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/ DELAWARE BASIN, TEXAS Appendix

2 WES & WGP: ~$11 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 $6.5+ Billion** WGP Unit Value Owned by Anadarko * Assumes outstanding Tangible Equity Units (NYSE: AEUA) convert into 7.9MM WGP Common Units ** As of 12/31/

3 Midstream: Integrated with Upstream Activity Enables Asset Operational Control Ensures Timely Well Connections Improves Price Realizations GNB (MMcf/d) Year 2014 Processing Capacity 970 Wattenberg (MMcf/d) Year Processing Capacity 875 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 $ E EBITDA Throughput 6,000 3,000 0 MMcf/d Delaware Basin (MMcf/d) Year Processing Capacity Eagleford (MMcf/d) Year 2014 Processing Capacity Ramsey Bones Mi Vida 200 ETC Texas Express Brasada Enterprise Mt. Belvieu, TX NGL HUB Year-End 2014 Large-Scale Operations ~19,000 Miles Pipeline ~6 Bcf/d Throughput 3+ Bcf/d Processing Capacity *Includes WES EBITDA Note: See website at for non-gaap definitions/reconciliations 20

4 Wattenberg Infrastructure: Staying Ahead of the Game Multiple Delivery Options to Maximize Value 2015 Completed Enhancements 300 MMcf/d Lancaster II Cryogenic Plant 180 MMcf/d Field Compression Additions Under Way 125 MBOPD Centralized Oil Stabilization Facility MBOPD Oil Takeaway Capacity 3Q15 Throughput E 2016E Year-End 2014 Infrastructure Gas Gathering Pipelines 3,100+ Miles Oil Gathering Pipelines 200+ Miles 1,200 Gas Processing Capacity Processing Capacity Compression Gas Gathering System Capacity 875 MMcf/d 197,000 HP 685 MMcf/d MMcf/d 600 3Q15 Throughput Oil Gathering System Capacity 125 MBOPD E 2016E 21

5 Delaware Basin: Building the Foundation for Future Growth Year-End 2014 Infrastructure APC, WES & JV Infrastructure DELAWARE BASIN Gross Acres: ~610,000 Net Acres: ~255,000 Gas Gathering Pipelines Oil Gathering Pipelines 780 Miles 115 Miles Loving Winkler Compression 70,000+ HP Culberson TEXAS Gas Gathering Facilities 13 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 150+ Miles of Pipeline ~30,000 BOPD Processing Facilities 200 MMcf/d Cryo Gas Processing 22

6 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 E 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 Planned Activity Operate ~3 Rigs Drill 30+ Wells LA 23

7 Marcellus: Massive Resource Option Value 2015 Minimal Drilling Activity Ramp 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% E 0% $2 $3 $4 Realized Natural Gas Price ($/Mcf) 24

8 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 40 Miles Wattenberg COLORADO APC Land Grant Producing Fields Hard Rock Minerals Laramie County Economics Enhanced by Minerals-Interest Ownership BTAX NPV-10 (Millions) $1.3 $1.0 $0.3 APC Mineral Ownership Advantage 2014 Minerals-Interest Royalty Revenues ~$675 Million Oil & Gas ~$100 Million Coal, Soda Ash & Other Assumes $60 WTI and $3 HH 25

9 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 26

10 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 27

11 Lucius: Differentiating Value Millions $2+ Billion BTAX Net Value Development Capital Carried 1-Year Anticipated Payout First Oil 3 Years from Sanction Achieved Nameplate Capacity World-Class Reservoir Quality Enhancing Value Through Infrastructure Hadrian South PHA Buckskin/Moccasin PHA Pursuing Additional Opportunities $350 $275 $200 Forecasted Free Cash Flow* 2015E 2016E 2017E 2018E 2019E 2020E *Assumes $60 WTI and $3 HH Moccasin Discovery KEATHLEY CANYON SIGSBEE ESCARPMENT Capacity Buckskin Oil Field Hadrian North Hadrian South Gas Field Phobos Discovery 30% WI Lucius: Anadarko s Largest Spar Spar Diameter Spar Length Hull Weight Water Depth 80,000 BOPD, 450 MMcf/d 110 Feet 605 Feet 23,000 Tons 7,100 Feet Lucius Unit 24% WI WALKER RIDGE AMERY TRACE GULF OF MEXICO Gross Acres: ~1.7 Million APC WI Block APC Discovery Industry Discovery Oil Field Gas Field Subsea Tie-Back 300+ MMBOE Gross Resource Note: See website at for non-gaap definitions/reconciliations 28

12 Heidelberg: Replicating Lucius Success First Oil Accelerated to 1Q16 Spar Hull Installed on Location Topsides Integrated With the Hull Completing Development Wells Heidelberg Unit 31.5% WI Spar Location GULF OF MEXICO Gross Acres: ~1.7 Million Utilizing Lucius Spar Design Accelerates First Oil by 18 Months Subsea Manifold A Reduces Execution Risk and Cost A 904 APC WI Block Successful Well Planned Drilling Oil Field Salt 903 Subsea Tieback 948 GREEN CANYON $860 Million Carried- Interest Agreement Heidelberg, Gulf of Mexico 29

13 Shenandoah: Advancing Giant Discovery 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 Oil Field Salt Shenandoah Basin mile 30

14 Yeti: Oil Discovery 270+ Net Feet Oil Pay Miocene Subsalt 3-Way Trap Prolific Petroleum System High-Quality Reservoirs GREEN CANYON WALKER RIDGE Bigfoot ~300 MMBOE A GULF OF MEXICO Gross Acres: ~1.7 Million ~26,000 Feet TVD YETI-1 YETI-3 BIGFOOT A A Plio-Pleistocene Salt Yeti 37.5% WI A Cascade ~300 MMBOE Yeti APC WI Block APC Discovery Industry Discovery Planned Drilling Oil Field Prospects/Leads Cross Section LM4 MM4 MM7 MM9 Olig Upper Miocene Lower Miocene Wilcox Mesozoic 31

15 Ivorian Basin: Advancing Paon Commerciality Planned Paon Appraisal Wells and DST Rig Moving to Location Evaluating Development Options Potential for Fast-Track Development 2 Exploration Wells Planned for 2016 Evaluating Carry Opportunities Paon-5A Paon-3AR Paon-1X CI % WI Paon-4A CÔTE D IVOIRE CÔTE D IVOIRE Gross Acres: ~1 MM AFRICA 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 32

16 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 Initiated Phase 1 3D Seismic Acquisition 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 33