-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, OYsIWM5COVwJh7o45WRRkjZHkykWEnGakzWbQx8vQNmh3sCCSGTPvfk5WojochBb 22UpZLbWMse8batVwXI95w== 0000773910-94-000002.txt : 19940706 0000773910-94-000002.hdr.sgml : 19940706 ACCESSION NUMBER: 0000773910-94-000002 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANADARKO PETROLEUM CORP CENTRAL INDEX KEY: 0000773910 STANDARD INDUSTRIAL CLASSIFICATION: 1311 IRS NUMBER: 760146568 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08968 FILM NUMBER: 94536969 BUSINESS ADDRESS: STREET 1: 16855 NORTHCHASE DR CITY: HOUSTON STATE: TX ZIP: 77060 BUSINESS PHONE: 7138751101 MAIL ADDRESS: STREET 1: P O BOX 1330 STREET 2: P O BOX 1330 CITY: HOUSTON STATE: TX ZIP: 77251-1330 10-K/A 1 1993 FORM 11-K FILED AS FORM 10-K\A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1993 Commission File No. 1-8968 ANADARKO PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) Delaware 76-0146568 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 17001 Northchase Drive, Houston, Texas 77060 (Address of executive offices) (Zip Code) Registrant's telephone number: (713) 875-1101 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common Stock, $0.10 par value The New York Stock Exchange, Inc. Preferred Stock Purchase Rights The New York Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No . Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x . The aggregate market value of the voting stock held by non-affiliates of the registrant computed using the average of the high and low sales prices at which the stock sold on January 31, 1994 was $2,798,280,755. The number of shares outstanding of each of the registrant's classes of common stock as of January 31, 1994 is shown below: Number of Shares Title of Class Outstanding Common Stock, $0.10 par value ................ 58,679,544 Part of Form 10-K Documents Incorporated by Reference Part I Portions of the Anadarko Petroleum Corporation 1993 Annual Report to Stockholders. Part III Portions of the Proxy Statement, dated March 21, 1994, for the Annual Meeting of Stockholders of Anadarko Petroleum Corporation to be held April 28, 1994. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. ANADARKO PETROLEUM CORPORATION June 28, 1994 [MICHAEL E. ROSE] Michael E. Rose - Senior Vice President and Chief Financial Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 1993 Commission File No. 1-8968 ANADARKO EMPLOYEE SAVINGS PLAN (Full title of the plan) ANADARKO PETROLEUM CORPORATION (Name of issuer of the securities held pursuant to the plan) 17001 Northchase Drive Houston, Texas 77060 (Address, including zip code, of executive offices) (713) 875-1101 (Telephone number) ======================================================================= ANADARKO EMPLOYEE SAVINGS PLAN INDEX FINANCIAL STATEMENTS Page Statement of Financial Condition, December 31, 1993......... 1 Statement of Financial Condition, December 31, 1992......... 2 Statement of Income and Changes in Plan Equity, Year Ended December 31, 1993........................... 3 Statement of Income and Changes in Plan Equity, Year Ended December 31, 1992........................... 5 Statement of Income and Changes in Plan Equity, Year Ended December 31, 1991........................... 7 Notes to Financial Statements............................... 9 Independent Auditors' Report................................ 15 All schedules are omitted because they are not applicable, not required or the information is included in the Financial Statements or Notes thereto. ANADARKO EMPLOYEE SAVINGS PLAN Statement of Financial Condition December 31, 1993
Company Panhandle Growth Equity Balanced Money PLAN ASSETS Total Stock Fund Stock Fund Fund Fund Market Fund Investments, at market value: Anadarko Petroleum Corporation - 765,600 shares of common stock (cost $21,957,662) $34,739,100 $34,739,100 $ --- $ --- $ --- $ --- Panhandle Eastern Corporation - 147,715 shares of common stock (cost $2,847,252) 3,508,231 --- 3,508,231 --- --- --- Twentieth Century Growth Mutual Fund 160,600 units (cost $3,771,487) 3,597,439 --- --- 3,597,439 --- --- George Putnam Mutual Fund 280,868 units (cost $3,937,584) 3,892,831 --- --- --- 3,892,831 --- Money market investments 10,590,894 2,457,045 78,911 144 202 8,054,592 Employee loans receivable 2,600,603 2,600,603 --- --- --- --- Accrued interest and dividends receivable 61,733 18,901 160 --- 20,860 21,812 Employee contributions receivable 769,118 426,182 --- 135,719 100,260 106,957 Employer receivable 1,492 1,294 198 --- --- --- Other assets 177,305 140,692 --- 2,768 27,350 6,495 $59,938,746 $40,383,817 $3,587,500 $3,736,070 $4,041,503 $8,189,856 LIABILITIES AND PLAN EQUITY Liabilities $ 336,554 $ 25,252 $ --- $ 138,481 $ 110,513 $ 62,308 Plan equity 59,602,192 40,358,565 3,587,500 3,597,589 3,930,990 8,127,548 $59,938,746 $40,383,817 $3,587,500 $3,736,070 $4,041,503 $8,189,856
