UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): March 16, 2010 (March 16, 2010
)
ANADARKO PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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1-8968
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76-0146568
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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1201 Lake Robbins Drive
The Woodlands, Texas 77380-1046
(Address of principal executive offices including Zip Code)
(832) 636-1000
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)
Item 8.01. Other Events.
In connection with the transactions contemplated by the Terms Agreement, dated as of March 9,
2010 (including the Underwriting Agreement (Standard Provisions) dated March 2010 incorporated
therein by reference), among Anadarko Petroleum Corporation (the
Company
) and UBS Securities LLC,
Goldman, Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche
Bank Securities Inc., and Morgan Stanley & Co. Incorporated, as representatives of the several
underwriters, on March 16, 2010, the Company completed a public offering of $750 million aggregate
principal amount of 6.200% Senior Notes due 2040 (the
Notes
).
The Notes are governed by the terms of an Indenture, dated as of September 19, 2006, between
the Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank of New York
Trust Company, N.A.), as trustee, as supplemented by that certain First Supplemental Indenture,
dated as of October 10, 2006, and that certain Second Supplemental Indenture, dated as of July 15,
2009. The Notes are senior unsecured obligations and rank equal in right of payment to all of the
Companys existing and future senior indebtedness that is not specifically subordinated to the
Notes. The Company may redeem, at its option, all or part of the Notes at any time, at a
make-whole redemption price plus accrued and unpaid interest to the date of redemption. The
Company intends to use the net proceeds from the offering to fund a portion of the amount required
to consummate its tender offers for up to $1 billion aggregate principal amount of its outstanding
notes that it announced on March 9, 2010. The terms of the Notes are further described in the
prospectus supplement of the Company dated March 9, 2010, together with the related prospectus
dated August 14, 2009, as filed with the Securities and Exchange Commission under Rule 424(b)(5) of
the Securities Act of 1933, as amended, on March 10, 2010.
The Officers Certificate of the Company dated March 9, 2010 establishing the terms of the
Notes and the form of the Notes are filed as Exhibits 4.1 and 4.2, respectively, and are
incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
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Exhibit
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No.
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Document
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4.1
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Officers Certificate of Anadarko Petroleum Corporation dated March 9, 2010
establishing the 6.200% Senior Notes due 2040.
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4.2
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Form of 6.200% Senior Notes due 2040.
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5.1
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Opinion of Akin Gump Strauss Hauer
& Feld LLP.
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23.1
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Consent of Akin Gump Strauss Hauer
& Feld LLP (included as part of Exhibit 5.1).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ANADARKO PETROLEUM CORPORATION
(Registrant)
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Dated: March 16, 2010
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By:
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/s/
Robert K. Reeves
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Robert K. Reeves
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Senior Vice President, General Counsel and
Chief Administrative Officer
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EXHIBIT INDEX
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Exhibit
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No.
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Document
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4.1
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Officers Certificate of Anadarko Petroleum Corporation dated March 9, 2010
establishing the 6.200% Senior Notes due 2040.
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4.2
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Form of 6.200% Senior Notes due 2040.
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5.1
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Opinion of Akin Gump Strauss Hauer
& Feld LLP.
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23.1
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Consent of Akin Gump Strauss Hauer
& Feld LLP (included as part of Exhibit 5.1).
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Exhibit 4.1
ANADARKO PETROLEUM CORPORATION
Officers Certificate
March 9, 2010
Pursuant to the authority delegated to the undersigned by the Board of Directors of Anadarko
Petroleum Corporation (the
Company
) by resolution dated February 16, 2010, the undersigned
officers of the Company hereby adopt this Officers Certificate for the purpose of establishing one
series of Securities (the
Notes
) under the Indenture, dated as of September 19, 2006, between the
Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank of New York Trust
Company, N.A.), as trustee, as supplemented by that certain First Supplemental Indenture, dated as
of October 10, 2006, and that certain Second Supplemental Indenture, dated as of July 15, 2009 (as
so supplemented, the
Indenture
). This Officers Certificate is executed pursuant to
Section
301
of the Indenture. In addition to the terms provided in the Indenture with respect to any
series of Securities issued thereunder, the terms of the Notes shall be as follows (capitalized
terms used herein but not otherwise defined herein having the respective meanings ascribed to them
in the Indenture):
