ANADARKO PET ROLEUM CORPORAT I ON

www.anadarko.com | NYSE: APC ANADARKO PETROLEUM CORPORATION

INVESTOR RELATIONS
CONTACTS:

John Colglazier
Vice President
832/636-2306

Brian Kuck
Manager
832/636-1397

Bill Tedesco
Manager
832/636-3375

Frank Patterson
VP, International Exploration
May 22, 2013
A N A D A R K O
www.anadarko.com
NYSE: APC
1 www.anadarko.com | NYSE: APC
Cautionary Language
Regarding Forward-Looking Statements and Other Matters
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable
assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of
factors could cause actual results to differ materially from the projections, anticipated results or other expectations
expressed in this presentation, including Anadarkos ability to meet financial and operating guidance; to achieve its
production targets, successfully manage its capital expenditures, including entering into carried-interest agreements, and
complete, test and procure the wells and prospects identified in this presentation; to successfully plan, secure necessary
government approvals, finance, build and operate the necessary infrastructure and LNG park; and to achieve its production
and budget expectations on its mega projects. See Risk Factors in the companys 2012 Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly
update or revise any forward-looking statements.
Please also see our website at www.anadarko.com under Investor Relations for reconciliations of the differences
between any non-GAAP measure used in this presentation and the most directly comparable GAAP financial measures.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission (SEC) permits oil and gas
companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SECs
definitions for such terms. Anadarko uses certain terms in this news release, such as resources, net resources, net
discovered resources, net risked resources, resource opportunity, estimated ultimate recovery, resource potential,
resource estimate, incremental recoverable resources, recoverable natural gas, net resource estimate, recoverable
resource, net resource estimate, discovered resources, and similar terms that the SECs guidelines strictly prohibit
Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarkos
Form 10-K for the year ended Dec. 31, 2012, File No. 001-08968, available from Anadarko at www.anadarko.com or
by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380,
Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.
A N A D A R K O
www.anadarko.com
NYSE: APC
2 www.anadarko.com | NYSE: APC
Anadarkos Competitive Advantage
Values-Based Culture with Focus on Safety and Continuous Improvement
Predictable, Repeatable U.S. Onshore; Low-Cost Operator
High-Margin Oil Mega Projects
World-Class Exploration
Active Portfolio Management

Resource
Conversion
Investment
Returns
Value
Acceleration
A N A D A R K O
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NYSE: APC
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A Portfolio with Balance, Scale and Unparalleled Optionality
North Africa
West Africa
Alaska
Deepwater GOM
U.S. Onshore
New Zealand
China
East Africa
South Africa
Net Risked Resources
(BBOE)
South America
Emerging Opportunities
0 - 1
1 - 5
5+
Predictable, Repeatable
U.S. Onshore
Higher-Margin Liquids
Driving Efficiencies
Leveraging Midstream
Advancing Next-
Generation Mega Projects
High-Margin Oil
Industry-Leading Project
Management
World-Class
Exploration
High-Impact Targets
First-Mover Advantage
Track Record of Success
A N A D A R K O
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Anadarko Delivered Outstanding Results in 2012
268 MMBOE Sales Volumes: 8% YOY Growth
434 MMBOE Reserve Adds for $14.65/BOE*
Predictable, Repeatable Growth
28% YOY U.S. Onshore Drilling-Efficiency Improvement
9% YOY Reduction in LOE/BOE
Efficiency Improvements
67% Deepwater Exploration/Appraisal Success Rate
2 of the Worlds Largest Discoveries
Industry-Leading Exploration
$1+ Billion of Monetized Assets
$6.8+ Billion Market Value Established from IPO of WGP
High-Graded Portfolio
$2.5 Billion - Fully Repaid Revolving Credit Facility
$0.9 Billion Adjusted Free Cash Flow
Financial Discipline
*Before the Effects of Price Revisions
A N A D A R K O
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Anadarko is Positioned to Deliver in 2013
Sales Volumes (MMBOE)* 279 - 287
Capital (Billions)**

$7.2 - $7.6
Reserve Replacement 150+%
F&D ~$15/BOE
*Includes Ethane Rejection Assumptions and Anticipated Weather/Facility Downtime
**Excludes WES Capital Investments and Assumes Carried-Interest Agreements for Heidelberg and Mozambique
U.S. ONSHORE
60%
MIDSTREAM/OTHER
10%
EXPL
INTERNATIONAL
15%
GULF OF MEXICO
15%
2013 Capital Allocation by Area
206
220
235
248
268
279 - 287
296 - 306
30%
40%
50%
60%
100
225
350
2008 2009 2010 2011 2012 2013E 2014E