See accompanying notes to financial statements. ANADARKO EMPLOYEE SAVINGS PLAN Statement of Financial Condition December 31, 1992
Company Panhandle Growth Equity Balanced Money PLAN ASSETS Total Stock Fund Stock Fund Fund Fund Market Fund Investments, at market value: Anadarko Petroleum Corporation - 895,357 shares of common stock (cost $22,980,655) $26,301,111 $26,301,111 $ --- $ --- $ --- $ --- Panhandle Eastern Corporation - 179,161 shares of common stock (cost $3,443,250) 3,000,946 --- 3,000,946 --- --- --- Twentieth Century Growth Mutual Fund 39,538 shares (cost $971,864) 969,601 --- --- 969,601 --- --- George Putnam Mutual Fund 59,838 shares (cost $852,556) 816,190 --- --- --- 816,190 --- Money market investments 5,763,168 375,393 --- --- --- 5,387,775 Employee loans receivable 1,780,046 1,780,046 --- --- --- --- Accrued interest and dividends receivable 72,141 198 36,959 13,793 5,136 16,055 Employer receivable 1,472 1,274 198 --- --- --- Other assets 199,190 87,219 8,075 52,448 51,448 --- Cash 230 113 --- 116 --- 1 $38,904,095 $28,545,354 $3,046,178 $1,035,958 $872,774 $5,403,831 LIABILITIES AND PLAN EQUITY Liabilities $ 75,406 $ 24,040 $ 37,227 $ 13,793 $ 346 $ --- Amounts due to participants 295,822 59,066 40,671 52,916 52,144 91,025 Plan equity 38,532,867 28,462,248 2,968,280 969,249 820,284 5,312,806 $38,904,095 $28,545,354 $3,046,178 $1,035,958 $872,774 $5,403,831
See accompanying notes to financial statements. ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity For the Year Ended December 31, 1993
Company Panhandle Growth Equity Balanced Money Total Stock Fund Stock Fund Fund Fund Market Fund Investment income: Dividends on Anadarko Petroleum Corporation common stock $ 231,507 $ 231,507 $ --- $ --- $ --- $ --- Dividends on Panhandle Eastern Corporation common stock 132,681 --- 132,681 --- --- --- Dividends on Twentieth Century Growth Units 390,482 --- --- 390,482 --- --- Dividends on George Putnam Units 297,083 --- --- --- 297,083 --- Interest earned 270,520 16,579 711 150 316 252,764 Total investment income 1,322,273 248,086 133,392 390,632 297,399 252,764 Investment expenses: Administrative expenses (fees and commissions) 45,940 42,493 3,447 --- --- --- Net investment income 1,276,333 205,593 129,945 390,632 297,399 252,764 Interest income on participant loans 152,063 152,063 --- --- --- --- Realized gain on investments 2,826,283 2,588,191 212,937 3,143 22,012 --- Unrealized appreciation (depreciation) of investments $11,313,057 $10,445,812 $1,016,707 $(125,038) $(24,424) $ --- (Continued)
ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity (Continued) For the Year Ended December 31, 1993
Company Panhandle Growth Equity Balanced Money Total Stock Fund Stock Fund Fund Fund Market Fund Contributions: Employee $ 4,593,415 $ 2,439,141 $ --- $ 866,699 $ 510,472 $ 777,103 Employer: Cash 225 225 --- --- --- --- Anadarko Petroleum Corporation common stock (78,904 shares) 3,176,256 3,176,256 --- --- --- --- 7,769,896 5,615,622 --- 866,699 510,472 777,103 Interfund transfers --- (5,962,094) (669,601) 1,664,052 2,408,564 2,559,079 Additional contributions resulting from forfeitures 25,228 25,228 --- --- --- --- Total contributions 7,795,124 (321,244) (669,601) 2,530,751 2,919,036 3,336,182 Withdrawals: Distributions to participants 2,268,307 1,148,870 70,768 171,148 103,317 774,204 Forfeitures 25,228 25,228 --- --- --- --- Total withdrawals 2,293,535 1,174,098 70,768 171,148 103,317 774,204 Increase in plan equity during the year 21,069,325 11,896,317 619,220 2,628,340 3,110,706 2,814,742 Plan equity at beginning of year 38,532,867 28,462,248 2,968,280 969,249 820,284 5,312,806 Plan equity at end of year $59,602,192 $40,358,565 $3,587,500 $3,597,589 $3,930,990 $8,127,548
See accompanying notes to financial statements. ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity For the Year Ended December 31, 1992
