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Credit Suisse 2011 Energy SummitBob Daniels

Sr. Vice President, Worldwide Exploration

February 8, 2011February 8, 2011





3

Identify andIdentify andCommercializeCommercialize

ResourcesResources

3+ BBOE 3+ BBOE

of Proved of Proved Reserves in Reserves in Five Years Five Years

ExerciseExercise

FinancialFinancialDisciplineDiscipline

Managing Managing Success with Success with

Strong Balance Strong Balance Sheet Sheet

Exploration inExploration inHighHigh--PotentialPotentialProven BasinsProven Basins

25+ Deepwater 25+ Deepwater

Exploration and Exploration and Appraisal Wells Appraisal Wells in 2010 in 2010

Global BusinessGlobal Business

DevelopmentDevelopmentApproachApproach

Six World Six World - - Class Class Discoveries Discoveries

Producing Producing by 2016 by 2016

Our Strategy Is Working

Identify and Commercialize Resources

Global Business Development Approach Exercise Financial Discipline

Exploration in High- Potential Proven Basins



4

De-RiskedW. Africa

ShalesBrazilGOM

Converting Resources to Value

Accelerate Production

and Reserve Growth

Prices and ServiceCosts in Equilibrium

Capitalize UponPortfolio Optionality

Base AssetsBase Assets

2.3 BBOE2.3 BBOE

Base Assets

2.3 BBOE

Base Assets

2.3 BBOE

Base Assets

2.3 BBOE

Base Assets

2.3 BBOE

Base AssetsBase Assets

2.3 BBOE2.3 BBOE

Development4.5+ BBOE

DevelopmentDevelopment

4.5+ BBOE4.5+ BBOE

ExplorationExploration

3.5+ BBOE3.5+ BBOE

10+ BBOE

DevelopmentDevelopment

5+ BBOE5+ BBOE

D e - R i s k e d S h a l e s

ExplorationExploration

3.5+ BBOE3.5+ BBOE

10.5+ BBOE

Monetized Shales $1.5B

March 2009 March 2010



5

0

2

4

Production Mega Projects Shales

B B O E

Our Portfolio is Delivering

Capital-Efficient Base Replaces ProductionMega Projects Add Significant Oil Reserves

Shale Plays Are a New Source for Growth

YE 2014E

3+ BBOE

YE 2010

2.4 BBOE

Base

3+ BBOE of Proved Reserves in Five Years



Raising the Performance Bar

7 - 9% Five-Year Production CAGR150+% Reserve ReplacementF&D Less Than $15/BOE

Transition Discoveries to DevelopmentLine of Sight to Significant Production Growth

400

700

1,000

2010 2011 2012 2013 2014

M B O E / d

Shales Sanctioned MegasBase



Additional Project PotentialLucius

Wahoo

Tweneboa / EnyenraHeidelberg

Vito

Itaipu

Mahogany East

Next GenerationMozambique Gas

MercuryItauna

Shenandoah 400

700

1,000

1,300

2010 2011 2012 2013 2014 2015 2016

M B O E

/ d

Visible Growth from Mega Projects

Additional ProjectsShales Sanctioned MegasBase



Our Track Record of Delivery ContinuesExceeded 2010 Expectations

March 2010Midpoint

2010Results

Record Sales Volumes (MMBOE) 228.5 235

Capital Expenditures, IncludingExpensed G&G ($ Billion) 5.45 <5.3

Free Cash Flow ($ Million) (100) 211

Organic Reserve Replacement 130+% 140%

Lease Operating Expense ($/BOE) 4.35 3.54



Enhanced Liquidity and Financial Flexibility

Ended 2010 with ~$3.7 Billion of Cash on Hand

Access to 5-Year $5 Billion Undrawn Secured FacilityReplaced and Upsized $1.3 Billion Revolver Maturing in 2013

Extended Near-Term Debt Maturities

Average Maturity – 14.3 YearsAverage Coupon – 6.59%





Capital-Efficient U.S. Onshore Portfolio

Base Assets~25 Tcfe Resource BaseScaleable ProgramsEnhancing Margins and Efficiencies

Accelerating Shale ValuePremier Acreage PositionReserve Growth Engine60+% 5-Year Production CAGR

