Anadarko Reports 2007 Net Income of $3.78 Billion

Anadarko Petroleum Corporation reported fourth-quarter and full-year 2007 financial and operating results.

"In 2007, we transformed Anadarko's portfolio and positioned the company for consistent and predictable performance in 2008 and beyond," said Anadarko Chairman, President and CEO Jim Hackett. "Throughout the year, our retained properties demonstrated the strong and efficient performance we expected and delivered solid production volume growth. As a result, we were able to increase production guidance on three separate occasions in 2007, by a total of about 6% from the original projection, while improving the company's cost structure.

"I am excited about the portfolio we have assembled and proud of the numerous accomplishments of our employees during the past year. Examples of these accomplishments include: the Independence Hub project, which was delivered on time and on budget, and ramped up production as projected; the substantial discoveries offshore Ghana and in the deepwater Gulf of Mexico; and the completion of significant infrastructure enhancements in the Rocky Mountain region," added Hackett.

Fourth-quarter net income available to common stockholders was $264 million, or $.56 per share (diluted), on revenues of $3.06 billion. Income from continuing operations was $276 million, or $.59 per share (diluted). On an after-tax basis, these results include gains on asset divestitures of $230 million, or $.49 per share, state income tax expense attributable to divestitures, net of federal tax benefit, of approximately $51 million, or $.11 per share, a net unrealized losses on commodity derivatives of $322 million, or $.69 per share, and net realized gains on commodity derivatives of $40 million, or $.09 per share.

Cash flow from continuing operations in the fourth quarter of 2007 was $943 million and discretionary cash flow from continuing operations totaled $1.59 billion.

In the 2006 fourth quarter, net income available to common stockholders was $1.92 billion, or $4.16 per share (diluted), which included a gain on the divestiture of the company's Canadian subsidiary in discontinued operations. Results from continuing operations in the fourth quarter of 2006 were a loss of $32 million, or $.08 per share (diluted).

Fourth-quarter 2007 sales volumes of natural gas, crude oil and natural gas liquids totaled 53 million BOE, or 576,000 BOE per day, a 13% increase over third-quarter 2007 volumes. Fourth-quarter 2007 natural gas sales volumes averaged 2.01 billion cubic feet per day, at an average price of $5.46 per thousand cubic feet. Oil sales volumes in the fourth quarter averaged 203,000 barrels per day, at an average price of $66.58 per barrel. Natural gas liquids sales volumes averaged 37,000 barrels per day, at an average price of $61.65 per barrel.

Anadarko reported full-year 2007 net income available to common stockholders of $3.78 billion, or $8.08 per share (diluted), on revenues of $15.89 billion. Income from continuing operations totaled $3.77 billion, or $8.05 per share (diluted). Net income available to common stockholders in 2006 was $4.75 billion, or $10.24 per share diluted, on revenues of $10.23 billion, while income from continuing operations totaled $2.47 billion, or $5.33 per share (diluted).

Cash flow from operating activities of continuing operations totaled $2.77 billion in 2007. Discretionary cash flow from continuing operations totaled $2.85 billion.

Sales volumes of natural gas, crude oil and natural gas liquids from continuing operations for 2007 totaled 211 million BOE.

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