Exhibit 99

NEWS

ANADARKO ANNOUNCES THIRD-QUARTER RESULTS

HOUSTON, Oct. 31, 2011 – Anadarko Petroleum Corporation (NYSE: APC) today announced 2011 third-quarter results, reporting a net loss attributable to common stockholders of $3.051 billion, or $6.12 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items, which include the effects of the recently announced $4.0 billion settlement agreement with BP, decreased net income by approximately $3.374 billion, or $6.78 per share (diluted) on an after-tax basis.⁽¹⁾ Cash flow from operating activities in the third quarter of 2011 was $1.466 billion, and discretionary cash flow totaled $1.879 billion.⁽²⁾

THIRD-QUARTER 2011 AND RECENT HIGHLIGHTS

   “Our third-quarter operating activities generated very strong free cash flow, reflecting our focus on increasing higher-margin liquids sales volumes,” Anadarko Chairman and CEO Jim Hackett said. “Overall, liquids sales volumes grew by approximately 10 percent compared to the third quarter of last year, with onshore U.S. oil sales volumes increasing by about 30 percent over the same time period. The growth in liquids sales volumes was complemented by strong netback pricing, as about 70 percent of our total liquids sales volumes are based on Brent-equivalent indices, achieving a $10 per-barrel premium over WTI pricing. Moreover, price realizations for our NGL (natural gas liquids) sales volumes were 62 percent of WTI oil pricing, compared to 50 percent in the third quarter of last year.”

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OPERATIONS SUMMARY

During the third quarter of 2011, sales volumes totaled 61 million barrels of oil equivalent (BOE). This total represents 660,000 BOE per day, averaging approximately 2.3 billion cubic feet of natural gas, 207,000 barrels of oil, and 74,000 barrels of NGLs, per day.

The company’s U.S. onshore resource and growth plays continued to demonstrate rapid expansion of total production and liquid-volume yields during the quarter. The Wattenberg field delivered record sales that included a 36-percent increase in liquids volumes year over year, largely a result of the company’s expanded horizontal drilling programs. Oil volumes were particularly strong in both the Permian Basin and Eagleford Shale, with each area achieving year-over-year increases of approximately 150 percent. In the Marcellus Shale, gross natural gas sales volumes surpassed 600 million cubic feet per day (MMcf/d) at the end of the quarter, compared to approximately 460 MMcf/d at the end of the second-quarter 2011. The company also continues to expand its midstream infrastructure in these areas to support further growth into the future.

In the Gulf of Mexico, the company continued to advance its Caesar/Tonga mega project, selecting a riser solution that is expected to enable the project to achieve first production by mid-year 2012. Additionally, Anadarko finalized a unitization agreement to develop the Lucius field and, as operator, is on track to sanction the project prior to year-end 2011.

EXPLORATION SUMMARY

During the quarter, Anadarko and its partners in offshore Ghana announced a light oil discovery at the Akasa-1 exploration well, as well as a successful appraisal well at Enyenra-3A, and two successful drillstem tests in the Tweneboa field. The company also announced its first successful appraisal well offshore Mozambique at the Barquentine-2 well.

“We continued to achieve excellent results in our deepwater exploration and appraisal programs in Ghana and Mozambique, with an overall success rate of 75 percent in the third quarter,” said Hackett. “Subsequent to quarter end, we announced the Camarão exploration discovery offshore Mozambique that also included a successful appraisal objective. Based upon the five successful penetrations in the complex to date, the confirmed static pressure connectivity and the numerous cores that have been collected and analyzed, we have a high

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level of confidence that the complex holds in excess of 10 trillion cubic feet of recoverable natural gas. With an identified recoverable resource base of this scale, validated by multiple penetrations, we expanded our initial LNG (liquefied natural gas) development plans to include a minimum of two 5-million-tonne-per-annum trains. We anticipate this development will expand with additional appraisal and exploration success on our 2.6-million-acre block. We are continuing to work with the government of Mozambique and our partners to safely and efficiently commercialize these world-class natural gas resources.

“Additionally, in the U.S. onshore, we’ve been assembling a position in Ohio’s Utica Shale, and over time, we have acquired interests in approximately 300,000 gross acres in the prospective liquids-rich window at attractive entry costs. We’ve recently spud our first well in the play and look forward to an active drilling program in this emerging area.”

OPERATIONS REPORT

For more details on Anadarko’s operations, please refer to the comprehensive report on third-quarter 2011 activity. The report is available at www.anadarko.com on the Investor Relations page.

