As part of the update, Anadarko Petroleum announced a new $3 billion unsecured five-year credit facility, and a $2 billion 364-day facility. The two facilities will replace the company's $5 billion secured credit facility. The company also announcing it will issue $1.25 billion of 3.45% 10-year and 4.5% 30-year senior notes.
Anadarko Petroleum said it received #335 million in cash proceeds after selling 5.75 million common units of Western Gas Equity Partners WGP. The company still owns more than 88% of Western Gas Equity Partner.
CFO Bob Gwin noted that oil and natural gas production resulted in about $675 million in revenue in 2013. Based on first quarter results, the company is trending higher in 2014 according to Gwin.
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TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."