Chantell Taylor, Anadarko Government Relations

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Coleen Wells
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1 Chantell Taylor, Anadarko Government Relations

2 Regarding Forward-Looking Statements and Other Matters This presentation 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 Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, 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 presentation, including Anadarko s ability to meet financial and operating guidance, achieve its production targets, successfully manage its capital expenditures, consummate the transaction described in this presentation, timely complete and commercially operate the projects and drilling prospects identified in this presentation, achieve production and budget expectations on its mega projects, and successfully plan, secure necessary government approvals, finance, build, and operate the necessary infrastructure and LNG park. See Risk Factors in the company s 2014 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements. Please also see our website at under Investor Relations for reconciliations of the differences between any non-gaap measure used in this presentation, the appendix slides or the most directly comparable GAAP financial measures. Also on our website at is a glossary of terms. Cautionary Note to Investors - The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC s definitions for such terms. We may use terms in this presentation, such as resources, net resources, net discovered resources, gross resource, recoverable resources, net risked resource, relative resource size, net resource potential, and similar terms that the SEC s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2014, File No , available from us at or by writing us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas Attn: Investor Relations. You can also obtain this form from the SEC by calling SEC-0330.

3 Proponent of No. 40: Community Rights Network Initiative No. 40: Declares local governments can enact laws to establish, protect, and secure rights of natural persons, communities, and nature, as well as the power to define or eliminate the rights and powers of corporations or business entities regardless of federal, state or international law. Petition gathering underway 3

4 Proponent of Nos. 63, 75, 78: Coloradans Resisting Extreme Energy Development (CREED) Initiative No. 63: Establishes a fundamental right to a healthy environment. Local governments can enact laws to protect a healthy environment even they exceed current state law. ANY aggrieved person or governmental entity has standing to enforce this, and the prevailing aggrieved person shall be awarded attorneys fees and costs. Initiative No. 75: Transfers the authority to regulate oil & gas development from the state to local governments. However, the local laws may not be less protective than state law. Local governments can also enact laws that exceed state laws for anything those governments believe has a detrimental impact on their communities. 4

5 Initiative No. 78: Establishes a 2,500-foot setback from occupied structures, and areas of special concern, including, drinking water sources, lakes, rivers, perennial or intermittent streams, creeks, irrigation canals, riparian areas, playgrounds, sports fields, amphitheaters, public parks & open space. 5

6 Timeline: April deadline to file and complete Title review May supreme court challenges, if any June-July signature collection, ~98.5k required to qualify for ballot August deadline for signatures and time to cure Sept ballot set 6

8 HB 1310: Operators Liable for Oil and Gas Operations (sponsored by Rep. Salazar and Senator Carroll): The bill amends current law to allow proof that operator s oil & gas operations harmed a surface owner s use of surface of the land, caused bodily injury, or damaged property. The bill also holds operators strictly liable for their conduct if operations, including hydraulic fracturing or reinjection operation, cause an earthquake that damages property or injures an individual. HB 1430: Oil and Gas Operators Share Dev Plans with Local Government (sponsored by Rep. Lebsock): The bill adds counties to the list of local governments to receive 5 year drilling plans under Task Force Rule 20 recently adopted by the COGCC. Counties must register or opt-in with COGCC to get information. SB 97: SB Use of Mineral Severance Revenue for Local Governments (sponsored by Senator Scott and Rep. Coram): This bill places limits on the general fund transfers from a number of different funds including the severance tax fund. 8

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2008 Anadarko Investor Conference

2008 Anadarko Investor Conference Anadarko Petroleum Corporation Forward-Looking Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act