Company Panhandle Growth Equity Balanced Money Total Stock Fund Stock Fund Fund Fund Market Fund Investment income: Dividends on Anadarko Petroleum Corporation common stock $ 269,799 $ 269,799 $ --- $ --- $ --- $ --- Dividends on Panhandle Eastern Corporation common stock 153,205 --- 153,205 --- --- --- Dividends on Twentieth Century Growth units 13,793 --- --- 13,793 --- --- Dividends on George Putnam units 40,921 --- --- --- 40,921 --- Interest earned 190,747 3,026 --- --- --- 187,721 Total investment income 668,465 272,825 153,205 13,793 40,921 187,721 Investment expenses: Administrative expenses (fees and commissions) 21,425 19,158 2,257 10 --- --- Net investment income 647,040 253,667 150,948 13,783 40,921 187,721 Interest income on participant loans 114,368 114,368 --- --- --- --- Realized gain (loss) on investments 634,237 561,256 76,926 (2,298) (1,647) --- Unrealized appreciation (depreciation) of investments $4,846,916 $4,649,461 $236,084 $(2,263) $(36,366) $ --- (Continued)
ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity (Continued) For the Year Ended December 31, 1992
Company Panhandle Growth Equity Balanced Money Total Stock Fund Stock Fund Fund Fund Market Fund Contributions: Employee $ 3,518,876 $ 2,296,444 $ --- $ 130,792 $127,940 $ 963,700 Employer: Cash 1,858 1,858 --- --- --- --- Anadarko Petroleum Corporation common stock (106,820 shares) 2,648,222 2,648,222 --- --- --- --- 6,168,956 4,946,524 --- 130,792 127,940 963,700 Interfund transfers --- (1,248,761) (268,265) 890,027 748,481 (121,482) Additional contributions resulting from forfeitures 35,161 35,161 --- --- --- --- Total contributions 6,204,117 3,732,924 (268,265) 1,020,819 876,421 842,218 Withdrawals: Distributions to participants 2,515,717 1,428,756 258,206 60,792 59,045 708,918 Forfeitures 35,161 35,161 --- --- --- --- Total withdrawals 2,550,878 1,463,917 258,206 60,792 59,045 708,918 Increase (decrease)in plan equity during the year 9,895,800 7,847,759 (62,513) 969,249 820,284 321,021 Plan equity at beginning of year 28,637,067 20,614,489 3,030,793 --- --- 4,991,785 Plan equity at end of year $38,532,867 $28,462,248 $2,968,280 $ 969,249 $820,284 $5,312,806
See accompanying notes to financial statements. ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity For the Year Ended December 31, 1991
Company Panhandle Money Total Stock Fund Stock Fund Market Fund Investment income: Dividends on Anadarko Petroleum Corporation common stock $ 218,578 $ 218,578 $ --- $ --- Dividends on Panhandle Eastern Corporation common stock 159,461 --- 159,461 --- Interest earned 264,128 6,165 --- 257,963 Total investment income 642,167 224,743 159,461 257,963 Investment expenses: Administrative expenses (fees and commissions) 37,119 5,575 1,155 30,389 Net investment income 605,048 219,168 158,306 227,574 Interest income on participant loans 103,851 92,774 --- 11,077 Realized gain (loss) on investments (97,666) (164,260) 66,594 --- Unrealized appreciation (depreciation) of investments $(3,197,984) $(3,757,744) $559,760 $ --- (Continued)
ANADARKO EMPLOYEE SAVINGS PLAN Statement of Income and Changes in Plan Equity (Continued) For the Year Ended December 31, 1991
Company Panhandle Money Total Stock Fund Stock Fund Market Fund Contributions: Employee $ 3,299,183 $ 2,203,802 $ --- $1,095,381 Employer: Cash 30,939 550 --- 30,389 Anadarko Petroleum Corporation common stock (100,874 shares) 2,626,756 2,626,756 --- --- 5,956,878 4,831,108 --- 1,125,770 Interfund transfers --- 168,634 (105,803) (62,831) Additional contributions resulting from forfeitures 9,069 9,069 --- --- Total contributions 5,965,947 5,008,811 (105,803) 1,062,939 Withdrawals: Distributions to participants 941,776 607,016 82,318 252,442 Forfeitures 9,069 9,069 --- --- Total withdrawals 950,845 616,085 82,318 252,442 Increase in plan equity during the year 2,428,351 782,664 596,539 1,049,148 Plan equity at beginning of year 26,208,716 19,831,825 2,434,254 3,942,637 Plan equity at end of year $28,637,067 $20,614,489 $3,030,793 $4,991,785
