APPENDIX INVESTOR RELATIONS. NYSE: APC. JOHN COLGLAZIER Senior Vice President BRIAN KUCK Director

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1 INVESTOR RELATIONS JOHN COLGLAZIER Senior Vice President BRIAN KUCK Director SHANDELL SZABO Director PETE ZAGRZECKI Director APPENDIX

2 Differentiating Capital Allocation & Portfolio Management $15 Total Company $15 U.S. Onshore (E&P Only) $15 GOM Billions -$ * Adj. DCF Monetizations TPE Capital** Adj. FCF (Cumulative) * Based on consensus prices as of 5/2/2016: WTI $40/Bbl and HH $2.35/Mcf ** Excludes impact from Deepwater Horizon Event and Tronox Note: See Appendix for non-gaap definitions and reconciliations $15 International Billions $10 $5 Billions $10 $5 Billions $10 $5 $ ** Based on consensus prices as of 5/2/2016: WTI $40/Bbl and HH $2.35/Mcf Note: EBITDAX excludes corporate G&A; see Appendix for non-gaap definitions $0 EBITDAX Monetizations TPE Capital Adj. FCF (Cumulative) $

3 WES & WGP: ~$13 Billion Value for Anadarko Anticipate Periodic Transactions WES Independently Funds Significant Midstream Expansions Provides Visible Cash Source ~$7 BILLION * LP UNIT VALUE OWNED BY ANADARKO Anadarko $1,200 ~$6 Billion Returned to Anadarko * GP 78% LP ** Millions $800 ~8% LP ** Western Gas Equity Partners, LP NYSE: WGP $400 ~2% GP ~30% LP ** $ ** Distributions Asset Sales to WES WGP Monetizations Western Gas Partners, LP NYSE: WES * As of 6/17/2016 ** Fully diluted. Assumes outstanding Tangible Equity Units (NYSE: AEUA) convert to 7.9 million WGP Common Units 17

4 U.S. Onshore: Reducing Activity to Preserve Value GREATER NATURAL BUTTES PLANNED ACTIVITY ~1 Rig ~1 Frac Crew None NET SALES VOLUMES DELAWARE BASIN PLANNED ACTIVITY ~7 Rigs ~2 Frac Crews 4+ Rigs 1+ Frac Crews NET SALES VOLUMES 32 Note: Planned activity represents operated activity only DJ BASIN PLANNED ACTIVITY ~7 Rigs ~3 Frac Crews ~1 Rig 1+ Frac Crews NET SALES VOLUMES E.TX/N.LA PLANNED ACTIVITY ~3 Rigs ~1 Frac Crew None NET SALES VOLUMES EAGLEFORD PLANNED ACTIVITY ~4 Rigs ~3 Frac Crews No Rigs ~1 Frac Crew NET SALES VOLUMES MARCELLUS PLANNED ACTIVITY None None NET SALES VOLUMES

5 Midstream: Integration with Upstream Creates Value Enables Asset Operational Control Ensures Timely Well Connections Improves Price Realizations Leverages Third-Party Commitments YEAR-END PIPELINES THROUGHPUT GATHERING 5+ ~350 Bcf/d MBOPD ~18,000 Miles DJ BASIN Processing Capacity PROCESSING CAPACITY ~4 Bcf/d 1,175 MMcf/d Chipeta GREATER NATURAL BUTTES Lancaster Wattenberg Platte Valley COSF OPPL WHITE CLIFFS SADDLEHORN Conway, KS NGL HUB $1,200 Midstream Asset-Level EBITDA * Processing Capacity 980 MMcf/d MAPL / SEMINOLE FRONT RANGE Cushing, OK WTI HUB Millions $800 $400 DELAWARE BASIN Processing Capacity 625 MMcf/d Additional Capacity 400 MMcf/d Ramsey Bones Mi Vida ETC TEXAS EXPRESS Mt. Belvieu, TX NGL HUB $0 *Includes WES EBITDA Processing Plant Market Center Oil Equity Pipeline NGL Equity Pipeline NGL Pipeline EAGLEFORD Brasada Processing Capacity 200 MMcf/d Note: See Appendix for non-gaap definitions ENTERPRISE 19

