OPERATIONS REPORT FIRST-QUARTER 2012 April 30, 2012

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1 Cautionary Note 2 OPERATIONS REPORT April 30, 2012 Overview 2 Drilling Efficiencies 4 Rockies 5 Southern & Appalachia 8 Gulf of Mexico 11 International/Frontier 15 1

2 OVERVIEW 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 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 the following: Anadarko s ability to meet financial and operating guidance; to achieve its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG plant; to achieve its production and budget expectations on its mega projects; and the legislative and regulatory changes, such as the delays in processing and approval of drilling permits, exploration plans and oil response plans that may impact the Company s Gulf of Mexico and International offshore operations resulting from the Deepwater Horizon events. Other factors that could impact any forward-looking statements are described in 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. 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 U.S. Investors The U.S. 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. We may use terms in this presentation, such as resources, net resources, net discovered resources, net risked resources, resource opportunity, estimated ultimate recovery, resource potential, resource estimate, gross recoverable resources, net resource estimate, gross recoverable resource, net resource estimate, discovered resources, resource potential, and similar terms that the SEC s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2011, File No , available from us at or by writing us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas Attn: Investor Relations. You can also obtain this form from the SEC by calling SEC ACHIEVED RECORD SALES VOLUMES Sales volumes for the quarter were above the high end of guidance at 64 million barrels of oil equivalent (BOE), representing a record 704,000 BOE per day (BOE/d). Sales volumes of liquids averaged 301,000 barrels per day, which represents a 5% increase over the 1 st quarter of The increase was driven by the company s five major U.S. onshore growth plays: Wattenberg, Eagleford, Greater Natural Buttes, East Texas HZ and Permian. With the volumes expected as a result of the resolution of the Algeria tax dispute, full-year sales volumes expectations are being increased by two million barrels to a range of 258 to 262 million BOE. SALES VOLUMES MMBOE MMBOE Rockies Southern & Appalachia Lower Alaska 1 1 Gulf of Mexico Total U.S International 8 7 Total Company CAPITAL SPENDING WITHIN GUIDANCE Capital expenditures during the 1 st quarter were within guidance at $1.7 billion, which excludes WES capital spending. Capital expenditure expectations for the full-year 2012 remain within the range of $6.6 to $6.9 billion, excluding WES capital spending. CAPITAL SPENDING $MM Rockies 580 Southern & Appalachia 306 Lower Alaska 26 Gulf of Mexico 257 Total U.S. 1,169 International 296 Midstream* 245 Capitalized Items/Other 80 Total Company* 1,790 *Includes WES capital spending of $98 million AVERAGE OPERATED RIG ACTIVITY 4Q11 Rockies Southern & Appalachia Lower Alaska 0 0 Gulf of Mexico 3 2 Total U.S International 7 7 Total Company

