EQUITY RESEARCH Energy & Power | North America Oil & Gas: E&P (Large Cap) | 10 June 2010

ANADARKO PETROLEUM Stock Rating 1-OVERWEIGHT

Unchanged

We are buyers of APC Sector View 2-NEUTRAL

Unchanged

Price Target USD 76.00

Anadarko shares appear to reflect direct costs related to the GOM accident of $75-
Unchanged
125 billion (assuming Anadarko is liable for 15-25% of total costs and there are no
secondary impacts such as a fire sale of assets). We believe investors that are not
Price (09-Jun-2010) USD 34.83
risk averse should aggressively purchase shares. Potential Upside/Downside +118%
Tickers APC
We estimate that APC would sell, absent recent events, for ~$60 today, if it were viewed
as an average company with average prospects. Using the same approach and Market Cap (USD mn) 17232
eliminating 100% of value for the GOM (~$20) the shares would be worth roughly $40 Shares Outstanding (mn) 494.74
per share. See Figure 1. Free Float (%) 99.66
52 Wk Avg Daily Volume (mn) 5.8
While there are many possible scenarios we assume APC will be able to handle any
Dividend Yield (%) 0.8
liquidity issues via the use of cash on hand or assets sales. Strong asset transaction Return on Equity TTM (%) 4.71
markets lead us to estimate APC controls assets worth ~$50 billion (with $10-15 billion Current BVPS (USD) 41.77
in the GOM). Source: FactSet Fundamentals

There is concern Anadarko may pay less than 25% of clean-up costs and may not Price Performance Exchange-NYSE
participate fully in payments related to economic damages. Data in Figure 2 assumes 52 Week range USD 75.07-34.54
Anadarko will fund a 25% share of costs, and that those costs will be tax-deductible.
80

Louisianas GDP was $222 billion in 2008, including $600 million (2007 data) for 70

60
Forestry and Fishing (Source: Bureau of Economic Analysis).
50

Figure 3 shows the share price performance of Texaco shares compared to a three- 40

company peer group from 1985-1992. Texaco filed for bankruptcy in April 1987 01- Jul 01- Oct 01- Jan 01- Apr
following the November 1985 award of damages to Pennzoil.
Link to Barclays Capital Live for interactive charting

Quarterly and Annual EPS USD

North America Oil & Gas: E&P (Large Cap)
2009 2010 2011 Change y/y
Thomas R. Driscoll, CFA
FY Dec Actual Old New Cons Old New Cons 2010 2011 1.212.526.3557
Q1 -0.53A 0.81A 0.81A 0.83A N/A N/A 0.65E 253% N/A thomas.driscoll@barcap.com
BCI, New York
Q2 -0.56A 0.45E 0.45E 0.41E N/A N/A 0.70E 180% N/A
Q3 -0.11A N/A N/A 0.35E N/A N/A 0.77E N/A N/A Robert Bakanauskas
Q4 0.04A N/A N/A 0.39E N/A N/A 0.88E N/A N/A 1.212.526.8646
robert.bakanauskas@barcap.com
Year -1.15A 2.20E 2.20E 2.00E 1.00E 1.00E 2.81E 291% -55%
BCI, New York
P/E 15.8 34.8
Source: Barclays Capital Iva Krasteva
Consensus numbers are from Thomson Reuters 1.212.526.4420
iva.krasteva@barcap.com
BCI, New York

Barclays Capital does and seeks to do business with companies covered in its research reports. As a
result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 6.
Barclays Capital | Anadarko Petroleum

On 06/03/10 we published a note on Anadarko and exposure to the Macondo incident.

