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Anadarko Given Final Approval of Algeria Tax Agreement

Source: www.gulfoilandgas.com 4/2/2012, Location: Africa

Anadarko Petroleum Corporation 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.

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