Anadarko Announces Third-Quarter Results Achieves Record Quarterly Sales Volumes and Raises Full-Year Sales-Volumes Guidance

HOUSTON, Nov 02, 2009 (BUSINESS WIRE) -- Anadarko Petroleum Corporation (NYSE:APC) today announced third-quarter 2009 net income from continuing operations attributable to common stockholders totaled $200 million, or $0.40 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased net income by approximately $251 million, or $0.51 per share (diluted) on an after-tax basis.(1) Cash flow from continuing operations in the third quarter of 2009 totaled slightly more than $1 billion, and discretionary cash flow totaled approximately $1.26 billion.(2) THIRD-QUARTER 2009 HIGHLIGHTS -- Achieved record quarterly sales volumes (from retained properties), a 12-percent increase over third-quarter 2008 -- Reduced lease operating expense (LOE) per barrel of oil equivalent (BOE) by 9 percent sequentially over the second-quarter 2009, and by 15 percent year-to-date over the comparable nine-month period in 2008 -- Announced deepwater drilling successes in the Gulf of Mexico and West Africa -- Received Ghanaian government approval for the Jubilee field Phase I development plan "The positive third-quarter results continue to demonstrate the value of Anadarko's portfolio, with strong performance from both our producing assets and deepwater exploration program," Anadarko Chairman and CEO Jim Hackett said. "Our exploration, drilling and operations teams continued to perform very well in achieving record sales volumes, lower costs, increased efficiencies and differentiating deepwater drilling success." Third-quarter 2009 sales volumes of natural gas, crude oil and natural gas liquids totaled 57 million BOE, or 616,000 BOE per day, comprised of natural gas sales volumes that averaged 2.144 billion cubic feet per day, oil sales volumes that averaged 205,000 barrels per day and natural gas liquids sales volumes that averaged 54,000 barrels per day.

"As a result of both improved operating performance and the absence of severe weather in the Gulf of Mexico, we expect our full-year sales volumes to be approximately 220 million BOE, up from our original midpoint of 210 million BOE at the beginning of the year, without increasing capital spending," continued Hackett. "This equates to a forecasted growth rate of approximately 7 percent over our 2008 total sales volumes of 206 million BOE, while spending approximately 35 percent less capital on near-term projects." In July, Anadarko announced the Vito exploration well in the deepwater Gulf of Mexico encountered more than 250 net feet of oil pay in Miocene sands. This success was followed by the announcement of the Venus discovery offshore Sierra Leone in September. The results of the Venus well confirmed the existence of an active petroleum system in this frontier basin, thereby enhancing the prospectivity of the company's approximately 8 million gross acres offshore West Africa.

Anadarko also continued to make significant progress on its mega projects in West Africa and in the Gulf of Mexico. Offshore Ghana, Anadarko and its partners successfully drilled the Mahogany-4 appraisal well. The well, which was located outside the existing Jubilee Unit boundary, encountered more than 140 net feet of oil pay and expanded the potential productive area of the Jubilee field to the south and east. Also in Ghana, the Jubilee project reached an important milestone during the third quarter, as the Ghanaian government formally approved the Jubilee field Phase I Plan of Development and Unitization Agreement. The partnership has drilled approximately 70 percent of the development wells in the field, awarded all contracts and completed about 70 percent of the construction work on the FPSO (floating production, storage and offloading vessel). Jubilee remains on schedule to achieve first production during the fourth quarter of 2010.

In the Gulf of Mexico during the third quarter, the company successfully drilled a development well near the Tonga West discovery as part of the Caesar/Tonga complex in the Green Canyon area. The well encountered more than 500 net feet of oil pay, and it will be tied back to Anadarko's Constitution spar. The partnership is currently drilling another development well in the complex, a sidetrack to the original Caesar discovery, which will be the third of four expected subsea wells in the development. The project currently remains on schedule, with first production expected in early 2011.

CONFERENCE CALL TOMORROW AT 9 A.M. CST, 10 A.M. EST Anadarko will host a conference call on Tuesday, Nov. 3, at 9 a.m. Central Standard Time (10 a.m. Eastern Standard Time) to discuss third-quarter results and the company's outlook for the remainder of 2009. The dial-in number is 888.679.8037 in the United States or 617.213.4849 internationally. The confirmation number is 87335929. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will also be available on the Web site for approximately 30 days following the conference call.

