Anadarko Petroleum Corporation

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Anadarko Petroleum Corporation
TypePublic
S&P 500 Component
Traded asNYSEAPC
IndustryOil and gas
Founded1959
HeadquartersAnadarko Tower
The Woodlands, Texas, U.S.
Key people

R. A. Walker
(Chairman, President, & CEO)

Robert G. Gwin
(Executive Vice President & CFO)
ProductsPetrochemical products
RevenueIncrease US$ 13.967 billion (2011)[1]
Operating incomeDecrease US$ -1.870 billion (2011)[1]
Net incomeDecrease US$ -2.568 million (2011)[1]
Total assetsIncrease US$ 51,779 billion (2011)[1]
Total equityDecrease US$ 18.105 billion (2011)[1]
Employees4,800 (December 2011)[1]
WebsiteAnadarko.com
 
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Anadarko Petroleum Corporation
TypePublic
S&P 500 Component
Traded asNYSEAPC
IndustryOil and gas
Founded1959
HeadquartersAnadarko Tower
The Woodlands, Texas, U.S.
Key people

R. A. Walker
(Chairman, President, & CEO)

Robert G. Gwin
(Executive Vice President & CFO)
ProductsPetrochemical products
RevenueIncrease US$ 13.967 billion (2011)[1]
Operating incomeDecrease US$ -1.870 billion (2011)[1]
Net incomeDecrease US$ -2.568 million (2011)[1]
Total assetsIncrease US$ 51,779 billion (2011)[1]
Total equityDecrease US$ 18.105 billion (2011)[1]
Employees4,800 (December 2011)[1]
WebsiteAnadarko.com

Anadarko Petroleum Corporation is an American oil and gas exploration company and one of the world’s largest publicly traded oil and gas exploration and production companies, with approximately 2.5 billion barrels of oil equivalent (BOE) of proved reserves and annual sales volumes of 248 million BOE as of December 31, 2011. Anadarko employs a worldwide workforce of about 4,000.[1] The company is headquartered in The Woodlands, SPD Montgomery County, Texas.[2]

History[edit]

Anadarko,[3][4] historically a subsidiary of Panhandle Eastern Corporation (which existed from 1928 to 1993; Panhandle Eastern has since been acquired by Southern Union Company), was formed in 1959 after the discovery of large amounts of natural gas in the Anadarko Basin (the basin comprises the Texas and Oklahoma panhandles, and southwest Kansas), thus the company's name. Anadarko spun off from Panhandle Eastern as an independent corporation in 1986 and now has activities in more than a dozen countries.[1]

Deepwater Horizon Oil spill involvement[edit]

Anadarko had 25 percent working interest in the Macondo Prospect, which was operated by BP and its finances were affected by the Deepwater Horizon oil spill.[5]

BP has billed Anadarko more than $272 million for its share of cleanup and response costs in the Gulf, according to a bill that was sent by BP and obtained by TPMMuckraker. Anadarko publicly suggested that it will not pay for costs associated with the oil disaster, claiming in a statement that BP was guilty of gross negligence or willful misconduct. Under the joint operating agreement, Anadarko must pay its portion of costs related to any incident—unless that incident was caused by its partner's gross negligence or willful misconduct.[6]

In what was seen as possibly a precursor to Anadarko's own course, in May 2011 MOEX Offshore agreed to pay US$1.07 billion to settle BP claims against it over the accident. MOEX owned a 10% stake in the well through a subsidiary and in turn itself was majority-owned by Mitsui & Co. Some analysts had thought BP would realize a larger settlement from MOEX but there was also relief to have a first step toward resolving the multiple claims.[7] In October, 2011, Anadarko did in fact follow MOEX and agreed to settle with BP for $4 billion.[1] BP agreed to "forgo reimbursement for future costs related to the incident and will indemnify Anadarko for damage claims arising under the U.S. Oil Pollution Act, among other costs. And Anadarko will transfer its 25% stake in Mississippi Canyon Block 252 (Macondo) to BP."[8]

Activity[edit]

