Anadarko Petroleum Corp., Houston, (NYSE: APC) plans to buy back up to $5 billion in stock through the repurchase of today announced that its board of directors has authorized a share repurchase program of approximately 81.2 million shares at approximately US$61.54. The company place to buyback approximately $600 million of the shares by year-end.

Anadarko chairman and chief executive Jim Hackett says, “Our company’s substantial net asset value is not reflected in our stock price. The share repurchase program capitalizes on this opportunity to materially benefit our shareholders. In addition, we anticipate increasing capital expenditures in 2009 and beyond to accelerate the value of our substantial unbooked resource potential. Our capital-efficient portfolio is generating material free cash flow at current prices, enabling us to both increase our capital spending levels and complete the share repurchases over the next three years—all while targeting a debt-to-cap ratio of between 25% and 35%.” SJP