Appendix INVESTOR RELATIONS. NYSE: APC John Colglazier Senior Vice President 832/ Jeremy Smith Director 832/

Transcription

1 INVESTOR RELATIONS John Colglazier Senior Vice President 832/ Jeremy Smith Director 832/ Shandell Szabo Director 832/ DJ BASIN, COLORADO Appendix

2 WES & WGP: $8+ Billion Value for Anadarko Anticipate Periodic Transactions WES Independently Funds Significant Midstream Expansions Provides Visible Cash Source ~8% LP* Anadarko GP Western Gas Equity Partners, LP ~84% LP* NYSE: WGP $1,000 $4+ Billion Returned to Anadarko ~2% GP ~35% LP* Western Gas Partners, LP NYSE: WES Millions $500 $ Asset Sales to WES Distributions WGP Monetizations ~$4 Billion** WGP Unit Value Owned by Anadarko * Assumes outstanding Tangible Equity Units (NYSE: AEUA) convert into 7.9MM WGP Common Units ** As of 2/19/

3 Midstream: Integrated with Upstream Activity Enables Asset Operational Control Ensures Timely Well Connections Improves Price Realizations GNB (MMcf/d) Year 2015 Processing Capacity 980 Wattenberg (MMcf/d) Year 2015 Processing Capacity 1,175 Midstream Asset-Level EBITDA* and Throughput Volumes Chipeta Lancaster Wattenberg Platte Valley MAPL / Seminole Front Range OPPL White Cliffs Conway, KS NGL HUB Cushing, OK WTI HUB Processing Plant Market Center Oil Equity Pipeline NGL Equity Pipeline NGL Pipeline $1,200 9,000 Millions $800 $400 $ EBITDA Throughput 6,000 3,000 0 MMcf/d Delaware Basin (MMcf/d) Year 2015 Processing Capacity 625 Eagleford (MMcf/d) Year 2015 Processing Capacity Ramsey Bones Mi Vida 200 ETC Texas Express Brasada Enterprise Mt. Belvieu, TX NGL HUB Year-End ,000 Miles Pipeline ~5 Bcf/d Throughput ~350 MBOPD Gathering ~4 Bcf/d Processing Capacity *Includes WES EBITDA Note: See website at for non-gaap definitions/reconciliations 15

4 Wattenberg Infrastructure: Staying Ahead of the Game Multiple Delivery Options to Maximize Value 2015 Enhancements 300 MMcf/d Lancaster II Cryogenic Plant 180 MMcf/d Field Compression 125 MBOPD Centralized Oil Stabilization Facility MBOPD Oil Takeaway Capacity 4Q15 Throughput Year-End 2015 Infrastructure E Gas Gathering Pipelines Oil Gathering Pipelines Processing Capacity 3,100+ Miles ~250 Miles 1,175 MMcf/d 1,200 Gas Processing Capacity Compression 270,000+ HP Gas Gathering System Capacity Oil Gathering System Capacity 1,095 MMcf/d 125 MBOPD MMcf/d 600 4Q15 Throughput E 16

5 Delaware Basin: Building the Foundation for Future Growth Year-End 2015 Infrastructure APC, WES & JV Infrastructure DELAWARE BASIN Gross Acres: ~610,000 Net Acres: ~255,000 Gas Gathering Pipelines Oil Gathering Pipelines 938 Miles ~140 Miles Loving Winkler Compression 180,000+ HP Culberson TEXAS Water Gathering Pipelines 100+ Miles APC Acreage Gas Gathering Applying Proven Midstream Model Enables Operational Control Ensures Timely Well Connections Improves Price Realizations Reeves 10 MILES Ward Pecos Oil Gathering Production Facility Processing Plant 2015 Additions 250+ Miles of Pipeline 30,000 BOPD Processing Facilities 200 MMcf/d Cryo Gas Processing 28,000 Hp of Compression 17

6 Eagleford: Maximizing Scale Advantages ~275 MBOE/d Gross Processed Sales Volumes ~2,000 Identified Drilling Locations Testing Stacked-Pay Potential Reduced Rig Count from 10 to 1 Currently Best Drilling Cycle Times in Play Longer Laterals at Lower Cost Maverick 1,500+ Wells Drilled to Date Dimmit EAGLEFORD Gross Acres: ~332,000 Net Acres: ~162,000 TEXAS Infrastructure in Place Webb APC Acreage 10 Miles Drilled Wells MBOE/d Increasing Sales Volumes Well Costs (Millions) $10 $5 $0 Improving Well Costs & Efficiencies Drilling Time (Days) 2015 Activity Operated ~4 Rigs Drilled 200+ Wells Deferred ~40 Well Completions Drilling Cost Per Well Completion Costs Per Well Spud to RR 18