P
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Demonstrated Liquids Growth
10% Liquids CAGR
A N A D A R K O
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Predictable Growth, Expanding Margins and Value Upside
Confident in 5 - 7% Production CAGR through 2020 at Current Prices
Achieved through Identified and Producing Assets
Increased Growth Potential with Sustained $4.50+ Natural Gas Prices
Exploration Provides Additional Value Upside and Optionality
0
100
200
300
400
500
600
2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Growth from Higher-Margin Liquids
Oil/Liquids Gas Additional Gas at $4.50/Mcf
A N A D A R K O
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U.S. Onshore: Accelerating Value and Enhancing Margins

10% Sales-Volume Growth to
~570,000 BOE/d
35% Growth in Oil Volumes
Allocating Capital to Projects
Generating 30 - 100+% ROR

GNB
Operated Wells 200+



89
2012 2013E
PERMIAN
Operated Wells 100+



17
2012 2013E
EAGLEFORD
Operated Wells 250+




33
2012 2013E
EAST TEXAS
Operated Wells 75+



39
2012 2013E
MARCELLUS
Operated Wells 70+



54
2012 2013E
WATTENBERG
Operated Wells 300+



91
2012 2013E
2013 Planned Activity
~90
~120
~80
~50
~50
~20
~$12/BOE Reserve-Replacement Cost
Wedge Volumes Added at $35,000 per
Flowing BOE/d
Midstream Expansion to Enable Growth

Sales Volumes (MBOE/d)
Sales Volumes (MBOE/d)
Sales Volumes (MBOE/d)
Sales Volumes (MBOE/d)
Sales Volumes (MBOE/d)
Sales Volumes (MBOE/d)
A N A D A R K O
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$5.3
$2.4
350 MBOE EUR Well
1.0 to 1.5 BBOE Net Resources
~4,000 Horizontal Drill Sites
350 MBOE EUR per Well
Optimizing Lateral Lengths, Spacing and Completions
$6.7 Million BTAX NPV per Well
100+% ROR at Current Prices
Converting $2 Billion BTAX Value in 2013
Doubling Well Activity to 300+ Planned Wells
Expanding Enabling Infrastructure
Mineral Interest Enhances Returns


Wattenberg: Accelerating $15+ Billion of Value


~350,000 Net Acres in Core Wattenberg
Arapahoe
Adams
Morgan
Jefferson
Douglas
Boulder
Elbert
Larimer
Denver
10 Miles
48
55
61
73
91
~120
0
70
140
2008 2009 2010 2011 2012 2013E
M
B
O
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/
d

Increasing Sales Volumes
Based on $4.3 Million Well Cost & Unescalated
NYMEX Prices of $90/Bbl and $3.50/Mcf
Anadarko Economics Enhanced
by Land Grant Position
($ Millions)
$7.7
APC Mineral
Ownership
Advantage
APC Land Grant and Leasehold
Core Wattenberg Area
Area of 2013 Activity
A N A D A R K O
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Wattenberg: Expanding Infrastructure Advantage
Year-End 2012 Infrastructure
Gas Gathering Pipelines ~3,000 Miles
Oil Gathering Pipelines 32 Miles
Processing Capacity 400 MMcf/d
Compression 110,000 HP
Gas Gathering System Capacity 450 MMcf/d
Oil Gathering Throughput 12 MBOPD
Expanding Compression, Gathering and
Processing
Oil Rail Terminal Expected in Service 3Q13
Front Range NGL Pipeline Expected in
Service 4Q13
300 MMcf/d Lancaster Cryo Plant Expected
in Service 1Q14
Evaluating Expansions

0
200
400
600
800
1,000
Jan-12 Jul-12 Jan-13 Jul-13E Jan-14E
P
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Gas Processing Capacity Aligned
with Production Growth
(Illustrated through 1Q14)

0
20
40
60
80
100
120
Jan-12 Jul-12 Jan-13 Jul-13E Jan-14E
M
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Oil Takeaway Capacity Aligned
with Production Growth
(Illustrated through 1Q14)
A N A D A R K O
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1
8
21
33
~50
0
10
20
30
40
50
2009 2010 2011 2012 2013E
M
B
O
E
/
d

Increasing Sales Volumes
~600,000 BOE EUR per Well
2,500+ Identified Drill Sites
65% Liquids Composition
Large-Scale Infrastructure Additions
200 MMcf/d Brasada Plant Expected in
Service 2Q13
NGL and Gas Line to Premium Markets
Industry-Leading Drilling Cycle Times
Eagleford: Delivering Significant Growth

$1.0
$1.5
$2.0
0
5
10
15
20
2010 2011 1Q12 2Q12 3Q12 4Q12
A
v
g
.

