Anadarko Expects to Raise Volume to Range of 244 to 248M BOE

Anadarko Petroleum Corporation APC today announced its 2011 capital program and guidance, and provided additional information on several operating areas. We've designed a portfolio that has produced record results in recent years, and generated significant momentum for continued performance in 2011 and well into the future," said Jim Hackett, Anadarko Chairman and CEO. "In 2011, we expect to increase sales volumes to a range of 244 to 248 million BOE (barrels of oil equivalent), including a projected increase of about 10 percent in liquids volumes that deliver higher margins. Our 2011 capital spending is projected to be well within anticipated cash flows, based on today's strip prices, and will enable us to accelerate our proved reserve additions with a reserve-replacement ratio of more than 150 percent. Achieving these objectives will keep us on course to meet the five-year targets we established in March 2010, which include surpassing 3 billion BOE of proved reserves by year-end 2014, and increasing sales volumes at a 7- to 9-percent five-year CAGR (compounded annual growth rate)." Total 2011 capital expenditures are expected to be between $5.6 and $6.0 billion. This amount does not include expenditures by Western Gas Partners, LP (WES), a separate publicly traded entity controlled by Anadarko and consolidated in its financial statements.