7 East Texas/North Louisiana: Efficiency Gains Drive Returns ~1 MMBOE EUR per Well ~25% Liquids Composition ~$6.5 Million Well Costs Upshur Marion Bossier E. TEXAS/N. LOUISIANA Gross Acres: ~300,000 Net Acres: ~210,000 Completed Lateral Length ($/Foot) Access to Premium Markets MBOE/d 2,000 1, Enhancing Margins and Recoveries Cost/Foot Predictable Sales Volumes Volumes Average EUR Net Capital 1, $800 $600 $400 $200 $0 MMBOE Millions Operated BTAX ROR Gregg Henderson 50% 40% 30% 20% 10% Rusk Harrison Carthage TEXAS SEC LOUISIANA Robust Returns Assumes $60 WTI Caddo De Soto Elm Grove Primary Targets: Red River Haynesville Cotton Valley 0% $2 $3 $4 Realized Gas Prices ($/Mcf) TEXAS APC Acreage 2015 Activity Operated ~3 Rigs Drilled 30+ Wells LA 19

8 Marcellus: Massive Resource Option Value 2015 Minimal Drilling Activity Ramped Activity with Improved Differentials ~4,500 Identified Drilling Locations at Higher Natural Gas Prices Core HBP Acreage Position NEW YORK PENNSYLVANIA Non-Operated Potter Tioga Bradford Sullivan Anadarko Operated Lycoming Clinton Centre MARCELLUS Gross Acres: ~654,000 Net Acres: ~254,000 PENNSYLVANIA APC Acreage 20 Miles Net Sales Volumes Marcellus Returns % MMcf/d BTAX ROR 50% % $2 $3 $4 Realized Natural Gas Price ($/Mcf) 20

9 Minerals-Interest Ownership: Accelerating Value Anadarko s Land Grant Position WYOMING Silo Field WYOMING COLORADO LARAMIE COUNTY, WY ~200,000 Net Acres ~8 Million Acres Concentrated Minerals-Interest Ownership APC Acreage Drilled Wells Moxa Wamsutter Hereford Field Soda Ash Coal Laramie County Multi-Zone Oil Opportunity 1,000+ BOE/d 24-Hour IP Rates Minerals-Interest Uplift Advantage UTAH Wattenberg COLORADO 2015 Minerals-Interest Royalty Revenues ~$370 Million Oil & Gas ~$90 Million Coal, Soda Ash & Other 40 Miles APC Land Grant Producing Fields Hard Rock Minerals 21

10 Industry-Leading Project Management Enhances Value Excellent Safety Performance Project Delivery Track Record Efficient Reservoir Characterization Standardization and Contractor Continuity Knowledge Transfer Leader in Deepwater Drilling Schedule Performance Anadarko is Fast & Efficient (IPA) Fast/High-Cost Fast/Low-Cost * Industry Norm / Slow/High-Cost Slow/Low-Cost Facilities Cost Performance Anadarko s Project Management is Adding ~$1 Billion Gross Value to Each Project Lucius & Heidelberg Lucius & Heidelberg ~6 Years ~40% Faster Recent Industry Projects Recent Industry Projects ~10 Years Years from Discovery to First Production 22

11 Upgraded Deepwater Rig Fleet Enhances Efficiency Increased Capability Reduces Days on Location 2.5 Million Pound Hook Loads 2 BOP Stacks with Dual Activity Capability Rig Fleet Noble Bob Douglas Ocean BlackHornet Rowan Resolute Bolette Dolphin Ocean BlackHawk Ocean BlackHornet Noble Bob Douglas 23