6 Gulf of Mexico: Anadarko s Superior Value-Creation Model Geologic Advantage Infrastructure Advantage Commercial Advantage Proven Oil Finders* 60+% Success Rate Industry-Leading Project Management Leader in Standardization Utilize Strategic Partnerships Leverage Existing Infrastructure Develop the Best, Divest the Rest* $4+ Billion Monetizations $2+ Billion Carried-Interest Agreements Deep Inventory of Opportunities $16 Billion Adjusted FCF MMBOE Discovered Net Resources Converting to Value Future Exploration Success * Results Note: See Appendix for non-gaap definitions 20

7 Gulf of Mexico: Low-Cost, High-Return Investment Opportunities Focused on Capital-Efficient Tiebacks Development Well Inventory Advancing Appraisal Opportunities Minimal Exploratory Drilling GOM NET SALES VOLUMES TOTAL (MBOE/D) LIQUIDS (MBBL/D) TIEBACK OPPORTUNITIES* CAESAR/TONGA K2 HEIDELBERG * As of 1/1/2016 LUCIUS INVENTORY 5-8 WELLS 4-7 WELLS + 2 Potential New Fields 3-6 WELLS + 2 Potential New Fields 3-7 WELLS + 1 Potential New Field + Third-Party Developments LUCIUS PLANNED ACTIVITY 1 Tieback LUCIUS CAESAR/TONGA PLANNED ACTIVITY 2 Tiebacks Phase 2 Facility Work SHENANDOAH PHOBOS HEIDELBERG CONSTITUTION HEIDELBERG PLANNED ACTIVITY Achieved First Oil 2 Additional Wells MARCO POLO WARRIOR K2 COMPLEX PLANNED ACTIVITY 2 Tiebacks GULF OF MEXICO Gross Acres: ~1.6 Million APC 262 WI Blocks APC Exploration/Appraisal 21

8 Gulf of Mexico: Near-Term Exploration & Appraisal PHOBOS 1 Appraisal Well Potential Tieback to Lucius SHENANDOAH BASIN 2 Appraisal Wells Evaluating Development Options WARRIOR 1 Exploration Well Potential Tieback to Marco Polo Lucius Unit 24% WI Lucius Shenandoah 30% WI K2 Unit 42% WI Warrior 55 WI% Hadrian South Gas Field K E A T H L E Y C A N Y O N Hannibal Prospect 50% WI Yucatan 25% WI Coronado 60+% WI BLIND FAITH 3 MILES Phobos Discovery 50% WI 3 MILES SHENANDOAH BASIN 3 MILES Marco Polo S I G S B E E E S C A R P M E N T W A L K E R R I D G E G R E E N INDEPENDENCE C A N Y O N HUB BALDPATE BOOMVANG CONGER POWER PLAY CONSTITUTION TAHITI K2 COMPLEX Warrior NANSEN GUNNISON Shenandoah LUCIUS Phobos GULF OF MEXICO Gross Acres: ~1.6 Million APC 262 WI Blocks APC WI Facilities Oil Field Prospect Area APC Discovery Successful Well Planned Drilling Subsea Tieback/Future Tieback 22

9 Shenandoah: Active Appraisal Program GULF OF MEXICO Significant Resource Potential Large Structural Closure Shenandoah-2 Shenandoah 30% WI WALKER RIDGE Thick Sandstone Packages Excellent Reservoir & Fluid Properties Strategic Position in Prolific Basin Finish Drilling Shenandoah-5 Spud Shenandoah-6 4Q A Yucatan 25% WI 51 A 95 A Shenandoah-5 & Coronado 60%+ WI 99 APC Operated Block APC Op Discovery Successful Well Planned Drilling Oil Field Pre-FEED Work Under Way SHENANDOAH BASIN 3 MILES Shen-4 Shen-2 Shen-5 Shen-6 Shen-3 A S A L T C A N O P Y A NW Basin Shen-4 Shen ft Net Pay Shen-5 Currently Drilling Total TVD Oil Pay: 1,000 Shen-4 ST 620+ ft Net Pay Shen ft Core Proven Oil Projected Oil Shen-6 Spud by YE2016 Shen ft Core 23

