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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended: March 31, 1995
Commission File Number: 1-8968
_____________________
ANADARKO PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 76-0146568
(State or other juridic- (I.R.S. Employer Iden-
tion of incorporation tification No.)
or organization)
17001 NORTHCHASE DRIVE, HOUSTON, TEXAS 77060
(Address of executive offices) (Zip Code)
(713) 875-1101
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
The number of shares outstanding of each of the registrant's classes of
common stock as of April 28, 1995 is shown below:
Number of Shares
Title of Class Outstanding
Common Stock, $0.10 par value 58,904,611
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<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months Ended
March 31
thousands 1995 1994
Revenues
Gas sales $ 58,532 $ 99,001
Oil and condensate sales 30,953 26,015
Natural gas liquids and other 13,342 8,613
Total 102,827 133,629
Cost and Expenses
Operating expenses 27,454 26,909
Administrative and general 14,090 14,379
Depreciation, depletion and amortization 36,704 47,705
Other taxes 10,216 10,833
Total 88,464 99,826
Operating Income 14,363 33,803
Other Income 59 232
Gross Income 14,422 34,035
Interest Expense 8,012 7,014
Income before Income Taxes 6,410 27,021
Income Taxes 2,330 9,959
Net Income $ 4,080 $ 17,062
Per Common Share
Net income $ 0.07 $ 0.29
Dividends $ 0.075 $ 0.075
Average Number of Common Shares Outstanding 58,878 58,692
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
Item 1. Financial Statements (continued)
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31, December 31,
thousands 1995 1994
ASSETS
Current Assets
Cash and cash equivalents $ 13,139 $ 6,530
Accounts receivable 88,515 115,181
Inventories, at average cost 16,306 13,420
Prepaid expenses 2,302 3,496
Total 120,262 138,627
Properties and Equipment
Original cost 3,519,609 3,446,252
Less accumulated depreciation, depletion
and amortization 1,490,278 1,460,196
Net properties and equipment - based on
the full cost method of accounting
for oil and gas properties 2,029,331 1,986,056
Deferred Charges 9,831 17,418
$2,159,424 $2,142,101
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
Item 1. Financial Statements (continued)
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEET (continued)
(Unaudited)
March 31, December 31,
thousands 1995 1994
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
Trade and other $ 90,188 $ 95,829
Banks 9,240 14,287
Accrued expenses
Interest 7,934 7,676
Taxes and other 17,414 10,359
Total 124,776 128,151
Long-term Debt 653,217 629,281
Deferred Credits
Deferred income taxes 440,973 438,684
Other 39,663 46,386
Total 480,636 485,070
Stockholders' Equity
Common stock, par value $0.10
(200,000,000 shares authorized,
58,886,744 and 58,857,290 shares issued
and outstanding as of March 31, 1995
and December 31, 1994, respectively) 5,934 5,931
Preferred stock, par value $1.00
(2,000,000 shares authorized, no
shares issued as of March 31, 1995
and December 31, 1994) --- ---
Paid-in capital 245,119 243,976
Retained earnings (as of March 31, 1995,
$250,795,000 was not restricted
as to the payment of dividends) 652,775 653,112
Deferred compensation (3,033) (3,420)
Total 900,795 899,599
$2,159,424 $2,142,101
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
Item 1. Financial Statements (continued)
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31
thousands 1995 1994
Cash Flow from Operating Activities
Net income $ 4,080 $ 17,062
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation, depletion and amortization 36,704 47,705
Amortization of restricted stock 387 251
Deferred income taxes 2,302 9,844
43,473 74,862
Decrease in accounts receivable 26,666 5,666
Increase in inventories (2,886) (1,504)
Increase (decrease)in accounts payable -
trade and other and accrued expenses 1,672 (11,157)
Other items - net 3,817 2,794
Net cash from operating activities 72,742 70,661
Cash Flow from Investing Activities
Additions to properties and equipment (83,854) (91,055)
Sales and retirements of properties and equipment 2,103 24,251
Net cash used in investing activities (81,751) (66,804)
Cash Flow from Financing Activities
Additions to debt 158,500 18,000
Retirements of debt (134,564) ---
Decrease in accounts payable, banks (5,047) (2,093)
Dividends paid (4,417) (4,403)
Issuance of common stock 1,146 1,122
Issuance of treasury stock 240 ---
Purchase of treasury stock (240) ---
Net cash used in financing activities 15,618 12,626
Effect of Exchange Rate Changes on Cash --- (339)
Net Increase in Cash and Cash Equivalents 6,609 16,144
Cash and Cash Equivalents at Beginning of Period 6,530 17,799
Cash and Cash Equivalents at End of Period $ 13,139 $ 33,943
See accompanying notes to consolidated financial statements.