12 Lucius: Differentiating Value $2+ Billion BTAX Net Value Development Capital Carried GULF OF MEXICO Gross Acres: ~1.7 Million 1-Year Anticipated Payout Moccasin Discovery First Oil 3 Years from Sanction Achieved Nameplate Capacity Lucius Unit 24% WI World-Class Reservoir Quality Enhancing Value Through Infrastructure Hadrian South PHA Buckskin/Moccasin PHA Pursuing Additional Opportunities KEATHLEY CANYON SIGSBEE ESCARPMENT Buckskin Oil Field Hadrian North Hadrian South Gas Field Phobos Discovery 30% WI WALKER RIDGE AMERY TRACE APC WI Block APC Discovery Industry Discovery Oil Field Gas Field Subsea Tie-Back Lucius: Anadarko s Largest Spar 300+ MMBOE Gross Resource Capacity Spar Diameter Spar Length Hull Weight Water Depth 80,000 BOPD, 450 MMcf/d 110 Feet 605 Feet 23,000 Tons 7,100 Feet Note: See website at for non-gaap definitions/reconciliations 24

13 Heidelberg: Replicating Lucius Success Achieved First Oil 1Q16 3 Wells in Initial Phase Drilling 2 Additional Tieback Wells in 2016 Utilizing Lucius Spar Design Accelerated First Oil by 18 Months Heidelberg Unit 31.5% WI Subsea Manifold Spar Location A 861 GULF OF MEXICO Gross Acres: ~1.7 Million Reduced Execution Risk and Cost A APC WI Block 904 Successful Well Planned Drilling Oil Field Salt 903 Subsea Tieback 948 GREEN CANYON $860 Million Carried- Interest Agreement Heidelberg, Gulf of Mexico 25

14 Shenandoah: Advancing Toward Development Significant Value Creation Excellent Transmissibility High Permeability Thick and Continuous Reservoirs Low Fluid Viscosity Continued Appraisal Success Shenandoah-4ST: 620+ Net Feet Oil Pay Extended Lowest Known Oil Downdip Shenandoah-4 Shenandoah 30% WI Shenandoah-3 Shenandoah-2 Shenandoah-4ST Yucatan 25% WI Coronado 60%+ WI 98 WALKER RIDGE 99 GULF OF MEXICO Gross Acres: ~1.7 Million APC WI Block APC Discovery Successful Well Planned Drilling Oil Field Salt Shenandoah Basin mile 26

15 Yeti: Oil Discovery 270+ Net Feet Oil Pay Acquired 320+ Feet of Whole Core Miocene Subsalt 3-Way Trap Prolific Petroleum System High-Quality Reservoirs Evaluating Tieback Opportunities GREEN CANYON WALKER RIDGE Yeti 37.5% WI A Bigfoot ~300 MMBOE 117 A GULF OF MEXICO Gross Acres: ~1.7 Million APC WI Block APC Discovery YETI-1 YETI-3 BIGFOOT A A Salt Plio-Pleistocene Cascade ~300 MMBOE Industry Discovery Oil Field Prospects/Leads Cross Section LM4 MM4 MM7 MM9 Olig Upper Miocene Lower Miocene Wilcox Mesozoic 27

16 Ivorian Basin: Advancing Paon Commerciality Paon Appraisal Program Paon-5A Appraisal Well Rig on Location Evaluating Development Options Potential for Fast-Track Development DST and Interference Testing Paon-5A Paon-1X CI % WI Paon-4A CÔTE D IVOIRE CÔTE D IVOIRE Gross Acres: ~1 MM AFRICA Drill Two Exploration Wells Paon-3AR Commercializing Paon Established Oil-Water Contact Verified Lateral Sand Continuity Reduced Uncertainty DST and Offset Monitoring Commercial Negotiations Transition to Development Paon-2A CI % WI CI % WI CI % WI 10 miles 16 km APC WI Block APC Discovery Successful Well Planned Drilling Oil Field Prospects/Leads 28

17 Colombia: Drilling Under Way in Frontier Basin Premier Acreage Position Geologic Setting Similar to Mozambique Oil Potential Grand Col Area 100% WI Col 6 Col 7 COLOMBIA Gross Acres: ~16 Million A 2015 Drilling Program Kronos: Confirmed Working Hydrocarbon System Calasu: Multi-Target 4-Way Maturing Follow-On Prospects Large Resource Potential Grand Col Area Completed Phase 1 3D Seismic Acquisition Completed 4Q15 On Schedule and Under Budget CALASU A B KRONOS Phase 1 Col 1 Col 2 Grand Fuerte Area 50% WI B Col 5 Purple Angel Calasu B A Fuerte Sur B A Fuerte Norte COLOMBIA SOUTH AMERICA APC WI Block APC Discovery Prospects/Leads Seismic Kronos Success Net Feet Natural Gas Pay in Upper Objective Ura 4 Kronos 50 Miles 80 Kms Reservoir 29