10 Positioned for Continued Success ~60 Captured Opportunities Multi-Billion-Barrel Gross Resource Potential 3+ Annual Exploration Tests LOUISIANA JURASSIC BLIND FAITH Opal BALDPATE Thunderdel BOOMVANG NANSEN GUNNISON CONGER POWER PLAY Warrior Haleakala MIOCENE CONSTITUTION MARCO POLO Shenandoah Calpurnia HEIDELBERG LOWER TERTIARY SUB-SALT PLIOCENE Yucatan LUCIUS Coronado Yeti GULF OF MEXICO Gross Acres ~1.6MM APC 262 WI Blocks Phobos APC Discovery Planned Exploration/ Appraisal

11 Best-In-Class Project Management Delivers Value Lucius at Full Capacity Heidelberg Achieved First Oil 1Q16 TEN Scheduled First Oil 3Q16 DESIGN ONE: BUILD TWO LUCIUS Sanction to First Production: 3 Years Mozambique LNG Development Advancing IPA BENCHMARKING STUDY * Schedule Performance 1.00 Fast/ High-cost Slow/ High-cost Industry Norm* Fast/ Low-cost Slow/ Low-cost HEIDELBERG Sanction to First Production: 3 Years 1.00 Facilities Cost Performance *IPA Independent Project Analysis consortium ranks world-wide project performance 25

12 Upgraded Deepwater Rig Fleet Enhances Efficiency R I G F L E E T Noble Bob Douglas Rowan Resolute Noble Bob Douglas Bolette Dolphin Ocean BlackHawk Ocean BlackHornet Ocean BlackHornet 26

13 Mozambique LNG: Reducing Uncertainty Enormous Recoverable Resources 75+ Tcf in Offshore Area 1 Scalable Onshore Development to 50+ MMTPA AREA 1 MOZAMBIQUE Gross Acres: 1+MM AFRICA Attractive Cost Advantages Close Proximity to Shore Natural Harbor Direct Subsea to Shore Development High Well Deliverability Access to Premium Asian Markets Advantaged Economics 12 MMTPA for Cost of 10 MMTPA 20-Year Offtake Non-Binding HOAs Pricing Mechanism Protects Economics MOZAMBIQUE 17,000-ACRE LNG FACILITY SITE GOLFINHO/ATUM PROSPERIDADE ORCA TUBARÃO APC WI Block Natural Gas Field Financially Derisked $2.1 Billion Monetization Net Proceeds Material Project Financing Available 10 MILES 16 KMS TUBARÃO TIGRE 27

14 Côte d Ivoire: Progressing Toward Commerciality CÔTE D IVOIRE Gross Acres: ~1MM Advancing Paon Paon-5A: Encountered ~100 net feet TVT pay Paon-3A: Drilling HZ section Perform DST Paon-5A Paon-1X A CI % WI CÔTE D IVOIRE AFRICA Drill Pelican-1X Drill Rossignol-1X Evaluating Development Options Promoting Interest Paon-3AR A Rossignol-1X Paon-4A CI % WI Pelican-1X APC WI Block APC Discovery Successful Well Planned Drilling Oil Field Prospects/Leads PAON-3AR Monitor Gauges PAON-5A H Drill Stem Test PAON-1 X Monitor Gauges A A ~1.5 MILES ~2 MILES PAON-3AR ST H CI % WI ~3,000 ft ~3,500 ft PAON RESERVOIR 10 MILES 16 KMS CI % WI 28

15 Colombia: Opportunity Rich COLOMBIA Gross Acres: ~16MM GRAND FUERTE (50% WI) COL 5 GRAND COL GRAND COL (100% WI) COL 6 COL 7 SOUTH AMERICA PURPLE ANGEL GRAND FUERTE 3D Phase II 13,000 km 2 (2016) FUERTE NORTE APC WI Block Purple Angel-1 FUERTE SUR Kronos-1 COLOMBIA APC Discovery Planned Drilling Gas Field Prospects/Leads URA 4 50 MILES 80 KM COL 1 COL 2 50 MILES 80 KM 3D Phase I 16,300 km 2 () Kronos Discovery Confirmed Working Petroleum System Plan to Drill Purple Angel-1 Grand COL Phase I 3D Seismic Completed on Schedule and Under Budget Grand COL Phase II 3D Seismic Commenced 1Q16 29

