Tangible Equity Units (Tables)

12 Months Ended

Dec. 31, 2015

Schedule Of Proceeds From Tangible Equity Units

Anadarko allocated the proceeds from the issuance of the TEUs to equity and debt based on the relative fair values of their respective components as follows:



millions, except price per TEU	Equity Component		Debt Component		Total
Price per TEU	$	39.05	$	10.95	$	50.00
Gross proceeds	359		101		460
Less issuance costs	11		4		15
Net proceeds	$	348	$	97	$	445

Tangible Equity Units Equity Component Settlement Rate Scenarios

The Company will deliver WGP common units (or APC shares) on the settlement date at the settlement rate based upon the applicable market value of WGP common units (or APC shares) as follows:



	Settlement Rate per Purchase Contract
Applicable Market Value of WGP Common Units ⁽¹⁾	WGP Common Units	APC Shares (if elected)⁽¹⁾
Exceeds $69.8422 (Threshold Appreciation Price)	0.7159 units (Minimum Settlement Rate)	a number of shares equal to (a) the Minimum Settlement Rate, multiplied by the applicable market value of WGP common units, divided by (b) 98% of the applicable market value of APC shares
Less than or equal to the Threshold Appreciation Price, but greater than or equal to $58.20 (Reference Price)	a number of units equal to $50.00, divided by the applicable market value of WGP common units	a number of shares equal to $50.00, divided by 98% of the applicable market value of APC shares
Less than the Reference Price	0.8591 units (Maximum Settlement Rate)	a number of shares equal to (a) the Maximum Settlement Rate, multiplied by the applicable market value of WGP common units, divided by (b) 98% of the applicable market value of APC shares

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⁽¹⁾	The applicable market value is the average of the daily volume-weighted average prices of WGP common units (or APC shares) for the 20 consecutive trading days beginning on, and including, the 23^rd scheduled trading day immediately preceding June 7, 2018.