<PAGE>
<PAGE>
Item 1. Financial Statements (continued)
ANADARKO PETROLEUM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Summary of Accounting Policies Anadarko Petroleum Corporation is
engaged in the exploration, development, production and marketing of gas,
oil and natural gas liquids (NGLs). The terms "Anadarko" and "Company"
refer to Anadarko Petroleum Corporation and its subsidiaries. The
principal subsidiaries of Anadarko are Anadarko Gathering Company,
Anadarko Trading Company and Anadarko Algeria Corporation. In December
1994, the Company sold its wholly-owned subsidiary, Anadarko Petroleum of
Canada Ltd.
Certain amounts for prior years have been reclassified to conform to the
current presentation.
2. Inventories Inventories are stated at the lower of average cost or
market. NGLs and natural gas, when sold from inventory, are charged to
expense using the average-cost method. The major classes of inventories
are as follows:
March 31, December 31,
thousands 1995 1994
Materials and supplies $11,649 $11,953
Natural gas liquids, stored in inventory 614 842
Natural gas, stored in inventory 4,043 625
$16,306 $13,420
3. Properties and Equipment Oil and gas properties include costs of
$258,146,000 and $270,956,000 at March 31, 1995 and December 31, 1994,
respectively, which were excluded from capitalized costs being amortized.
These amounts represent costs associated with unevaluated properties and
major development projects.
4. Long-term Debt A summary of long-term debt follows:
March 31, December 31,
thousands 1995 1994
Notes Payable, Banks $107,500 $ 49,000
Commercial Paper 45,717 180,281
8 3/4% Notes due 1998 100,000 100,000
8 1/4% Notes due 2001 100,000 100,000
6 3/4% Notes due 2003 100,000 100,000
5 7/8% Notes due 2003 100,000 100,000
7 1/4% Debentures due 2025 100,000 ---
$653,217 $629,281
<PAGE>
<PAGE>
Item 1. Financial Statements (continued)
ANADARKO PETROLEUM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
In March 1995, Anadarko issued $100,000,000 principal amount of 7 1/4%
Debentures due 2025. Each Debenture holder has the one-time right to
have the Company purchase on March 15, 2000, all or a portion of, the
Debenture at a purchase price equal to par plus accrued and unpaid
interest. Net proceeds from the offering were used to fix existing
floating interest rate debt.
The notes payable to banks and commercial paper have been classified as
long-term debt in accordance with SFAS 6, "Classification of Short-term
Obligations Expected to be Refinanced", under the terms of Anadarko's
$400,000,000 Bank Credit Agreements.
5. Stock For the first quarter of 1995, dividends of seven and one-half
cents per share were paid to holders of common stock. Under the most
restrictive provisions of the various credit agreements, which limit the
payment of dividends by the Company, retained earnings of $250,795,000
and $249,599,000 were not restricted as to the payment of dividends at
March 31, 1995 and December 31, 1994, respectively.
6. Statement of Cash Flows Supplemental Information The amounts of cash
paid for interest (net of amounts capitalized) and income taxes are as
follows:
Three Months Ended
March 31
thousands 1995 1994
Interest $7,063 $7,027
Income taxes $1,025 $ 537
7. Operating Expenses Operating expenses by category are as follows:
Three Months Ended
March 31
thousands 1995 1994
Oil and gas $15,836 $17,108
Plant and gathering 7,860 5,480
Gas purchases 2,705 4,230
Other 1,053 91
Total $27,454 $26,909
8. The information as furnished reflects all normal recurring adjustments
that are, in the opinion of management, necessary to a fair statement of
financial position as of March 31, 1995 and December 31, 1994, the
results of operations for the three months ended March 31, 1995 and 1994
and cash flows for the three months ended March 31, 1995 and 1994.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Overview of Operating Results
For the first quarter of 1995, Anadarko's net income was $4.1 million (seven
cents per share) compared to net income of $17.1 million (29 cents per share)
for the first quarter of 1994. Revenues for the first quarter of 1995 were
$102.8 million compared to $133.6 million for the first quarter of 1994. The
decrease in net income and revenues is due primarily to lower natural gas
prices and lower natural gas and oil production volumes.
