Anadarko Provides U.S. Onshore Operations Update

Anadarko Provides U.S. Onshore Operations Update 
Announces Four Fields Surpass 100,000 BOE per Day Milestone and
Reduces Fourth-Quarter Operating Expenditure Estimates 
HOUSTON, TX -- (Marketwire) -- 12/04/12 --  Anadarko Petroleum
Corporation (NYSE: APC) today provided an update on its U.S. onshore
activities, announcing that four of its core operating areas recently
surpassed the gross processed production milestone of 100,000 barrels
of oil equivalent (BOE) per day.  
The Wattenberg field in northeastern Colorado, the Eagleford Shale in
southwest Texas, the Greater Natural Buttes area in northeastern Utah
and the Marcellus Shale in north-central Pennsylvania each achieved
production records during the month of November, with all exceeding
gross processed production levels of 100,000 BOE per day. The
Wattenberg field continues to deliver significant growth, with sales
volumes expected to grow more than 10 percent sequentially from the
third quarter of this year. This growth rate is highlighted by the
performance of the horizontal program, which recently established a
gross production record of more than 45,000 BOE per day. Additionally
in the field, the company continues to enhance its capital efficiency
by optimizing lateral lengths, completions stages and well density,
while increasing the footage drilled and reducing drilling cycle
Anadarko's operations in the liquids-rich Eagleford Shale also
continue to exhibit significant growth in sales volumes, while
realizing further improvements in drilling and completions
performance. To date in the fourth quarter of 2012, the company's
drilling cycle times have averaged less than 9.5 days per well,
representing a 25-percent improvement compared to the fourth quarter
of 2011, with a recent all-time record of 5.4 days for a 12,000-foot
well. Anadarko also continues to achieve production records in its
liquids-rich East Texas horizontal program and in the Permian Basin's
Avalon Shale and Bone Spring plays. 
"Surpassing the milestone of 100,000 BOE per day in four of our core
U.S. onshore operating areas demonstrates the quality, capabilities
and increasing scale of Anadarko's portfolio," said Anadarko
President and CEO Al Walker. "Our ability to continue driving
production growth in a very capital
-efficient manner supports our
confidence in the portfolio's ability to deliver full-year sales
volumes within guidance (265 to 267 million BOE) on the strength of
U.S. oil and natural gas production, which is expected to offset our
decision to reject ethane in certain fields. Finally, we expect to
deliver these results while improving our direct oil and gas
operating costs by an additional 15 cents per BOE in the
fourth-quarter to a new range of $3.90 to $4.00 per BOE." 
Supplemental Information
 Attached to this news release are graphs
illustrating net sales volumes for the Wattenberg field, Eagleford
Shale, Greater Natural Buttes area and Marcellus Shale, as well as an
updated chart of net sales volumes in the Wattenberg Horizontal
Anadarko Petroleum Corporation's mission is to deliver a competitive
and sustainable rate of return to shareholders by exploring for,
acquiring and developing oil and natural gas resources vital to the
world's health and welfare. As of year-end 2011, the company had
approximately 2.54 billion barrels-equivalent of proved reserves,
making it one of the world's largest independent exploration and
production companies. For more information about Anadarko and APC
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This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have been
correct. A number of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this news release, including Anadarko's
ability to successfully meet its production and capital expectations
and to complete, test and produce the wells and prospects identified
in this news release. See "Risk Factors" in the company's 2011 Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other public
filings and press releases. Anadarko undertakes no obligation to
publicly update or revise any forward-looking statements. 
Attachment Available: 
Anadarko Contacts  
John Christiansen
Brian Cain
Christina Ramirez
John Colglazier
Wayne Rodrigs
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