See accompanying notes to financial statements. ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS For the Years Ended December 31, 1991, 1992 and 1993 1. Summary of Significant Accounting Policies Basis of Presentation The accounts of the Anadarko Employee Savings Plan (Plan) are maintained on an accrual basis. Assets of the Plan are presented at market value. Expenses All trustee fees, brokerage fees and other expenses incident to the administration of the Plan may be paid by Anadarko Petroleum Corporation (Anadarko, the Company or the Employer) and, if not paid by the Company, shall be paid by Plan. In 1991, 1992 and 1993, the Company elected to pay the Plan for the trustee fees and presently intends to continue to do so although the Company can, at its discretion, discontinue this practice. Investments On each valuation date, as defined, securities held by the Plan are valued at market value and the increase or decrease in the value of securities held, plus any net income or loss of the Plan, is allocated to the participants' accounts. Market value is based on the closing market price of the securities at December 31. Security transactions are recorded on a trade- date basis. For 1991, 1992 and 1993, realized gains and losses were based on the difference between market values of the withdrawn securities at the trade date and the market value at January 1, 1991, 1992 and 1993, respectively. If no shares existed at the beginning of the period, realized gains and losses reported on withdrawals of securities were based on the difference between market values of the withdrawn securities at the trade date and the average cost to the Plan. Employee loans receivable are valued at cost, which approximates fair value. 2. Description of the Plan The Plan was adopted by the Company's Board of Directors (Board) and approved by its sole stockholder on August 27, 1986. The Plan was subsequently restated effective January 1, 1989. The first amendment to the Plan was executed on May 12, 1992 and contained technical changes required as a result of the issuance of final Treasury Regulations in connection with the Tax Reform Act of 1986. The Plan was amended again, effective July 1, 1992 or earlier, primarily to allow additional investment options, to allow the participants to make more frequent changes to their accounts and for other technical changes. The financial statements and accompanying notes relate to the Plan as in effect on December 31, 1993. The purpose of the Plan is to encourage and assist employees in accumulating retirement savings, to provide a means for employees to have an ownership interest in common stock of the Company (Company Stock) and to encourage employees to remain in the employ of the Company, its subsidiaries and affiliates. The Plan has been adopted exclusively to provide benefits for employees participating in the Plan (Members) and their beneficiaries, and no part of the corpus or income of the trust fund (Trust) established pursuant to the Plan to hold contributions of Members and the Company may be used for any purpose other than to provide such benefits and defray reasonable expenses of administering the Plan. ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) The Plan is a defined contribution plan that is qualified under Section 401 of the Internal Revenue Code of 1986, as amended (Code). See Note 4. All regular employees of the Company are eligible to participate in the Plan upon employ- ment. Participation is voluntary. Directors and officers who are also employees of the Company may participate on the same basis as all other employees. Members may contribute to the Plan up to 12% of their compensa- ion, which includes base salary or wages, as well as overtime and incentive bonuses (excluding override payments, front-end bonuses and other special payments). The Company will match 100% of a Member's contributions up to a maximum of 6% of such Member's compensation. Contributions by a Member are always the Member's property and not subject to vesting. A Member has a 100% vested right to Employer matching contributions after three years of service or upon death, retirement, disability or a change of control of the Company. In addition, a Member will have a 100% vested right to Employer matching contributions if his employment is terminated by reason of a reduction in force or termination of the Company's business operations at a geographic location. Subject to certain restrictions, Members may elect to have amounts distributed from the Plan to them prior to termination of employment through withdrawals or loans from the Plan. Contributions to the Plan are subject to certain limitations under the Code. The Employer contribution account of an employee who terminates employment prior to the time that he or she is vested will be forfeited by the employee. For 1991, 1992 and 1993, employee forfeitures were $9,069, $35,161 and $25,228, respectively. Forfeitures do not affect total equity of the Plan but merely reduce Employer contributions in the following quarter. 