The note can be found here: Link to APC: Sharp Selloff Seems an Overreaction

Figure 1: Value of APC at Group Average Multiple, Before Clean-Up Costs

2011E PICF (MM$) 6,687

Group Average Multiple 6.00
Implied Enterprise Value 40,122
Subtract 2010E Net Debt (10,300)
Implied Equity Value 29,822
Implied Stock Price w/ GOM 60.00
* Take GOM value to ZERO (10,122) (20.00)
Value Ex GOM 19,700 40.00
Source: Company reports and Barclays Capital
PICF = Pre-interest Cash Flow; Alternatively, its EBITDAX minus cash taxes

Figure 2: Potential Stock Upside/Downside at Various Estimates of Direct Costs

Subtract for GOM Liability
* Gross Pre-tax (MM$) (a) 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 74,000
* APC Net AT Share at 25% 1,560 2,393 3,227 4,060 4,893 5,727 6,560 7,393 12,227
* APC Value/Share 3.12 4.79 6.45 8.12 9.79 11.45 13.12 14.79 24.45

Value of "Average" APC w/ GOM 56.88 55.21 53.55 51.88 50.21 48.55 46.88 45.21 35.55
Value of "Average" APC w/o GOM 36.88 35.21 33.55 31.88 30.21 28.55 26.88 25.21 15.55

APC Close 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83
Upside w/Value for GOM 63% 59% 54% 49% 44% 39% 35% 30% 2%
Upside w/o Value for GOM 6% 1% -4% -8% -13% -18% -23% -28% -55%
Source: Company reports and Barclays Capital
(a) If Anadarko pays 15-20% of total costs the gross cost would rise to $90-125 billion.

10 June 2010 2
Barclays Capital | Anadarko Petroleum

Figure 3: Texaco vs. Peers (base 100)

300%

250%

200%

150%

100%

50%

0%

2
8

9
6

7
5

90

91

92
88

89
85

86

87

l -9
l -8

l -8

l -9

l -9
l -8

l -8
l -8

n-

n-

n-
n-

n-
n-

n-

n-

Ju

Ju

Ju
Ju

Ju
Ju

Ju

Ju

Ja

Ja

Ja
Ja
Ja

Ja
Ja

Ja

Texco Peers
Source: Bloomberg
Peers include XOM, CVX & BP

10 June 2010 3
Barclays Capital | Anadarko Petroleum

Price Target and Derivation

Our price target of $76 is derived by applying a 7.75x multiple on forward-year (11) pre-
interest cash flow (PICF) estimate of $6,687 million to obtain an implied Enterprise Value
(EV). To calculate a target stock market value, we subtract estimated net debt as of
3/31/10 of $10,492 million and FAS143 asset retirement obligation of $1,446 million from
target EV. Additionally, we have deducted the market value of WES units not owned by APC
(minority interest in MLP). Furthermore, weve deducted an estimated GOM liability of
$1.8bn from target EV. Our target enterprise value is based on 2011 PICF before hedging
impacts; and our target price treats estimated hedge gains/losses as a financial instrument
(i.e. valued at one times the forecast gains/losses). We will review our target as events
unfold.

Figure 4: Price Target

Current Price
Target
Forward year PICF ($ mm) -- based off $85/$4.10 6,592
Forward year PICF ($ mm) -- based off $85/$5.00 6,882
Fwd. year After-tax hedge loss (gain) (196)
Fwd. year Adjusted 2011E PICF ($mm) 6,687
Target EV/PICF Multiple 7.75
Implied Firm Value 51,821
Less: Est'd Net Debt at 12/31/10 (10,492)
GOM Liability Deduction* (1,840)
Less: FAS 143 ARO (1,446)
Less: Western Gas Mkt Value (minority interest) (259)
Add: Est'd Derivatives gain (loss) 2011 & beyond 196
Implied Equity Value 37,980
Shares Outstanding at 12/31/09 499
Target Stock Price 76.11
Current Target Price 76.00

Net Debt Calculation 3/31/10 Current

Cash 3,692
Long Term Debt (12,459)
"Other" W. Cap (excl cash) (1,553)
Net Debt at 3/31/10 (10,320)
2010 Free Cash Flow Surplus/(Deficit) -172
Projected YE 2010 Net Debt (10,492)
Source: Company reports and Barclays Capital

