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www.anadarko.com | NYSE: APC

A N A D A R K O P E T R O L E U M C O R P O R A T I O N

JOHN COLGLAZIER Senior Vice President

832 636 2306

BRIAN KUCK Director

832 636 7135

JEREMY SMITH Director

832 636 1544

SHANDELL SZABO Director

832 636 3977

I N V E S T O R R E L A T I O N S

1st Quarter 2016 Highlights ............. 2 Overview .......................................... 3 Rockies ............................................ 4 Southern & Appalachia.................... 6 Gulf of Mexico ................................. 8 International & Frontier ..................10 Deepwater Rig Schedule ..............13 Glossary of Abbreviations .............14

FIRST-QUARTER 2016 OPERATIONS REPORT MAY 2, 2016

2 www.anadarko.com | NYSE: APC


FIRST-QUARTER 2016 HIGHLIGHTS

Extracting Value from the Gulf

During the 1st quarter, Anadarko’s Gulf of Mexico region averaged sales volumes of approximately 79,000 BOE/d. Liquids sales volumes increased 25% year over year. This increase was largely driven by continued outperformance at Lucius, achieving first oil at Heidelberg ahead of schedule, and the contributions from our capital-efficient development tieback program.

Extracting Value from U.S. Onshore Anadarko’s U.S. onshore team significantly reduced capital and rig count in an effort to preserve the assets for a higher price environment. First-quarter capital investments, excluding WES capital, are down nearly 71% year over year, resulting in a 67% reduction in the company’s operated U.S. onshore rig fleet.

In the Delaware Basin, the company doubled its net resource estimate to more than 2 billion BOE. Net sales volumes reached 38,000 BOE/d up 47% year over year. Total well costs improved 14% to $6.2 million from $7.2 million in the prior quarter.

In the DJ Basin, the Wattenberg team continued to drive down cycle times, bringing total well costs down 11% to $2.4 million from $2.7 million in the prior quarter.

U.S. onshore maintained its inventory of approximately 230 IDUCs, which are primarily located in the DJ Basin, Eagleford Shale and Delaware Basin.

Extracting Value from International Anadarko drilled its first successful horizontal deepwater well offshore Côte d’Ivoire at the Paon-5A, encountering almost 100 net feet of TVT pay. The company is currently drilling the Paon-3A horizontal sidetrack to be followed by a drillstem and interference test. Positive results should advance the project toward commerciality.

The 80,000-BOPD TEN development off the coast of Ghana was more than 90% complete at the end of the 1st quarter and is on track for first oil in the 3rd quarter. The TEN FPSO arrived on location in early March and subsea installations are now more than 80% complete with all flow lines installed.

Reducing Lease Operating Expenses Anadarko’s net LOE per BOE is the best it has been in a decade at $2.77 per BOE, improving by 21% year over year.

Strengthening the Balance Sheet through Portfolio Management Anadarko has closed $1.3 billion in monetizations year to date. The monetizations include the forward sale of future royalty income from its natural soda ash interests, the divestiture of its East Chalk asset, and the sale of its interest in the Maverick Basin gathering system. These transactions continue the company’s track record of actively managing its portfolio and reaffirm Anadarko’s commitment to strengthen the balance sheet.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation 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. While Anadarko believes that its expectations are based on reasonable assumptions as and when made, no assurance 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 presentation, including Anadarko’s ability to realize its expectations regarding performance in this challenging economic environment, timely complete and commercially operate the projects and drilling prospects identified in this presentation, successfully plan, secure necessary government approvals, finance, build, and operate the necessary infrastructure and LNG park, and achieve its production and budget expectations. Other factors that could impact any forward-looking statements are described in “Risk Factors” in the company’s 2015 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Cautionary Note to Investors: The United States Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. Anadarko uses certain terms in this presentation, such as “net resource estimate,” and similar terms that the SEC’s guidelines strictly prohibit Anadarko from including in filings with the SEC. Investors are urged to consider closely the disclosure in Anadarko’s form 10-K for the year ended Dec. 31, 2015, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.