C
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P
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D
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Drilling Efficiencies and Cost Control
Spud to RR Cost per Well
Brasada Plant Construction
~400,000 Gross Acres
~200,000 Net Acres
A N A D A R K O
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Consistent, On-Time, On-Budget Delivery
Standardized Process, Technology and
Equipment
Accelerate Value through Carried-
Interest Agreements
Lucius - $556 Million
Heidelberg - $860 Million
Mozambique - TBD
Significant Future EBITDAX Generation
from Identified Mega Projects

Mega Projects: Delivering High-Impact Growth and Cash Flow
*Assumes Carried-Interest Agreements for Heidelberg and First Two Trains in Mozambique
0
90
180
E
s
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S
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Advancing Identified Mega Projects
Jubilee / MTA
Caesar / Tonga
El Merk
Lucius
Heidelberg
TEN Complex
Mozambique
First 2 Trains
2010 2020E
0
2,500
5,000
2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
$
M
i
l
l
i
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n
s


Capex
EBITDAX
Identified Mega Projects Deliver Significant Value*
(Based on Unescalated NYMEX Prices of $90/Bbl and $3.50/Mcf)
A N A D A R K O
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Sub-Salt Pliocene
Norphlet
Gulf of Mexico: Enhancing High-Margin Oil Projects

Anadarko WI Block
Planned Activity
APC Discovery
Lower Tertiary
Lucius Unit
28% WI
Heidelberg
31.5% WI
Caesar/Tonga
34% WI
Miocene
Caesar/Tonga
200 - 400 MMBOE Resource
$1 Billion Capital Avoided by
Leveraging Existing Infrastructure
Oil Production Began 1Q12
4th Well On Line Mid-2013
Shenandoah Basin
Emerging Development Area
140
144
99 98
Shenandoah
Basin
96
95
52 51
Yucatan
15% WI 143
Lucius
300+ MMBOE Resource
Expected Capital Carried through First
Production
World-Class Reservoir Quality and
Deliverability
On Time, On Budget for First Oil 2014

Heidelberg
200 - 400 MMBOE Resource
Expected Capital Carried through
First Production
Replicating Lucius Spar Design
Ordered Long-Lead Items
First Oil Anticipated Mid-2016

Shenandoah
30% WI
Coronado
15% WI
A N A D A R K O
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Ghana and Algeria: High-Margin Oil Producers
Algeria
~1.7 Billion Barrels of Gross Oil Produced
to Date
Enhanced Value from TPE Resolution
El Merk Achieved First Oil
Expected Ramp to ~30,000 Bbl/d by YE13
Drives 10+% YOY Algeria Growth
Ghana
Jubilee: Producing ~110,000 BOPD
TEN: Second Major Oil Development

Miles
10 0
West Cape Three Points
31% WI
Deepwater Tano
18% WI
Ntomme
Tweneboa
Enyenra
Teak
Mahogany
Akasa
Jubilee
Wawa
Planned
FPSO
Block 404a
PK0
Block 208
0 10
Miles
HBNS CPF
Ourhoud CPF
El Merk CPF
Anadarko WI Block
Oil Field
Gas Condensate Field
Prospect
A N A D A R K O
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35 to 65+ Tcf of Recoverable Natural Gas DISCOVERED MASSIVE RESOURCE
Wells Capable of Producing 100 - 200 MMcf/d
CONFIRMED RESERVOIR QUALITY AND
DELIVERABILITY
Supports Initial LNG Trains for Prosperidade
RECEIVED RESERVES CERTIFICATION
Maintained Schedule for First Cargo in 2018
SIGNED HOA WITH AREA-4 OPERATOR
Offshore Gathering and Onshore Construction AWARDED COMPETITIVE FEED CONTRACTS
Mozambique: Advancing Toward 50 MMTPA
0
800
1,600
2018E 2020E 2022E 2024E 2026E 2028E 2030E 2032E 2034E 2036E 2038E 2040E 2042E 2044E
M
B
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/
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Mozambique Offshore Area 1: Notional 50 MMTPA Gross Production
0
20
40
60
80
100
M
M
T
P
A

