Anadarko Receives Final Approval of Algeria Tax Agreement
Monday, Apr 02, 2012
HOUSTON, TX, Apr 02, 2012 (MARKETWIRE via COMTEX) --Anadarko Petroleum Corporation (NYSE: APC) today announced the Algerian government has given final approval to an amendment to Anadarko's production sharing agreement (PSA) with Sonatrach, pursuant to the previously announced exceptional profits tax (TPE) settlement. As a result, the settlement agreement is now fully effective, and this final approval brings closure to the TPE dispute.
"Fully resolving this issue in a manner that preserves our relationship with Sonatrach and affirms the substantial value of the settlement and amended contract terms that we described in our previous news release(1) is an excellent outcome," said Anadarko President and Chief Operating Officer Al Walker. "Combined with the strength of our operating performance and the recent upgrade from Moody's Investors Service raising our credit rating to Baa3 from Ba1, this resolution is another important element in building momentum and delivering value for our stakeholders."
Anadarko will record a gain in the first quarter to reflect the partial recoupment of past TPE. Further, Anadarko will provide updated 2012 financial and operational guidance in its first-quarter 2012 earnings news release, reflecting the effects of the settlement agreement and contractual amendment. Historical information regarding the Algeria TPE is available in Anadarko's 2011 Annual Report on Form 10-K, which can be found on the company's website at www.anadarko.com.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
(1) News release: Anadarko Announces Resolution of Algeria Tax Dispute, March 9, 2012
This news 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 assurance, however, 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 news release. See "Risk Factors" in the company's 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.