The following table shows the Company's volumes and U.S. prices for the three
months ended March 31, 1995 and 1994.
Three Months Ended
March 31 % Increase
1995 1994 (Decrease)
Natural gas, million cubic feet 41,320 48,228 (14)
Price per thousand cubic feet $ 1.30 $ 2.03 (36)
Crude oil and condensate,
thousand barrels 1,838 2,136 (14)
Price per barrel $ 16.48 $ 12.36 33
Natural gas liquids,
thousand barrels 1,014 822 23
Price per gallon $ 0.31 $ 0.23 35
See "Natural Gas Volumes, Prices and Markets" and "Crude Oil,
Condensate and Natural Gas Liquids Volumes and Prices".
Costs and expenses during the first quarter of 1995 were $88.5 million, a
decrease of $11.3 million (11 percent) compared to $99.8 million for the first
quarter of 1994. The decrease is due primarily to lower depreciation,
depletion and amortization (DD&A) expense related to the declines in
production volumes of natural gas and crude oil and lower DD&A rates.
Interest expense for the first quarter of 1995 was $8.0 million, an increase
of 14 percent compared to $7.0 million for the first quarter of 1994. The
increase was due primarily to increases in average outstanding borrowings and
interest rates, partially offset by higher amounts of capitalized interest.
Natural Gas Volumes, Prices and Markets During the first quarter of 1995,
Anadarko produced 41.3 billion cubic feet (Bcf) or 459 million cubic feet per
day (MMcf/d) of natural gas, down 14 percent compared to 48.2 Bcf or 536
MMcf/d of gas in the first quarter of 1994. The 14 percent decline in first
quarter volumes is due primarily to the effect in 1995 of producing property
sales in 1994 and curtailments in 1995.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Anadarko's average U.S. gas price during the first quarter of 1995 was $1.30
per thousand cubic feet (Mcf), a 36 percent decrease compared to $2.03 per Mcf
in the first quarter of 1994. In response to lower gas prices, Anadarko
curtailed some gas production volumes and stored nearly 3 Bcf of gas for
possible sale later in the year. Prices have recently improved, with bid week
prices in April, scheduled for May delivery, ranging from $1.40 to $1.60 per
Mcf.
Crude Oil, Condensate and Natural Gas Liquids Volumes and Prices Anadarko's
crude oil and condensate production for the first quarter of 1995 was 1.8
million barrels (MMBbls), a decrease of 14 percent compared to 2.1 MMBbls in
the first quarter of 1994. The decrease in oil production volumes is due
primarily to the effect in 1995 of property sales in 1994.
Anadarko's average U.S. oil price was $16.48 per barrel in the first quarter
of 1995, an increase of 33 percent compared to $12.36 per barrel in the same
period in 1994. Since the end of the first quarter, Anadarko's realized oil
prices have increased about $2 per barrel.
Generally, the Company's oil and condensate production is sold on a monthly
basis as it is produced. Production of oil usually is not affected by
volatility in market prices.
Natural gas liquids (NGLs) sales volumes were up 23 percent to 1,014 thousand
barrels (MBbls) at an average price of 31 cents per gallon for the first
quarter 1995. This compares to 822 MBbls at an average price of 23 cents per
gallon for the same period of 1994. The increase in volumes is due primarily
to the Company's decision to sell more NGLs volumes rather than store in
inventory and higher plant production volumes in the first quarter of 1995.