3 RESOLVED ALGERIA TAX DISPUTE Anadarko reached an agreement with Sonatrach that resolved the Algeria tax dispute in a manner that preserves the company s long-standing relationship with Sonatrach and results in significant value to Anadarko. There are two parts to the resolution with the first part providing for recoupment of approximately $1.8 billion over a period of 12 months with approximately $1.0 billion expected in 2012 and the remainder in the first half of The second aspect of the resolution is an amendment to the production sharing agreement (PSA) that is expected to provide Anadarko with approximately $2.6 billion of additional net present value over the remaining term of the PSA, using recent commodity prices and discounting at 10%. The amended contract terms are expected to result in additional sales volumes of approximately 1.6 million barrels during EXPANDED U.S. ONSHORE RESOURCE PLAYS In the Eagleford Shale, the company announced it doubled its estimate of the number of drill sites to 4,000 and increased its estimate of net resources in the play to 600+ million BOE. The company opened a new liquids-rich play in the Carthage area of East Texas (East Texas HZ) with an estimated 300 million BOE of net resources. This East Texas horizontal opportunity covers an estimated 450 drill sites, of which 350 drill sites are in the Haynesville Shale and 100 drill sites are in the Cotton Valley formation. In the Permian, the company announced it has de-risked 1,300 identified drill sites in the Bone Spring (300 drill sites) and Avalon Shale (1,000 drill sites). In the Marcellus Shale, Anadarko increased the estimated ultimate recovery (EUR) per well to eight billion cubic feet (Bcf) from previous guidance of four to six Bcf. ADVANCED PROJECTS IN DEEP-WATER GULF OF MEXICO The Caesar/Tonga mega project was brought on line in March and is currently producing more than 45,000 BOE/d. The Heidelberg-2 appraisal well encountered approximately 250 net feet of oil pay and, subsequent to quarter end, a successful downdip sidetrack expanded the areal extent and provided additional confidence in the 200+ million barrel resource estimate. Independence Hub surpassed the milestone of one trillion cubic feet (Tcf) of cumulative production. The Cheyenne East well was brought on line to the Independence Hub facilities and is producing approximately 60 million cubic feet per day (MMcf/d). SUCCESSFUL INTERNATIONAL DRILLING RESULTS In Mozambique, the company drilled two successful appraisal wells in the Prosperidade complex. The Lagosta-2 well encountered 777 total net feet of natural gas pay in multiple zones and the Lagosta-3 well encountered 577 total net feet of natural gas pay. With the results of the Lagosta-3 well, Anadarko increased the estimate of gross recoverable resources in the Prosperidade complex within Offshore Area 1 to a range of 17 to 30+ Tcf. The company conducted a drill-stem test at the Barquentine-2 well and subsequent to quarter end, a drill-stem test was conducted at the Barquentine-1 well. Each well flowed at a facility-constrained rate of approximately 100 MMcf/d, demonstrating strong reservoir connectivity and productivity. These tests support well designs capable of flowing up to 200 MMcf/d; thus, requiring fewer wells to develop the field. In Ghana, the company had two successful appraisal wells at Ntomme-2A and Enyenra-4A, both of which encountered oil, further enhancing the value of the Tweneboa, Enyenra, Ntomme (TEN) complex. Also in Ghana, a multi-zone drill-stem test was conducted at the Owo discovery well in the TEN complex that flowed at combined, facilityconstrained rates in excess of 20,000 barrels of oil per day (BOPD). DIVESTITURES AND JOINT VENTURES The company recently closed the divestiture of its South Texas assets and expects to close the sale of its Pompano assets in the deep-water Gulf of Mexico shortly. Anadarko recently finalized a joint-venture agreement in which it assigned a 23% interest in its enhanced oil recovery development at the Salt Creek field in Wyoming in exchange for funding $400 million of future development costs. 3

4 COST CONTROL & DRILLING EFFICIENCIES Drilling Efficiencies: Anadarko continues to realize drilling efficiencies across its U.S. onshore growth plays. According to an independent third-party study, Anadarko is an industry leader in terms of footage drilled per day. During the quarter, the company set spud-to-rig-release records in its Avalon and East Texas HZ drilling programs. Completion Cost Improvements: The company continues to realize improvements in completion costs by driving down contract prices and by optimizing stage spacing. Lease Operating Expense Improvements: Since 2008, Anadarko has realized a 30% improvement in lease operating expenses on a BOE basis. 4

5 ROCKIES Oil NGLs SALES VOLUMES Gas MMcf/d Oil NGLs Gas MMcf/d Greater Natural Buttes Wattenberg Pinedale / Jonah Wamsutter CBM EOR Other Total , ,271 CAPITAL SPENDING $MM AVERAGE RIG ACTIVITY Oper 4Q11 Oper During the 1 st quarter, sales volumes in the Rockies of 313,400 BOE/d were 7% higher than the same period of 2011, driven by a 40% increase in liquids sales volumes in Wattenberg and Greater Natural Buttes. Greater Natural Buttes Wattenberg Pinedale / Jonah Wamsutter CBM EOR Other Total

