Selected Financial Data
since 2005
Income Statement
Anadarko Petroleum Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2016 | 8,447) | (2,599) | (3,071) |
| Dec 31, 2015 | 9,486) | (8,809) | (6,692) |
| Dec 31, 2014 | 16,375) | 5,403) | (1,750) |
| Dec 31, 2013 | 14,867) | 3,333) | 801) |
| Dec 31, 2012 | 13,307) | 3,727) | 2,391) |
| Dec 31, 2011 | 13,882) | (1,870) | (2,649) |
| Dec 31, 2010 | 10,842) | 1,769) | 761) |
| Dec 31, 2009 | 8,210) | 377) | (135) |
| Dec 31, 2008 | 14,640) | 6,162) | 3,261) |
| Dec 31, 2007 | 11,132) | 7,347) | 3,781) |
| Dec 31, 2006 | 10,099) | 4,887) | 4,854) |
| Dec 31, 2005 | 7,100) | 4,015) | 2,471) |
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).
The financial performance from 2005 to 2016 is characterized by a period of expansion followed by extreme volatility and a significant downturn in the final two years of the period. While revenues generally increased for the first decade, profitability exhibited sharp fluctuations, culminating in severe losses starting in 2014.
- Revenue Trends
- Sales revenues demonstrated a long-term growth trajectory between 2005 and 2014, rising from 7,100 million US$ to a peak of 16,375 million US$. This growth was interrupted by a notable dip in 2009 to 8,210 million US$ before recovering. However, a sharp contraction occurred after 2014, with revenues falling to 9,486 million US$ in 2015 and further declining to 8,447 million US$ by 2016.
- Operating Performance
- Operating income displayed significant instability. After reaching a peak of 7,347 million US$ in 2007, operating income plummeted to 377 million US$ in 2009 and entered negative territory in 2011 with a loss of 1,870 million US$. A recovery phase followed, with operating income rising to 5,403 million US$ in 2014. This was followed by a collapse in 2015, resulting in a substantial operating loss of 8,809 million US$, which partially moderated to a loss of 2,599 million US$ in 2016.
- Net Profitability
- Net income patterns closely mirrored operating results but showed higher sensitivity. The period from 2005 to 2008 was consistently profitable, with a high of 4,854 million US$ in 2006. Net losses were recorded in 2009 (-135 million US$) and 2011 (-2,649 million US$). Despite a brief return to profitability in 2012 and 2013, the company experienced consecutive and deepening net losses from 2014 to 2016, with the 2015 loss reaching 6,692 million US$.
- Comparative Analysis of Margins
- A divergence between revenue and profitability is evident during the latter part of the period. For instance, while 2014 saw the highest sales revenues in the reported history, it resulted in a net loss of 1,750 million US$, indicating that costs or write-downs exceeded revenue growth. The scale of losses in 2015 and 2016 disproportionately exceeded the decline in revenue, suggesting significant non-cash impairments or a fundamental shift in the cost structure.
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Balance Sheet: Assets
Anadarko Petroleum Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2016 | 5,266) | 45,564) |
| Dec 31, 2015 | 3,982) | 46,414) |
| Dec 31, 2014 | 11,221) | 61,689) |
| Dec 31, 2013 | 7,108) | 55,781) |
| Dec 31, 2012 | 6,795) | 52,589) |
| Dec 31, 2011 | 6,931) | 51,779) |
| Dec 31, 2010 | 6,675) | 51,559) |
| Dec 31, 2009 | 6,083) | 50,123) |
| Dec 31, 2008 | 5,375) | 48,923) |
| Dec 31, 2007 | 4,516) | 48,481) |
| Dec 31, 2006 | 4,614) | 58,844) |
| Dec 31, 2005 | 2,916) | 22,588) |
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).
The asset trajectory of the organization exhibits a period of significant expansion followed by a sharp contraction between 2005 and 2016. The most notable volatility occurs in the early phase of the period and again during the 2014-2015 transition, indicating substantial shifts in the corporate balance sheet structure.
- Total Asset Trends
- Total assets experienced a rapid increase between 2005 and 2006, rising from 22,588 million USD to 58,844 million USD. Following a correction in 2007, the balance sheet maintained a steady upward trajectory, peaking at 61,689 million USD in 2014. A significant contraction occurred in 2015, where total assets fell to 46,414 million USD, representing a decline of approximately 24.7% in a single year, with a further slight decrease to 45,564 million USD by the end of 2016.
