HOUSTON, April 30 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) today announced that the Board of Directors approved a two-for-one
stock split. The stock split will be effected by way of a 100 percent stock
dividend. The distribution date is July 1, 1998 to stockholders of record on
June 15, 1998.
In addition, the Board of Directors approved an increase in its quarterly
dividend to $0.10 per share (up from seven and one-half cents per share). The
dividend is payable on June 24, 1998 to stockholders of record on June 10,
1998. Following the stock split, the Company expects to pay quarterly
dividends in the amount of $0.05 per share of Common Stock. Anadarko has paid
common stock dividends every quarter since 1986. The amount of future
dividend payments will depend on the Company's earnings, financial condition,
capital requirements and other factors and will be determined by the Board on
a quarterly basis.
Anadarko Chairman, President and Chief Executive Officer, Robert J.
Allison, Jr., said the stock split and dividend increase demonstrate the
Company's significant growth prospects over the next few years. Allison said:
"1998 is a significant year for Anadarko. This year, we expect to increase
oil and gas production by 20 percent following an 18 percent increase last
year.
"Through April, we've already replaced with new reserves more than 240
percent of estimated full-year 1998 production of 53 million equivalent
barrels. We are well on our way to achieving the growth targets we set in
1996 to more than double Anadarko's reserves, production and cash flow over a
four-year period.
"We are confident that Anadarko has the right strategies for an
independent exploration and production company. We believe our portfolio can
make money and grow the Company at today's prices, because we have the people,
the prospects and the resources to get the job done."
Anadarko Petroleum Corporation (NYSE: APC)
Common Stock Dividend Two-for-One Stock Split
Record Date: June 10, 1998 June 15, 1998
Pay Date: June 24, 1998 July 1, 1998
Amount: $0.10 per share One share per share
*This 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 assurances, however, can be given that its goals
will be achieved. See Additional Factors Affecting Business in the
Management's Discussion and Analysis (MD&A) in the Company's 1997 Annual
Report on Form 10-K.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
A. Paul Taylor of Anadarko Petroleum,
281-875-1101
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