16 Non-GAAP Financial Measure Definitions & Reconciliations This list of non-gaap financial measure definitions and related reconciliations is intended to satisfy the requirements of Regulation G of the Securities Exchange Act of 1934, as amended. This information is historical in nature. Anadarko Petroleum Corporation (the Company ) undertakes no obligation to publicly update or revise any non-gaap financial measure definitions and related reconciliations. The following slides include reconciliations of GAAP to non-gaap financial measures and statements indicating why management believes the non-gaap financial measures provide useful information for investors. Non-GAAP financial measures provided in this presentation for specific areas are calculated using the same methodology. 30

17 Non-GAAP Reconciliation Adjusted EBITDAX (EBITDAX) The Company defines Adjusted EBITDAX as income (loss) before income taxes; gains (losses) on divestitures, net; exploration expense; depreciation, depletion, and amortization; impairments; interest expense; total (gains) losses on derivatives, net, less net cash from settlement of commodity derivatives; and certain items not related to the Company s normal operations, less net income attributable to noncontrolling interests. During the periods presented, items not related to the Company s normal operations included Deepwater Horizon settlement and related costs, Algeria exceptional profits tax settlement, Tronox-related contingent loss, and certain other nonoperating items included in other (income) expenses, net. Management believes that the presentation of Adjusted EBITDAX provides information useful in assessing the Company s financial condition and results of operations and that Adjusted EBITDAX is a widely accepted financial indicator of a company s ability to incur and service debt, fund capital expenditures, and make distributions to stockholders. Adjusted EBITDAX as defined by Anadarko may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) attributable to common stockholders and other performance measures prepared in accordance with GAAP, such as operating income or cash flows from operating activities. Adjusted EBITDAX has important limitations as an analytical tool because it excludes certain items that affect net income (loss) attributable to common stockholders and net cash provided by operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Anadarko s results as reported under GAAP. Year Ended Millions December 31, Income (loss) before income taxes (GAAP) $ (9,689) (Gains) losses on divestitures, net 1,022 Exploration Expense 2,644 DD&A 4,603 Impairments 5,075 Interest Expense 825 Total (gains) losses on derivatives, net, less net cash received in settlement of commodity derivatives 235 Other operating expense 74 Tronox-related contingent loss 5 Certain other nonoperating items 22 Less net income attributable to noncontrolling interests (120) Consolidated adjusted EBITDAX (Non-GAAP) $ 4,936 31

18 Non-GAAP Reconciliation Net Debt to Adjusted Capitalization The Company defines net debt as total debt less cash and cash equivalents. Net debt for Anadarko excluding Western Gas Equity Partners, LP (WGP) is Anadarko s Consolidated net debt, less WGP s net debt. The Company defines net debt to adjusted capitalization ratio as net debt / (net debt + total equity). Net debt to adjusted capitalization ratio for Anadarko excluding WGP excludes WGP s net debt and noncontrolling interest attributable to WGP. Management uses net debt as a measure of the Company s outstanding debt obligations that would not be readily satisfied by cash and cash equivalents on hand. Net Debt to Adjusted Capitalization Ratio December 31, Millions Anadarko Consolidated WGP* Consolidated Anadarko excluding WGP Total debt (GAAP) $ 15,751 $ 2,707 $ 13,044 Less cash and cash equivalents Net debt (Non-GAAP) $ 14,812 $ 2,607 $ 12,205 Millions Anadarko Consolidated Anadarko excluding WGP Net debt $ 14,812 $ 12,205 Total Equity 15,457 12,819 Adjusted Capitalization (Non-GAAP) $ 30,269 $ 25,024 Net debt to adjusted capitalization ratio 49% 49% *WGP is a publicly traded consolidated subsidiary of Anadarko and Western Gas Partners, LP (WES) is a consolidated subsidiary of WGP 32