Projected Liquefaction Capacity
Assumes Future 10-Train Mozambique Development
A N A D A R K O
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Exploration: Focusing on Play-Opening Opportunities
Leveraging Exploration Success
Testing New Plays
Expanding the Portfolio
Planned 2013 Activity
Planned Divestiture
6 - 8 Exploration / Appraisal Wells
~3 MM Acres
Gulf of Mexico
Seismic Acquisition and Processing
~13 MM Acres
South America
2 Exploration Wells
~15 MM Acres
North Africa
7 - 9 Exploration / Appraisal Wells
~5 MM Acres
West Africa
Seismic Acquisition and Processing
~23 MM Acres
South Africa
7 - 9 Exploration / Appraisal Wells
~6 MM Acres
Mozambique
2 Exploration Wells
~6 MM Acres
Kenya
1 - 2 Exploration Wells
~2 MM Acres
South China Sea
~1 Exploration Well
~10 MM Acres
New Zealand
2013 Net Discovered Resources Target: 800+ MMBOE
~25 Deepwater Exploration/Appraisal Wells

A N A D A R K O
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Mozambique: Focusing on Upside Potential
~6 MM Gross Acres
MOZAMBIQUE
0 15
Miles
Tubaro
Linguado
Offshore Area 1
APC Operated
36.5% WI
Moreia
Espadarte
Anadarko WI Block
Planned Drilling
Natural Gas Field
Prospects


A
A
ESPADARTE 1
ORCA
DISCOVERY
GOLFINHO
DISCOVERY


LINGUADO 1 MOREIA 1
A A
Exploring Full Stratigraphic
Column
Low-Dip Stratigraphic and
Structural Traps
2013 Planned Activity
4 - 5 Exploration Wells
2 - 3 Appraisal Wells

Orca
A N A D A R K O
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Kenya: Testing a New Deepwater Basin
Potential for Oil
Very Large Traps
Significant Follow-On Prospects
Farm-Out Recovered Historical Costs
Partial Drilling Carry

KIBOKO-1
A A
Jurassic
Carbonate
Upper
Cretaceous
Lower
Cretaceous

0 25
Miles
Anadarko WI Block
Planned Drilling
Prospects
Seismic
~6 MM Gross Acres
KENYA
APC Operated
45% WI
L-11A
L-11B
Kiboko
A A
A N A D A R K O
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Sub-Salt Pliocene
Norphlet
Gulf of Mexico: Expanding Success
GULF OF MEXICO
~ 3MM Gross Acres

Anadarko WI Block
Planned Drilling
APC Discovery
Miocene
Deep Nansen
35% WI
Yucatan
15% WI
K2 Deep
42% WI
Haleakala
67% WI
Stromboli
50% WI
Raptor
50% WI
Outstanding Success in Shenandoah Basin
Phobos Discovery
Drilling First Norphlet Test at Raptor

Lower Tertiary
Shenandoah
30% WI
Coronado
15% WI
Phobos
30% WI
A N A D A R K O
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Exploration: Creating Unmatched Value and Optionality
2
0
0
4

-

2
0
1
2

NET DISCOVERED RESOURCES
5+ BBOE
CAPITAL INVESTED
~$8 Billion
MONETIZED
~$8 Billion
VALUE RETAINED
~200 MBOE/d Net Production
~4 BBOE Resources
Lucius
Heidelberg
Mozambique
Vito
Shenandoah
Paon
Future Discoveries
Indonesia
Brazil
DISCOVERY
OPTIMIZE
APPRAISE
DIVEST
0
50
100
150
200
250
300
350
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Significant Value Retained
Mozambique
TEN
Heidelberg
Lucius
Caesar Tonga
Avalon
Jubilee
Eagleford
Marcellus
A N A D A R K O
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Exercising Financial Discipline
$3.7 Billion of Cash on Hand as of 1Q13
2013 Capital Investments within Cash Flow
Cash Flow Protected with Tactical Hedges
Planned and Opportunistic Monetizations
$1.2+ Billion of Monetizations in 1Q13
Anticipate Periodic WES and WGP Transactions
$500 Million Asset Sale Completed from APC to WES

Strengthening the Balance Sheet
Net Debt to
Adjusted Capital
Year-End 2011 41%
Year-End 2012 34%
As of 1Q13 32%
A N A D A R K O
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Providing Transparent Growth with Unmatched Optionality
Resource
Conversion
Investment
Returns
Value
Acceleration
Values-Based Culture of Safety and Continuous Improvement
Predictable, Repeatable U.S. Onshore; Low-Cost Operator
High-Margin Oil Mega Projects
World-Class Exploration
Active Portfolio Management