FINANCIAL SUMMARY

Anadarko generated discretionary cash flow of $1.879 billion and had capital expenditures of $1.303 billion during the quarter, resulting in free cash flow of approximately $576 million. During the quarter, Anadarko recorded an $18 million gain on sale as a result of contingent consideration related to its 2008 divestiture of the Peregrino heavy oil field offshore Brazil. At strip pricing, Anadarko expects to receive aggregate contingent consideration in excess of $400 million over the next several years associated with this divestiture.

Anadarko ended the quarter with approximately $3.5 billion of cash on hand, and as previously announced, the company will use a portion of this cash, plus a draw on a portion of its $5.0 billion credit facility to satisfy its obligations under the settlement agreement with BP. Anadarko recorded a $4.0 billion expense in the quarter related to the settlement agreement.

On Oct. 17, 2011, Hackett stated, “This settlement agreement with BP is the right action for our stakeholders, as it removes significant uncertainty regarding future liabilities and associated risks. With this issue resolved, we believe focus will return to the tremendous

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value embedded in our asset base and the company’s operational and exploration success that have been under-valued during the last 18 months.”

CONFERENCE CALL TOMORROW AT 9 A.M. CDT, 10 A.M. EDT

Anadarko will host a conference call on Tuesday, Nov. 1, 2011, at 9 a.m. CDT (10 a.m. EDT) to discuss third-quarter results, current operations and the company’s outlook for the remainder of 2011. The dial-in number is 888.679.8038 in the United States or 617.213.4850 internationally. The confirmation number is 30117577. For complete instructions on how to participate in the conference call, or to listen to the live audio webcast and slide presentation, please visit www.anadarko.com. A replay of the call will also be available on the Web site for approximately 30 days following the conference call.

FINANCIAL DATA

Eight pages of summary financial data follow, including current hedge positions, financial guidance and supplemental production guidance.

⁽¹⁾ See the accompanying table for details of certain items affecting comparability.

⁽²⁾ See the accompanying table for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measures provide useful information for investors.

⁽³⁾ Free cash flow includes a $321 million current tax benefit associated with the Deepwater Horizon settlement.

Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2010, the company had approximately 2.42 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

This news release 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 news release, including Anadarko’s ability to drill, develop and commercially operate the drilling prospects identified in this news release, successfully plan, build and operate an LNG project, draw down on its secured credit facility, successfully defend itself

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against any remaining claims relating to the Deepwater Horizon event (including, but not limited to, fines, penalties and punitive damages) and BP’s ability to fulfill its indemnification obligation to Anadarko. See “Risk Factors” in the company’s 2010 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 U.S. Investors: Effective Jan. 1, 2010, the United States 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. Anadarko uses certain terms in this news release, such as “recoverable natural gas,” “recoverable resource base,” and similar terms that the SEC’s guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in Anadarko’s Form 10-K for the year ended Dec. 31, 2010, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. This form may also be obtained by contacting the SEC at 1-800-SEC-0330.

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ANADARKO CONTACTS

MEDIA:

John Christiansen, john.christiansen@anadarko.com, 832.636.8736

Brian Cain, brian.cain@anadarko.com, 832.636.3404

INVESTORS:

John Colglazier, john.colglazier@anadarko.com, 832.636.2306

Clay Gaspar, clay.gaspar@anadarko.com, 832.636.2541

Wayne Rodrigs, wayne.rodrigs@anadarko.com, 832.636.2305

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Anadarko Petroleum Corporation

Certain Items Affecting Comparability

Reconciliation of GAAP to Non-GAAP Measures

Below are reconciliations of cash provided by operating activities (GAAP) to discretionary cash flow from operations and free cash flow (non-GAAP), and net income (loss) attributable to common stockholders (GAAP) to adjusted net income (loss) (non-GAAP) as required under Regulation G of the Securities Exchange Act of 1934. Management uses discretionary cash flow from operations and free cash flow to demonstrate the Company’s ability to internally fund capital expenditures and to service or incur additional debt. It is useful in comparisons of oil and gas exploration and production companies because it excludes fluctuations in assets and liabilities. Management uses adjusted net income (loss) to evaluate the Company’s operational trends and performance.

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Anadarko Petroleum Corporation

Reconciliation of GAAP to Non-GAAP Measures

Presented below is a reconciliation of total debt (GAAP) to net debt (non-GAAP). Management uses net debt as a measure of the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand.

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Anadarko Petroleum Corporation

(Unaudited)

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Anadarko Petroleum Corporation

(Unaudited)

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Anadarko Petroleum Corporation

(Unaudited)

Sales Volumes and Prices

Sales Revenue and Commodity Derivatives