*Except as otherwise noted, volumes discussed in this report exclude production associated with CBM, EOR, Bossier, and East Chalk to provide a “divestiture-adjusted” or “same-store” sales comparison. Divestiture-adjusted” or “same-store” sales volumes are intended to present performance of Anadarko’s continuing asset base, giving effect to recent divestitures.



S A L E S V O L U M E S

1Q16 1Q16 1Q16 1Q16 1Q15 1Q15 1Q15 1Q15

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d

MMBOE

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d

MMBOE

Rockies 103 68 1,100 32 108 76 1,074 33

Southern & Appalachia 60 46 1,106 26 59 53 1,158 27

Lower 48 163 114 2,206 58 167 129 2,232 60

Alaska 10 - - 1 9 - - 1

Gulf of Mexico 58 7 85 7 46 6 221 8

Total U.S. 231 121 2,291 66 222 135 2,453 69

International* 83 6 - 8 98 7 - 9

Same-Store Sales 314 127 2,291 74 320 142 2,453 78

EOR, Bossier, CBM & E. Chalk** 1 1 12 1 15 1 285 6

Total Company 315 128 2,303 75 335 143 2,738 84

CAP ITA L INVESTM ENTS

$MM

Rockies 166

Southern & Appalachia 170

Lower 48 336

Alaska 24

Gulf of Mexico 170

Total U.S. 530

International 165

Midstream* 159

Capitalized Items/Other 42

Total Company 896

1Q16

*Quarterly sales volumes are influenced by size, timing and scheduling of tanker liftings. **The EOR divestiture closed in 2Q15, Bossier and CBM divestitures closed in 3Q15, and E. Chalk divestiture closed in 2Q16.

* Includes WES capital investments of ~$140MM.

OVERVIEW

Sales Volumes Sales volumes for the 1st quarter totaled 75 MMBOE, or 827,000 BOE/d, which was at the midpoint of guidance, and represents an increase of 6% from the 4th quarter of 2015.

Capital Investments First-quarter capital investments of $756 million, excluding WES, were below the low end of guidance of $800 million and 55% lower than the capital investments in the 1st quarter of 2015.



ROCKIES

Anadarko’s Rockies assets delivered sales volumes averaging 355,000 BOE/d during the 1st quarter, a 6% increase from the previous quarter and a 2% decrease relative to the 1st quarter of 2015. Oil volumes were held nearly flat from the previous quarter.

In the DJ Basin, Wattenberg field sales volumes increased by approximately 11% or 24,000 BOE/d year over year.


1Q16 1Q16 1Q16 1Q16 1Q15 1Q15 1Q15 1Q15

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d

MBOE/d

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d MBOE/d

DJ Basin 95 51 558 239 97 46 431 215

Greater Natural Buttes 2 10 341 70 3 12 399 81

Wamsutter 1 4 81 19 2 4 95 21

Other 5 3 120 27 6 14 149 46

Same-Store Sales 103 68 1,100 355 108 76 1,074 363 EOR and CBM* - - - - 13 - 200 46

Total 103 68 1,100 355 121 76 1,274 409

*The EOR divestiture closed in 2Q15 and the CBM divestiture closed in 3Q15.

AVERAGE RIG ACTIVITY

1Q16 1Q16 4Q15

$MM Operated Operated

DJ Basin 157 2 5

Greater Natural Buttes 7 - 1

Other 2 1 1

Total 166 3 7



DJ BASIN:

Total well costs improved by 11% to $2.4 million

from $2.7 million at year-end 2015, primarily due to

a 10% reduction in completion costs. Drilling costs

continue to improve on a cost-per-foot basis to less

than $68 per-foot for short laterals, representing a

30% decline since the 1st quarter of 2015.

During the 1st quarter, Wattenberg field net sales

volumes increased by approximately 10,000 BOE/d

or 4% compared with the 4th quarter of 2015, to an

average of 239,000 BOE/d. Year-over-year sales

volumes increased by approximately 11% or

24,000 BOE/d.

