Debt to Equity
since 2005
Calculation
Anadarko Petroleum Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2016 | 1.25 | = | 15,323) | ÷ | 12,212) |
| Dec 31, 2015 | 1.23 | = | 15,751) | ÷ | 12,819) |
| Dec 31, 2014 | 0.77 | = | 15,092) | ÷ | 19,725) |
| Dec 31, 2013 | 0.62 | = | 13,565) | ÷ | 21,857) |
| Dec 31, 2012 | 0.64 | = | 13,269) | ÷ | 20,629) |
| Dec 31, 2011 | 0.84 | = | 15,230) | ÷ | 18,105) |
| Dec 31, 2010 | 0.63 | = | 13,013) | ÷ | 20,684) |
| Dec 31, 2009 | 0.56 | = | 11,149) | ÷ | 19,928) |
| Dec 31, 2008 | 0.56 | = | 10,600) | ÷ | 18,795) |
| Dec 31, 2007 | 0.77 | = | 12,547) | ÷ | 16,364) |
| Dec 31, 2006 | 1.54 | = | 22,991) | ÷ | 14,913) |
| Dec 31, 2005 | 6.98 | = | 3,677) | ÷ | 527) |
Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The capital structure of the organization underwent three distinct phases between 2005 and 2016, characterized by an initial aggressive reduction in leverage, a prolonged period of stability, and a subsequent increase in the debt-to-equity ratio.
- Initial Deleveraging Period (2005–2008)
- A significant reduction in leverage is observed, with the debt-to-equity ratio falling from 6.98 in 2005 to 0.56 by 2008. This trend was primarily driven by a substantial increase in stockholders' equity, which rose from US$ 527 million to US$ 18,795 million over the period, effectively offsetting the volatility of long-term debt which peaked at US$ 22,991 million in 2006.
- Period of Capital Stability (2009–2014)
- The debt-to-equity ratio remained consistently low and stable, fluctuating within a narrow band between 0.56 and 0.84. During this interval, stockholders' equity continued a general upward trajectory, reaching a peak of US$ 21,857 million in 2013. Concurrently, long-term debt levels were maintained with relative consistency, typically ranging between US$ 13 billion and US$ 15 billion.
- Recent Increase in Leverage (2015–2016)
- A reversal in the leverage trend occurred starting in 2015, with the debt-to-equity ratio rising to 1.25 by the end of 2016. This increase was not the result of increased borrowing—as long-term debt remained stable at approximately US$ 15 billion—but was instead caused by a sharp contraction in stockholders' equity, which declined from US$ 19,725 million in 2014 to US$ 12,212 million in 2016.
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Comparison to Competitors
Anadarko Petroleum Corp., debt to equity, long-term trends, comparison to competitors
| Anadarko Petroleum Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2016 | 1.25 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 1.23 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.77 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.62 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.64 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.84 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 0.63 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 0.56 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 0.56 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 0.77 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 1.54 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 6.98 | 0.21 | 0.24 | 0.07 |
Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Anadarko Petroleum Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Anadarko Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2016 | 1.25 | 0.33 |
| Dec 31, 2015 | 1.23 | 0.28 |
| Dec 31, 2014 | 0.77 | 0.21 |
| Dec 31, 2013 | 0.62 | 0.17 |
| Dec 31, 2012 | 0.64 | 0.13 |
| Dec 31, 2011 | 0.84 | 0.15 |
| Dec 31, 2010 | 0.63 | 0.16 |
| Dec 31, 2009 | 0.56 | 0.18 |
| Dec 31, 2008 | 0.56 | 0.18 |
| Dec 31, 2007 | 0.77 | 0.13 |
| Dec 31, 2006 | 1.54 | 0.17 |
| Dec 31, 2005 | 6.98 | 0.15 |
Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Anadarko Petroleum Corp., debt to equity, long-term trends, comparison to industry (energy)
| Anadarko Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2016 | 1.25 | 0.35 |
| Dec 31, 2015 | 1.23 | 0.30 |
| Dec 31, 2014 | 0.77 | 0.22 |
| Dec 31, 2013 | 0.62 | 0.19 |
| Dec 31, 2012 | 0.64 | 0.15 |
| Dec 31, 2011 | 0.84 | 0.16 |
| Dec 31, 2010 | 0.63 | 0.17 |
| Dec 31, 2009 | 0.56 | 0.19 |
| Dec 31, 2008 | 0.56 | 0.19 |
| Dec 31, 2007 | 0.77 | 0.15 |
| Dec 31, 2006 | 1.54 | 0.19 |
| Dec 31, 2005 | 6.98 | 0.16 |
Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).