OIL AND GASNATURAL GAS

SHALE PLAY

MARCELLUS6+ Tcf Net Risked Resources

MARCELLUS6+ Tcf Net Risked Resources

HAYNESVILLEHBP Acreage

HAYNESVILLEHBP Acreage

EAGLEFORD/PEARSALL

450+ MMBOE Net Risked Resources

EAGLEFORD/PEARSALL450+ MMBOE Net Risked Resources

POWDER RIVERPOWDER RIVERPOWDER RIVER

GNBGNBGNB

WATTENBERGWATTENBERGWATTENBERG

GREEN RIVERGREEN RIVERGREEN RIVER

CHALKCHALKCHALK

CARTHAGECARTHAGECARTHAGEBOSSIERBOSSIERBOSSIER

4Q10 Net Sales 2.4 Bcfe/d

Net Acreage ~15 Million

BONE SPRINGBONE SPRINGBONE SPRING



Marcellus Shale

ResultsIPs 7+ MMcf/d4 - 6 Bcf EUR per Well

2010 Activity7 Operated Rigs at YE20 Non-Operated Rigs at YE

Secured 1.2 Bcf/d AdditionalTakeaway Capacity

Prudently Paced

Development with JointVenture Transaction

Net Risked Resources 6+ Tcf

Gross Acreage: ~750,000

Net Acreage: ~260,000

0 20

Miles

APC ACREAGE

PENNSYLVANIAPENNSYLVANIA

NEW YORKNEW YORK

PENNSYLVANIAPENNSYLVANIA

Marcellus Shale PlayMarcellus Shale Play

PILOT AREA

ANADARKOFOCUS AREAANADARKO

FOCUS AREA



APC ACREAGE

MAVERICKMAVERICK

DIMMITDIMMIT

WEBBWEBB

0 10

Miles

2010 DEVELOPMENT AREA

ZAVALAZAVALA

Eagleford Shale

400+ MBOE EURs

2,000+ Drill Sites

~85% of Value from Liquids

Excellent Economics

Deeper Pearsall Shale Opportunity

TEXASTEXAS

Gross Acreage: ~400,000

Net Acreage: ~300,000

Production Composition

27%

27%

46%

Net Risked Resources 450+ MMBOE



Our Big Boys are BIG

1+ BBOE Net Risked Resources

Gross Resource Potential in MMBOE

Prior 2007 2008 2009 2010

Discovery Date

El Merk500500--600600

Jubilee

600600--1,5001,500

Caesar/Tonga200200--400400

Heidelberg200+200+

Wahoo 200+200+

Vito200+200+

Itaipu300+300+

Tweneboa300+300+

Lucius

300+300+

D e v C o s t / B O E

4+4+ TcfTcf

Moz. Gas

Enyenra300+300+



Focused Exploration in High-Potential Basins

60% Offshore Exploration Success Rate in 2010100% Offshore Appraisal Success Rate in 2010Deep, Multi-Year Inventory of Identified Prospects

GULF OF MEXICO • ~3 MM Gross Acres

• 4+ Wells

GULF OF MEXICO GULF OF MEXICO •• ~3 MM Gross Acres~3 MM Gross Acres•• 4+ Wells4+ Wells

BRAZIL• ~1 MM Gross Acres• 2 Exploration

BRAZILBRAZIL•• ~1 MM Gross Acres~1 MM Gross Acres•• 2 Exploration2 Exploration

WEST AFRICA• ~7 MM Gross Acres

• 5 Exploration• 5 Appraisal

WEST AFRICAWEST AFRICA•• ~7 MM Gross Acres~7 MM Gross Acres•• 5 Exploration5 Exploration•• 5 Appraisal5 Appraisal

EAST AFRICA• ~14 MM Gross Acres• 6 Exploration

EAST AFRICAEAST AFRICA•• ~14 MM Gross Acres~14 MM Gross Acres•• 6 Exploration6 Exploration

