ANADARKO PETROLEUM CORPORATIOn

ANADARKO PETROLEUM CORPORATION

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HEIDELBERGHIGHLIGHTS

heidelberg project highlights • JANUARY 2009 Discovery

• APRIL 2012 Successful Appraisal well

• APRIL 2013 signed Carried-Interest Agreement

• May 2013 PROJECT SANCTION

• OCTOBER 2014 SPAR ARRIVES IN THE GULF OF MEXICO

• OCTOBER 2015 TOPSIDE INSTALLATION COMPLETE

• JANUARY 2016 FIRST OIL

• Employed design one / build two execution strategy with the host facility

• 6 months from Concept Selection to Cutting of First Steel on Hull

• REACHED FIRST OIL AHEAD OF SCHEDULE AND UNDER BUDGET

At work or away from the job site, Anadarko’s Gulf of Mexico operations team views safety as a top priority. Anadarko employees and contractors promote a culture of safety by following the LiveSAFE program.

GREEN CANYON 859

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HEIDELBERG TRUSS SPARTOPSIDE operating WEIGHT

16,000 TONS

CAPACITY

80,000 bopd80 mmcf/d

spar diameter

110 feet

spar length

605 feet

hull weight

23,000 tons

water depth

5,300 feet

SISTER SPAR TO LUCIUS

STRAKE

MOORING FAIRLEAD

MOORING LINE

HARD TANK

SPAR CHAIN

CHAIN JACKS

CELLAR DECK

PRODUCTION DECK

MAIN DECK

SUB CELLAR DECK

LIVING QUARTERS

TRUSS SECTION

KEEL TANK

HEAVE PLATE

TOPSIDESSPAR HULL

ANADARKO PETROLEUM CORPORATION

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design one, build two.

LUCIUS HEIDELBERG

FIRST OIL 2015 FIRST OIL 2016

ADVANTAGES OF “DESIGN ONE: BUILD TWO” STRATEGY• ENHANCED SAFETY

• REDUCTION IN CONCEPT SELECTION AND FEED STAGE GATE SCHEDULE

• REDUCTION IN ENGINEERING RESOURCES FROM CONCEPT SELECT THROUGH DETAILED DESIGN

• REDUCTION IN CHANGE RISK

• REDUCTION IN REGULATORY RISK

• REDUCTION IN FABRICATION RESOURCES

• ENHANCED SCHEDULE EFFICIENCIES

• INCREASED OPERATIONAL EFFICIENCIES/SYNERGIES

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COMPRESSED SCHEDULES AND REDUCED RESOURCES

Concept Selection to Cutting First Steel

Reduction in Fabrication Manhours

Reduction in Engineering Manhours

Lucius Hull 18 Months -- --

Lucius Topsides 22 Months -- --

Heidelberg Hull 5 Months 18% 19%

Heidelberg Topsides 12 Months 22% 33%

Procurement Cycle for Major Topsides Equipment

55% Completion Prior to Loadout

Completion of Detailed Engr Prior to Loadout

Lucius Topsides 22 Months 10 Months 10 Months

Heidelberg Topsides 11 Months 13 Months 14 months

ANADARKO PETROLEUM CORPORATION

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EXPORT

HEIDELBERGDEVELOPMENT• SIX PRODUCTION WELLS

• Stand alone spar development (80,000 bopd, 80,000 mmscfd)

• two drill centers

• dual looped 8” flowlines

• 16” oil and gas export lines

HULL

TOPSIDE

CHAIN

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UMBILICALS

FLOWLINE

HEIDELBERG PARTNERS• Anadarko* 44%• Cobalt 9.375%• Eni 12.5% • ExxonMobil 9.375%• Marubeni 12.75%

• Statoil 12.0%

* Operator

ANADARKO PETROLEUM CORPORATION

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SUBSEA ARCHITECTURE

OIL EXPORT TIE-IN SLEEPER

GC859 DRILL CENTER GC903 DRILL CENTER NAW GAS EXPORT TIE-IN

FLOWLINE HOLDBACK SYSTEM

GC 859 MANIFOLD

GC 903 MANIFOLD

OIL EXPORT PLET

HEIDELBERG SPAR

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hull constructionPORI, FINLAND

HULL CHRISTENING

ANADARKO PETROLEUM CORPORATION

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Voyage from finland to texasSEPTEMBER 2014 TO OCTOBER 2014(27 days and 7,300 nautical miles)

