same period a year ago. Total average natural NGLs volumes were 120 MBbls per day compared to 83 MBbls per day for the same period a year ago. For the six months, the company reported average volumes per day was 834 MBOE compared to 771 MBOE for the same period a year ago. Total average natural gas volumes were 2,658 MMcf per day compared to 2,668 MMcf per day for the same period a year ago. Total average Crude Oil & Condensate volumes were 281 MBbls per day compared to 241 MBbls per day for the same period a year ago. Total average natural NGLs volumes were 110 MBbls per day compared to 85 MBbls per day for the same period a year ago. The company provided production and earnings guidance for the third quarter and full year of 2014. For the quarter, the company expects to report total sales in the range of 76 MMBOE to 78 MMBOE, crude oil in the range of 304 MBbl/d to 311 MBbl/d, depreciation, depletion and amortization to be in the range of $14.00 million to $14.50 million, interest expense to be in the range of $195 million to $205 million and tax rate Algeria (all current) to be in the range of 45.0% to 55.0%. Capital expenditures expected to be in the range of $2,100 million to $2,300 million. Natural gas is to be in the range of 2,425 MMcf/d to 2,475 MMcf/d. For the full year, the company expects to report total sales in the range of 299 MMBOE to 302 MMBOE, crude oil in the range of 283 MBbl/d to 286 MBbl/d, depreciation, depletion and amortization to be in the range of $14.00 million to $14.50 million, interest expense to be in the range of $760 million to $770 million and tax rate Algeria (all current) to be in the range of 45% to 55%. Capital expenditures expected to be in the range of $8,600 million to $8,800 million. Natural gas is to be in the range of 2,530 MMcf/d to 2,560 MMcf/d. For the second quarter ended June 30, 2014. For the quarter, the company reported impairments of $117 million against $10 million a year ago.

Anadarko Petroleum Corporation Elects Joseph W. Gorder as an Independent Director, Effective July 28, 2014

Anadarko Petroleum Corporation announced the election of Joseph W. Gorder to serve as an independent director of the company, effective July 28, 2014. Gorder was also appointed a member of the Board's Compensation and Benefits Committee. Gorder is Chief Executive Officer and President of Valero Energy Corporation. He also serves as a member of the Valero Energy Corporation Board of Directors and as Chairman of the Board and CEO of Valero Energy Partners, LP. Prior to his appointment as CEO of Valero in May 2014, Gorder served as President and Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply, logistics and transportation.

Colombia Oil Auction Draws Bids For 26 of 95 Blocks

Colombian government dree bids for 26 of 95 blocks at its 2014 oil round. Statoil ASA (OB:STL) along with Repsol, S.A. (CATS:REP) and Exxon Mobil Corporation (NYSE:XOM) entered into Colombia with a one-third stake in the Col 4 offshore. Anadarko Petroleum Corporation (NYSE:APC) will explore an area equivalent to 32,000 square kilometers, roughly the total area explored in Colombia in a typical year as per Javier Betancourt, President of National Hydrocarbons Agency. Ecopetrol SA (BVC:ECOPETROL) was the highest bidder for five blocks, one in partnership with Royal Dutch Shell plc (ENXTAM:RDSA). Parex Resources Inc. (TSX:PXT) was the highest bidder for the only one of 18 non-conventional, or shale, areas that was auctioned off. A total of 19 companies were bidding for the blocks. The definitive list of winning bids and awarding of rights will take place on August 11, 2014 as per National Hydrocarbons Agency, once offers have been certified in conformity with the government's criteria. A preliminary list of eligible bids will be issued on July 31, 2014.

 

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