CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCE

INVESTOR RELATIONS JOHN COLGLAZIER Senior Vice President 832 636 2306 BRIAN KUCK Director 832 636 7135 JEREMY SMITH Director 832 636 1544 SHANDELL SZABO Director 832 636 3977 CITI 2016 GLOBAL ENERGY & UTILITIES CONFERENCE Ernie Leyendecker, SVP, International Exploration May 2016

Cautionary Language 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 1934. 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 realize its expectations regarding performance in this challenging economic environment and meet financial and operating guidance; timely complete and commercially operate the projects and drilling prospects identified in this presentation; reduce its net debt; consummate the transactions described in this presentation and identify and complete additional transactions; achieve further drilling cost reductions and efficiencies; successfully plan, secure necessary government approvals, enter into long-term sales contracts, finance, build, and operate the necessary infrastructure and LNG park in Mozambique; and achieve production expectations on its mega projects. See Risk Factors in the company s 2015 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 forwardlooking statements. Please also see our website at www.anadarko.com under Investor Relations for reconciliations of the differences between any non-gaap measure used in this presentation, including the appendix slides, and the most directly comparable GAAP financial measures. Also on our website at www.anadarko.com 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, recoverable resources, 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, 2015, File No. 001-08968, available from us at www.anadarko.com or by writing to us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330. 2

Successfully Navigating a Volatile Environment Focus on Enhancing and Preserving Value Reduce Capital Program ~50% YOY Reduce Dividends Achieve Additional Cost Savings and Efficiency Gains Continue Active Monetization Program Reduce Net Debt Note: All amounts are approximate 3

2016 Expectations 2016E 2015 CAPITAL 1 (BILLIONS) $2.6 - $2.8 $5.4 ~50% SALES VOLUMES 2 (MMBOE) 282-286 292 ~3% OIL SALES VOLUMES 2 (MBOPD) 306-311 312 ~Flat 1 Excludes capital expenditures by WES 2 Excludes all sales volumes associated with EOR, Bossier, PRB-CBM and East Chalk 2016E CAPITAL PROGRAM $2.6 - $2.8 BILLION * $1.3 Billion Monetizations Closed $420 Million Soda Ash and Coal Royalties $750 Million WES Transaction International $0.7 B Midstream & Other $0.2 B U.S. Onshore $1.1 B $105+ Million East Chalk Divestiture Additional Monetizations Under Way GOM $0.7 B * Excludes capital expenditures by WES 4

Benefits of a Balanced Portfolio ~18% Base Decline Leveraging IDUC Inventory Mega Project Contribution Full-Year Lucius Contribution Heidelberg First Oil 1Q16 TEN First Oil Expected 3Q16 E&P Capital Allocation (Billions) $8 $4 $0 $2.0 $0.5 Advantaged Maintenance Capital Provides Flexibility $1.6 $1.1 $1.9 $1.3 $2.1 $1.8 $2.0 $2.9 $2.4 $0.1 $2.0 $2.2 $2.5 $2.9 $2.9 $2.7 ~$1.8 2010 2011 2012 2013 2014 2015 2016E Maintenance Capital Short-Cycle Growth Capital Mid- & Long-Cycle Capital LIQUIDS MIX ~43% ~56% Note: Maintenance capital is defined as capital investments necessary to keep current-year sales volumes flat to previous year 5

Financial Discipline: Investing Within Cash Inflows Increasing Flexibility 50% YOY Capital Reduction 80% Dividend Reduction Improving Cost Structure Targeting up to $3 Billion Monetizations $1.3 Billion Monetizations Closed $15 Differentiating Capital Allocation & Portfolio Management Billions -$3 2011 2012 2013 2014 2015 2016E* Adj. DCF Monetizations TPE Capital DWH/TRX Adj. FCF (Cumulative) Adj. FCF (Cumulative Including DWH/TRX) * Based on consensus prices as of 5/2/2016: WTI $40/Bbl and HH $2.35/Mcf Note: See Appendix for non-gaap definitions and reconciliations 6

Maintaining Financial Strength Ample Liquidity $3 Billion Cash-on-Hand 1Q16 $3 Billion 5-Year Revolving Credit Facility $2 Billion 364-Day Facility Substantial Flexibility Investment-Grade Quality, Investment-Grade Approach Rating Outlook S&P BBB Negative FITCH BBB Negative Successfully Refinanced Near-Term Maturities Weighted Average Maturity Now 16+ Years No Significant Maturities Until 2024 APC Maturity Schedule* MOODY S Ba1 Negative ~$9,000 Amount Outstanding ($MM) * As of 5/2/2016 $2,000 $1,500 $1,000 $500 $0 Fixed Rate Bonds Retired in 2Q16 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 + 7