ANADARKO OPERATIONS REPORT For more details on Anadarko's operations, please refer to the comprehensive report on third-quarter activity. The report will be available at www.anadarko.com on the Investor Relations page.

FINANCIAL DATA Nine pages of summary financial data follow, including current hedge positions, financial guidance and supplemental production guidance.

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 2008, the company had approximately 2.3 billion barrels of oil equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

(1) See the accompanying table for details of certain items affecting comparability.

(2) See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.

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 achieve its production targets, successfully manage its capital expenditures, and timely complete and commercially operate the projects and drilling prospects identified in this news release. See "Risk Factors" in the company's 2008 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Anadarko Petroleum Corporation

Certain Items Affecting Comparability

Quarter Ended September 30, 2009

Before After Per Share millions except per share amounts

Tax Tax (diluted) Unrealized gains (losses) on derivatives, net

$ (366 ) (233 ) (0.47 ) Gains (losses) on divestitures, net

26 29 0.06 Reversal of accrual for DWRRA dispute*

735 469 0.95 Impairments

(5 ) (3 ) (0.01 ) Change in uncertain tax positions (FIN48)

- (11 ) (0.02 )

$ 390 $ 251 $ 0.51

*Includes the reversal of the $78 million (before tax) liability for

unpaid interest related to the Deepwater Royalty Relief Act (DWRRA)

dispute.

Quarter Ended September 30, 2008

Before After Per Share millions except per share amounts

Tax Tax (diluted) Unrealized gains (losses) on derivatives, net

$ 2,368 $ 1,508 3.22 Impairments

(56 ) (35 ) (0.07 ) Other adjustments

(119 ) (74 ) (0.15 )

$ 2,193 $ 1,399 $ 3.00

Reconciliation of GAAP to Non-GAAP Measures

Below is a reconciliation of cash provided by operating activities

(GAAP) to discretionary cash flow and free cash flow (non-GAAP) and

net income from continuing operations (GAAP) to adjusted net income

from continuing operations (non-GAAP) as required under Regulation G

of the Securities Exchange Act of 1934. The company uses

discretionary cash flow and free cash flow to demonstrate the

company's ability to internally fund capital expenditures and to

service or incur additional debt. It is useful in comparisons of oil

and gas exploration and production companies because it excludes

fluctuations in assets and liabilities. The company uses adjusted

net income from continuing operations to evaluate the company's

operational trends and performance.

Quarter Ended

Year-to-Date

September 30

September 30 millions 2009

2008 2009 2008 Cash Flow

Net cash provided by operating activities - continuing operations $ 1,067

$ 3,555 $ 2,826 $ 6,059 Add back:

Change in accounts receivable 277

(988 ) 139 (340 ) Change in accounts payable and accrued expenses 23

(1,371 ) 180 (548 ) Change in other items - net (108 )

(64 ) 398 142 Discretionary Cash Flow from Continuing Operations* $ 1,259

$ 1,132 $ 3,543 $ 5,313

*Discretionary cash flow from continuing operations for the quarter

and nine months ended September 30, 2009 was increased by a current

tax benefit of $21 million and $126 million, respectively. However,

actual cash tax (refunds) payments for the quarter and nine months

ended September 30, 2009 were $(50) million and $145 million,

respectively. For the quarter and nine months ended September 30,

2008, discretionary cash flow from continuing operations was reduced

by current tax expense of $1.1 billion and $1.7 billion,

respectively. However, actual cash tax payments for the quarter and

nine months ended September 30, 2008 were $337 million and $823

million, respectively.

Anadarko Petroleum Corporation

Reconciliation of GAAP to Non-GAAP Measures

September 30, 2009

Quarter Year millions

Ended to Date Discretionary cash flow from continuing operations

$ 1,259 $ 3,543 Less: Capital expenditures

849 2,870 Free Cash Flow**

$ 410 $ 673

**Free cash flow for the quarter and nine months ended September 30,

2009 was increased by a current tax benefit of $21 million and $126

million, respectively. However, actual cash tax (refunds) payments

for the quarter and nine months ended September 30, 2009 were $(50)

million and $145 million, respectively.

