Analysis of Reportable Segments
Anadarko Petroleum Corp. operates in 3 segments: Oil and gas exploration and production; Midstream; and Marketing.
Segment Profit Margin
Anadarko Petroleum Corp., profit margin by reportable segment
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 52.67% | 56.32% | 84.33% | 68.45% | 70.42% |
| Midstream | 39.11% | 54.60% | 36.22% | 34.05% | 36.92% |
| Marketing | -29.60% | -35.52% | -42.36% | -23.54% | -20.97% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Oil and gas exploration and production | Oil and gas exploration and production segment profit margin ratio deteriorated from 2014 to 2015 and from 2015 to 2016. |
| Midstream | Midstream segment profit margin ratio improved from 2014 to 2015 but then slightly deteriorated from 2015 to 2016 not reaching 2014 level. | |
| Marketing | Marketing segment profit margin ratio improved from 2014 to 2015 and from 2015 to 2016. |
Segment Profit Margin: Oil and gas exploration and production
Anadarko Petroleum Corp.; Oil and gas exploration and production; segment profit margin calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | 3,604) | 4,456) | 12,505) | 9,238) | 8,500) |
| Revenues | 6,842) | 7,912) | 14,828) | 13,495) | 12,070) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 52.67% | 56.32% | 84.33% | 68.45% | 70.42% |
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).
1 2016 Calculation
Segment profit margin = 100 × Adjusted EBITDAX ÷ Revenues
= 100 × 3,604 ÷ 6,842 = 52.67%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Oil and gas exploration and production | Oil and gas exploration and production segment profit margin ratio deteriorated from 2014 to 2015 and from 2015 to 2016. |
Segment Profit Margin: Midstream
Anadarko Petroleum Corp.; Midstream; segment profit margin calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | 797) | 1,056) | 660) | 508) | 474) |
| Revenues | 2,038) | 1,934) | 1,822) | 1,492) | 1,284) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 39.11% | 54.60% | 36.22% | 34.05% | 36.92% |
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).
1 2016 Calculation
Segment profit margin = 100 × Adjusted EBITDAX ÷ Revenues
= 100 × 797 ÷ 2,038 = 39.11%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Midstream | Midstream segment profit margin ratio improved from 2014 to 2015 but then slightly deteriorated from 2015 to 2016 not reaching 2014 level. |
Segment Profit Margin: Marketing
Anadarko Petroleum Corp.; Marketing; segment profit margin calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | (156) | (195) | (219) | (125) | (104) |
| Revenues | 527) | 549) | 517) | 531) | 496) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -29.60% | -35.52% | -42.36% | -23.54% | -20.97% |
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).
1 2016 Calculation
Segment profit margin = 100 × Adjusted EBITDAX ÷ Revenues
= 100 × -156 ÷ 527 = -29.60%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Marketing | Marketing segment profit margin ratio improved from 2014 to 2015 and from 2015 to 2016. |
Segment Return on Assets (Segment ROA)
Anadarko Petroleum Corp., ROA by reportable segment
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 14.86% | 17.31% | 38.22% | 27.65% | 26.61% |
| Midstream | 13.48% | 17.97% | 9.86% | 9.39% | 10.63% |
| Marketing | — | — | — | -1,388.89% | -110.64% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Oil and gas exploration and production | Oil and gas exploration and production segment ROA deteriorated from 2014 to 2015 and from 2015 to 2016. |
| Midstream | Midstream segment ROA improved from 2014 to 2015 but then slightly deteriorated from 2015 to 2016 not reaching 2014 level. | |
| Marketing |
Segment ROA: Oil and gas exploration and production
Anadarko Petroleum Corp.; Oil and gas exploration and production; segment ROA calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | 3,604) | 4,456) | 12,505) | 9,238) | 8,500) |
| Net properties and equipment | 24,251) | 25,742) | 32,717) | 33,409) | 31,939) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.86% | 17.31% | 38.22% | 27.65% | 26.61% |
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).
1 2016 Calculation
Segment ROA = 100 × Adjusted EBITDAX ÷ Net properties and equipment
= 100 × 3,604 ÷ 24,251 = 14.86%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Oil and gas exploration and production | Oil and gas exploration and production segment ROA deteriorated from 2014 to 2015 and from 2015 to 2016. |
Segment ROA: Midstream
Anadarko Petroleum Corp.; Midstream; segment ROA calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | 797) | 1,056) | 660) | 508) | 474) |
| Net properties and equipment | 5,913) | 5,876) | 6,697) | 5,408) | 4,459) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 13.48% | 17.97% | 9.86% | 9.39% | 10.63% |
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).