6 ROCKIES Wattenberg/Greater DJ and Powder River Basin: The Wattenberg field set a record for quarterly sales volumes during the 1 st quarter, averaging 80,100 BOE/d. Sales volumes of liquids increased by more than 40% compared to the 1 st quarter of In the Wattenberg field, the company drilled 60 vertical wells during the quarter utilizing three operated rigs. In addition, the company ended the quarter with seven horizontal rigs active in the play and drilled 28 horizontal wells targeting the Niobrara and Codell formations during the quarter. The company plans to add an eighth horizontal rig in the coming weeks and is planning to ramp to 10 horizontal rigs later in Anadarko is currently producing from 36 horizontal wells in the Wattenberg field. Drilling activity continued in the Powder River Basin horizontal exploration program where multiple horizontal objectives are being tested across the company s 350,000 net-acre position. Anadarko drilled four operated exploration wells and completed five wells during the quarter. In addition, the company participated in one non-operated well during the quarter. During the quarter, the company entered into agreements for construction of the Lancaster plant, which will provide access to an additional 300 MMcf/d of cryogenic processing capacity, starting in Anadarko also entered into an agreement to participate in the construction of the Front Range pipeline, which will enhance the value of the company s natural gas liquids (NGL) production by providing increased takeaway capacity from the DJ Basin and access to the premium Gulf Coast markets. The pipeline is expected to begin service in late Greater Natural Buttes: Net sales volumes averaged 500 million cubic feet equivalent per day (MMcfe/d) for the quarter, which represents a 23% improvement over the 1 st quarter of This increase was driven by a more than 40% improvement in sales volumes of NGLs. During the quarter, the company achieved a record for gross weekly production at 555 MMcfe/d. Anadarko drilled 95 wells during the quarter running eight operated rigs. Anadarko drilled and completed the lower Mesaverde Blackhawk interval in 26 new development wells during the quarter. Production from this interval has averaged 0.7 MMcf/d per well. Expansion of the cryogenic facilities at the Chipeta plant is about 70% complete and remains on schedule to increase Anadarko s contracted cryogenic processing capacity to 500 MMcf/d during the 3 rd quarter of The expansion is expected to result in an incremental net recovery to Anadarko of more than 7,000 barrels per day of NGLs. 6

7 ROCKIES Wamsutter/Moxa: Anadarko drilled 14 operated wells with one rig and participated in 11 nonoperated wells during the quarter in the Wamsutter field. The company drilled eight operated wells in the Moxa area during the 1 st quarter. Pinedale/Jonah: The company participated in drilling 15 wells in the Pinedale field during the quarter, running an average of seven non-operated rigs. Coalbed Methane: In the Powder River Basin, the company implemented significant efforts to reduce operating costs associated with dry gas production by shutting in wells in the dewatering phase, eliminating workover activity on marginal wells and reducing the number of water treatment facilities in the field. Salt Creek Enhanced Oil Recovery: Subsequent to quarter end, Anadarko finalized a joint-venture agreement whereby Anadarko assigned a 23% interest in the Salt Creek field in Wyoming in exchange for funding $400 million of its future development costs. 7

8 SOUTHERN & APPALACHIA During the 1 st quarter, sales volumes in the Southern & Appalachia region averaged 175,000 BOE/d, an increase of 15% over the 4 th quarter of The increase was driven by the company s focus on liquids-rich growth areas in Eagleford, Permian and East Texas HZ, along with growth in Marcellus. Oil NGLs SALES VOLUMES Gas MMcf/d Oil NGLs Gas MMcf/d Permian Marcellus Eagleford Bossier East Texas/Haynesville Hugoton Ozona Chalk Other Total CAPITAL SPENDING $MM AVERAGE RIG ACTIVITY Oper 4Q11 Oper Permian Marcellus Eagleford Bossier East Texas/Haynesville Hugoton Ozona Chalk Other Total

