Anadarko Petroleum Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Net income (loss) attributable to common stockholders	(3,071)	(6,692)	(1,750)	801)	2,391)
Net (income) loss attributable to noncontrolling interests	263)	(120)	187)	140)	54)
Net noncash charges	5,716)	10,370)	5,540)	6,084)	6,741)
Changes in assets and liabilities	92)	(5,435)	4,489)	1,863)	(847)
Net cash provided by (used in) operating activities	3,000)	(1,877)	8,466)	8,888)	8,339)
Cash paid for interest, net of amounts capitalized, net of tax¹	625)	1,413)	448)	282)	472)
Capitalized interest, net of tax²	96)	115)	131)	118)	152)
Additions to properties and equipment	(3,505)	(6,067)	(9,508)	(7,721)	(7,242)
Capital lease obligation	(10)	—)	(13)	(8)	—)
Free cash flow to the firm (FCFF)	206)	(6,416)	(477)	1,560)	1,721)

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, 2} See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Anadarko Petroleum Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Anadarko Petroleum Corp. FCFF decreased from 2014 to 2015 but then increased from 2015 to 2016 exceeding 2014 level.

Anadarko Petroleum Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Effective Income Tax Rate (EITR)
EITR¹	27.00%	30.00%	35.00%	55.00%	31.00%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax	856)	2,019)	689)	627)	684)
Less: Cash paid for interest, net of amounts capitalized, tax²	231)	606)	241)	345)	212)
Cash paid for interest, net of amounts capitalized, net of tax	625)	1,413)	448)	282)	472)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	132)	164)	201)	263)	221)
Less: Capitalized interest, tax³	36)	49)	70)	145)	69)
Capitalized interest, net of tax	96)	115)	131)	118)	152)

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 See details »

² 2016 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 856 × 27.00% = 231

³ 2016 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 132 × 27.00% = 36

Download chart

Anadarko Petroleum Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	42,437)
Free cash flow to the firm (FCFF)	206)
Valuation Ratio
EV/FCFF	205.77
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	15.62
ConocoPhillips	17.77
Exxon Mobil Corp.	14.39
Marathon Petroleum Corp.	7.20
Occidental Petroleum Corp.	12.44
Valero Energy Corp.	7.43

Based on: 10-K (reporting date: 2016-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Anadarko Petroleum Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	52,747)	38,042)	53,609)	54,057)	54,164)
Free cash flow to the firm (FCFF)²	206)	(6,416)	(477)	1,560)	1,721)
Valuation Ratio
EV/FCFF³	255.76	—	—	34.66	31.46
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	—	—	—	—	—
ConocoPhillips	—	—	—	—	—
Exxon Mobil Corp.	—	—	—	—	—
Marathon Petroleum Corp.	—	—	—	—	—
Occidental Petroleum Corp.	—	—	—	—	—
Valero Energy Corp.	—	—	—	—	—

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 See details »

² See details »

³ 2016 Calculation
EV/FCFF = EV ÷ FCFF
= 52,747 ÷ 206 = 255.76

⁴ Click competitor name to see calculations.

Download chart

Anadarko Petroleum Corp. (NYSE:APC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical