Second-Quarter 2010 - Amazon Simple Storage Service · Marcellus Improvement in Drilling...

w INVESTOR RELATIONS CONTACTS: John Colglazier Chris Campbell , CFA Dean Hennings Vice President 832/636-2306 Manager 832/636-8434 Manager 832/636-2462

OPERATIONS REPORT

Second-Quarter 2010August 3, 2010

Cautionary Note ........................................ 2

Overview.................................................... 2

Drilling Efficiencies .................................... 4

Rockies ...................................................... 5

Southern & Appalachia ............................. 8

Gulf of Mexico ......................................... 11

International / Frontier ............................. 14

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ANADARKO PETROLEUM CORPORATION | Second-Quarter 2010

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Anadarko continued to deliver solid performance in the 2nd quarter, with sales close to the upper end of guidance, incremental improvement in operating costs, material success in its deepwater drilling program, and significant growth in its onshore shale programs. In addition, the company achieved significant milestones in the on-time, on-budget progress at its three sanctioned mega projects that in total are expected to deliver approximately 60,000 barrels of oil per day (BOPD) net to Anadarko by 2012.

Sales volumes for the quarter totaled just over 59 million barrels of oil equivalent (BOE), a 6% increase over the 2nd quarter of 2009. This growth was driven by strong results in Anadarko’s shale plays, which experienced 75% growth over the 1st quarter, and the Rockies region where NGL sales increased 70% over the 2nd quarter of 2009, driven primarily by the Chipeta cryogenic plant at Greater Natural Buttes.

The company continued its successful focus on driving down operating costs and managing its capital spending. Lease Operating Expense (LOE) during the 2nd quarter was $3.32/BOE, a 15% improvement from the 2nd quarter of 2009. Capital expenditures were within guidance at $1.367 billion for the quarter.

In the Gulf of Mexico, the company announced that it had encountered more than 650 net feet of pay in its second Lucius appraisal well in three of the primary targets. Drilling on this appraisal well was suspended approximately 2,000 feet short of its planned total depth as a result of the deepwater drilling moratorium issued by the U.S. Department of the Interior. At Vito, the second sidetrack appraisal well encountered approximately 250 net feet of oil pay in shallower Miocene sands that were not hydrocarbon bearing in previous wells. Appraisal operations at Vito were also suspended due to the drilling moratorium. During and subsequent to the quarter, the company issued Force Majeure notices to each of its four contracted Gulf of Mexico drilling rigs as a direct result of the drilling moratorium.

During the quarter, Anadarko announced the successful drillstem test (DST) of its pre-salt Wahoo Discovery in deepwater Brazil, and recently announced another major discovery offshore Ghana at the Owo prospect. The Owo well encountered approximately 174 net feet of high-quality oil pay in stacked reservoirs adjacent to the previously announced Tweneboa discovery.

Additional detailed information is included in the following pages of this Operations Report.

OVERVIEW

This report 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. While Anadarko believes that its expectations are based on reasonable assumptions as and when made, no assurance 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 report, including the following: the outcome of events in the Gulf of Mexico relating to the Macondo well; the Company’s ability to successfully defend its stated position under the Macondo joint operating agreement; the impact of the deepwater drilling moratorium and resulting legislative and regulatory changes on the Company’s Gulf of Mexico and International offshore operations; Anadarko’s ability to achieve its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this report. Other factors that could impact the forward-looking statements are described in “Risk Factors” in the company’s 2009 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements



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The capital program totaled $1.367 billion for the quarter. Full-year capital expenditures remain between $5.3 and $5.6 billion. As a result of the moratorium in the deepwater Gulf of Mexico, approximately $100 million of capital has been reallocated to domestic development drilling activities, with a particular focus on areas offering higher liquids yields.

VOLUMES

Sales volumes for the quarter were toward the upper end of guidance at approximately 59 million BOE, a 6% increase over the 2nd quarter of 2009. While still at relatively modest levels, the company experienced a 75% sequential growth in its average daily sales volumes (from 7,600 BOE/d for the 1st quarter to 13,300 BOE/d for the 2nd quarter) from the Marcellus, Haynesville and Maverick Basin shale plays.

OVERVIEW

CapitalSpending

2Q10 1Q10

$ MM $ MM

Rockies 312 283 Southern 267 316 Lower48 578 599 Alaska 9 19 Gulf of Mexico 323 231 TotalU.S. 910 849 International 324 317 Midstream 96 44 Capitalized Items / Other 35 29

TotalCompany 1,367 1,239

CAPITAL SPENDING

OperatedRigActivity 2Q10 1Q10

Rockies 15 12 Southern 22 20 Lower48 36 32 Alaska 0 0 Gulf of Mexico 3 4 TotalU.S. 39 35 International 7 5 TotalCompany 45 41

NetSalesVolumes 2Q10 1Q10 2Q09 2Q10 % Change Total Total Total vs vs

MMBOE MMBOE MMBOE 1Q10 2Q09

Rockies 25 25 23 1% 10% Southern 11 12 11 -2% 6% Lower48 37 37 34 0% 9% Alaska 2 2 2 1% -19% Gulf of Mexico 15 16 14 -9% 7% TotalU.S. 53 54 49 -2% 7% International 6 8 6 -18% -4%

TotalCompany 59 62 56 -4% 6%



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DRILLING EFFICIENCIES

Anadarko continued to see improvements in drilling efficiencies during the 2nd quarter. In the Rockies, the company was able to maintain its average cost-per-foot drilled at $60 relative to the 1st quarter while adding seven rigs and increasing its average well depth by more than 400 feet. Improved drilling efficiencies continued throughout the 2nd quarter with multiple fields achieving record spud-to-spud cycle times. In the Southern & Appalachia region, field drilling records were set on wells in seven different assets. Notably, 95% of all wells drilled in the region are now being drilled horizontally. This contrasts with 45% as recently as the 1st quarter 2010 and 7% in the 3rd quarter 2008. The graphs illustrate the continuing progress in reducing drilling times in the Marcellus and Eagleford plays.

DRILLING EFFICIENCIES

Days From Spud to Rig Release*

Days From Spud to Rig Release*Days From Spud to Rig Release*

* Data excludes pilot holes

Marcellus Improvement in Drilling Performance

0.0

10.0

20.0

30.0

40.0

50.0

60.0

3Q 2009 4Q 2009 1Q 2010 2Q 2010

DFS

Maverick Improvement in Drilling Performance

0.0

5.0

10.0

15.0

20.0

25.0

2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010

DFS



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During the 2nd quarter, sales volumes in the Rockies region grew by 10% relative to the 2nd quarter of 2009 with volumes more than 278,000 BOE/d.

ROCKIES NetSalesVolumes

2Q10 2Q10 2Q10 1Q10 1Q10 1Q10 Gas NGLs Oil Gas NGLs Oil

MMcf/d MBbl/d MBbl/d MMcf/d MBbl/d MBbl/d

TightGas Natural Buttes 300 13 2 271 14 2 Wattenberg 197 8 17 199 8 20 Pinedale 96 4 1 103 2 1 Wamsutter 110 10 2 108 10 2 Other 98 5 2 102 4 1 CBM 417 0 0 426 0 0 EOR 1 0 12 1 0 11 Total 1,219 40 35 1,210 39 37

Capital RigActivity

2Q10 2Q10 1Q10

$ MM Oper Oper

78 6 5 116 4 3 26 0 0 28 2 2 17 0 0 9 1 1 38 2 1 312 15 12

TightGas Natural Buttes Wattenberg Pinedale Wamsutter Other CBM EOR Total

UTAH COLORADO

WYOMING Salt Creek

Monell

Wattenberg

Wamsutter

Powder River

Moxa

Pinedale

GreaterNatural Buttes

EOR TightGas CBM



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ROCKIES

DEVELOPMENTWattenberg:

• Anadarko drilled 81 wells in the 2nd quarter and ended the quarter with five operated rigs, up from three at the end of the 1st quarter.

• The company continued its active recompletion and refrac program to capture enhanced liquids pricing in the commodity markets. A total of 353 refrac and recomplete fracs were pumped during the 2nd quarter compared to 318 in the 1st quarter and 313 for all of 2009. Including new drills, Anadarko has pumped almost as many fracs in the first half of 2010 (943) as it did in all of 2009 (1,010).

Greater Natural Buttes:• Anadarko ended the 2nd quarter with seven rigs and drilled 60

wells, while maintaining a spud-to-rig-release rate of under eight days for the fourth consecutive quarter.

• The company set a daily gross production record of 405 MMcfe/d at Greater Natural Buttes during the 2nd quarter and increased sales volumes by approximately 20% compared to 2nd quarter 2009.

• Anadarko received the Utah Division of Oil Gas & Mining’s 2010 Earth Day Award for an innovative fluid transfer program that reduces water-truck traffic by 85% and completion-truck traffic by about half. This program has a direct positive impact on air quality because of significantly reduced road dust and emissions.

Horizontal Niobrara:• Anadarko is planning to begin an operated drilling program

in the Horizontal Niobrara oil play in the 3rd quarter 2010. In addition to its significant leasehold position within the Wattenberg field, the company holds approximately 500,000 acres of primarily Land Grant mineral fee acreage in this developing play, extending from north of the Wattenberg asset into southern Wyoming. The company continues to participate in activity in the play with industry partners and is leveraging that information to refine plans for its upcoming drilling program.



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ENHANCED OIL RECOVERY

Salt Creek CO2 Flood:• Anadarko achieved record gross production of 10,715 BOPD

from the CO2 flood area of the field.

Monell CO2 Flood: The company achieved gross weekly production of 4,291

BOE/d.

GREATER GREEN RIVER BASINWamsutter:

• Drilling activity continued in Wamsutter with two operated rigs and four non-operated rigs. For the quarter, Anadarko and its partners spud 47 wells and completed 36 wells.

Moxa:• Drilling activity continued in Moxa with one non-operated

rig. For the quarter, Anadarko and its partners spud three wells and completed one well.

Pinedale:• Drilling activity continued in Pinedale with an average of 12

non-operated rigs running during the 2nd quarter. Anadarko and its partners spud 41 wells and completed 54 wells during the quarter.

COALBED METHANE DEVELOPMENTPowder River Basin CBM:

• Although Anadarko had no operated drilling activity in the quarter, its partners drilled 15 wells during the quarter with four rigs.

• The company continues to enhance the environmental performance of its operations through automation, which requires fewer well-site visits, reduces mileage for operators and lowers emissions.

ROCKIES



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During the 2nd quarter the Southern & Appalachia region averaged approximately 125,000 BOE/d, an increase of 6% over the 2nd quarter 2009. Anadarko continues to expand and diversify its drilling inventory and emphasize liquids-rich opportunities in the Eagleford, Bone Spring and Chalk areas, and lower-risk shale plays in the Marcellus and Haynesville.

NetSalesVolumes

2Q10 2Q10 2Q10 1Q10 1Q10 1Q10 Gas NGLs Oil Gas NGLs Oil

MMcf/d MBbl/d MBbl/d MMcf/d MBbl/d MBbl/d

Delaware Basin 79 0 2 86 0 1 Shales* 60 2 2 37 1 1 Bossier 112 0 0 146 0 0 Carthage 94 6 1 99 6 1 Mid-Continent 53 2 0 52 2 0 Ozona 30 3 0 31 3 0 Chalk 53 5 7 56 6 6 Other 67 2 1 72 2 1 Total 548 20 14 580 20 12

Capital RigActivity

2Q10 2Q10 1Q10

$ MM Oper Oper

31 4 4 161 13 8 4 0 0 25 1 3 9 0 0 1 0 0 32 4 4 5 0 1 267 22 20

Delaware Basin Shales* Bossier Carthage Mid-Continent Ozona Chalk Other Total

HugotonMarcellus

Haley Bossier Carthage

Haynesville

East Chalk

South Texas

Ozona

Maverick

Tight Gas

Fractured Reservoirs

Shales

Other

* Shales includes Marcellus, Eagleford and Haynesville

SOUTHERN & APPALACHIA



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SHALE DEVELOPMENTMarcellus:

At the end of the 2nd quarter, Anadarko was operating five rigs and participating in an additional 15 non-operated rigs. The company spud 13 operated wells and completed three wells during the quarter. Record gross production of almost 140 MMcf/d from 35 wells was achieved. Currently, more than 100 wells have been drilled and are awaiting either completion or connection to the gathering systems.

