Anadarko Petroleum Corporation (APC)

[Timothy Smith]

Activity in the Delaware Basin Wolfcamp play in the Permian picked up in 3Q13 as expected. APC is now running six operated rigs in the play.

The company now has six wells online that have all had 24-hour test rates ranging from 1,000boe/d to 1,600boe/d gross with oil making up more than 70% of the mix.

We see the Permian Basin as an onshore US region that will attract a significant amount of incremental capital in 2014 if results continue to be encouraging.