SE ASIA• ~7 MM Gross Acres• 3 Exploration

SE ASIASE ASIA•• ~7 MM Gross Acres~7 MM Gross Acres•• 3 Exploration3 Exploration

NEW ZEALAND • ~17 MM Gross Acres

NEW ZEALAND NEW ZEALAND •• ~17 MM Gross Acres~17 MM Gross Acres

2010 Drilling Plan



Exploration Capital Spent ~ $5.6 Billion

Net Resources Discovered ~ 1.8 BBOEMonetized ~500 MMBOE ~ $6 Billion

Booked ~150 MMBOE ~ $3 BillionYet to Book ~1,150 MMBOE $13+ Billion

Overall Value Added $16+ Billion

Creating Value from Exploration2004 Through June 2010

200720052004 2006 2008 2009

U.S. ONSHORE EXPLORATION

2010 2011

2006 – 10 DISCOVERIES



PRODUCING

GOM DISCOVERY

INTERNATIONAL DISCOVERY

BOOMVANG SATS

WAHOO

MAHOGANY DEEP

ODUM

HEIDELBERG

SHENANDOAH

TWENEBOA

SAMURAI

VITO

LUCIUS

ITAIPU

CAESAR / TONGAJUBILEE

VENUS

WINDJAMMERENYENRA

BARQUENTINEBADIK

MERCURY

ITAUNA

LAGOSTA

TUBARÃO



Deepwater Gulf of Mexico Exploration

HEIDELBERGHEIDELBERGHEIDELBERGSHENANDOAHSHENANDOAHSHENANDOAH

SAMURAISAMURAISAMURAI

PHOBOSPHOBOS

CORONADOCORONADO

LYELLLYELL

FLINT CREEKFLINT CREEKBLACKTAILBLACKTAIL

SILVERADOSILVERADO

MAUNA KEAMAUNA KEA

HALEAKALAHALEAKALA

SILVERTONSILVERTONTORREYSTORREYS

PEBBLE BEACHPEBBLE BEACH

VITOVITOVITO

LOWER TERTIARY PROSPECT

MIOCENE/PLIOCENE PROSPECT

RECENT DISCOVERY

APC ACREAGE

Exploration Track Record: Discovered 32 Fields

10+ BBOE Gross Resource Potential

Identified More Than 100+ Prospect and LeadsTargeting 100+ MMBOE Gross Resources

Exploration Track Record: Discovered 32 Fields

10+ BBOE Gross Resource Potential

Identified More Than 100+ Prospect and Leads

Targeting 100+ MMBOE Gross Resources

Gross Acreage: ~3.3 MillionGross Acreage: ~3.3 Million

SPARTACUSSPARTACUS

LUCIUSLUCIUSLUCIUS



Brazil Exploration

Gross Acreage: ~1 MillionGross Acreage: ~1 Million

Campos Basin

Santos

Basin

Espírito Santo Basin

LinguadoLinguado

JubarteJubarte

0

Miles

250

ANADARKO WI BLOCK

SUCCESSFUL WELL

COMPETITOR ACTIVITY

DISCOVERY

PROSPECT

ITAUNADISCOVERY

ITAUNAITAUNADISCOVERYDISCOVERY

Discoveries

WahooItaipuItaunaCoalho

Near-Term ActivityItaipu AppraisalItauna By-Pass Core

Transition Discoveriesto Development

0 5

Miles ITAUNADISCOVERY

ITAUNAITAUNADISCOVERYDISCOVERY

BM-C-2950% WI

WAHOODISCOVERY

WAHOOWAHOO

DISCOVERYDISCOVERY

BM-C-3233% WI

BM-C-3030% WI

ITAIPUDISCOVERY

ITAIPUITAIPUDISCOVERYDISCOVERY

WAHOO #2WAHOO #2WAHOO #2

WAHOO #2STWAHOO #2STWAHOO #2ST

Miles

ITAIPUDISCOVERY

ITAIPUITAIPUDISCOVERYDISCOVERY

COALHODISCOVERY

COALHOCOALHODISCOVERYDISCOVERY

WAHOODISCOVERY

WAHOOWAHOODISCOVERYDISCOVERY



Gross Acreage: ~0.6 MillionGross Acreage: ~0.6 Million

19

Jubilee – First Oil Achieved in 3.5 Years

Operator Resource Range of600 - 1,500 MMBOE

First Oil December 2010On Time, On Budget

120,000 BOPD by Mid-2011

High-Quality DevelopmentOutstanding ReservoirCharacteristics

Light Oil

High Flow Rates

World-Class Development in Record Time

May 2007 June 2008 1st Half 2009 Q3 2009 2009 - 2010 Q4 2010

Discovery AppraisalDrilling

SuccessfulFlow Tests

ProjectSanction

Construction, Installation,Drilling and Completions

FirstProduction

Unit WI: 23.5%Unit WI: 23.5%

WATER INJECTOR

GAS INJECTOR

SUCCESSFUL WELLS

WEST CAPE THREE POINTS(WI 31%)

JUBILEEJUBILEEJUBILEE

DEEPWATERTANO

(WI 18%)

5

MILES

0

MAHOGANY EASTMAHOGANY EASTMAHOGANY EAST

ANADARKO WI BLOCKS

DISCOVERY FIELD

OIL PRODUCER



Ghana: Big and Getting Bigger Gross Acreage: ~0.6 MillionGross Acreage: ~0.6 Million

Miles100PROSPECT

DISCOVERED FIELDSUCCESSFUL WELL

2011 PLANNED EXPL DRILLING

W

OWO

MAHOGANY EASTTWENEBOA

DEEPWATER TANO BLOCK WEST CAPE THREE POINTS BLOCK

OWO

JUBILEE

WEST CAPE

THREE POINTS(APC WI 31%)

SC Channel 1

Odum Teak

3 Additional Major DiscoveriesMahogany East

Tweneboa

Enyenra

Transition Discoveriesto Development

2011 Planned Activity

3+ Appraisal WellsDrill-Stem Tests4+ Exploration Wells

SE CHANNEL 1

SE CHANNEL 2

TEAK ODUM

Banda

Dahoma Updip

SC Channel 2

BANDA

E

DEEPWATERTANO(APC WI 18%)