Anadarko operated an average of two rigs and

drilled 26 wells (33 type-well equivalents) during

the 1st quarter, a 49-well decrease from the prior

quarter. The company completed 46 wells in the

1st quarter.

GREATER NATURAL BUTTES:

The company drilled three operated wells during the

1st quarter.

WYOMING EXPLORATION:

Anadarko operated one rig and drilled two carried

exploratory wells in the 1st quarter.

ROCKIES

DJ Basin, Colorado

0

40

80

120

160

200

2011 2012 2013 2014 2015 1Q16

MB

OE

/d

Wattenberg Operated HZ Net Sales Volumes

Oil & Condensate (Bbl/d) Natural Gas Liquids (Bbl/d) Gas

$500

$750

$1,000

$1,250

$1,500

1Q15 2Q15 3Q15 4Q15 1Q16

Th

ou

san

ds

Wattenberg Drilling Cost per Well (SLE)



SOUTHERN & APPALACHIA

During the 1st quarter, sales volumes in the Southern & Appalachia Region averaged 294,000 BOE/d, an increase of 11% quarter over quarter.

Anadarko averaged seven operated rigs, down approximately 40% sequentially, and drilled 30 wells in the 1st quarter of 2016 with the majority of activity delineating the stacked oil plays in the Delaware Basin.


1Q16 1Q16 1Q16 1Q16 1Q15 1Q15 1Q15 1Q15

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d

MBOE/d

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d MBOE/d

Eagleford 29 23 142 76 36 24 163 88

Delaware Basin 21 5 71 38 14 4 47 26

E. Texas/N. Louisiana 2 12 262 57 3 17 248 61

W. Chalk/Eaglebine 6 1 6 8 5 1 6 7

Marcellus - - 547 91 - - 595 99

Other 2 5 78 20 1 7 99 24

Total 61 47 1,118 294 61 54 1,243 322

Same Store Sales 60 46 1,106 290 59 53 1,158 305

E. Chalk, Bossier* 1 1 12 4 2 1 85 17

AVERAGE RIG ACTIVITY

1Q16 1Q16 4Q15

$MM Operated Operated

Eagleford 37 - 1

Delaware Basin 120 6 7

E. Texas/N. Louisiana 8 - 3

W. Chalk/Eaglebine 3 1 1

Marcellus - - -

Other 2 - -

Total 170 7 12

*The Bossier divestiture closed in 3Q15, and the E. Chalk divestiture closed in 2Q16.



DELAWARE BASIN:

Anadarko doubled its net resource estimate in the Delaware Basin to more than 2 billion BOE.

Net sales volumes for the quarter averaged approximately 38,000 BOE/d, an increase of 46% from the 1st quarter of 2015. Total liquids volumes averaged approximately 26,000 Bbl/d, which is an increase of 44% year over year and 4% compared to the 4th quarter of 2015.

The company averaged six operated rigs, spud 23 wells and turned on 26 operated wells during the 1st quarter of 2016.

Total per-well costs were reduced by $1 million from the prior quarter or 14%. Completion costs-per-foot are down by 47% over the prior year.

Anadarko drilled its longest Wolfcamp lateral to date of almost 11,000 feet.

The installation of a centralized gas gathering booster station has improved the connectivity of the existing gathering system and supports optimized field development.

EAGLEFORD:

Anadarko spud three wells, utilizing one operated rig in the 1st quarter, and completed 17 wells.

Anadarko’s net sales volumes averaged nearly 76,000 BOE/d during the quarter, a 14% decrease from the 1st quarter of 2015.

E. TEXAS/N. LOUISIANA:

Anadarko’s net sales volumes averaged approximately 57,000 BOE/d during the 1st quarter.

EAGLEBINE:

Anadarko’s net sales volumes for the quarter averaged approximately 3,500 BOE/d, an increase of 12% quarter over quarter and 37% year over year.

During the 1st quarter, Anadarko continued to focus on reducing costs and improved completion costs by 23% over the prior quarter, setting a new days-from-spud drilling record at less than nine days.