19 Non-GAAP Reconciliation Adjusted Discretionary Cash Flow from Operations (Adjusted DCF) The Company defines adjusted discretionary cash flow from operations as net cash provided by (used in) operating activities adjusted by changes in accounts receivable, changes in accounts payable and accrued expenses, other items - net, Deepwater Horizon and Tronox settlement payments, collections associated with the Algeria exceptional profits tax settlement, certain nonoperating and other excluded items, current taxes related to Tronox tax position, and WES/WGP distributions to third parties. Management uses adjusted discretionary cash flow from operations because it is useful in comparisons of oil and gas exploration and production companies as it excludes certain fluctuations in assets and liabilities and current taxes related to certain items affecting comparability. Adjusted Free Cash Flow (Adjusted FCF) The Company defines adjusted free cash flow as adjusted discretionary cash flow from operations less capital expenditures excluding WES and cash received from the Algeria Exceptional Profits Tax settlement and monetizations. Management uses adjusted free cash flow to demonstrate the Company's ability to fund capital expenditures and to service or incur additional debt. Year Ended December 31, millions Net cash provided by (used in) operating activities (GAAP) $ 2,505 $ 8,339 $ 8,888 $ 8,466 $ (1,877) Adjusted by: Increase (decrease) in accounts receivable 993 (520) 11 (103) 2 Increase (decrease) in accounts payable and accrued expenses (284) 476 (150) (97) 995 Other items net 16 (126) (146) 71 (772) Deepwater Horizon / Tronox settlement payments 3,948 (6) - - 5,215 Algeria exceptional profits tax settlement - (1,006) (730) - - Certain nonoperating and other excluded items Current taxes related to Tronox tax position WES/WGP distributions to third parties (79) (107) (158) (216) (280) Adjusted discretionary cash flow from operations (Non-GAAP) $ 7,099 $ 7,050 $ 7,875 $ 8,240 $ 4,289 Adjusted by: Capital expenditures excluding WES* (6,114) (6,782) (7,731) (8,560) (5,363) Collection of Algeria exceptional profits of tax receivable - 1, Monetizations 580 1,244 1,033 5,659 1,825 Adjusted free cash flow (Non-GAAP) $ 1,565 $ 2,518 $ 1,907 $ 5,339 $ 751 * WES capital expenditures

20 Non-GAAP Reconciliation Finding and Development Costs The Company defines finding and development (F&D) costs as total costs incurred divided by reserve additions. In addition, the Company will use several variations of this calculation, including isolating development costs and incorporating price-related and non-price-related reserve additions. Management believes that the presentation of F&D costs provides useful information in assessing the Company s ability to efficiently manage its capital programs. Year Ended millions December 31, Costs incurred $ 5,753 Asset retirement obligation liabilities incurred (207) Cash expenditures for asset retirement obligations 298 Oil and natural gas exploration and development costs $ 5,844 Non-price related additions before divestitures (MMBOE) 407 Finding and development costs ($/BOE) $ Additions including pre-related revisions (MMBOE) (216) Finding & development costs including price-related revisions ($/BOE) NM * * NM: Not Meaningful 34

21 Glossary of Terms Adj: Adjusted APC: Anadarko Petroleum Corp. B: Billion Bbl: Barrel BBl/d: Barrels of Liquid per Day BOE: Barrel of Oil Equivalent BOE/d: Barrel of Oil Equivalent per Day BOPD: Barrels of Oil per Day BTAX: Before Tax CBM: Coalbed Methane cf: Cubic Feet of Natural Gas cf/d: Cubic Feet per Day CPF: Central Processing Facility DCF: Discretionary Cash Flow DC&E: Drill, Complete and Equip DD&A: Depreciation, Depletion and Amortization DJ: Denver Julesburg DST: Drill Stem Test DWH: Deepwater Horizon E&P: Exploration and Production EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization EBITDAX: Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expense EOR: Enhanced Oil Recovery F&D: Finding and Development Cost FCF: Free Cash Flow FID: Final Investment Decision FPSO: Floating Production Storage and Offloading Unit GAAP: Generally Accepted Accounting Principles G&A: General and Administrative GOM: Gulf of Mexico GP: General Partner HBNS: Hassi Berkine Sud (South) HH: Henry Hub HOA: Heads of Agreement IDUCs: Intentionally Deferred Completions IPA: Independent Producers of America Km: Kilometers LNG: Liquefied Natural Gas LP: Limited Partnership M: Thousands MM: Millions NGL: Natural Gas Liquids NYSE: New York Stock Exchange PK0: Point Kilometrique 0 PRB: Powder River Basin ROR: Rate of Return S&P: Standard & Poor s SLE: Short Lateral Equivalent T: Trillion TEN: Tweneboa, Enyenra, Ntomme TPA: Tonnes per Annum TPE: Exceptional Profits Tax TRX: Tronox YE: Year End YOY: Year over Year YTD: Year to Date WES: Western Gas Partners, LP WGP: Western Gas Equity Partners, LP WI: Working Interest WTI: West Texas Intermediate 35