Anadarko Provides Update on Hedge Position

Anadarko Petroleum updated its commodity price hedge position. In connection with its acquisitions of Kerr-McGee and Western Gas Resources in August, Anadarko has sought to hedge approximately 75 percent of the acquired oil and natural gas volumes through 2008, including hedges existing prior to the acquisitions.

As of Sept. 11, 2006, the hedges in place totaled about 229,000 barrels of oil equivalent per day (BOE/d) for the fourth quarter of 2006, 195,000 BOE/d for 2007 and 169,000 BOE/d for 2008. These hedges represent approximately 85 percent, 72 percent and 63 percent of the acquired oil and natural gas volumes, respectively. The acquired properties produced about 270,000 BOE/d of oil and natural gas in the 2006 second quarter.

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Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
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