9 SOUTHERN & APPALACHIA Eagleford: During the quarter, the company doubled the number of identified drill sites to 4,000, thereby increasing its estimated net resources in the field to more than 600 million BOE. Anadarko s average sales volumes for the quarter were 27,300 BOE/d, which represents an increase of 64% over the 1 st quarter of During the quarter, the company set a record for weekly net production of more than 30,200 BOE/d. During the quarter, Anadarko spud 69 wells, completed 74 wells and achieved first production on 59 wells. The company operated 10 conventional rigs and one spudder rig throughout the quarter. The Brasada gas processing plant was sanctioned during the quarter. The plant will have an initial cryogenic processing capacity of 200 MMcf/d and will expand Anadarko s firm processing capacity in the Eagleford to approximately 455 MMcf/d. Startup is planned for the 2 nd quarter of During the quarter, the company entered into long-term agreements that will secure firm pipeline and fractionation capacity for Anadarko s residue gas and NGLs at the tailgate of the Brasada plant to facilitate the Eagleford s continued rapid production growth. Permian: Due to the strong results in the Bone Spring play, liquids sales volumes during the quarter in Permian increased by 90% over the 1 st quarter of Anadarko exited the 1 st quarter with four operated rigs and five nonoperated rigs drilling in the Bone Spring horizontal play and one operated rig drilling in the Avalon Shale. During the quarter, the company spud 18 wells and completed 19 wells. Infrastructure planning and construction are underway to support the increased drilling activity expected during 2012 and beyond. Construction of a refrigeration plant with 25 MMcf/d of capacity is underway with an expected 2 nd quarter startup. Construction is also underway on a 100 MMcf/d cryogenic processing plant with an expected startup in early During the 1 st quarter, Anadarko s first saltwater disposal well in the Avalon development area became operational and is expected to significantly reduce the cost of water handling. The first Avalon central processing facility and the second central gathering facility are both expected to be operational in the 2 nd quarter of East Texas/Haynesville: During the quarter, the company announced it opened a new liquids-rich play in the Carthage area of East Texas. The company has identified more than 450 drill sites (350 in the Haynesville Shale and 100 in the Cotton Valley formation) with strong economics and an estimated 300 million BOE of net resources. The company operated seven rigs in the play during the 1 st quarter and plans to operate up to eight rigs and drill approximately 75 horizontal wells in the play during

10 SOUTHERN & APPALACHIA Marcellus: The company achieved the milestone of one Bcf per day of gross production during the quarter. In addition, Anadarko achieved an operated production record of 370 MMcf/d. Net sales volumes for the quarter increased by more than 150% over the same period in 2011 and increased by 30% over the 4 th quarter of Based on the continued strong production results of the Marcellus wells, Anadarko increased the EUR per well in the Marcellus to eight Bcf from previous guidance of four to six Bcf per well. The company spud 29 operated wells during the quarter using seven rigs and spud 43 non-operated wells with 11 rigs. Utica: Subsequent to quarter end, the company provided an update on its exploration drilling program in the Utica Shale play, where the company is currently producing from three wells. The most recent well, Brookfield A-3H located in Noble County, has produced approximately 13,000 barrels of oil and 22 MMcf of high-btu (British thermal unit) natural gas during its first 30 days online. All three horizontal wells were drilled to a vertical depth of approximately 6,500 feet and a lateral length of about 5,000 feet with 16- to 19-stage completions. The company expects flow back on a fourth Utica exploration well soon and is currently drilling a fifth exploration well. The company plans to have an active drilling program during 2012 to evaluate its 390,000 gross acreage position in the Utica Shale. 10

11 GULF OF MEXICO Oil NGLs SALES VOLUMES Gas MMcf/d Oil NGLs Gas MMcf/d Total During the 1 st quarter, the Gulf of Mexico region reported sales volumes of approximately 119,000 BOE/d, representing an 8% increase over the 4 th quarter of During the quarter, the company achieved first production at the Caesar/Tonga mega project and the Cheyenne East well was brought on line to Independence Hub facilities. In addition, the company announced that the Heidelberg-2 appraisal well encountered approximately 250 net feet of oil pay. 11

