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Anadarko Completes Sale of Western Gas Equity Partners Units, Offers Update on Credit Facility, Senior Notes Issuance

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Anadarko Petroleum
Corporation (NYSE: APC) today provided a financial update, including
the establishment of a new unsecured five-year credit facility, the
issuance of senior notes, and the sale of Western Gas Equity Partners
(WGP) common units.

"We continue to enhance our liquidity, monetize asset value, and
improve our financial flexibility," said Bob Gwin, Anadarko Executive
Vice President, Finance and Chief Financial Officer. "We successfully
entered into a $3.0 billion five-year unsecured credit facility and a
$2.0 billion 364-day facility, at lower pricing, which will replace
our $5.0 billion secured credit facility upon satisfaction of certain
conditions. We also re-entered the bond market for the first time in
four years, issuing $1.25 billion of 3.45-percent 10-year and
4.50-percent 30-year notes. In addition, we completed the first WGP
secondary offering, selling 5.75 million common units held by
Anadarko. Anadarko received cash proceeds of more than $335 million
from the WGP offering, and still owns more than 88 percent of WGP,
with a current market value of approximately $11.5 billion.

"These steps reflect our commitment to maintaining financial
flexibility and accelerating value through monetizations, as we
continue to deliver differentiating value for our stakeholders from
the tremendous opportunity set embedded in our portfolio," added

Among the expanding opportunities embedded in the portfolio is the
company's substantial minerals-interest ownership, which includes its
Land Grant fee acreage, representing approximately 8 million acres in
the Rocky Mountain region, highlighted by strategic positions in
Colorado's Wattenberg field and Wyoming's Moxa, Wamsutter and Monell

"In total, oil and natural gas revenues from both operated and
non-operated production, as well as third-party coal, soda ash and
other hard minerals operations on Anadarko's fee-mineral acreage,
resulted in approximately $675 million of revenue in 2013, and is
trending higher in 2014 based on first-quarter results," said Gwin.
"Our extensive minerals-interest ownership significantly enhances our
rates of return in key growth areas, with no capital burden, while
providing future options for additional value acceleration."

Details regarding the company's minerals royalty interests and each
of the actions described above are available at the links below:

-- Five-Year Credit Facility (Form 8-K)
-- Anadarko Announces Pricing of $1.25 Billion of Senior Notes
-- WGP Secondary Offering
-- APC Minerals-Interest Ownership

Posted-In: News Financing Offerings M&A Press Releases


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