HOUSTON, Feb. 21 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) filed a shelf registration with the U.S. Securities and Exchange
Commission that provides for the issuance of up to $1 billion in debt,
preferred stock, convertible debentures and equity securities.
Anadarko previously has made three such shelf registration filings over
the past decade. The Company further stated that it has no plans to issue any
type of security from this shelf at the current time.
"We want to make sure we have the financing options and flexibility in
place if we need it at some point in the future -- to fund an acquisition or a
big development push or to finance whatever opportunities come along," said
Robert J. Allison, Jr., Chairman and Chief Executive Officer.
"In fact, given our current outlook for commodity prices, expected
production growth and anticipated non-core property sales, Anadarko should
have excess cash in 2001, even after the pending Berkley acquisition. We are
looking at a number of alternatives to put that cash to use to increase
shareholder value. They include acquisitions of producing properties in our
core operating areas, paying down debt to improve the balance sheet or buying
back common stock.
"Our intention is to invest the excess cash wisely -- once we have it
in hand -- for the maximum benefit of shareholders," Allison said.
Houston-based Anadarko Petroleum Corporation is the world's largest
independent E&P company, with proved reserves totaling 2 billion barrels of
oil equivalent. Domestically, it has operations in Texas, Louisiana, the
Mid-Continent and Rocky Mountain regions, Alaska and in the shallow and deep
waters of the Gulf of Mexico. Anadarko currently is the most active driller
in North America. Internationally, it is active in Canada, Algeria, Tunisia,
Egypt, West Africa, Guatemala, Venezuela, Brazil, Georgia, the North Atlantic
and Australia.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
media, Anne Pearson, 281-876-8368, or Teresa
Wong, 281-873-1203, or investors, A. Paul Taylor, 281-874-3471,
or David R. Larson, 281-874-3265, all of Anadarko Petroleum
Corporation
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