Anadarko has successfully used M&A to increase its exposure to high margin oil. It now boasts an unconventional portfolio, centred around two high quality tight oil assets, the Wolfcamp (Delaware Basin) and the Niobrara (DJ Basin), and a strong domestic/international deepwater production and exploration business. Proceeds from asset sales have strengthened the balance sheet, and we have confidence the company can achieve a peer leading production CAGR of 9% over the next three years. But the longer term growth outlook is less strong. We view its target of 1 million boe/d by 2021 as aggressive and, under our base-case, production begins to decline post-2024.