U.S. Onshore: Enhancing & Preserving Value ~70% Capital Reduction YOY Focus on Base Production Reduce Costs and Improve Efficiencies Leverage 230 IDUCs When Returns Compelling 170+ IDUCs Expected YE16 U.S. ONSHORE NET SALES VOLUMES* 2015 2016E TOTAL (MBOE/D) 616 605-610 LIQUIDS (MBBL/D) 283 267-271 DJ Basin ~$1,300 MM Delaware Basin ~$800 MM 2015 CAPITAL PROGRAM ~$3.6 BILLION Eagleford $500 2016E CAPITAL PROGRAM ~$1.2 BILLION Midstream ~$400 MM Other Onshore ~$600 MM DJ BASIN PLANNED ACTIVITY ~1 Rig 1+ Frac Crews DELAWARE BASIN PLANNED ACTIVITY 4+ Rigs 1+ Frac Crews Delaware Basin $500+ MM DJ Basin ~$500 MM $6/BOE Development Cost <$15,000/Flowing Barrel Activation Cost Delineation and Lease Maintenance 2+ BBOE: Doubled Net Resources Other ~$100 MM Midstream ~$100 MM * Excludes all sales volumes associated with EOR, Bossier, PRB-CBM and East Chalk Note: See Appendix for non-gaap definitions 8

DJ Basin: World-Class Asset 1.5+ BBOE Net Resources ~4,000 Identified Drilling Locations Leveraging Competitive Advantages Minerals-Interest Ownership Infrastructure in Place IDUC Inventory 2016 PLANNED OPERATED ACTIVITY RIGS WELLS-SLE FRAC CREWS YE16 IDUCS ~1 50+ 1+ 60+ 5 MILES CONSOLIDATED CORE ACREAGE WITH MINERALS-INTEREST UPLIFT LIGHT OIL OIL DJ BASIN Net Acres: ~350,000 COLORADO APC Acreage APC Mineral Interest Billions $3 $2 $1 Differentiating Capital Allocation & Portfolio Management (E&P Only) 300 $0 2011 2012 2013 2014 2015 2016E * EBITDAX Capital Monetizations Adj. FCF (Cumulative) Net Sales Volumes * 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 200 100 0 Net Sales Volumes (MBOPD) Millions $6 $3 $0 Driving Down Well Costs (4,800 Short-Lateral Equivalent) $5.1 $4.4 $3.7 $2.4 2013 2014 2015 2016E WTI Price ($/Bbl) BTAX PV-10 Breakeven ** $40 <$30 <$25 $20 $0 New Drills IDUCs ** Assumes HH $2.35/Mcf 9

Delaware: Doubling Net Resources & Lowering Costs 2+ BBOE Net Resources Maintaining Top-Tier Acreage Preparing for Full-Scale Development Optimizing Spacing and Completion Design Testing Stacked Oil Potential Ongoing Midstream Expansion OIL-RICH PLAY WITH YEARS OF DEVELOPMENT POTENTIAL CULBERSON NEW MEXICO TEXAS LOVING WARD WINKLER DELAWARE BASIN Gross Acres: ~610,000 Net Acres: ~255,000 TEXAS APC Acreage Top-Tier Acreage 2016 PLANNED OPERATED ACTIVITY RIGS WELLS-SLE FRAC CREWS YE16 IDUCS 4+ 60+ 1+ 60+ 10 MILES REEVES PECOS Total Gross DC&E Cost (Millions) $12 $9 $6 $3 $0 $11.7 Driving Down Well Costs (4,500 Short-Lateral Equivalent) $7.2 YE14 YE15 2016E Projected Pad Development $6.2 $5.2 WTI Price ($/Bbl) $40 $20 $0 BTAX PV-10 Breakeven * ~$35 ~$30 New Drills IDUCs * Assumes HH $2.35/Mcf 10

Gulf of Mexico: Enhancing Value Through Tiebacks Focused on Capital-Efficient Tiebacks 30+% BTAX ROR 15-30 Development Well Inventory Advancing Appraisal Opportunities Minimal Exploratory Drilling GOM NET SALES VOLUMES 2015 2016E TOTAL (MBOE/D) 85 76-80 LIQUIDS (MBBL/D) 60 63-67 TIEBACK OPPORTUNITIES* CAESAR/TONGA K2 HEIDELBERG 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 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 Lease Blocks: 279 Gross /160 Net * As of 1/1/2016 PHOBOS APC WI Block APC Exploration/Appraisal 11