The company completed and is currently testing its first well of the far-western area in Centre County, Pa. The well flowed to sales with a peak 24-hour test rate of 7.8 MMcf/d with approximately 4,000 PSI flowing tubing pressure.

Eagleford: Anadarko continued to increase its activity levels in the

Maverick Basin during the 2nd quarter, spudding 24 wells, and was operating six rigs at the end of the quarter. During this time period, the company realized a 20% improvement in drilling performance relative to the 1st quarter, with an average spud-to-rig-release of 14 days.

The company has been able to build out its infrastructure in line with production.

Haynesville: Drilling activity declined during the quarter as the company

shifted its focus away to more liquids-rich areas. Anadarko ended the quarter with one non-operated rig.




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FIELD DEVELOPMENTDelaware Basin:

• Drilling activity continues with four operated and two non-operated rigs. The primary focus of the current drilling activity is to continue development of the Bone Spring horizontal oil program. At the end of the quarter, Bone Spring gross production was approximately 5,000 BOPD and 10 MMcf/d.

During the quarter, the company completed five wells with encouraging results. A recent well flowed at a maximum rate of 1,450 BOPD.

Carthage:• The company operated one rig and spud nine Cotton Valley

wells.

Chalk:• Drilling activity continued with four operated rigs. Anadarko

spud eight wells.

During the quarter, the company spud the eleventh well of a 25-well planned re-entry program in the Northstars field, with encouraging results.




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GULF OF MEXICO

PRODUCING PROPERTIES

The Gulf of Mexico region reported sales of approximately 162,000 BOE/d in the 2nd quarter and conducted routine maintenance and well testing across all facilities.

APC INTERESTS

NANSENNANSEN

BOOMVANGBOOMVANG GUNNISONGUNNISON

CONGERCONGER

BALDPATEBALDPATE

RED HAWKRED HAWK

TAHITITAHITI

CONSTITUTIONCONSTITUTION

POMPANOPOMPANO

BLIND FAITHBLIND FAITH

INDEPENDENCE HUBINDEPENDENCE HUB

SHENANDOAHSHENANDOAHSHENANDOAHSHENANDOAHSHENANDOAHSHENANDOAHHEIDELBERGHEIDELBERGHEIDELBERGHEIDELBERGHEIDELBERGHEIDELBERG

POWER PLAYPOWER PLAY

2009 APC DISCOVERIES2009 APC DISCOVERIES

SAMURAISAMURAISAMURAISAMURAISAMURAISAMURAI

K2 COMPLEXK2 COMPLEX

VITOVITOVITOVITOVITOVITO

LUCIUSLUCIUSLUCIUSLUCIUSLUCIUSLUCIUS

APC LEASESRECENTLY AWARDED APC LEASES

NetSalesVolumes

2Q10 2Q10 2Q10 1Q10* 1Q10 1Q10 Gas NGLs Oil Gas NGLs Oil MMcf/d MBbl/d MBbl/d MMcf/d MBbl/d MBbl/d

Total 554 6 64 601 7 73

*Includes approximately 125 MMcf/d due to a PPA related to royalty price threshold adjustment in the Gulf



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MAJOR DEVELOPMENTSCaesar / Tonga:

Green Canyon 683/726/727/770 (APC 33.75% WI)• Anadarko continues to progress the Caesar/Tonga development

program on schedule and on budget. During the 2nd quarter all major topside lifts were completed. Subsea facilities installation is currently under way, and first production remains on schedule for the first half of 2011.

GULF OF MEXICO

Independence Hub:• Anadarko’s Independence Hub averaged 641 MMcfe/d gross

production (379 MMcfe/d net) in the 2nd quarter.

• Anadarko completed the Merganser #3 ST well and the Callisto #1 ST2 well during the 2nd quarter. The Merganser #3 ST tested at a flow rate of 30 MMcf/d and was placed on line in July. The Callisto #1 ST2 well tested at flow rates of 42 MMcf/d and 30 MMcf/d in two separate zones. Callisto is a planned tieback to Independence Hub later this year.

