Anadarko Petroleum Corporation

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  3. Oil companies of the United States
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  6. Companies based in Texas
  7. Companies established in 1959
  8. Multinational companies
  9. Deepwater Horizon oil spill


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Anadarko Petroleum Corporation
Type Public
S&P 500 Component
Traded as NYSE: APC
Industry Oil and gas
Founded 1959
Headquarters Anadarko Tower
The Woodlands, Texas, U.S.
Key people James T. Hackett
(Chairman & CEO)
R. A. Walker
(President & COO)
Products Petrochemical products
Revenue Increase US$ 10.984 billion (2010)[1]
Operating income Increase US$ 1.796 billion (2010)[1]
Net income Increase US$ 821 million (2010)[1]
Total assets Increase US$ 51.559 billion (2010)[1]
Total equity Increase US$ 21.439 billion (2010)[1]
Employees 4,400 (December 2010)[1]
Website Anadarko.com

Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with approximately 2.3 billion barrels of oil equivalent (BOE) of proved reserves and production of 206 million BOE as of December 31, 2008. Anadarko employs a worldwide workforce of about 4,000.[2] The company is headquartered in The Woodlands, SPD Montgomery County, Texas.[3]

History

Anadarko,[4][5] 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. The United States, deepwater Gulf of Mexico and Algeria represent the majority of the company's proved reserves and production; U.S. onshore accounts for about 60%.)[6]

Deepwater Horizon Oil Spill Involvement

Anadarko has 25 percent working interest in BP's Macondo Prospect and its finances were affected by the Deepwater Horizon oil spill.[7]

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 won't pay for costs associated with the oil disaster, claiming in a statement that BP is 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.[8]

In May, 2011, MOEX Offshore, which owned a 10% stake in the well through a subsidiary and which in turn itself was majority-owned by Mitsui & Co., agreed to pay US$1.07 billion to settle BP claims against it over the accident. 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.[9]

Activity

Anadarko's major areas of operation are located onshore in the United States, the deepwater of the Gulf of Mexico and Algeria. Anadarko also has exploration and/or production in Alaska, China, Brazil, Ghana, Indonesia, Mozambique and several other countries. The Company actively markets natural gas, oil and natural gas liquids (NGLs) and owns and operates gas gathering and processing systems.[2]

Other productions

In addition, Anadarko engages in the hard minerals business through non-operated joint ventures and royalty arrangements in several coal, trona (natural soda ash) and industrial mineral mines located on lands within and adjacent to its Land Grant holdings. The Land Grant is an 8-million-acre (32,000 km2) strip running through portions of Colorado, Wyoming and Utah where the Company owns most of its fee mineral rights. Anadarko is committed to minimizing the environmental impact of exploration and production activities in its worldwide operations through programs such as enhanced oil recovery that prevents a greenhouse gas from being emitted into the atmosphere by utilizing carbon dioxide (CO2) to stimulate oil production and the reduction of surface area used for production facilities.[2]

Headquarters

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]

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

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "2010 Form 10-K, Anadarko Petroleum Corporation". United States Securities and Exchange Commission. http://www.sec.gov/Archives/edgar/data/773910/000119312511043021/d10k.htm.
  2. ↑ 2.0 2.1 2.2 "2008 Form 10K for Anadarko Petroleum Corporation". 31 Dec 2008. http://idea.sec.gov/Archives/edgar/data/773910/000119312509036986/d10k.htm.
  3. ↑ "Office locations." Anadarko Petroleum Corporation. Retrieved on August 14, 2009.
  4. ↑ Supreme Court of Texas. Anadarko Petroleum Corporation v. Thompson Argued March 6, 2002 -- July 03, 2002
  5. ↑ 1959: Anadarko Production Company is formed as a subsidiary of Panhandle Eastern Corporation Pipe Line Company.
  6. ↑ Anadarko 10-K report 2007
  7. ↑ Anadarko credit rating put on negative watch
  8. ↑ Exclusive: BP Bills Anadarko $272 Million In Gulf Spill Response Slajda, Rachel. TPMMuckraker June 30, 2010, 2:37PM. Retrieved on July 4, 2010.
  9. ↑ Kennedy, Simon (May 20, 2011). "BP settles with Mitsui arm over Macondo spill". MarketWatch. http://www.marketwatch.com/story/bp-settles-with-moex-over-macondo-spill-2011-05-20. Retrieved 2011-05-20.
  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.

External links

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