12 GULF OF MEXICO PRODUCING PROPERTIES Independence Hub: Independence Hub averaged 393 MMcfe/d of gross production (249 MMcfe/d net) during the 1 st quarter and surpassed the cumulative production milestone of one Tcf. The Cheyenne East well was placed on line during February and is currently producing approximately 60 MMcf/d. Nansen: East Breaks 602/646 (APC WI 50%) The EB development well was drilled and completed during the quarter. Subsequent to quarter end, the subsea facilities were installed and the well is currently producing at a gross rate of approximately 40 MMcf/d and 1,500 barrels of condensate per day. Caesar/Tonga: Green Canyon 683/726/727/770 (APC WI 33.75%) The company achieved first production from Caesar/Tonga in early March. Gross production from the field is currently more than 45,000 BOE/d from three wells. 12

13 GULF OF MEXICO Lucius Hull Construction APPRAISAL Lucius: Keathley Canyon 874/875/918/919 (APC WI 35%) During the quarter, construction continued on the hull of the spar and first steel was cut for the topsides facilities. First production remains on track for the second half of Heidelberg: Green Canyon 903 (APC WI 44.25%) During the quarter, the company announced the successful results of the Heidelberg-2 appraisal well, which encountered approximately 250 net feet of oil pay in high-quality Miocene sands. The appraisal well was drilled to a total depth of 31,030 feet in approximately 5,000 feet of water, about 1.5 miles south and 550 feet structurally updip from the Heidelberg discovery. Log and pressure data from the appraisal and discovery wells indicate excellent quality, continuous and pressure-connected reservoirs with the same high-quality oil, validating Anadarko s geologic model and initial resource estimates of 200+ million barrels of oil. Subsequent to quarter end, Anadarko announced that the Heidelberg sidetrack appraisal well successfully drilled and defined the down-dip limits of the Heidelberg field. The well extended the oil/water contact down structure by approximately 700 feet confirming an extension of the field by up to 1,500 acres. Pre-FEED (front-end engineering and design) work is being conducted to evaluate development solutions with the objective of advancing commercialization of this emerging mega project. Vito: Mississippi Canyon 984/940 (APC WI 20%) The operator is drilling an appraisal well targeting Miocene-age reservoirs approximately 1.5 miles north and east of the discovery well. The well is being drilled in about 4,000 feet of water with a planned total depth of 31,500 feet. 13

14 GULF OF MEXICO EXPLORATION Spartacus: Walker Ridge 793 (APC WI 63.3%) The company recently spud the Spartacus exploration well in about 7,000 feet of water and approximately fifteen miles from the Lucius field discovery. The well is a subsalt Pliocene test of amplitude-supported turbidite sands that are similar to the pay discovered at Lucius. The well has a target depth of approximately 21,500 feet. 14

15 INTERNATIONAL/FRONTIER SALES VOLUMES CAPITAL SPENDING Oil Oil $ MM Alaska Algeria* Brazil China* Ghana/W. Africa* Other Total *Quarterly sales volumes are influenced by the size, timing and scheduling Sales volumes during the quarter were 97,000 BOPD. The company and its partners drilled five successful international deep-water exploration/appraisal wells and conducted two successful drill-stem tests during the quarter. Offshore Ghana, the Ntomme-2A and the Enyenra-4A appraisal wells encountered significant oil pay, which extended the areal extent of the TEN complex and a successful drill-stem test was conducted at the Owo discovery well. Offshore Mozambique in the Prosperidade complex, Anadarko announced successful appraisal wells at Lagosta-2 and Lagosta-3 and a successful drill-stem test at the Barquentine-2 well. With the successful appraisal at Lagosta-3, the estimate of gross recoverable resources for the Prosperidade field within Offshore Area 1 was increased to 17 to 30+ Tcf. 15