At the end of the 1st quarter, Anadarko had $311 million remaining on a $442 million carried-interest agreement. The partnership does not anticipate any further drilling in 2016.

MARCELLUS:

Anadarko’s net sales volumes for the quarter averaged 91,000 BOE/d.

SOUTHERN & APPALACHIA

Eaglebine, Texas



GULF OF MEXICO

S A L E S V O L U M E S *

1Q16 1Q16 1Q16 1Q16 1Q15 1Q15 1Q15 1Q15

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d

MBOE/d

Oil MBOPD

NGLs MBbl/d

Gas MMcf/d MBOE/d

Total 58 7 85 79 46 6 221 89 *Includes the impact of weather-related downtime

During the 1st quarter, Anadarko’s Gulf of Mexico region averaged sales volumes of approximately 79,000 BOE/d. Liquids sales volumes increased 25% year over year. The company benefited from Heidelberg, which achieved first oil ahead of schedule, and Lucius, which continues to outperform expectations. Anadarko currently has up to 30 identified development tieback opportunities in the Gulf, delivering short-cycle oil volumes and continued exploration success could add years of additional inventory.



Development LUCIUS:

KEATHLEY CANYON 874/875/918/919 (APC WI 23.8%)

The field performance continues to surpass expectations, holding its plateau since the facility reached peak production in the 2nd quarter of 2015.

The seventh Lucius development well was drilled in the 1st quarter. The well was drilled in the highest structural position and encountered approximately 475 net feet of TVT pay giving access to additional resources updip of producing wells.

HEIDELBERG:

GREEN CANYON 859/860/903/904/948 (APC WI 31.5%)

First oil began in the 1st quarter of 2016 from three initial subsea wells. The company plans to drill two additional wells later in 2016 to further increase oil production.

At the end of the 1st quarter, Anadarko had approximately $30 million remaining on an $860 million carried-interest agreement, which will be used to fund development activities this year.

CAESAR/TONGA:

GREEN CANYON 683/726/727/770 (APC WI 33.75%)

The sixth Caesar/Tonga development well encountered more than 400 net feet of TVT pay and is producing in excess of 8,000 BOE/d.

The seventh Caesar/Tonga well was drilled, completed, and flow tested in the 1st quarter. The well encountered more than 500 net feet of TVT pay and is expected to come on line in the 2nd quarter.

The Phase 2 development project is moving ahead with first oil anticipated by the end of 2017.

Exploration/Appraisal LEASE SALE 241:

KEATHLEY CANYON 921/965 AND WALKER RIDGE 620/621

Anadarko was the apparent high bidder on four blocks near the Lucius facility.

SHENANDOAH BASIN:

WALKER RIDGE 51/52/53 (APC WI 30%, OPERATOR)

The Shenandoah-5 appraisal well spud during the 1st quarter. The well is designed to confirm and extend reservoir boundaries. When drilling has concluded, the rig will move to the Warrior prospect.

GULF OF MEXICO

Heidelberg, Gulf of Mexico



C A P I T A L I N V E S T M E N T S

1Q16

$MM

Alaska 24

Algeria 8

Ghana/W. Africa 129

Mozambique 21

Other 7

Total 189

INTERNATIONAL & FRONTIER

During the 1st quarter, the International & Frontier region liquids sales volumes averaged 99,000 Bbl/d.

The TEN development is on schedule for first oil in the 3rd quarter of 2016.

*Quarterly sales volumes are influenced by size, timing and scheduling of tanker liftings.


1Q16 1Q15

MBbl/d MBbl/d

Alaska 10 9

Algeria* 71 77

Ghana/W. Africa* 18 28

Mozambique - -

Other - -

Total 99 114

El Merk, Algeria




Development ALASKA:

Net production from the Colville River Unit averaged approximately 10,000 BOPD during the 1st quarter, representing a 6% increase over the 4th quarter of 2015, and a 20% increase year over year due to strong performance at Alpine West.

ALGERIA:

Gross production averaged approximately 340,000 BOE/d during the quarter, which was a decrease from the prior quarter due to planned maintenance and inspections at the Ourhoud facility.