Hedging Strategies Anadarko uses financial instruments to limit exposure
to changes in the market price of natural gas and crude oil for both the
Company and its customers. While financial instruments are intended to reduce
the Company's exposure to declines in the market price of natural gas and
crude oil, the financial instruments may also limit Anadarko's gain from
increases in the market price of natural gas and crude oil. As a result,
gains and losses on financial instruments are generally offset by similar
changes in the realized price of natural gas and crude oil. Gains and losses
are recognized in revenues for the periods to which the financial instruments
relate. Anadarko's financial instruments currently are comprised of futures,
swaps and options.
Capital Expenditures, Liquidity and Dividends
During the first quarter of 1995, Anadarko's capital spending (including
capitalized interest and overhead) was $83.3 million compared to $90.3 million
in the first quarter of 1994. Capital expenditures in both periods related
primarily to the Company's oil and gas exploration and development activities.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
For the first quarter of 1995, net cash from operating activities was $72.7
million compared to $70.7 million in the first quarter of 1994. The Company
believes cash flows and existing available credit facilities will be
sufficient to meet capital and operating requirements during 1995. However,
Anadarko may pursue other financing options to reduce or stabilize interest
costs.
In March 1995, Anadarko issued $100 million principal amount of 7 1/4%
Debentures due 2025. Each Debenture holder has the one-time right to have the
Company purchase on March 15, 2000, all or a portion of, the Debenture at a
purchase price equal to par plus the accrued and unpaid interest. Net
proceeds from the offering were used to fix floating interest rate debt.
Anadarko's Board of Directors declared a quarterly dividend of seven and one-
half cents per share of common stock outstanding. The dividend is payable on
June 28, 1995 to stockholders of record on June 14, 1995. Under the most
restrictive provisions of the various credit agreements, which limit the
payment of dividends by the Company, retained earnings of $250,795,000 were
not restricted as to the payment of dividends at March 31, 1995. The amount
of future dividends for Anadarko will depend on earnings, financial condition,
capital requirements and other factors, and will be determined by the
Directors on a quarterly basis.
Exploration and Development Activities
During the first quarter of 1995, Anadarko participated in a total of 77
wells, including 42 oil wells, 27 gas wells and eight dry holes. This
compares to a total of 72 wells in the first quarter of 1994, including 44 oil
wells, 15 gas wells and 13 dry holes. Following is a discussion of the
Company's significant activities during the first quarter of 1995.
International
Algeria In March 1995, Anadarko and partners announced test results from
the Hassi Berkine South (HBN-S) No. 1-B well on Block 404 in the Ghadames
Basin of Algeria's Sahara Desert. The HBN-S No. 1-B well was drilled to a
total depth of 11,155 feet and encountered 85 feet of net pay in the Triassic
interval. The well flowed at a stabilized rate of 16,000 barrels of oil per
day (BOPD) and 17.8 MMcf/d of gas with 1,190 pounds of flowing tubing
pressure.
The Company expects a Commerciality Report for the first development program
will be filed by Sonatrach, the national oil and gas enterprise of Algeria,
with the Energy Ministry during the second quarter of 1995. About one year
after the exploitation license is issued, Anadarko expects initial gross oil
production of about 30,000 BOPD, increasing substantially from multiple fields
two years later.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
In the Algerian venture, the Company has two partners, each with a 25 percent
interest; they are LASMO Oil (Algeria) Limited, a wholly-owned subsidiary of
LASMO plc, and Maersk Olie Algeriet AS, a wholly-owned subsidiary of Maersk
Olie Og Gas AS, a company in the Danish A.P. Moeller group. Under terms of a
Production Sharing Agreement, liquid hydrocarbons that are discovered,
developed and produced will be shared by Anadarko, its two partners and
Sonatrach.
Political unrest continues in Algeria. Anadarko is closely monitoring the
situation and has taken reasonable and prudent steps to ensure the safety of
its employees working in the remote regions of the Sahara Desert. The
situation has not had any material effect on the Company's operations to date.
Indonesia In March 1995, Anadarko and partners announced results from a
wildcat discovery in Indonesia. The North Geragai No. 1, drilled on the two
million acre Jabung Block in central Sumatra, tested at combined rates of
5,100 BOPD, 30 MMcf/d of gas and 350 barrels of condensate per day (BCPD).
The well produced from multiple intervals.