Quarter Ended

Quarter Ended

September 30, 2009 September 30, 2008

After Per Share After Per Share millions except per share amounts Tax (diluted) Tax (diluted) Income (loss) from continuing operations attributable to common $ 200

0.40 $ 2,164 4.58 stockholders

Less: Certain items affecting comparability 251

0.51 1,399 3.00 Adjusted net income (loss) from continuing operations $ (51 ) $ (0.11 ) $ 765 $ 1.58

Presented below is a reconciliation of total debt (GAAP) to net debt

(non-GAAP). Management uses net debt as a measure of the company's

outstanding debt obligations relative to its cash and cash

equivalents on hand.

September 30 millions

2009 Total debt

$ 12,780 Less: Cash and cash equivalents

3,586 Net Debt

$ 9,194

Anadarko Petroleum Corporation

Quarter Ended Year-to-Date Summary Financial Information September 30

September 30 millions except per share amounts 2009 2008 2009 2008 Revenues and Other

Gas sales $ 446 $ 2,395 $ 1,779 $ 5,089 Oil and condensate sales 1,252

3,217 2,634 4,911 Natural gas liquids sales 166

244 365 703 Gathering, processing and marketing sales 169

353 531 940 Gains (losses) on divestitures and other, net 50

(60 ) 114 270 Reversal of accrual for DWRRA dispute 657

- 657 - Total 2,740

6,149 6,080 11,913 Costs and Expenses

Oil and gas operating 219

274 720 778 Oil and gas transportation and other * 151

140 467 400 Exploration 224

373 813 880 Gathering, processing and marketing 151

265 469 679 General and administrative 223

216 658 619 Depreciation, depletion and amortization 909

844 2,648 2,438 Other taxes 213

424 543 1,306 Impairments 5

56 79 67 Total 2,095

2,592 6,397 7,167 Operating Income (Loss) 645

3,557 (317 ) 4,746 Other (Income) Expense

Interest expense 121

180 505 558 Other (income) expense, net 111

22 (339 ) (4 ) Total 232

202 166 554 Income (Loss) from Continuing Operations Before Income Taxes 413

3,355 (483 ) 4,192 Income Tax Expense (Benefit) 207

1,181 (142 ) 1,761 Income (Loss) from Continuing Operations $ 206 $ 2,174 $ (341 ) $ 2,431 Income (Loss) from Discontinued Operations, net of taxes -

1 - 58 Net Income (Loss) $ 206 $ 2,175 $ (341 ) $ 2,489 Net Income Attributable to Noncontrolling Interests 6

10 23 15 Net Income (Loss) Attributable to Common Stockholders $ 200 $ 2,165 $ (364 ) $ 2,474 Amounts Attributable to Common Stockholders

Income (loss) from continuing operations attributable to common $ 200 $ 2,164 $ (364 ) $ 2,416 stockholders

Income (loss) from discontinued operations, net of tax -

1 - 58 Net income (loss) attributable to common stockholders $ 200 $ 2,165 $ (364 ) $ 2,474 Per Common Share (amounts attributable to common stockholders):

Income (loss) from continuing operations attributable to common $ 0.40 $ 4.59 $ (0.77 ) $ 5.11 stockholders - basic

Income (loss) from continuing operations attributable to common $ 0.40 $ 4.58 $ (0.77 ) $ 5.10 stockholders - diluted

Income (loss) from discontinued operations, net of taxes - basic $ - $ - $ - $ 0.12 Income (loss) from discontinued operations, net of taxes - diluted $ - $ - $ - $ 0.12 Net income (loss) attributable to common stockholders - basic $ 0.40 $ 4.59 $ (0.77 ) $ 5.23 Net income (loss) attributable to common stockholders - diluted $ 0.40 $ 4.58 $ (0.77 ) $ 5.22 Average Number of Common Shares Outstanding - Basic 491

466 476 467 Average Number of Common Shares Outstanding - Diluted 493

467 476 468

Exploration Expense

Dry hole expense $ 46 $ 143 $ 260 $ 232 Impairments of unproved properties 110

162 348 405 Geological and geophysical expense 7

30 58 122 Exploration overhead and other 61

38 147 121 Total $ 224 $ 373 $ 813 $ 880

* For the three and nine months ended September 30, 2009, Oil and

gas transportation and other expenses includes zero and $27 million,

respectively, related to payments for early termination of certain

drilling rig contracts.