- Current Asset Dynamics
- Current assets demonstrated a consistent growth pattern from 2005 through 2013, increasing from 2,916 million USD to 7,108 million USD. A sharp spike is observed in 2014, with current assets reaching a peak of 11,221 million USD. This peak was immediately followed by a severe reduction in 2015, dropping to 3,982 million USD, before experiencing a partial recovery to 5,266 million USD in 2016.
- Liquidity and Asset Composition
- The proportion of current assets relative to total assets remained relatively stable for much of the decade, typically fluctuating between 8% and 13%. However, 2014 marked a period of anomalous liquidity, where current assets comprised approximately 18.2% of total assets. This ratio collapsed to 8.6% in 2015, suggesting a significant liquidation of current assets or a substantial reallocation of capital during that fiscal year.
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Balance Sheet: Liabilities and Stockholders’ Equity
Anadarko Petroleum Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt, including current portion | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2016 | 3,328) | 15,323) | 12,212) |
| Dec 31, 2015 | 4,181) | 15,751) | 12,819) |
| Dec 31, 2014 | 10,234) | 15,092) | 19,725) |
| Dec 31, 2013 | 5,703) | 13,565) | 21,857) |
| Dec 31, 2012 | 3,994) | 13,269) | 20,629) |
| Dec 31, 2011 | 4,899) | 15,230) | 18,105) |
| Dec 31, 2010 | 4,114) | 13,013) | 20,684) |
| Dec 31, 2009 | 3,824) | 11,149) | 19,928) |
| Dec 31, 2008 | 5,536) | 10,600) | 18,795) |
| Dec 31, 2007 | 5,257) | 12,547) | 16,364) |
| Dec 31, 2006 | 16,758) | 22,991) | 14,913) |
| Dec 31, 2005 | 2,403) | 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).
The financial trajectory from 2005 to 2016 is characterized by extreme volatility in the initial years, followed by a period of relative stabilization and a subsequent decline in equity toward the end of the period.
- Current Liabilities Analysis
- A significant spike is observed in 2006, where current liabilities rose from 2,403 million US$ to 16,758 million US$. Following this anomaly, values remained relatively stable, fluctuating between 3,824 million US$ and 5,703 million US$ from 2008 to 2013. Another notable increase occurred in 2014, reaching 10,234 million US$, before trending downward to 3,328 million US$ by 2016.
- Long-term Debt Trends
- Long-term debt experienced a massive expansion in 2006, peaking at 22,991 million US$. After 2007, the debt level corrected and stabilized, generally oscillating within the 10,600 million US$ to 15,751 million US$ range. The debt load remained consistently high through 2016, ending at 15,323 million US$, suggesting a sustained reliance on long-term credit.
- Stockholders' Equity Performance
- Equity showed a dramatic increase from a low of 527 million US$ in 2005 to 14,913 million US$ in 2006. A consistent upward trend followed, peaking at 21,857 million US$ in 2013. However, a sharp reversal is evident after 2013, with equity declining for three consecutive years to reach 12,212 million US$ by the end of 2016.
- Capital Structure and Solvency Observations
- The capital structure shifted from an extremely high-leverage position in 2005 to a more balanced state between 2006 and 2013. The period between 2014 and 2016 indicates a deterioration in the solvency profile, as stockholders' equity contracted significantly while long-term debt remained elevated, leading to an increase in the debt-to-equity ratio toward the end of the analyzed timeframe.
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Cash Flow Statement
Anadarko Petroleum Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2016 | 3,000) | (2,762) | 2,008) |
| Dec 31, 2015 | (1,877) | (4,771) | 220) |
| Dec 31, 2014 | 8,466) | (6,472) | 1,675) |
| Dec 31, 2013 | 8,888) | (8,216) | 623) |
| Dec 31, 2012 | 8,339) | (6,869) | (1,659) |
| Dec 31, 2011 | 2,505) | (5,975) | 2,510) |
| Dec 31, 2010 | 5,247) | (4,964) | (122) |
| Dec 31, 2009 | 3,926) | (4,236) | 1,481) |
| Dec 31, 2008 | 6,447) | (2,528) | (2,822) |
| Dec 31, 2007 | 2,766) | 3,844) | (5,921) |
| Dec 31, 2006 | 5,034) | (24,570) | 15,835) |
| Dec 31, 2005 | 4,146) | (3,253) | (1,031) |
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).