1. The title of the Notes shall be the 6.200% Senior Notes due 2040 of the Company.
2. The aggregate principal amount of Notes which may be authenticated and delivered
under the Indenture is limited to $750,000,000 (plus such additional amounts of Notes as
may be authorized for issuance from time to time by or pursuant to a Board Resolution and
set forth in an Officers Certificate prior to the issuance thereof) except for Notes
authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Notes pursuant to
Section 304
,
305
,
306
,
906
or
1107
of the Indenture.
3. The principal of the Notes shall be payable on March 15, 2040.
4. The Notes shall bear interest at the rate of 6.200% per annum, from March 16, 2010
or the most recent March 15 or September 15 to which interest has been paid or duly
provided for on the Notes. Each such March 15 or September 15, commencing September 15,
2010, shall be an
Interest Payment Date
for the Notes. The March 1 or September 1
(whether or not a Business Day), as the case may be, next preceding an Interest Payment
Date shall be the
Regular Record Date
for the interest payable on such Interest Payment
Date. Interest shall be calculated on the basis of a 360-day year composed of twelve
30-day months.
5. The principal of (and premium, if any) and interest on the Notes shall be payable
at the office or agency of the Company maintained for that purpose in New York, New York;
provided
,
however
,
that
(x) if the Notes are not Global Securities,
(i) payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security
Register and all other payments will be made by check against surrender of the Notes; and
(ii) notwithstanding the first proviso, if the Notes are in denominations of at least
$1,000,000 and the holder at the time of surrender or on the related Regular Record Date of
any payment of interest on any Interest Payment Date delivers a written request to the
Paying Agent to make such payment by wire transfer, the Company may make such payments by
wire transfer until new instructions are given; and (y) if the Notes are Global Securities,
payment will be made pursuant to the Applicable Procedures of the relevant Depositary.
6. The Notes shall be subject to redemption upon not less than 30 days nor more than
60 days notice, at any time, as a whole or in part, at the election of the Company, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to
be redeemed or (ii) as determined by the Quotation Agent, the sum of the present values of
the remaining scheduled payments of principal and interest on the Notes to be redeemed, not
including any portion of these payments of interest accrued to the date on which the Notes
are to be redeemed, discounted to the date on which the Notes are to be redeemed on a
semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the
Adjusted Treasury Rate plus 0.25% plus accrued interest on the Notes to be redeemed to the
date on which the Notes are to be redeemed.
Adjusted Treasury Rate
means the semi-annual equivalent yield to maturity of a
security whose price, expressed as a percentage of its principal amount, is equal to the
Comparable Treasury Price.
Calculation Agent
means The Bank of New York Mellon Trust Company, N.A.
Comparable Treasury Issue
means a United States Treasury security selected by the
Quotation Agent which has a maturity comparable to the remaining maturity of the Series of
the Notes being redeemed that would be used in accordance with customary financial practice
to price new issues of corporate debt securities with a maturity comparable to the
remaining maturity of the Notes being redeemed.
Comparable Treasury Price
means the result of the calculation of the Calculation
Agent of the average of the Reference Dealer Quotations of the Comparable Treasury Issue
provided by each Reference Dealer, after the Calculation Agent has eliminated the highest
and lowest Reference Dealer Quotations;
provided
,
that
, if the Calculation
Agent obtains fewer than three Reference Dealer Quotations, it will calculate the average
of all of the Reference Dealer Quotations and not eliminate any Reference Dealer
Quotations.
Quotation Agent
means UBS Securities LLC or its successor.
Reference Dealers
means UBS Securities LLC or its successor and two or more other
primary U.S. Government securities dealers in New York City appointed by the Company as
reference dealers. If UBS Securities LLC or its successor is no longer a primary U.S.
Government securities dealer, the Company will substitute another primary U.S. Government
securities dealer in its place as a Reference Dealer and as Quotation Agent.