• The company’s deepwater development and exploration teams continue to mature multiple drilling opportunities for potential tieback to the Independence Hub.

Gunnison:

Garden Banks 668 (APC 50% WI) • Anadarko completed the GB 668 A6ST development well

with 89 net feet of pay and is planning to bring the well on line during the 3rd quarter of 2010.

Marco Polo:

Green Canyon 608 (APC 100% WI) • The company completed the GC 608 A8ST development

well with 140 net feet of pay and is planning to bring the well on line during the 3rd quarter of 2010.



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GULF OF MEXICOGOM EXPLORATION• At Lucius (Keathley Canyon 875, 50% WI),

Anadarko announced the interim results of a second appraisal well and encountered more than 650 net feet of oil pay to date in three of the primary targets. Because of the deepwater drilling moratorium issued by the Department of the Interior, drilling was suspended approximately 2,000 feet above the well’s planned total depth with one additional target yet to be tested. The company plans to re-enter the wellbore and continue its evaluation of the Lucius field after it receives the necessary permits. In the interim, development planning is advancing with preliminary front end engineering being carried out by an integrated project team.

• At Vito (Mississippi Canyon 984/940, 20% WI), the company announced the results of a second appraisal well in March that encountered more than 600 net feet of pay in Miocene sands more than one mile northwest and up-dip from the original discovery. A second appraisal (sidetrack) well was drilled up-dip and approximately one mile to the southwest of the discovery well. This well encountered approximately 250 net feet of pay in a shallower Miocene reservoir that was not hydrocarbon bearing in the previous wells. Operations to evaluate the main Miocene pay section at this location were suspended due to the drilling moratorium.

The appraisal program is being operated by Shell Offshore, Inc.

• Anadarko spud the Heidelberg appraisal well (Green Canyon 903, 44.25% WI) in February. During the 2nd quarter, the well encountered mechanical issues approximately 10,000 feet above the reservoir section. The company was preparing to re-spud the well when the drilling moratorium was imposed. The company intends to redrill the well after it receives the necessary permits and authorizations. The planned appraisal well will test Middle to Lower-Miocene objectives similar to the Heidelberg discovery well, which encountered more than 225 net feet of oil pay in sub-salt Miocene sands.

• The Bureau of Ocean Energy Management, Regulation and Enforcement (formerly known as the Minerals Management Service) awarded Anadarko 48 new deepwater tracts from the Central Gulf of Mexico Lease Sale 213. Bidding alone and with partners, the company was successful on 48 of 53 total bids, representing expenditures of approximately $128 million net to Anadarko. The company principally targeted blocks on trend from the recent Lucius discovery and around the Vito discovery.



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NetSalesVolumes Capital 2Q10 1Q10 2Q10 Oil Oil MBbl/d MBbl/d $ MM

Alaska 17 17 9

Algeria 53 69 97

Brazil 0 0 23

China 15 14 23

Ghana/W.Africa 0 0 132

Other (0) 0 49 Total 84 100 333

INTERNATIONAL / FRONTIER

Anadarko continues to advance its sanctioned international mega projects with Phase I of the Jubilee development in Ghana and the El Merk project in Algeria. Both projects remain on schedule and on budget.



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DEVELOPMENT

Alaska:• Oil production for the quarter, in the Colville River Unit averaged 89,600 BOPD

gross, down slightly from 91,000 BOPD gross in the 1st quarter reflecting the planned annual facility maintenance shutdown carried out in June 2010.

Algeria:• During the 2nd quarter, oil production from the Hassi Berkine South and the Ourhoud

central processing facilities was approximately 395,000 BOPD, down slightly from the 1st quarter 2010. The company drilled six wells, including five at El Merk, during the quarter.

China: Oil production from Bohai Bay averaged nearly 46,000 BOPD gross, an increase

of 3% from the 1st quarter. Two jackup rigs are currently drilling, and five new development wells were brought on line, including four of the planned 15 wells from a major platform expansion completed in March. Construction of another platform expansion is ongoing with drilling planned to begin in the 4th quarter of 2010.