Anadarko Petroleum Corporation

Quarter Ended

Year-to-Date Summary Financial Information September 30

September 30 millions 2009 2008 2009 2008 Cash Flow from Operating Activities

Net income (loss) $ 206 $

2,175 $ (341 ) $ 2,489 Less income from discontinued operations, net of taxes -

1 - 58 Depreciation, depletion and amortization 909

844 2,648 2,438 Deferred income taxes 234

57 (8 ) 94 Dry hole expense and impairments of unproved properties 156

305 608 637 Impairments 5

56 79 67 (Gains) losses on divestitures, net (26 )

(1 ) (44 ) (165 ) Unrealized (gains) losses on derivatives 366

(2,368 ) 1,073 (277 ) Reversal of accrual for DWRRA dispute (657 )

- (657 ) - Other noncash items 66

65 185 88 Discretionary Cash Flow from Continuing Operations 1,259

1,132 3,543 5,313 (Increase) decrease in accounts receivable (277 )

988 (139 ) 340 Increase (decrease) in accounts payable and accrued expenses (23 )

1,371 (180 ) 548 Other items - net 108

64 (398 ) (142 ) Cash provided by (used in) operating activities - continuing 1,067

3,555 2,826 6,059 operations

Cash provided by (used in) operating activities - discontinued -

(4 ) - (4 ) operations

Net cash provided by (used in) operating activities*** $ 1,067 $

3,551 $ 2,826 $ 6,055

*** For the three and nine months ended September 30, 2009, net

cash provided by operating activities includes zero and $552

million, respectively, attributable to realized gains on interest

rate swaps.

Capital Expenditures $ 849 $

1,181 $ 2,870 $ 3,469

September 30, December 31,

2009 2008 Condensed Balance Sheet

Cash and cash equivalents

$ 3,586 $ 2,360 Other current assets

2,470 2,735 Net properties and equipment

36,703 37,047 Other assets

1,394 1,368 Goodwill and other intangible assets

5,323 5,413 Total Assets

$ 49,476 $ 48,923 Current debt

$ - $ 1,472 Other current liabilities

2,882 4,064 Long-term debt

11,141 9,128 Midstream subsidiary note to a related party

1,639 1,739 Other long-term liabilities

13,629 13,364 Stockholders' equity

19,820 18,795 Noncontrolling Interests

365 361 Total Liabilities and Stockholders' Equity

$ 49,476 $ 48,923 Capitalization

Total debt

$ 12,780 $ 12,339 Stockholders' equity

19,820 18,795 Total

$ 32,600 $ 31,134 Capitalization Ratios

Total debt

39 % 40 % Stockholders' equity

61 % 60 %

Anadarko Petroleum Corporation

Quarter Ended Year-to-Date Sales Volumes and Prices September 30 September 30

2009 2008 2009

2008 Natural Gas

United States

Volumes, billion cubic feet 197 183 618 548 Average daily volumes, million cubic feet per day 2,144 1,994 2,264 2,000 Price per thousand cubic feet excluding derivatives $ 3.02 $ 8.36 $ 3.37 $ 8.55 Realized gain (loss) on derivatives $ 0.54 $ 0.13 $ 0.54 $ (0.15 ) Unrealized gain (loss) on derivatives $ (1.30 ) $ 4.57 $ (1.03 ) $ 0.89 Total gains (losses) on derivatives $ (0.76 ) $ 4.70 $ (0.49 ) $ 0.74 Total price per thousand cubic feet $ 2.26 $ 13.06 $ 2.88 $ 9.29