*Assumes $1.84bn after-tax liability net to APC

10 June 2010 4
Barclays Capital | Anadarko Petroleum

Figure 5: Comp Sheet as of close 06/09/10

EV/ EV/ EV/ 5 Yr Historical EV/ EV/ EV/
Investment 2010E 2011E PICF 2011E PICF EV/Forward EV/ 2010E Pre-Tax After-Tax
Ticker Rating PICF at $85/$4.10 at $85/$5 PICF BOE BOEPD SEC-10 SEC-10
Large Caps: 2-Neutral
Anadarko Petroleum APC 1-OW 4.8 4.6 4.3 6.1 11.52 40,639 1.25 1.96
Apache Corporation APA 1-OW 4.9 4.6 4.5 5.5 13.60 49,990 1.43 1.98
Canadian Natural Resources CNQ 1-OW 6.8 6.0 5.8 6.5 13.22 82,925 1.79 2.28
Cenovus Energy CVE 2-EW 9.2 9.4 8.9 19.86 106,968 2.41 3.18
Devon Energy DVN 2-EW 6.8 6.6 5.8 5.8 12.95 36,975 2.02 2.63
EnCana Corporation ECA 2-EW 8.4 8.9 7.0 6.8 15.32 49,523 3.19 3.49
EOG Resources EOG 1-OW 8.6 6.2 5.8 6.5 16.15 61,791 2.70 3.85
Newfield Exploration NFX 1-OW 7.1 6.6 6.1 5.6 14.74 64,417 2.38 3.11
Nexen Inc. NXY 1-OW 5.5 4.9 4.9 5.3 17.53 78,683 2.11 2.61
Noble Energy NBL 1-OW 6.2 5.6 5.4 5.5 14.84 54,736 2.08 2.47
Occidental Petroleum OXY 1-OW 7.2 6.2 6.1 6.7 18.55 70,310 1.60 2.40
Pioneer Natural Resources PXD 2-EW 8.4 7.6 7.1 6.4 11.10 76,479 2.17 3.01
Range Resources RRC 2-EW 14.5 13.5 11.4 17.30 92,305 3.18 4.31
Southwestern Energy SWN 1-OW 12.3 12.5 9.7 25.86 74,872 6.78 7.78
Talisman Energy TLM 1-OW 5.5 5.5 5.3 4.7 15.31 54,721 1.74 2.29
Ultra Petroleum UPL 2-EW 12.1 11.6 9.4 12.65 73,933 2.86 4.07
Simple Average (ex. RRC SWN UPL) 6.9 6.4 5.9 6.0 14.98 63,704 2.07 2.71
Source: Company reports and Barclays Capital
Notes:
1) EV/BOE is based on YE'08 proved reserves, after royalties, as adjusted for acquisitions/sales during the current year.
2) Our calculations of Enterprise Value (EV) reflect a mark-to market after tax value of hedges. EX: a $1 bil. projected '10 hedge gain leads us to reduce EV by $1 bil
3) When calculating EV of upstream operations (e.g. for EV/BOE, EV/BOEPD, and EV/SEC-10 multiples) we have reduced corporate EV for certain companies with
sign. non-E&P assets
-- OXY's est'd upstream value reflects a deduct from EV of $6.8 bil (7.5x 2009E EBITDA of $904 mm) for the chemicals business
-- APC's est'd upstream value reflects a deduct from EV of $4.8 bn for midstream ops (11x '09 margin of $433 mm)
-- DVN's est'd upstream value reflects a deduct of $4.5 bil for the value of midstream assets (9.0x '11E EBITDA of $500 mil)
4) 2009E and 2010E PICF estimates exclude estimated hedges. Our estimate of the mark to market gain/(loss) is included as an decrease/increase to Enterprise value
a) EV reflects our estimate of pro forma YE net debt. Ex: For a company expected to borrow $100 mm to fund 2010's budget we will add $100 mm to the current EV
2010 multiples based upon current net debt, 2011 multiples based upon YE10 net debt
b) EV used to calculate EV/EBITDAX are not adjusted for mark-to-market hedge value (EBITDAX estimated include hedge effects). These multiples are skewed by
hedge gains/losses as hedge value is contained in the EBITDAX-denominator.
5) PICF = Pre-interest Cash Flow = EBITDAX - Cash Income Tax
6) EV/PICF multiple reflects a "mark-to-market" approach to hedges. The estimated after-tax gain/loss on existing hedges is reflected as an adjustment to EV.
7) EV/EBITDAX does not differentiate between cash and deferred taxes and includes effects of hedges in EBITDAX. It can be skewed by both cash tax differences and
large one time hedge gains/losses.
8) CNQ, NXY, TLM's EV converted to USD to calculate EV/BOE & EV/BOEPD metrics.
9) Rating explanation: 1-OW = 1-Overweight; 2-EW= 2-Equal Weight; 3-UW = 3-Underweight
10) APCs EV includes a $1.84bn after-tax liability associated with the GOM/Macondo incident