Tweneboa

OWOSuccessful

Sidetrack

OWOOWOSuccessfulSuccessful

SidetrackSidetrack

Jubilee

Turonian Deep

Mahogany East

TWENEBOA #2Successful

Appraisal

TWENEBOA #2TWENEBOA #2SuccessfulSuccessful

AppraisalAppraisal TEAK #1Drilling

TEAK #1TEAK #1DrillingDrilling

TWENEBOA #3SuccessfulAppraisal

TWENEBOA #3TWENEBOA #3SuccessfulSuccessfulAppraisalAppraisal

ENYENRA #2ADrilling

ENYENRA #2AENYENRA #2ADrillingDrilling



West Africa: Multi-Billion-Barrel Potential

30+ Jubilee-Type Prospects Spanning ~7 MM AcresActive Exploration/Appraisal Program Outside Ghana

3 - 5 Wells Planned in 2011

APC ACREAGE

Liberian Basin

Ivorian Basin

700-Mile Span

SIERRA

LEONE

SIERRA

LEONE

LIBERIALIBERIA

CÔTE d’IVOIRECÔTE d’IVOIRE GHANAGHANA

VENUSDISCOVERY

VENUSVENUSDISCOVERYDISCOVERY MERCURY

DISCOVERYMERCURYMERCURY

DISCOVERYDISCOVERY GHANADISCOVERIES

GHANAGHANADISCOVERIESDISCOVERIES



Mozambique: Emerging Grow th OpportunityGross Acreage: ~6 MillionGross Acreage: ~6 Million

ANADARKO WI BLOCK

PROSPECT

Mnazi BayMnazi Bay

APC OperatorONSHORE BLOCK

(APC WI 36%)

APC OperatorONSHORE BLOCK

(APC WI 36%)

APC OperatorOFFSHORE AREA 1

(APC WI 36.5%)

APC OperatorOFFSHORE AREA 1

(APC WI 36.5%)

0 15

Miles

T A N Z

A N I A

M O Z A M B

I Q U E

4 Major DiscoveriesTubarãoLagostaBarquentineWindjammer

2011 Planned ActivityAppraise DiscoveriesContinue Exploration Program

Robust Inventory

Acquire Additional 3D

IRONCLADEncountered Oil

IRONCLADIRONCLADEncountered OilEncountered Oil

LAGOSTADISCOVERYLAGOSTALAGOSTA

DISCOVERYDISCOVERY

TUBARÃODISCOVERYTUBARÃOTUBARÃO

DISCOVERYDISCOVERYROVUMA OFFSHORE

JurassicJurassic

WINDJAMMER

Tertiary

Cretaceous

Jurassic

BARQUENTINE &LAGOSTAIRONCLADTUBARÃO

W E

BARQUENTINEDISCOVERY

BARQUENTINEBARQUENTINEDISCOVERYDISCOVERY

WINDJAMMERDISCOVERY

WINDJAMMERWINDJAMMERDISCOVERYDISCOVERY



23

South China Sea

BOHAI BAYBOHAI BAYBOHAI BAY

Gross Acreage: ~7 MillionGross Acreage: ~7 Million

SOUTH CHINA SEASOUTH CHINA SEASOUTH CHINA SEA

0 200

TARAKANCORE AREATARAKANTARAKAN

CORE AREACORE AREA

23

South China Sea Deepwater Exploration

Liwan 21-1 Prospect

64,000 Acre 4-Way Closure

Supported by Amplitudes

ANADARKO WI BLOCK

PROSPECTDISCOVERY

East China

Sea

PSCA 43/11APC

PSCA 42/05

LW 21-164,000 Acres

On 4-Way Closure

LW 21LW 21--1164,000 Acres64,000 Acres

On 4On 4--Way ClosureWay Closure

PSCA 29/26

Liuhua 34-2 DiscoveryWell Tested50+ MMcf/d

Liuhua 34-2 DiscoveryWell Tested50+ MMcf/d

Liuhua 29-1 DiscoveryTested

57+ MMcf/d

Liuhua 29-1 DiscoveryTested

57+ MMcf/d

Liwan 3-1 DiscoveryEst. Reserves

4 - 6 Tcf

Liwan 3-1 DiscoveryEst. Reserves

4 - 6 Tcf

0 12

Miles

BADIKDISCOVERYBADIKBADIK

DISCOVERYDISCOVERY



Built to Deliver

Accelerating Value from Capital Capital - - Efficient Base Efficient Base Reaching Critical Mass in Shale Shale PlaysAdvancing Sanctioned Mega Projects Mega Projects

Transitioning Discoveries to Discoveries to Development Development Extending World-Class Exploration Exploration Program

PRODUCTION

EXPLORATION

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