3. Investment Programs Employer Contributions The Employer contribution accounts of Members will be invested in Company Stock. Investment Options for Tax-Deferred Contributions and After-Tax Contributions Each Member may designate the manner in which the amounts allocated to their tax-deferred savings account and their after-tax savings account shall be invested. The Company added Options 2 and 3 beginning July 1992. The following is a listing of options: Option 1 In shares of Company Stock. Amounts invested under Option 1 shall be invested along with Employer matching contributions as one fund referred to as the "Company Stock Fund". ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) Option 2 In such general fixed income and equity investments (other than Company Stock unless purchased indirectly via a mutual fund investment) as the Trustee may determine. Such investments may be made as direct investments of the Trust or may be investments in mutual funds which have investment guidelines and criteria which are consistent with this Option 2. Amounts invested under this Option 2 shall be invested as one fund referred to as the "Balanced Fund". Option 3 In such general equity investments (other than Company Stock unless purchased indirectly via a mutual fund investment) as the Trustee may determine. Such investments may be made as direct investments of the Trust or may be investments in mutual funds which have investment guidelines and criteria which are consistent with this Option 3. Amounts invested under Option 3 shall be invested as one fund referred to as the "Growth Equity Fund". Option 4 In such money market investments as the Trustee may determine. Such investments may be made as direct investments of the Trust or may be investments in mutual funds which have investment guidelines and criteria which are consistent with this Option 4. Amounts invested under Option 4 shall be invested as one fund referred to as the "Money Market Fund". A Member may designate one of such options for all of the contributions to their tax-deferred savings account and their after-tax savings account or a Member may designate a percentage in 10% increments of the contributions to their tax-deferred savings account and their after-tax savings account to be invested pursuant to each option. Invested funds of Members can be transferred between funds at the election of the Member, subject to certain restrictions as defined in the Plan. The amount of such transfers are reported as interfund transfers in the Statement of Income and Changes in Plan Equity. As of December 31, 1993, a total of 454 Members were investing their contribu- tions in the Company Stock Fund, 100 Members were investing their contribu- butions in the Money Market Fund, 39 Members were investing their contributions in the Growth Equity Fund, 24 Members were investing their contributions in the Balanced Fund and 399 Members were investing their contributions in a combina- tion of each. ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) A separate stock fund (Panhandle Stock Fund) was established to maintain the Panhandle Eastern Corporation common stock received under the Plan from the Panhandle Eastern Corporation and Participating Affiliates Employees' Stock Purchase and Savings Plan in 1987. Contributions or transfers of previously invested funds to the Panhandle Stock Fund are not permitted. Members are allowed to transfer funds from the Panhandle Stock Fund to any of the other funds. Dividends from Panhandle Eastern Corporation Common Stock are reinvested in Panhandle Eastern Corporation Common Stock. 