10 June 2010 5
Barclays Capital | Anadarko Petroleum

ANALYST(S) CERTIFICATION(S)
We, Thomas R. Driscoll, CFA and Iva Krasteva, hereby certify (1) that the views expressed in this research report accurately reflect our personal
views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be
directly or indirectly related to the specific recommendations or views expressed in this research report.

IMPORTANT DISCLOSURES CONTINUED

For current important disclosures regarding companies that are the subject of this research report, please send a written request to: Barclays
Capital Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to http://publicresearch.barcap.com or call 1-212-
526-1072.
The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total
revenues, a portion of which is generated by investment banking activities.
On September 20, 2008, Barclays Capital acquired Lehman Brothers' North American investment banking, capital markets, and private investment
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Barclays Capital produces a variety of research products including, but not limited to, fundamental analysis, equity-linked analysis, quantitative
analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other
types of research products, whether as a result of differing time horizons, methodologies, or otherwise.
Primary Stocks (Ticker, Date, Price)
Anadarko Petroleum (APC, 09-Jun-2010, USD 34.83), 1-Overweight/2-Neutral
Guide to the Barclays Capital Fundamental Equity Research Rating System:
Our coverage analysts use a relative rating system in which they rate stocks as 1-Overweight, 2-Equal Weight or 3-Underweight (see definitions
below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry sector (the sector
coverage universe).
In addition to the stock rating, we provide sector views which rate the outlook for the sector coverage universe as 1-Positive, 2-Neutral or 3-
Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system. Investors
should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.
Stock Rating
1-Overweight - The stock is expected to outperform the unweighted expected total return of the sector coverage universe over a 12-month
investment horizon.
2-Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the sector coverage universe over a 12-
month investment horizon.
3-Underweight - The stock is expected to underperform the unweighted expected total return of the sector coverage universe over a 12-month
investment horizon.
RS-Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or
to comply with applicable regulations and/or firm policies in certain circumstances including when Barclays Capital is acting in an advisory
capacity in a merger or strategic transaction involving the company.
Sector View
1-Positive - sector coverage universe fundamentals/valuations are improving.
2-Neutral - sector coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.
3-Negative - sector coverage universe fundamentals/valuations are deteriorating.
Below is the list of companies that constitute the "sector coverage universe":

North America Oil & Gas: E&P (Large Cap)

Anadarko Petroleum (APC)
Cenovus Energy Inc. (CVE.TO)
EOG Resources (EOG)
Noble Energy (NBL)
Range Resources Corp. (RRC)
Ultra Petroleum Corp. (UPL)
Apache Corp. (APA) Canadian Natural Resources (CNQ.TO)
Devon Energy (DVN) EnCana Corp. (ECA)
Newfield Exploration (NFX) Nexen Inc. (NXY.TO)
Occidental Petroleum (OXY) Pioneer Natural Resources (PXD)
Southwestern Energy Co. (SWN) Talisman Energy (TLM.TO)
XTO Energy (XTO)

Distribution of Ratings:
Barclays Capital Inc. Equity Research has 1477 companies under coverage.
42% have been assigned a 1-Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 49% of

10 June 2010 6
Barclays Capital | Anadarko Petroleum

IMPORTANT DISCLOSURES CONTINUED

companies with this rating are investment banking clients of the Firm.
44% have been assigned a 2-Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 44% of
companies with this rating are investment banking clients of the Firm.
11% have been assigned a 3-Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 34% of
companies with this rating are investment banking clients of the Firm.
Barclays Capital offices involved in the production of equity research:
London
Barclays Capital, the investment banking division of Barclays Bank PLC (Barclays Capital, London)
New York
Barclays Capital Inc. (BCI, New York)
Tokyo
Barclays Capital Japan Limited (BCJL, Tokyo)
So Paulo
Banco Barclays S.A. (BBSA, So Paulo)
Hong Kong
Barclays Bank PLC, Hong Kong branch (BB, Hong Kong)
Toronto
Barclays Capital Canada Inc. (BCC, Toronto)

