ANADARKO PETROLEUM CORPORATION. John Ford General Manager D J Basin & The Wattenberg Field INVESTOR RELATIONS CONTACTS:

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1 PETROLEUM CORPORATION INVESTOR RELATIONS CONTACTS: John Colglazier Vice President 832/ Brian Kuck Manager 832/ Bill Tedesco Manager 832/ John Ford General Manager D J Basin & The Wattenberg Field PETROLEUM CORPORATION

2 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 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 Anadarko s 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 company s 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 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 SEC s 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 SEC s guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko s Form 10-K for the year ended Dec. 31, 2012, File No , available from Anadarko at 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 SEC

3 U.S. Onshore Overview Anadarko s U.S. Onshore Properties: Produce Enough Energy to Heat/Cool More Than 11,000,000 Avg. Homes Each Day Anadarko s Rockies Region Accounted for ~45% of Total Company Production in 4Q12 Anadarko s Operations in Colorado: Benefited from $1+ Billion in Capital Investment in 2012 Anadarko Expects to Invest $1.5+ Billion in Capital in 2013 in Colorado Net Acreage: ~15 Million GREEN RIVER GNB POWDER RIVER WATTENBERG HZ UTICA HAYNESVILLE MARCELLUS SHALE PLAY NATURAL GAS OIL AND NATURAL GAS PERMIAN EAGLEFORD 3

4 Wattenberg HZ Impact to Colorado Oil & Gas Production 4

5 Wattenberg HZ: Accelerating $15+ Billion of Value 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 Operate ~11 Horizontal Rigs Larimer Boulder Jefferson ~350,000 Net Acres in Core Wattenberg Denver Arapahoe Morgan Adams APC Land Grant and Leasehold Core Wattenberg Area Area of 2013 Activity Douglas Elbert 10 Miles 140 Increasing Sales Volumes Sales- Volumes Mix MBOE/d E 5

6 Multi-Well Pads: Less Surface Disturbance, More Resource Then: Traditional development with vertical wells requiring one pad site per well Now: Multi-well development minimizing surface use with 6 to 12 wells drilled from a single pad site ~8,000 ~8,000 6

7 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 MBOPD Oil Takeaway Capacity Aligned with Production Growth (Illustrated through 1Q14) Current Production Expanding Compression, Gathering and Processing Oil Rail Terminal Expected in Service 3Q13 Front Range NGL Pipeline Expected in Service 4Q MMcf/d Lancaster Cryo Plant Expected in Service 1Q14 Evaluating Expansions Plant Inlet (MMcf/d) 1, Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Gas Processing Capacity Aligned with Production Growth (Illustrated through 1Q14) Current Production 0 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 7

8 Committed to Environmental Excellence Automation Facility Response and Monitoring Liquids Gathering Pipelines Greatly Reduces Truck Trips, Vehicle Emissions Industry-Leading Facility Design Further Emission Reductions, Reduced Surface Disturbance Modernizing Engine Fleet Voluntary Inspection and Maintenance Program Improved Safety, Reduced Emissions Track Record of Controlling and Reducing Emissions Percent Control 100% 95% 90% 85% 80% 75% 70% 65% 60% 55% Field Emissions Control Anadarko Requirement Consistently Outperforming Tons per Year Actual Volatile Organic Compound (VOC) Emissions Potential Significantly Reduced Impacts 50%

9 Putting Water Use in Context Source: Colorado Oil & Gas Conservation Commission In 2015, the COGCC projects that water usage related to hydraulic fracturing is expected to be slightly more than one-tenth of one percent of the total water used. 9

10 Culture of Safety and Environmental Protection Commitment to Safety (TRIR) Anadarko 2012: 0.44 AXPC Average: 0.77* Reducing Footprint Reducing Emissions Leading Industry Initiatives FracFocus.org ASRPG University of Texas Emissions Study Expanding CNG Fleet and Infrastructure Actively Engaging Stakeholders Recognized for Best Practices U.S. Department of the Interior approves the Record of Decision for Anadarko s Greater Natural Buttes project, representing a new collaborative model for project development. * 2011 Average TRIR for American Exploration & Production Council Member Companies Anadarko is awarded the 2012 Environmental Protection Award by the COGC for the second consecutive year. 10

11 Significant Benefit for Colorado Supporting Employment and Growth Anadarko directly employs more than 1,100 people in Colorado High-Quality Jobs for Colorado Average wages 52% higher than state average Geologists, geoscientists, engineers Trade specialists, field operators Anadarko s Growing Colorado Workforce 4,000 3,000 2,000 Thousands of Contractors 1,000 1,100+ Direct Employees Employees Direct Contractors Indirect Contractors 11

12 Generating Significant Tax Revenue in Colorado Anadarko Tax Payments Estimated 3.8X increase over 3 years Projected More than $500 Million Paid in Taxes, Royalties and Salaries ( ) Each HZ Well Generates ~$500,000 in First-Year Tax Revenue $Million Assumes $85.00 per barrel of oil and $3.00 per thousand cubic feet of natural gas 12

13 How Anadarko s Activity Benefits Weld County (2011) 13

14 Questions? 14