The Company’s international oil and natural-gas production and development operations are located primarily in Algeria, Ghana, and China. The Company also has exploration acreage in Ghana, Mozambique, Brazil, Liberia, Sierra Leone, Kenya, Côte d'Ivoire, New Zealand, Indonesia, and other countries.[1]

Anadarko’s operations in the United States include oil and natural-gas exploration and production onshore in the Lower 48 states, onshore Alaska, and the deepwater Gulf of Mexico. The company has major holdings in the Wattenberg Gas Field of Colorado, USA.[9] The Company’s operations in the United States accounted for 87% of total sales volumes during 2011 and 90% of total proved reserves at year-end 2011.[1]

In addition to exploration and production, the Company engages in the gathering, processing, and treating of natural gas, and the transporting of natural gas, crude oil, and NGLs. The Company also participates in the hard minerals business through its ownership of non-operated joint ventures and royalty arrangements.[1]

Headquarters[edit]

Anadarko Petroleum Corporation is headquartered in the Anadarko Tower in The Woodlands, Texas. On February 11, 1999 Anadarko announced that it would purchase a 7.5-acre (30,000 m2) tract in The Woodlands, Montgomery County from the Woodlands Land Company. There Anadarko planned to build an 800,000-square-foot (74,000 m2), 32-story headquarters building. Anadarko opened the headquarters in mid-2002.[10]

On January 17, 2012, Swamplot and the Houston Chronicle both reported that Anadarko will be erecting a brand new tower just west of the existing tower. The new building will stand 1 floor taller than the existing tower, which is 30 stories. The new building is expected to be completed in 2014 and when finished, will surpass the existing building in height becoming the tallest building between Houston and Dallas.[citation needed] During a Summer of 2013 "Topping Off" Ceremony Anadarko Tower was renamed Allison Tower for Robert Allison, Jr., longtime President & CEO of Anadarko Petroleum Corporation. The new tower is dedicated to James Hackett, another former Anadarko Petroleum CEO, and deemed Hackett Tower.

The company previously occupied the 17001 Northchase Drive in the Greenspoint district and in Houston.[11] The tower, which was previously known as the Anadarko Tower, was built in a two-year period and completed in December 1992.[12]

References[edit]

  1. ^ a b c d e f g h i j k l "Anadarko Petroleum, Form 10-K, Annual Report, Filing Date Feb 21, 2012". secdatabase.com. Retrieved Jan 8, 2013. 
  2. ^ "Office locations." Anadarko Petroleum Corporation. Retrieved on August 14, 2009.
  3. ^ Supreme Court of Texas. Anadarko Petroleum Corporation v. Thompson Argued March 6, 2002 -- July 03, 2002
  4. ^ 1959: Anadarko Production Company is formed as a subsidiary of Panhandle Eastern Corporation Pipe Line Company.
  5. ^ Anadarko credit rating put on negative watch
  6. ^ Exclusive: BP Bills Anadarko $272 Million In Gulf Spill Response Slajda, Rachel. TPMMuckraker June 30, 2010, 2:37PM. Retrieved on July 4, 2010.
  7. ^ Kennedy, Simon (May 20, 2011). "BP settles with Mitsui arm over Macondo spill". MarketWatch. Retrieved 2011-10-17. 
  8. ^ Daniel, Robert (Oct 17, 2011). "Anadarko and BP settle Deepwater Horizon dispute". MarketWatch. Retrieved 2011-10-17. 
  9. ^ CBS Denver, Anadarko hits milestone production in Wattenberg, 5 Dec. 2012.
  10. ^ "Article: Anadarko to Build New Headquarters in the Woodlands". PR Newswire. February 11, 1999. Retrieved on August 15, 2009.
  11. ^ "Office Locations". Anadarko Petroleum Corporation. May 7, 1998. Retrieved on August 15, 2009.
  12. ^ Bivins, Ralph. "Greenspoint ground broken for Exxon Exploration building". Houston Chronicle. Thursday December 17, 1992. Business 3. Retrieved on August 2, 2009.

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