The cash flow profile from 2005 to 2016 reveals a period of significant capital expansion, operational volatility, and a substantial liquidity event in 2015.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained positive for the majority of the period, exhibiting a general upward trajectory between 2008 and 2014. Peak operational cash generation occurred during the 2012 to 2014 window, with values consistently exceeding 8 billion USD. However, a severe contraction is observed in 2015, where operating cash flow shifted to a deficit of 1.877 billion USD, before recovering to 3 billion USD in 2016.
- Investing Activity Patterns
- Investing activities were characterized by consistent outflows, indicating sustained capital expenditure. A significant outlier occurred in 2006 with a cash outflow of 24.57 billion USD, which was partially offset by a positive cash inflow of 3.844 billion USD in 2007. From 2008 through 2013, investing outflows grew steadily, peaking at 8.216 billion USD in 2013. A reduction in investment spending is evident from 2014 to 2016, with outflows decreasing to 2.762 billion USD by the end of the period.
- Financing Activity Dynamics
- Financing activities demonstrate high volatility, often correlating with investing needs. A major financing inflow of 15.835 billion USD in 2006 aligns with the peak investing outflow of the same year, suggesting a debt-funded or equity-funded acquisition strategy. Subsequent years show a mixture of cash inflows and outflows, with a trend toward net positive financing from 2013 through 2016, indicating a reliance on external funding or debt issuance during the period of operational instability in 2015.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components indicates a strategy of aggressive growth funded by external financing in the mid-2000s, followed by a period of operational maturity where operating cash flows funded the majority of investing activities. The 2015 fiscal year represents a critical anomaly where the collapse of operating cash flow necessitated a reliance on financing activities to maintain liquidity and continue investment obligations.
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Per Share Data
Anadarko Petroleum Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2016 | -5.90 | -5.90 | 0.20 |
| Dec 31, 2015 | -13.18 | -13.18 | 1.08 |
| Dec 31, 2014 | -3.47 | -3.47 | 0.99 |
| Dec 31, 2013 | 1.58 | 1.58 | 0.54 |
| Dec 31, 2012 | 4.76 | 4.74 | 0.36 |
| Dec 31, 2011 | -5.32 | -5.32 | 0.36 |
| Dec 31, 2010 | 1.53 | 1.52 | 0.36 |
| Dec 31, 2009 | -0.28 | -0.28 | 0.36 |
| Dec 31, 2008 | 7.01 | 6.97 | 0.36 |
| Dec 31, 2007 | 8.12 | 8.08 | 0.36 |
| Dec 31, 2006 | 10.54 | 10.46 | 0.36 |
| Dec 31, 2005 | 5.25 | 5.20 | 0.36 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance from 2005 to 2016 is characterized by significant volatility in earnings per share and a dividend policy that transitioned from long-term stability to aggressive growth before a sharp correction.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a highly cyclical and volatile trajectory. Initial growth peaked in 2006 at $10.54 per share, followed by a period of instability. Between 2009 and 2013, earnings fluctuated sharply, alternating between losses in 2009 (-$0.28) and 2011 (-$5.32) and recoveries in 2010 ($1.53) and 2012 ($4.76). A severe downward trend emerged starting in 2014, resulting in a substantial peak loss of $13.18 per share in 2015, with a moderate recovery to a loss of $5.90 in 2016.
- Dividend Distribution Patterns
- Dividend payments remained stagnant at $0.36 per share for eight consecutive years from 2005 through 2012. This static phase was followed by a period of rapid escalation between 2013 and 2015, during which the dividend rose from $0.54 to a peak of $1.08. This growth trend was abruptly reversed in 2016, when the dividend was reduced to $0.20 per share.
- Earnings and Dividend Correlation
- A significant divergence between profitability and shareholder distributions is observed between 2013 and 2015. During this interval, dividends were increased aggressively despite a precipitous decline in earnings per share and the onset of heavy losses. The drastic reduction of the dividend in 2016 suggests a corrective measure to align payout levels with the depleted earnings capacity of the company.
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