Ghana & Algeria: Growing Higher-Margin Oil GHANA & ALGERIA GHANA ALGERIA AFRICA TEN Complex 19% WI ENYENRA WAWA Planned FPSO Location TWENEBOA Jubilee Unit 24% WI TEAK APC WI Block Oil Field Gas Condensate Appraisal Area Export Pipeline PK0 HBNS CPF BLOCK 404A OURHOUD CPF 20 MILES 32 KMS NTOMME MAHOGANY DEEPWATER TANO WEST CAPE THREE POINTS BLOCK 208 40 Ghana Net Sales Volumes EL MERK CPF 80 Algeria Net Sales Volumes 10 MILES MBOPD 20 16 KMS MBbl/d 40 Ghana 0 2013 2014 2015 2016E 2017E 2018E Jubilee TEN TEN: First Oil Expected 3Q16 0 2011 2012 2013 2014 2015 2016E Algeria 2+ Billion Barrels Cumulative Gross Production Flat YOY Volumes for <$40 Million Capital 12

Mozambique LNG: Working Parallel Processes Legal & Contractual Framework APPROVE PLAN OF DEVELOPMENT Offtake Agreements SECURE 8+ MMTPA SPAs FID WHEN UNCERTAINTY REMOVED Project Financing ADVANCE TOWARD ~2/3 LEVERAGE MINIMAL 2016 CAPITAL REQUIRED 13

2016 International & Deepwater Exploration Activity LAND GOM POSITION ~1.6 MM Gross Acres 2016 ACTIVITY PHOBOS Appraisal Well SHENANDOAH Appraisal Well WARRIOR Exploration Well COLOMBIA LAND POSITION ~16 MM Gross Acres 2016 ACTIVITY PURPLE ANGEL-1 Exploration Well GRAND COL 3D Seismic Acquisition CÔTE D IVOIRE LAND POSITION ~1 MM Gross Acres 2016 ACTIVITY PAON Appraisal Well PELICAN Exploration Well ROSSIGNOL Exploration Well CAPITAL ~$500 Million 2016 PLANNED ACTIVITY DRILL ~8 Wells TARGET NET DISCOVERED RESOURCES ~250 Million 14

Exploration: Creating Unmatched Value with Optionality Net Discovered Resources ~6.5 BBOE ~$10 Billion Capital Invested Monetized Resources Retained ~5 BBOE Net Production ~250 MBOE/d ~$14 Billion DRIVING VALUE EXPLORING APPRAISING DEVELOPING Colombia Côte d Ivoire GOM (Warrior) Shenandoah Paon Phobos Heidelberg TEN Mozambique LNG 15

Successfully Navigating a Volatile Environment Maintain Financial Discipline and Invest Within Cash Inflows Focus on Value Reduce Capital Spending and Cost Structure Position U.S. Onshore for the Future Capitalize on Portfolio Diversification and Flexibility Continue Active Monetization Program ALASKA NORTH AFRICA U.S. ONSHORE GULF OF MEXICO COLOMBIA PRODUCTION EAST AFRICA W E S T A F R IC A EXPLORATION N E W Z E A L AN D w w w. a n a d a r k o. c o m N Y S E : A P C A N A D A R K O P E T R O L E U M C O R P O R A T I O N 16

INVESTOR RELATIONS JOHN COLGLAZIER Senior Vice President 832 636 2306 BRIAN KUCK Director 832 636 7135 SHANDELL SZABO Director 832 636 3977 PETE ZAGRZECKI Director 832 636 7727 APPENDIX

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. 16

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, 2015 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 17

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, 2015 Millions Anadarko Consolidated WGP* Consolidated Anadarko excluding WGP Total debt (GAAP) $ 15,751 $ 2,707 $ 13,044 Less cash and cash equivalents 939 100 839 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 18

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 2011 2012 2013 2014 2015 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 - - 160 119 96 Current taxes related to Tronox tax position - - - - 910 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 - 1,006 730 - - 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 439 529 792 696 525 19

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, 2015 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) $ 14.36 Additions including pre-related revisions (MMBOE) (216) Finding & development costs including price-related revisions ($/BOE) NM * * NM: Not Meaningful 20

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 21