In the Indonesia venture, Anadarko is in partnership with Santa Fe Energy
Resources, Inc., the operator, and Kerr McGee Corporation. Each party holds a
33.33 percent working interest in the project. Under the terms of the
production sharing contract, all hydrocarbons that are discovered, developed
and produced will be shared with Pertamina, the state oil company of
Indonesia.
Anadarko and its partners are committed to spend $15 million during the first
three years of the exploration period. This investment includes about 1,000
kilometers of seismic and two wildcat wells.
The partners' second prospect is the N.E. Betara No. 1, located 25 miles
northwest of the initial discovery. This well will spud in the second quarter
of 1995.
Additional drilling will be conducted later this year around the North Geragai
discovery to determine both the extent of the field and commerciality.
If proven commercial, the oil could be shipped 12 miles north to the Strait of
Malacca. Two natural gas pipelines are planned in the area, with routes
crossing the Jabung Block. Construction of these lines should be completed in
1997.
United States - Offshore
Ship Shoal 349/359 In April 1995, Anadarko and partners, Phillips
Petroleum Company (Phillips) and Amoco Production Company (Amoco), announced
plans for the commercial development of the Mahogany Field. Located 80 miles
offshore, Louisiana, Mahogany is the industry's first commercial sub-salt oil
development project. The discovery is on Ship Shoal South Addition Blocks
349/359 in 370 feet of water.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
Construction on the new production platform is expected to begin in May 1995.
The platform will be designed to produce 45,000 BOPD and 100 MMcf/d of gas and
will support 20 well slots. Installation of the platform is projected for the
third quarter of 1996 with first production expected in December 1996.
Initial gross production is expected at 22,000 BOPD and 30 MMcf/d of gas.
Drilling of additional development wells could increase production levels.
Phillips, the operator, has drilled and suspended three wells, the Mahogany
No. 1 and 2 on Block 349 and the Mahogany No. 3 on Block 359. The No. 3 well
successfully encountered its primary objective in the Mahogany Field - the
zone that tested 7,200 BOPD in the No. 1 discovery well. Deeper sands in the
No. 3 well, first encountered in the No. 2 appraisal well, contained non-
commercial quantities of hydrocarbons. A fourth development well is being
drilled east of the No. 3 well to test both main field pay zones and deeper
potential sands. Anadarko and Phillips each own a 37.5 percent working
interest in the Mahogany project, with Amoco owning a 25 percent working
interest.
East Cameron 157 In April 1995, production commenced from Anadarko's new
platform at East Cameron Block 157, located 50 miles offshore Louisiana.
Production is now 38 MMcf/d of gas and 1,300 BCPD from four wellbores.
Anadarko expects production volumes to increase over the next several weeks.
The new platform was installed in October 1994, only 12 months after discovery
of a new field. The exploratory well discovered 250 feet of net gas pay in
six separate sands. An extensive analysis of a three-dimensional seismic grid
helped determine the location of development wells. To date, the Company has
drilled three development wells and may drill additional development wells off
the East Cameron platform in the future.
The new production platform has a design capacity of 150 MMcf/d of gas and is
the highest production capacity gas platform the Company operates. The
platform is also capable of producing discoveries on adjacent blocks.
Anadarko owns a 100 percent working interest in Block 157 and adjacent Blocks
169 and 170, and a 50 percent working interest in adjacent Block 158.
High Island 376 In August 1994, the "B" production platform was installed
at High Island Block A-376, located 150 miles offshore Louisiana. Production
from the "B" platform is now 2,600 BOPD and 7.8 MMcf/d of gas from two
wellbores. Pipelines to transport the production were laid two miles to
Anadarko's "A" platform. Over the past 10 years, the "A" platform has produced
more than 10 MMBbls of oil and 64 Bcf of gas. The "B" platform is producing
from a new field discovered in 1992.
Anadarko is the operator with a 33.8 percent working interest in the Block.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
United States - Onshore
Permian Basin West Texas In the Ketchum Mountain Field of Irion County,
Texas, 20 wells were completed in the first quarter of 1995. Initial
production from the 20 wells totaled 1,650 BOPD. Including wells drilled in
1994, total production from the Field has increased from 400 BOPD in late 1992
to 3,000 BOPD currently. Anadarko owns a 100 percent working interest in the
wells.