10 June 2010 7
Barclays Capital | Anadarko Petroleum

IMPORTANT DISCLOSURES CONTINUED

Anadarko Petroleum (APC) Stock Rating Sector View
USD 34.83 (09-Jun-2010) 1-OVERWEIGHT 2-NEUTRAL
Rating and Price Target Chart - USD (as of 09-Jun-2010) Currency=USD

Date Closing Price Rating Price Target

05-May-2010 61.83 76.00
90
14-Apr-2010 74.07 78.00
80 03-Mar-2010 70.17 82.00
03-Feb-2010 66.41 81.00
70
28-Jan-2010 65.38 1-Overweight 82.00
20-Jan-2010 65.77 80.00
60
09-Nov-2009 65.69 75.00
50 04-Nov-2009 64.92 66.00
14-Jul-2009 43.79 45.00
40
29-Jun-2009 46.03 43.00
08-May-2009 51.96 45.00
30
05-May-2009 45.48 2-Equal Weight 44.00
20 12-Feb-2009 39.35 46.00
Jul- 07 Jan- 08 Jul- 08 Jan- 09 Jul- 09 Jan- 10 04-Feb-2009 39.29 47.00
Closing Price Target Price Rating Change 12-Dec-2008 37.03 48.00
05-Nov-2008 33.13 53.00
15-Oct-2008 33.99 59.00
06-Oct-2008 41.96 73.00
26-Sep-2008 55.03 78.00
28-Aug-2008 61.54 82.00
06-Aug-2008 55.12 81.00
06-Jun-2008 73.80 89.00
16-May-2008 76.16 1-Overweight 85.00
07-May-2008 68.14 80.00
29-Apr-2008 68.38 77.00
18-Mar-2008 64.50 70.00
06-Feb-2008 59.75 60.00
31-Jan-2008 56.44 58.00
18-Dec-2007 63.22 57.00
07-Nov-2007 57.83 56.00
12-Oct-2007 55.20 55.00
02-Aug-2007 50.33 52.00
Link to Barclays Capital Live for interactive charting

Barclays Bank PLC and/or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities of Anadarko Petroleum
in the previous 12 months.
Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from Anadarko Petroleum in the past 12
months.
Barclays Bank PLC and/or an affiliate trades regularly in the shares of Anadarko Petroleum.
Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation from Anadarko Petroleum within the past 12
months.
Anadarko Petroleum is, or during the past 12 months has been, an investment banking client of Barclays Bank PLC and/or an affiliate.

10 June 2010 8
Barclays Capital | Anadarko Petroleum

and/or an affiliate.
Valuation Methodology: Our price target of $76 is derived by applying a 7.75x multiple on forward-year ('11) pre-interest cash flow (PICF)
estimate of $6,687 million to obtain an implied Enterprise Value (EV). To calculate a target stock market value, we subtract estimated net debt as
of 3/31/10 of $10,503million and FAS143 asset retirement obligation of $1,446 million from target EV. Additionally, we have deducted the
market value of WES units not owned by APC (minority interest in MLP). Furthermore, we've deducted an estimated GOM liability of $1.8bn from
target EV (our estimate of total Exxon Valdez liabilities in 2010 dollars netted for APC's 25% share). Our target enterprise value is based on 2011
PICF before hedging impacts; and our target price treats estimated hedge gains/losses as a financial instrument (i.e. valued at one times the
forecast gains/losses).
Risks which May Impede the Achievement of the Price Target: Our price target is derived using a multiple of forward-year ('11) pre-interest cash
flow (PICF) estimates. Our estimate for forward-year PICF is predicated on a benchmark natural gas price forecast of $5.00/MMBtu (at HH) and
an oil price forecast of $85/bbl (WTI). Should commodity prices, production levels, or leverage differ materially from our estimates, our price
target would be affected. The company's production levels are impacted by a variety of factors including drilling success, reservoir performance
and future acquisitions. Our target price is based on a forward-year firm value to de-levered cash flow multiple.

10 June 2010 9
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