16 INTERNATIONAL/FRONTIER DEVELOPMENT Alaska: Gross production from the Colville River Unit averaged 77,100 BOPD during the quarter which compares to 78,000 BOPD in the 1 st quarter of Development activities at the Colville River Unit continued with two new wells and one redrill completed during the quarter. Algeria: During the quarter, gross production from the Hassi Berkine South and the Ourhoud central processing facilities averaged approximately 357,000 BOPD, which is slightly higher than the 4 th quarter of Construction at the El Merk central processing facilities and associated infrastructure in Block 208 is progressing with the overall project surpassing 90% completion at the end of the quarter. The project remains on target for first production during China: An active workover rig program helped maintain plateau production levels, with gross production averaging 49,000 BOPD during the quarter. Ghana: Gross production at the Jubilee field averaged 67,000 BOPD during the quarter. The Jubilee field Phase 1 well that was sidetracked in late 2011 and completed with a new completion design is now being tested and has been performing well during the quarter. An acid stimulation job was performed on another one of the Phase 1 wells during the quarter as a pilot test to counter issues with the original completion design and early results are encouraging. A program of additional acid stimulation jobs will be executed on other Phase 1 producers through the 2 nd quarter of Sidetracks with more optimal completion designs are also under evaluation pending results from the acid stimulation jobs. The Jubilee field Phase 1A drilling program, which consists of five additional producing wells and three new injection wells, was initiated with the spud of the first well. The combination of Phase 1A activities and additional acid stimulation jobs on existing wells are being optimized to ramp production toward facility capacity. 16

17 INTERNATIONAL/FRONTIER EXPLORATION/APPRAISAL Mozambique: Offshore Area 1 (APC WI 36.5%, operator) Early in the quarter, the company announced the seventh successful well in the Prosperidade field with the Lagosta-2 appraisal well. The well, which was appraising previous discoveries at Lagosta (about 4.4 miles to the south) and Camarão (about 5.3 miles to the north), encountered 777 total net feet of natural gas pay in multiple zones. Pressure data in the well indicates communication with both the Lagosta and Camarão discoveries. The well was drilled to a depth of 14,223 feet in water depths of about 4,813 feet and has been preserved for future utilization during the drill-stem testing program. Results of the successful Lagosta-3 appraisal well were also announced during the quarter. The well encountered approximately 577 net feet of natural gas pay in multiple zones of high-quality sands, confirming an area of the field that was not well-imaged in seismic data due to overlying faulting. The well was drilled about 2 miles west of the Lagosta-1 discovery well and 9 miles south of the Camarão well to a total depth of 13,715 feet in water depths of approximately 4,606 feet. As a result of the well, the estimated gross recoverable resources of the Prosperidade field within the limits of Offshore Area 1 were increased to 17 to 30+ Tcf of natural gas. Subsequent to quarter end, Anadarko announced the partnership s ninth successful well in the Prosperidade field with the Barquentine-4 appraisal well, representing the completion of the drilling portion of the appraisal program in the field. The well encountered approximately 525 net feet of natural gas pay and is the northernmost well in the Prosperidade field, approximately 19 miles north of the Lagosta discovery well, 17