Golden Trend Oklahoma In the Bradley Field of Grady County, Oklahoma,
five wells were completed in the first quarter of 1995. Combined initial tests
rates were 421 BOPD and 6.7 MMcf/d of gas. In the Antioch Field of Oklahoma,
seven wells were completed during the first quarter of 1995. Combined initial
test rates were 414 BOPD and 3.5 MMcf/d of gas. The Company owns an average
59 percent working interest in these wells. Production for all the wells is
from the Sycamore/Woodford/Hunton/Viola intervals.
Southwest Kansas During January 1995, the Davis "D" #2, located in the
Gentzler Field of Stevens County, Kansas, was reported as a lower Morrow gas
producer. The well tested 1.1 MMcf/d of gas with 320 psi flowing tubing
pressure. The Company owns a 100 percent working interest in the well.
Located in the Angman Field in Seward County, Kansas, the Santa Fe "F" #1 was
reported as a Lower Chester well, flowing 2.7 MMcf/d of gas from a 27/64 inch
choke with flowing tubing pressure of 480 psi. Anadarko owns a 100 percent
working interest in the well.
From the Eubank Field in Haskell County, Kansas, the Southwestern College "A"
#1 flowed 1.7 MMcf/d of gas and 20 BOPD. Anadarko owns a 100 percent working
interest in the well.
In the Lahey Field of Stevens County, Kansas, three oil wells were completed
in the first quarter of 1995, each producing an average of 173 BOPD in the
Chester formation. The Lahey Field was purchased from Mesa in 1993. At that
time, the Field had one well pumping 20 BOPD compared to current production of
over 1,000 BOPD from 13 wells. Anadarko owns a 100 percent interest in these
wells.
Geothermal Anadarko signed a Memorandum of Understanding (MOU) with
Portland General Electric in April 1995. This non-binding agreement is the
initial step in developing a commercial power generation facility at
Anadarko's geothermal discovery in southeast Oregon's Pueblo Valley.
The Company will soon be participating in a Federal Environmental Impact
Statement (EIS). Subject to favorable completion of the EIS and to
negotiation of a definitive power purchase agreement, Anadarko plans to
construct a 22 megawatt power generating facility at the site of the
discovery. The MOU calls for commercial operation by January 1, 1999. The EIS
and permitting process is expected to take about 18 months.
Anadarko has an interest in geothermal energy because of its long-term
potential for economic and environmentally clean electric power generation.
<PAGE>
<PAGE>
Part II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) On April 27, 1995, the Company held its Annual Stockholders'
Meeting.
(b) Messrs. Larry Barcus and James L. Bryan were re-elected as Class
III directors to serve for a term of three years. Messrs. Ronald
Brown and John R. Gordon will continue to serve as Class I
directors and Messrs. Conrad P. Albert, Robert J. Allison, Jr. and
Charles M. Simmons will continue to serve as Class II directors.
Mr. Larry Barcus was re-elected with votes for of 48,809,220 and
votes withheld of 240,661. Mr. James L. Bryan was re-elected with
votes for of 48,795,119 and votes withheld of 254,762.
(c) The stockholders approved an amendment to the Annual Incentive
Bonus Plan (Incentive Plan). The Incentive Plan is intended to
attract and retain employees, to encourage employees to devote
their best efforts to the Company and to recognize employees for
their contributions to the overall success of the Company. A total
of 47,337,271 shares of common stock voted for the amendment to the
Incentive Plan, 1,471,573 shares of common stock voted against the
amendment to the Incentive Plan and 238,728 shares of common stock
abstained.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
There were no reports filed on Form 8-K for the three months ended
March 31, 1995.
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned duly authorized officer and principal financial officer.
ANADARKO PETROLEUM CORPORATION
(Registrant)
May 12, 1995 [MICHAEL E. ROSE]
Michael E. Rose - Senior Vice President,
Finance and Chief Financial Officer
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<TOTAL-COSTS> 74,374
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,012
<INCOME-PRETAX> 6,410
<INCOME-TAX> 2,330
<INCOME-CONTINUING> 4,080
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,080
<EPS-PRIMARY> .07
<EPS-DILUTED> 0
</TABLE>
