HOUSTON, May 5 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC)
announced the offering of $200 million of 5.46% Series B Cumulative Preferred
Stock in the form of two million Depositary Shares, each Depositary Share
representing 1/10th of a share of the 5.46% Series B Cumulative Preferred
Stock. The shares have no stated maturity and are not subject to a sinking
fund or mandatory redemption. The shares are not convertible into other
securities of the Company.
Anadarko has the option to redeem the shares at $100 per depositary share
after May 15, 2008. Holders of the shares will be entitled to receive, when,
and as declared by the Board of Directors, cumulative cash dividends at an
annual dividend rate of $5.46 per depositary share. The underwriters for the
offering are Salomon Smith Barney and Morgan Stanley Dean Witter.
The proceeds from the offering will be used to reduce commercial paper and
bank borrowings and provide capital for Anadarko's 1998 work program. The
Company's capital spending program in 1998 is estimated at $790 million, which
includes oil and gas exploration and development projects in the U.S. and
overseas.
(A) 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 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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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 038950
CONTACT:
A. Paul Taylor of Anadarko Petroleum
Corporation, 281-875-1101
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