Crude Oil and Condensate

United States

Volumes, million barrels 13 9 32

32 Average daily volumes, thousand barrels per day 136 103 117 117 Price per barrel excluding derivatives $ 63.79 $ 114.26 $ 53.77 $ 107.89 Realized gain (loss) on derivatives $ - $ (15.27 ) $ 1.00 $ (11.35 ) Unrealized gain (loss) on derivatives $ 2.24 $ 106.14 $ (3.82 ) $ (2.90 ) Total gains (losses) on derivatives $ 2.24 $ 90.87 $ (2.82 ) $ (14.25 ) Price per barrel $ 66.03 $ 205.13 $ 50.95 $ 93.64 Algeria

Volumes, million barrels 5 6 15

16 Average daily volumes, thousand barrels per day 57 64 55

57 Price per barrel excluding derivatives $ 66.95 $ 116.55 $ 56.56 $ 114.51 Realized gain (loss) on derivatives $ - $ (8.39 ) $ 0.48 $ (8.20 ) Unrealized gain (loss) on derivatives $ 0.46 $ 85.29 $ (4.02 ) $ (9.92 ) Total gains (losses) on derivatives $ 0.46 $ 76.90 $ (3.54 ) $ (18.12 ) Price per barrel $ 67.41 $ 193.45 $ 53.02 $ 96.39 Other International

Volumes, million barrels 1 1 4

4 Average daily volumes, thousand barrels per day 12 15 15

16 Price per barrel $ 65.40 $ 105.28 $ 52.24 $ 98.73 Total

Volumes, million barrels 19 16 51

52 Average daily volumes, thousand barrels per day 205 182 187 190 Price per barrel excluding derivatives $ 64.75 $ 114.34 $ 54.48 $ 109.10 Realized gain (loss) on derivatives $ - $ (11.60 ) $ 0.77 $ (9.42 ) Unrealized gain (loss) on derivatives $ 1.62 $ 90.11 $ (3.58 ) $ (4.77 ) Total gains (losses) on derivatives $ 1.62 $ 78.51 $ (2.81 ) $ (14.19 ) Total price per barrel $ 66.37 $ 192.85 $ 51.67 $ 94.91

Natural Gas Liquids

United States

Volumes, million barrels 5 4 13

11 Average daily volumes, thousand barrels per day 54 38 47

39 Total price per barrel $ 33.41 $ 69.30 $ 28.58 $ 65.17 Total Barrels of Oil Equivalent (BOE)

Volumes, million BOE 57 51 167 154 Average daily volumes, thousand BOE per day 616 552 611 562

Anadarko Petroleum Corporation

Financial and Operating Guidance

Continuing Operations

As of November 2, 2009

4th Qtr Total Year

Guidance Guidance

Units Units

Total Sales (MMBOE) 53 - 54 220 - 221

Crude Oil (MBbl/d): 185 - 195 184 - 188

United States 130 - 135 120 - 121 Algeria 40 - 45 50 - 52 Other International 14 - 15 14 - 15

Natural Gas (MMcf/d):

United States 2,100 - 2,150 2,225 - 2,235

Natural Gas Liquids (MBbl/d):

United States 40 - 45 45 - 46

$ / Unit $ / Unit

Price Differentials vs NYMEX (w/o hedges)

Crude Oil ($/Bbl): (3.00 ) - (5.00 ) (3.00 ) - (3.50 )

United States (4.00 ) - (6.00 ) (4.25 ) - (4.75 ) Algeria 1.00 - (1.00 ) - - (0.50 ) Other International (6.00 ) - (11.00 ) (5.00 ) - (6.50 )

Natural Gas ($/Mcf):

United States (0.10 ) - (0.50 ) (0.45 ) - (0.55 )

Anadarko Petroleum Corporation

Financial and

Operating Guidance

Continuing Operations

As

of November 2, 2009

4th Qtr Total Year

Guidance Guidance

$ MM $ MM

Other Revenues:

Marketing and Gathering Margin 20 - 30 85 - 95 Minerals and Other 15 - 25 790 - 800

Costs and Expenses:

$ / Boe $ / Boe

Oil & Gas Direct Operating 4.50 - 4.90 4.40 - 4.50 Oil & Gas Transportation/Other 2.60 - 2.80 2.75 - 2.80 Depreciation, Depletion and Amortization 15.75 - 16.75 15.80 - 16.10 Production Taxes (% of Revenue) 9.0 % - 11.0 % 9.0 % - 11.0 %

