Returns from Anadarko's conventional exploration activity over the last decade were just 5%. Conversely, the sale of non-core and dry gas acreage onshore US boosted returns from unconventional exploration. Overall returns from exploration were 15%. Anadarko is focused on high-margin domestic oil in the near term, both onshore and in the US Gulf of Mexico. The Wolfcamp and Niobrara plays will drive production growth. Near-field, incremental exploration in deepwater GoM competes well with the short-cycle unconventional portfolio. Internationally, recent results have been mixed and few new test areas have been added. That said, its select frontier opportunities could provide the company with the next long-term production hub.