Ghana:• The Jubilee Field Phase I mega project remains on schedule for first oil in late 2010.

The Kwame Nkrumah FPSO vessel is complete and on location in Ghana. The vessel has completed mooring over the Jubilee field and is awaiting installation of the flexible risers. Subsea installation of flowlines, manifolds, and umbilicals is progressing.

• The well-completions program is under way with the first of the series completed during the 2nd quarter, and the remainder of the program expected to deliver first oil in late 2010, with production ramping up to capacity during 2011.



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• Planning is currently under way to drill an appraisal well to the Itaipu discovery in BM-C-32 (APC 33% WI). The well will test the down-dip area of the large geologic feature encountered by the discovery well. Operations are anticipated to commence in the 3rd quarter of 2010.

• The Scorpion Mischief jackup drilling rig arrived in Brazil to drill the Itauna prospect in BM-C-29 (APC 50% WI, operator). The well will test multiple objectives above and below the salt, with a total proposed depth of approximately 18,000 feet.

Ghana:

• During the quarter, the M-5 appraisal well on the West Cape Three Points Block (APC 30.9% WI) was successfully drilled, marking the end of the appraisal of the East Jubilee area. The M-5 encountered 75 net feet of pay in the Jubilee-equivalent sands. The well was found to be in pressure communication with other wells in the Jubilee East accumulation. The M-5 is the fourth well outside of the Jubilee Unit to encounter pay, and the area is being evaluated to determine the best development options.

• After the quarter, Anadarko announced another significant discovery offshore Ghana at the Owo prospect in the Deepwater Tano Block (APC 18% WI). The discovery well encountered approximately 174 net feet of high-quality oil pay in two zones of stacked Turonian-age reservoir sands contained within a gross vertical reservoir interval of more than 500 feet. Pressure data indicates that these zones are part of the same accumulation, and the oil appears to be light crude between 33 and 36 degrees API.

Mozambique:• Drilling operations are under way on the prospect in the Offshore Area

1 (APC 43% WI, operator). The Ironclad prospect well has a planned total depth of 20,500 feet, and will test a deep fan play near the southern end of the block. Prior to spudding Ironclad, the Belford Dolphin drillship top set the Barquentine exploration well. Barquentine will test multiple stratigraphic traps near the recent discovery at Windjammer. Two additional exploration wells are planned on the block.

EXPLORATIONBrazil:

• During the 1st quarter, the company announced the results of the successful Wahoo #1 DST that indicated the well will be capable of producing at a rate in excess of 15,000 barrels of oil per day. Following this successful DST operation, the Deepwater Millennium drillship was moved to the Wahoo #2 well to attempt a second DST in BM-C-30 (APC 30% WI, operator). Wellbore conditions were not optimal for the test, and several mechanical issues were encountered during the testing procedure. After two attempts, the operating group elected to temporarily abandon the operation and move the rig to another drilling location. The Wahoo #2 well will be evaluated for potential future re-entry.

• At the end of the quarter, drilling was under way on the Wahoo South prospect in BM-C-30 (APC 30% WI, operator), five miles south of the Wahoo #1 well. This well will be a 16,800 foot pre-salt test on an adjacent geologic feature to the Wahoo feature and will be testing the same reservoir section.




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SOUTHEAST ASIA EXPLORATIONIndonesia:

In the Tarakan Basin, the Badik #1 well is drilling ahead in the Nunukan PSC (APC 35% WI, operator). The well is proposed to a depth of 17,400 feet to test a large three-way fault closure in the Miocene.

The Pancang #1 well in the Popodi PSC (APC 24% WI. Operator) was drilled to a depth of approximately 10,000 feet. Hydrocarbons were not encountered, and the well was plugged and abandoned.

New Zealand:

Anadarko entered into a farm-in agreement and became operator of an 8.1 million acre block in the deepwater Taranaki Basin (APC 45% WI, operator). Upon receiving ministry approval of the transaction, the company commenced acquisition of a 2D seismic survey to better define the prospectivity on the block. With the addition of this block, Anadarko now operates approximately 17 million acres offshore New Zealand.

Second-Quarter 2010 - Amazon Simple Storage Service · Marcellus Improvement in Drilling...

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