Reference Dealer Quotations
means each of the bid and ask prices for the Comparable
Treasury Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as
provided by the Reference Dealers to the Quotation Agent, Calculation Agent and Trustee.
7. The Notes shall not be subject to redemption at the option of the Holders or to a
sinking fund requirement.
8. The Notes shall be issuable in denominations of $1,000 and any integral multiple
thereof, with a minimum denomination of $2,000.
9. The provisions of
Section 1302
and
Section 1303
of the Indenture
with respect to defeasance of the Securities of a series and covenant defeasance of the
Securities of a series, respectively, shall be applicable to the Notes.
10. The Notes shall be issued initially wholly in the form of Global Securities and
The Depository Trust Company shall be the initial Depositary with respect thereto.
11. The form of the Notes shall be in substantially the form set forth in
Exhibit
1
attached hereto pursuant to
Article II
of the Indenture.
[Signature Page Follows]
IN WITNESS WHEREOF, each of the undersigned has duly executed this Officers Certificate on
the date first set forth above.
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/s/ Bruce W. Busmire
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Bruce W. Busmire
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Vice President, Finance and Treasurer
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/s/ Robert G. Gwin
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Robert G. Gwin
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Senior Vice President, Finance and
Chief Financial Officer
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EXHIBIT 1
Form of 6.200% Notes due 2040
[See Attached]
Exhibit 4.2
[Form of Face of Note]
[
Insert if Global Security
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.]
ANADARKO PETROLEUM CORPORATION
6.200% Senior Note due 2040
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No.
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$
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CUSIP No. 032510 AC3
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ISIN No. US032510AC36
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ANADARKO PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of
the State of Delaware (herein called the
Company
, which term includes any successor Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to
, or
registered assigns, the principal sum of
Dollars on March 15, 2040, and to pay interest thereon
from March 16, 2010 or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September
15, 2010, and at the Maturity thereof, at the rate of 6.200% per annum, until the principal hereof
is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the March 1 or
September 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest so payable, but not punctually paid or duly provided for, will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent
with the requirements of any securities exchange on which this Security may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in New York, New York, in such
coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, against surrender of this Security in the case
of any payment due at the Maturity of the principal thereof or any payment of interest becomes
payable on a day other than an Interest Payment Date;
provided
,
however
, that if this Security is
not a Global Security, (i) payment of interest on an Interest Payment Date will be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register; and all other payments will be made by check against surrender of this Security; (ii) all
payments by check will be made in next-day funds (
i.e.
, funds that become available on the day
after the check is cashed); and (iii) notwithstanding clauses (i) and (ii) above, with respect to
any payment of any amount due on this Security, if this Security is in a denomination of at least
$1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of
interest on any Interest Payment Date, the Holder thereof on the related Regular Record Date
delivers a written request to the Paying Agent to make such payment by wire transfer at least five
Business Days before the date such payment becomes due, together with appropriate wire transfer
instructions specifying an account at a bank in New York, New York, the Company shall make such
payment by wire transfer of immediately available funds to such account at such bank in New York
City, any such wire instructions, once properly given by a Holder as to this Security, remaining in
effect as to such Holder and this Security unless and until new instructions are given in the
manner described above; and
provided further
, that notwithstanding anything in the foregoing to the
contrary, if this Security is a Global Security, payment shall be made pursuant to the Applicable
Procedures of the Depositary as permitted in said Indenture.
Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
[Remainder of Page Left Intentionally Blank]
F-2
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
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[SEAL]
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ANADARKO PETROLEUM CORPORATION
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By:
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Name:
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Title:
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Attest:
This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture.
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Dated:
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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
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By:
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Authorized Signatory
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F-3
[Form of Reverse of Note]
This Security is one of a duly authorized issue of senior securities of the Company (herein
called the
Securities
), issued and to be issued in one or more series under an Indenture, dated
as of September 19, 2006 (herein called the
Indenture
, which term shall have the meaning assigned
to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A.