18 INTERNATIONAL/FRONTIER Mozambique (Continued) located at the southern end of the field. As the well was being drilled, local school children selected Prosperidade (Prosperity) as the field name for the accumulation defined by the Windjammer, Barquentine, Lagosta and Camarão discoveries. With the completion of appraisal drilling in the Prosperidade field, the company moved the rig northwest of the Prosperidade field where the Golfinho exploration well was recently spud. The Golfinho well is expected to be drilled to approximately 15,400 feet and is targeting the same Oligocene reservoirs discovered in the Prosperidade field. Results are expected during the 2 nd quarter. Early in the quarter, a second deep-water drillship was mobilized to Mozambique to conduct a multi-well extended testing program. The first flow test was performed at the Barquentine-2 well, successfully flowing at a facility-constrained rate of 90 to 100 MMcf/d, with minimal pressure drawdown. The flow rates support well designs with potential flow rates up to 200 MMcf/d. The Barquentine-3 well had been set up as a monitor well and recorded the pressure response of the test very quickly, indicating very high permeability and good connectivity over a distance of more than three kilometers. Subsequent to quarter end, a second flow test was performed at the Barquentine-1 well, which flowed at facility-constrained rates of approximately 100 MMcf/d. The flow tests continue to confirm the deliverability of the reservoir and indicate a low density of development wells may be sufficient to produce the reservoir. The flow tests are an important component in the reserve certification process as the company focuses on achieving FID (final investment decision) around the end of Ghana: Deepwater Tano (APC WI 18%) Early in the quarter, the company announced that the Ntomme-2A appraisal well encountered approximately 128 net feet of light oil in excellent-quality sandstone reservoirs. Fluid samples from the well indicate oil of approximately 35 degrees API gravity. The well is located about 2.8 miles south of the Tweneboa-3 sidetrack and was drilled to a total depth of approximately 12,810 feet in 5,675 feet of water. This discovery of a significant light oil accumulation enhances the value of the TEN complex with oil estimated to make up the majority of the resources in place. The well was preserved for a drill-stem test, which is planned for the 2 nd quarter of During the quarter, the company announced that the Enyenra-4A well encountered approximately 105 net feet of oil pay in high-quality sandstone reservoirs, expanding the areal extent of the TEN complex. The well was drilled to test the southern extent of the Enyenra field and is located approximately four miles southwest of the Enyenra-2A well and almost 13 miles south of the Enyenra-3A well, which defines the northern end of the Enyenra field. The Enyenra field has now been extended more than 13 miles from north to south, indicating approximately 2,000 feet of continuous oil column with strong evidence of static communication among the wells in the field. The partnership plans to continue working to affirm connectivity, while advancing this future mega project toward submittal of a Plan of Development during the 3 rd quarter of A successful drill-stem test of multiple zones was conducted at the Owo discovery well and flowed at combined, facility-constrained rates in excess of 20,000 BOPD. West Cape Three Points (APC WI 31%) The Teak-4 appraisal well is being drilled 2.5 miles from the Teak-3 well to test the stratigraphic extension of the Teak discovery. 18

19 INTERNATIONAL/FRONTIER Côte d Ivoire: Block CI-105 (APC WI 50%, operator) Subsequent to quarter end, the company announced that the Kosrou-1 exploration well encountered approximately 312 feet of reservoir-quality sandstones in the primary target that were water bearing. The well was drilled to a total depth of approximately 17,200 feet in water depths of about 7,460 feet. Block CI-103 (APC WI 40%, technical operator) The Paon prospect was recently spud to test Cretaceous fan systems in the depositional center of the basin. The well is expected to be drilled to a total depth of approximately 16,900 feet in water depths of about 7,200 feet. Sierra Leone: Block SL-07B-11 (APC WI 55%, operator) During the quarter, the Jupiter-1 discovery well encountered 98 net feet of hydrocarbon pay in Upper Cretaceous-age reservoirs. The well was drilled to a total depth of 21,212 feet in water depths of approximately 7,215 feet. The well is located more than 15 miles southwest of the Mercury discovery well and has been preserved for possible future testing. Subsequent to quarter end, Anadarko announced the results of the Mercury-2 appraisal well, which was drilled 7.5 miles northwest and approximately 1,300 feet down-dip of the Mercury discovery well. The well was drilled to a total depth of 16,870 feet in water depths of approximately 5,950 feet and intersected more than 885 feet of reservoir-quality sandstones in the targeted Cretaceous interval that were water bearing. The partnership plans to integrate the data from the wells into its model as it evaluates future drilling plans offshore Sierra Leone. Brazil: Block BM-C-29 (APC WI 50%, operator) A hydrocarbon show report was filed with the government regulatory agency in Brazil for the Itauna appraisal well. The company is evaluating the results of the well, which was plugged and abandoned, to determine the next steps in the evaluation of the Itauna post-salt discovery. 19