MIGHTY SERVANT 1 ARRIVES IN INGLESIDE, TX

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ROUTE FROM PORI, FINLAND TO INGLESIDE, TEXAS

PoriSeptember 28, 2014

InglesideOctober 25, 2014

ANADARKO PETROLEUM CORPORATION

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FLARE

LIVING QUARTERS

LAB BUILDING

FLOWLINE HEATERS

A

WEST CRANE

A: GAS COMPRESSOR EXHAUST SILENCER B: GAS COMPRESSOR INLET AIR ENCLOSURE

NORTH STAIR TOWER

SOUTHWEST CRANE BOOM REST

NORTHEAST CRANE BOOM REST

DIESEL DRIVEN AIR COMPRESSOR SKID

WASTE HEAT RECOVERY UNIT EXHAUSTS

SOUTHWEST CELLAR DECK EXTENSION

TEMPORARY WORK DECK

SUB CELLAR MODULE

WEST STAIR TOWER

B

MOTOR CONTROL CENTER

TEMPORARY WORK DECK FLOAT

topsides

COMPRESSOR MODULEOne of six modules built in Houma, LA

PRODUCTION DECK FLOATLIVING QUARTERSBuilt in Orange, TX

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MOORING SYSTEM DETAILS

BUILT IN INGLESIDE, TX

SUCTION PILE

MOORING CHAIN

BUILT IN SPAIN

BUILT IN PORTUGAL

POLYESTER MOORING ROPES

• 9 total mooring lines

• Suction Piles: Length = 112’, Diameter = 18’

• Platform Chain: Length = 1030’,  Diameter = 6”

• Polyester Rope: Average length = 7376’, Diameter = 10”

• Ground Chain: Length = 352’, Diameter = 6”

ANADARKO PETROLEUM CORPORATION

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deep water INSTALLATION VESSELSBALDER - HULL AND MOORING INSTALLATION

THIALF - TOPSIDE INSTALLATION

LUCIUS TOPSIDE INSTALLATION

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SLEEPER INSTALLATION

VIKING POSEIDON

OIL EXPORT PIPELINE INSTALLATION

ALLSEAS LORELAY

SEVEN BOREALIS

• OIL & GAS EXPORT LINE INSTALLATION

• RISER INSTALLATION

• PRODUCTION FLOWLINE INSTALLATION

SKANDI NEPTUNE

• UMBILICAL INSTALLATION• JUMPER INSTALLATION• MANIFOLD INSTALLATION• CONTROL SYSTEM INSTALLATION

ANADARKO PETROLEUM CORPORATION

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OIL EXPORT INSTALLATIONS• 35 miles of new 20” pipeline installed

GAS EXPORT• 9 miles of new 16” pipeline installed

PORT ARTHUR

PORT FOURCHON

GARDEN BANKS GREEN CANYON

KEATHLEY CANYON

SOUTH TIMBALIER 283

SHIP SHOAL 332

LAROSE GAS PROCESSING PLANT

TEXAS LOUISIANA

GARDEN BANKS 72

HIGH ISLAND

OIL EXPORT LINE

GAS EXPORT LINT

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HEIDELBERG: PATH TO FIRST OIL

2014 - 20162014Subsea flowline installationHull sail-away to Gulf of Mexico

2015Install hull, risers, umbilicalsLoad-out and install Topsides

2015-2016Hook-up and commissioning

2016Conclude initial drilling and completions

JANUARY 2016first oil

DEVE

LOPM

ENT D

RILL

ING

AND

WEL

L COM

PLET

IONS

ASIA PACIFIC

EUROPE & EURASIA

AFRICA

MIDDLE EAST

SOUTH & CENTRAL AMERICA

NORTH AMERICA

60

60144909

172100

174

338327

1,186

455

8,700

WORLDWIDE JOB IMPACT

OVER 13,000 PEOPLE EMPLOYED FOR THE HEIDELBERG PROJECT

ANADARKO PETROLEUM CORPORATION

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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 Anadarko’s ability to timely complete and commercially operate the projects and drilling prospects identified in this presentation and achieve production and budget expectations on its mega projects. See “Risk Factors” in the company’s 2014 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.

Cautionary Note to Investors - The U.S. 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. We may use terms in this presentation, such as “resources,” “net resources,” “net discovered resources,” “gross resource,” “gross recoverable resources,” “gross resource opportunity,” “estimated net resources,” “recoverable natural gas,” “net opportunity,” and similar terms that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2014, File No. 001-08968, available from us at www.anadarko.com or by writing us at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

1201 LAKE ROBBINS DRIVE | THE WOODLANDS, TEXAS 77380

1.832.636.1000 | WWW.ANADARKO.COM | NYSE: APC