$ MM $ MM

General and Administrative 240 - 250 900 - 910 Exploration Expense

Non-Cash 220 - 250 830 - 860 Cash 100 - 115 300 - 315 Interest Expense (net) 195 - 210 710 - 725 Other (Income) Expense - - 20 (320 ) - (340 )

Tax Rate

Algerian Tax Rate - 100% Current 60 % - 65 % 60 % - 65 % Rest of Company Tax Rate 30 % - 40 % 35 % - 40 % Rest of Company - % of Taxes Current -40 % - -80 % 70 % - 60 % Rest of Company - % of Taxes Deferred 140 % - 180 % 30 % - 40 %

Avg. Shares Outstanding (MM)

Basic 491 - 493 480 - 482 Diluted 493 - 495 481 - 483

$ MM $ MM

Capital Investment:

Capital Projects 1,060 - 1,540 3,900 - 4,400

Anadarko Petroleum Corporation

Commodity Derivative Positions (Excluding Natural Gas Basis)

As of November 2, 2009

Weighted Average Price per MMBtu

Volume Floor Sold Floor Purchased

Ceiling Sold

(thousand

MMBtu/d)

Natural Gas

Three-Way Collars

2009 530 $ 5.45 $ 7.50 $

11.25

2010 1,630 $ 4.22 $ 5.59 $

8.23

2011 480 $ 5.00 $ 6.50 $

8.23

2012 500 $ 5.00 $ 6.50

9.03

Fixed Price

2010 90 $ 6.10

2011 90 $ 6.17

Weighted Average Price per Barrel

Volume Floor Sold Floor Purchased

Ceiling Sold

(thousand

MBbls/d)

Crude Oil

Three-Way Collars

2009 48 $ 37.51 $ 52.51 $

87.04

2010 129 $ 49.34 $ 64.34 $

90.73

2011 3 $ 35.00 $ 50.00 $

86.00

2012 2 $ 35.00 $ 50.00 $

92.50

Interest Rate Derivatives

As of November 2, 2009

Instrument Notional Amt. Start Date Maturity Rate Paid Rate Received

Swap $750 Million Oct-2011 Oct-2021 4.72% 3M LIBOR

Swap $1,250 Million Oct-2011 Oct-2041 4.83% 3M LIBOR

Swap $250 Million Oct-2012 Oct-2022 4.91% 3M LIBOR

Swap $750 Million Oct-2012 Oct-2042 4.80% 3M LIBOR

Anadarko Petroleum Corporation Natural Gas Basis Hedge Positions As of November 2, 2009

Volume (thousand Price per MMBtu

MMBtu/d)

Basis Swaps 2009 Gulf Coast 315 $ (0.15 ) Mid Continent 330 $ (0.85 ) Rocky Mountains 555 $ (1.25 )

1,200 $ (0.85 )

2010 Mid Continent 125 $ (0.83 ) Rocky Mountains 360 $ (1.23 )

485 $ (1.13 )

2011 15 $ (0.76 ) Mid Continent 30 $ (2.22 ) Rocky Mountains 45 $ (1.74 )

Rockies Export Firm Transportation As of November 2, 2009 (Only shown through 2011)

Daily Volume (MMBtus)

by Pricing Point Delivery/Pricing Point 2009 Mid Continent 491 West Coast 88 San Juan 15

594

2010 Mid Continent 491 West Coast 88 San Juan 15

594

2011 Mid Continent 491 West Coast* 294 Mid West** 250 San Juan 15

1,050

*New agreement with Ruby estimated to begin in March 2011. **New agreement with Bison estimated to begin in November 2010. SOURCE: Anadarko Petroleum Corporation CONTACT: Anadarko Petroleum Corporation MEDIA: John Christiansen, [e-mail], 832.636.8736 Matt Carmichael, [e-mail], 832.636.2845 INVESTORS: John Colglazier, [e-mail], 832.636.2306 Chris Campbell, CFA, [e-mail], 832.636.8434 Dean Hennings, [e-mail], 832.636.2462 Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Texas INDUSTRY KEYWORD: Energy

Oil/Gas SUBJECT CODE: Earnings

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