4. Federal Income Taxes The Company has received a favorable determination letter from the Internal Revenue Service that (i) the Plan as restated effective January 1, 1989 met the requirements of section 401(a) of the Code and the Trust established thereunder is exempt from federal income tax under section 501(a) of the Code and (ii) the provisions of the Plan as restated effective January 1, 1989 regarding tax- deferred contributions constituted a qualified cash or deferred arrangement within the meaning of section 401(k) of the Code. The Company is entitled to deduct for federal income tax purposes the amount of its tax-deferred contributions and Employer matching contributions made to the Plan. In general, neither such contributions to the Plan nor the income of the Trust earned thereon and earned on Members' after-tax contributions to the Plan will be taxable to Members as income prior to the time such Members receive a distribution from the Plan. A Member's after-tax contributions to the Plan are not deductible from their taxable income. A Member's tax-deferred contributions are excluded from their taxable income for the year contributions are made, except for any amounts which exceed limitations under the Code. Certain tax consequences apply upon withdrawal and distribution of amounts in a Member's accounts, therefore a Member should seek tax advice prior to requesting a withdrawal or distribution. ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) 5. Realized Gain (Loss) on Investments The realized gain (loss) on investments for the years ended December 31, 1991, 1992 and 1993 were computed as follows:
Company Panhandle Growth Equity Balanced Total Stock Fund Stock Fund Fund Fund 1991 Total proceeds $ 1,706,400 $ 1,406,910 $299,490 $ --- $ --- Total costs 1,804,066 1,571,170 232,896 --- --- Net realized gain (loss) (97,666) (164,260) 66,594 --- --- 1992 Total proceeds 4,973,532 4,222,432 505,289 145,076 100,735 Total costs 4,339,295 3,661,176 428,363 147,374 102,382 Net realized gain (loss) 634,237 561,256 76,926 (2,298) (1,647) 1993 Total proceeds 14,877,723 12,050,818 793,273 1,399,553 634,079 Total costs 12,051,440 9,462,627 580,336 1,396,410 612,067 Net realized gain $ 2,826,283 $ 2,588,191 $212,937 $ 3,143 $ 22,012
ANADARKO EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) 6. Unrealized Appreciation (Depreciation) of Investments A reconciliation of unrealized appreciation (depreciation) of investments at the beginning and end of 1991, 1992 and 1993 and the changes therein are as follows:
Company Panhandle Growth Equity Balanced Total Stock Fund Stock Fund Fund Fund Appreciation (depreciation) at January 1, 1991 $ 921,360 $ 2,400,355 $(1,478,995) $ --- $ --- Sales and purchases during 1991 (61,691) (194,174) 132,483 --- --- Appreciation (depreciation) of securities during 1991 (3,197,984) (3,757,744) 559,760 --- --- Depreciation at December 31, 1991 (2,338,315) (1,551,563) (786,752) --- --- Sales and purchases during 1992 330,922 222,558 108,364 --- --- Appreciation (depreciation) of securities during 1992 4,846,916 4,649,461 236,084 (2,263) (36,366) Appreciation (depreciation) at December 31, 1992 2,839,523 3,320,456 (442,304) (2,263) (36,366) Sales and purchases during 1993 (928,963) (984,830) 86,576 (46,746) 16,037 Appreciation (depreciation) of securities during 1993 11,313,057 10,445,812 1,016,707 (125,038) (24,424) Appreciation (depreciation) at December 31, 1993 $13,223,617 $12,781,438 $ 660,979 $(174,047) $(44,753)
INDEPENDENT AUDITORS' REPORT The Administrative Committee Anadarko Employee Savings Plan: We have audited the accompanying statements of financial condition of the Anadarko Employee Savings Plan (the Plan) as of December 31, 1993 and 1992, and the related statements of income and changes in plan equity for each of the years in the three-year period ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Plan as of December 31, 1993 and 1992 and the results of its operations and the changes in plan equity for each of the years in the three-year period ended December 31, 1993, in conformity with generally accepted accounting principles. [KPMG PEAT MARWICK] Houston, Texas June 28, 1994 Exhibit INDEPENDENT AUDITORS' CONSENT The Administrative Committee Anadarko Employee Savings Plan: We consent to incorporation by reference in the Registration Statement (File No. 33-8643) on Form S-8 and S-3 of Anadarko Petroleum Corporation of our report dated June 28, 1994, relating to the statements of financial condition of the Anadarko Employee Savings Plan as of December 31, 1993 and 1992 and the related statements of income and changes in plan equity for each of the years in the three-year period ended December 31, 1993, which report appears in the December 31, 1993 Annual Report on Form 11-K of the Anadarko Employee Savings Plan. [KPMG PEAT MARWICK] Houston, Texas June 28, 1994 -----END PRIVACY-ENHANCED MESSAGE-----