HOUSTON, May 4 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
today announced the closing of a common stock offering of 6.25 million shares.
The offering was priced at $38.50 per share of common stock. Goldman, Sachs &
Co. underwrote the offering.
Anadarko received approximately $240.6 million before expenses in proceeds
from the offering. The company said it will use the proceeds for general
corporate purposes, including oil and gas development projects.
"We believe this offering is in the best interest of Anadarko's
stockholders," said Robert J. Allison, Jr., Chairman and CEO. "With this
offering, we now have the capital we need to aggressively pursue a broad
portfolio of economically attractive drilling prospects in the U.S. We had to
defer these projects earlier this year due to low oil and gas prices. The
majority of these projects are located in our key domestic basins -- in
Southwest Kansas, Central Oklahoma, East Texas and elsewhere -- that provide
the opportunity to add significant reserves at very low finding costs. We see
a tremendous opportunity to act now to take advantage of improved oil and gas
prices and attractive oil field service costs.
"Anadarko has the people, prospects and now the financial resources to get
to work building our reserves, production and cash flow ahead of our peer
companies. I believe these projects will add substantial value for our
stockholders."
This press 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) included in the Company's
1998 Annual Report on Form 10-K.
For additional information, contact:
Analysts and Investors: Media:
A. Paul Taylor, Jr. Carol L. Cox
Phone: 281-874-3471 Phone: 281-873-3855
Steve C. Campbell
Phone: 281-874-3260
SOURCE Anadarko Petroleum Corporation
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http://www.anadarko.com
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Company News On-Call:
http://www.prnewswire.com/comp/038950.html or fax,
800-758-5804, ext. 038950
CONTACT:
investors, A. Paul Taylor, Jr., 281-874-3471,
or Steve C. Campbell, 281-874-3260, or media, Carol L. Cox,
281-873-3855, all of Anadarko Petroleum Corporation
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