(formerly, The Bank of New York Trust Company, N.A.), as Trustee (herein called the
Trustee
,
which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the
series designated on the face hereof limited in aggregate principal amount to $750,000,000 (plus
such additional amounts of Securities of this series as may be authorized for issuance from time to
time in the manner set forth in the Indenture).
The Securities of this series are subject to redemption upon not less than 30 days nor more
than 60 days notice, at any time, as a whole or in part, at the election of the Company, at a
Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities of this
series to be redeemed or (2) as determined by the Quotation Agent, the sum of the present values of
the remaining scheduled payments of principal and interest on the Securities of this series to be
redeemed, not including any portion of these payments of interest accrued as of the date on which
the Securities of this series are to be redeemed, discounted to the date on which the Securities of
this series are to be redeemed on a semi-annual basis assuming a 360-day year consisting of twelve
30-day months, at the Adjusted Treasury Rate plus 0.25%, plus accrued interest to the Redemption
Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will
be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at
the close of business on the relevant Record Dates referred to on the face hereof, all as provided
in the Indenture.
Adjusted Treasury Rate
means the semi-annual equivalent yield to maturity of a security
whose price, expressed as a percentage of its principal amount, is equal to the Comparable Treasury
Price.
Calculation Agent
means The Bank of New York Mellon Trust Company, N.A.
Comparable Treasury Issue
means a United States Treasury security selected by the Quotation
Agent which has a maturity comparable to the remaining maturity of the Securities of this series
being redeemed that would be used in accordance with customary financial practice to price new
issues of corporate debt securities with a maturity comparable to the remaining maturity of the
Securities of this series being redeemed.
Comparable Treasury Price
means the result of the calculation of the Calculation Agent of
the average of the Reference Dealer Quotations of the Comparable Treasury Issue provided by each
Reference Dealer, after the Calculation Agent has eliminated the highest and lowest Reference
Dealer Quotations; provided, that, if the Calculation Agent obtains fewer than
R-1
three Reference Dealer Quotations, it will calculate the average of all of the Reference
Dealer Quotations and not eliminate any Reference Dealer Quotations.
Quotation Agent
means UBS Securities LLC or its successor.
Reference Dealers
means UBS Securities LLC or its successor and two or more other primary
U.S. Government securities dealers in New York City appointed by the Company as reference dealers.
If UBS Securities LLC or its successor is no longer a primary U.S. Government securities dealer,
the Company will substitute another primary U.S. Government securities dealer in its place as a
Reference Dealer and as Quotation Agent.
Reference Dealer Quotations
means each of the bid and ask prices for the Comparable Treasury
Issue as of 5:00 p.m. on the third Business Day before the Redemption Date as provided by the
Reference Dealers to the Quotation Agent, Calculation Agent and Trustee.
In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.
If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of all series to be affected (considered together as one class for this purpose).
The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount
of the Securities at the time Outstanding of all series to be affected under the Indenture
(considered together as one class for this purpose), on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and (ii)
permitting the Holders of a majority in principal amount of the Securities at the time Outstanding
of any series to be affected under the Indenture (with each such series considered separately for
this purpose), on behalf of the Holders of all Securities of such series, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
R-2
have previously given the Trustee written notice of a continuing Event of Default with respect
to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof, with a minimum denomination of $2,000.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities of this series and
of like tenor of a different authorized denomination, as requested by the Holder surrendering the
same.
No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Security and the Indenture shall be governed by and construed in accordance with the law
of the State of New York.