1 2016 Calculation
Segment ROA = 100 × Adjusted EBITDAX ÷ Net properties and equipment
= 100 × 797 ÷ 5,913 = 13.48%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Midstream | Midstream segment ROA improved from 2014 to 2015 but then slightly deteriorated from 2015 to 2016 not reaching 2014 level. |
Segment ROA: Marketing
Anadarko Petroleum Corp.; Marketing; segment ROA calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDAX | (156) | (195) | (219) | (125) | (104) |
| Net properties and equipment | —) | —) | —) | 9) | 94) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | — | — | — | -1,388.89% | -110.64% |
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).
1 2016 Calculation
Segment ROA = 100 × Adjusted EBITDAX ÷ Net properties and equipment
= 100 × -156 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Marketing |
Segment Asset Turnover
Anadarko Petroleum Corp., asset turnover by reportable segment
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 0.28 | 0.31 | 0.45 | 0.40 | 0.38 |
| Midstream | 0.34 | 0.33 | 0.27 | 0.28 | 0.29 |
| Marketing | — | — | — | 59.00 | 5.28 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Oil and gas exploration and production | Oil and gas exploration and production segment asset turnover ratio deteriorated from 2014 to 2015 and from 2015 to 2016. |
| Midstream | Midstream segment asset turnover ratio improved from 2014 to 2015 and from 2015 to 2016. | |
| Marketing |
Segment Asset Turnover: Oil and gas exploration and production
Anadarko Petroleum Corp.; Oil and gas exploration and production; segment asset turnover calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 6,842) | 7,912) | 14,828) | 13,495) | 12,070) |
| Net properties and equipment | 24,251) | 25,742) | 32,717) | 33,409) | 31,939) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.28 | 0.31 | 0.45 | 0.40 | 0.38 |
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).
1 2016 Calculation
Segment asset turnover = Revenues ÷ Net properties and equipment
= 6,842 ÷ 24,251 = 0.28
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Oil and gas exploration and production | Oil and gas exploration and production segment asset turnover ratio deteriorated from 2014 to 2015 and from 2015 to 2016. |
Segment Asset Turnover: Midstream
Anadarko Petroleum Corp.; Midstream; segment asset turnover calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 2,038) | 1,934) | 1,822) | 1,492) | 1,284) |
| Net properties and equipment | 5,913) | 5,876) | 6,697) | 5,408) | 4,459) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.34 | 0.33 | 0.27 | 0.28 | 0.29 |
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).
1 2016 Calculation
Segment asset turnover = Revenues ÷ Net properties and equipment
= 2,038 ÷ 5,913 = 0.34
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Midstream | Midstream segment asset turnover ratio improved from 2014 to 2015 and from 2015 to 2016. |
Segment Asset Turnover: Marketing
Anadarko Petroleum Corp.; Marketing; segment asset turnover calculation
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 527) | 549) | 517) | 531) | 496) |
| Net properties and equipment | —) | —) | —) | 9) | 94) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | — | — | — | 59.00 | 5.28 |
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).
1 2016 Calculation
Segment asset turnover = Revenues ÷ Net properties and equipment
= 527 ÷ 0 = —
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Marketing |
Revenues
Anadarko Petroleum Corp., revenues by reportable segment
US$ in millions
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 6,842) | 7,912) | 14,828) | 13,495) | 12,070) |
| Midstream | 2,038) | 1,934) | 1,822) | 1,492) | 1,284) |
| Marketing | 527) | 549) | 517) | 531) | 496) |
| Other and intersegment eliminations | (960) | (909) | (792) | (651) | (543) |
| Total | 8,447) | 9,486) | 16,375) | 14,867) | 13,307) |
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).
Adjusted EBITDAX
Anadarko Petroleum Corp., adjusted ebitdax by reportable segment
US$ in millions
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 3,604) | 4,456) | 12,505) | 9,238) | 8,500) |
| Midstream | 797) | 1,056) | 660) | 508) | 474) |
| Marketing | (156) | (195) | (219) | (125) | (104) |
| Other and intersegment eliminations | (170) | (381) | (225) | (218) | 96) |
| Total | 4,075) | 4,936) | 12,721) | 9,403) | 8,966) |
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).
Net properties and equipment
Anadarko Petroleum Corp., net properties and equipment by reportable segment
US$ in millions
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
|---|---|---|---|---|---|
| Oil and gas exploration and production | 24,251) | 25,742) | 32,717) | 33,409) | 31,939) |
| Midstream | 5,913) | 5,876) | 6,697) | 5,408) | 4,459) |
| Marketing | —) | —) | —) | 9) | 94) |
| Other and intersegment eliminations | 2,004) | 2,133) | 2,175) | 2,103) | 1,906) |
| Total | 32,168) | 33,751) | 41,589) | 40,929) | 38,398) |
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).