GHANA:

Gross production at the Jubilee field averaged approximately 80,000 BOPD during the 1st quarter. Production was down quarter over quarter due to planned shutdown of the FPSO for maintenance.

The operator of the FPSO Kwame Nkrumah announced that a potential issue was identified with the FPSO’s turret bearing. The root-cause analysis is under way and multiple solutions are being considered. In the meantime, the FPSO has been placed on heading control utilizing tugs, which minimize vessel movement around the bearings, and new operating procedures are being implemented to ensure continued safe production and offtake operations.

The TEN development was more than 90% complete at the end of the quarter. The fifth and sixth wells were completed, and the remaining four wells are scheduled for completion before startup. The 80,000-BOPD project remains on schedule for first oil in the 3rd quarter of 2016.

MOZAMBIQUE:

OFFSHORE AREA 1 (APC WI 26.5%, OPERATOR)

The partnership continues to work with the Government of Mozambique to progress the agreements and approvals required to support the investment.

TEN FPSO, Ghana



Exploration/Appraisal COLOMBIA:

BLOCKS COL 1, COL 2, COL 6 AND COL 7 (APC WI 100%, OPERATOR)

Phase I acquisition of the Esmeralda 3D survey, which is approximately 16,300 km², was completed during the 4th quarter of 2015. Acquisition of Phase II of the Esmeralda 3D survey, which is approximately 13,000 km², commenced during 1st quarter of 2016.

BLOCKS FUERTE NORTE, FUERTE SUR, PURPLE ANGEL, COL 5, AND URA 4 (APC 50% WI, OPERATOR)

An exploration well is planned for the 2nd half of 2016 on the Purple Angel Block.

CÔTE D’IVOIRE:

BLOCK CI-103 (APC WI 65%, OPERATOR)

In the 1st quarter, the Paon-5A horizontal well encountered nearly 100 net feet of TVT pay successfully appraising the discovery. This was Anadarko’s first horizontal deepwater well. The company is currently drilling the Paon-3A horizontal sidetrack to be followed by a drillstem test and interference program. The data from these operations are expected to provide insight on reservoir connectivity, deliverability, fluid properties and reservoir size.

BLOCKS CI-527 (PELICAN), CI-528 (ROSSIGNOL) (APC WI 90%, OPERATOR)

Two exploration wells (Pelican and Rossignol) are planned after completion of the Paon appraisal program.




DEEPWATER RIG SCHEDULE

2016 2017 2018 2019 2020

Noble Bob Douglas Rowan Resolute Bolette Dolphin Ocean BlackHawk Ocean BlackHornet

Bolette Dolphin Drillship Ocean BlackHornet Drillship



GLOSSARY OF ABBREVIATIONS

APC: Anadarko Petroleum Corporation

Bbl/d: Barrels of Liquids per Day

BOE: Barrels of Oil Equivalent

BOE/d: Barrels of Oil Equivalent per Day

BOPD: Barrels of Oil per Day

CBM: Coalbed Methane

EOR: Enhanced Oil Recovery

FPSO: Floating, Production, Storage and Offloading Unit

HZ: Horizontal

IDUC: Intentionally Drilled, Uncompleted Wellbore

KM: Kilometers

LOE: Lease Operating Expense

LNG: Liquefied Natural Gas

MBbl/d: Thousand Barrels per Day

MBOE: Thousand Barrels of Oil Equivalent

MBOE/d: Thousand Barrels of Oil Equivalent per Day

MBOPD: Thousand Barrels of Oil per Day

Mcf/d: Thousand Cubic Feet per Day

MM: Million

MMBOE: Million Barrels of Oil Equivalent

MMcf/d: Million Cubic Feet per Day

NGL: Natural Gas Liquid

SLE: Short Lateral Equivalent

TEN: Tweneboa, Enyenra and Ntomme

TVT: True Vertical Thickness

WES: Western Gas Partners, LP (NYSE: WES)

WI: Working Interest

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