All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
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Exhibit 5.1
March 16, 2010
Anadarko Petroleum Corporation
1201 Lake Robbins Drive
The Woodlands, Texas 77380
Ladies and Gentlemen:
We have acted as special counsel to Anadarko Petroleum Corporation, a Delaware corporation
(the
Company
), in connection with the registration, pursuant to a Registration Statement on Form
S-3, File No. 333-161370 (the
Registration Statement
), filed with the Securities and Exchange
Commission (the
Commission
) under the Securities Act of 1933, as amended (the
Act
), of the
offering and sale by the Company of $750,000,000 aggregate principal amount of the Companys 6.200%
Senior Notes due 2040 (the
Notes
) to be issued under an Indenture, dated as of September 19,
2006, between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly, The Bank
of New York Trust Company, N.A.), as trustee (in such capacity, the
Trustee
), as supplemented by
that certain First Supplemental Indenture, dated as of October 10, 2006, and that certain Second
Supplemental Indenture, dated as of July 15, 2009 (as so supplemented, the
Indenture
), and sold
pursuant to the Terms Agreement, dated as of March 9, 2010 (including the Underwriting Agreement
(Standard Provisions) dated March 2010 of the Company incorporated therein by reference, the
Terms
Agreement
), among the Company and UBS Securities LLC, Goldman, Sachs & Co., Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., and Morgan Stanley
& Co. Incorporated, as representatives of the several underwriters (the
Underwriters
). This
opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K
under the Act.
We have examined originals or certified copies of such corporate records of the Company and
other certificates and documents of officials of the Company, public officials and others as we
have deemed appropriate for purposes of this letter. We have assumed the genuineness of all
signatures, the legal capacity of all natural persons, the authenticity of all documents submitted
to us as originals, the conformity to authentic original documents of all copies submitted to us as
conformed, certified or reproduced copies, and that the Notes will conform to the specimen thereof
we have reviewed. We have also assumed that the Indenture is a valid and binding obligation of the
Trustee, enforceable against the Trustee in accordance with its terms. As to various questions of
fact relevant to this letter, we have relied, without independent investigation, upon certificates
of public officials and certificates of officers of the Company, all of which we assume to be true,
correct and complete.
Based upon the foregoing and subject to the assumptions, exceptions, qualifications and
limitations set forth herein, we are of the opinion that when the Notes have been duly executed by
the Company, duly authenticated by the Trustee in accordance with the terms of the Indenture, and
delivered to and paid for by the Underwriters pursuant to the Terms Agreement, the Notes will be
valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms.
1111 Louisiana Street, 44th Floor / Houston, Texas 77002-5200 / 713.220.5800 / fax: 713.236.0822 / akingump.com
Anadarko Petroleum Corporation
March 16, 2010
Page 2
The opinions and other matters in this letter are qualified in their entirety and subject to
the following:
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A.
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We express no opinion as to the laws of any jurisdiction other than (i) the
laws of the State of New York and (ii) the General Corporation Law of the State of
Delaware (the
DGCL
). As used herein, the term DGCL includes the statutory
provisions contained therein and all applicable provisions of the Delaware Constitution
and reported judicial decisions interpreting those laws.
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B.
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The matters expressed in this letter are subject to and qualified and limited
by (i) applicable bankruptcy, insolvency, fraudulent transfer and conveyance,
reorganization, moratorium and similar laws affecting creditors rights and remedies
generally, (ii) general principles of equity, including without limitation, concepts of
materiality, reasonableness, good faith and fair dealing and the possible
unavailability of specific performance or injunctive relief (regardless of whether
considered in a proceeding in equity or at law), and (iii) securities laws and public
policy underlying such laws with respect to rights to indemnification and contribution.
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C.
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This opinion letter is limited to the matters expressly stated herein and no
opinion is to be inferred or implied beyond the opinion expressly set forth herein. We
undertake no, and hereby disclaim any, obligation to make any inquiry after the date
hereof or to advise you of any changes in any matter set forth herein, whether based on
a change in the law, a change in any fact relating to the Company or any other person
or any other circumstance.
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We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K
filed by the Company with the Commission on or about the date hereof, to the incorporation by
reference of this opinion into the Registration Statement and to the use of our name in the
Prospectus dated August 14, 2009, and the Prospectus Supplement dated March 9, 2010, forming a part
of the Registration Statement under the caption Legal Matters. In giving this consent, we do not
thereby admit that we are within the category of persons whose consent is required under Section 7
of the Act and the rules and regulations thereunder.
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Very truly yours,
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/s/ Akin, Gump, Strauss, Hauer & Feld, L.L.P.
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AKIN, GUMP, STRAUSS, HAUER & FELD, L.L.P.
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