Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'APA | ' | ' |
Entity Registrant Name | 'APACHE CORP | ' | ' |
Entity Central Index Key | '0000006769 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 394,724,983 | ' |
Entity Public Float | ' | ' | $32,641,836,810 |
STATEMENT_OF_CONSOLIDATED_OPER
STATEMENT OF CONSOLIDATED OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and gas production revenues: | ' | ' | ' |
Oil and gas production revenues | $16,402 | $16,947 | $16,810 |
Derivative instrument gains (losses), net | -399 | -79 | ' |
Other | 51 | 210 | 78 |
Total revenues and other | 16,054 | 17,078 | 16,888 |
Oil and gas property and equipment | ' | ' | ' |
Recurring | 5,114 | 4,812 | 3,814 |
Additional | 1,176 | 1,926 | 109 |
Other assets | 410 | 371 | 281 |
Asset retirement obligation accretion | 243 | 232 | 154 |
Lease operating expenses | 3,056 | 2,968 | 2,605 |
Gathering and transportation | 297 | 303 | 296 |
Taxes other than income | 832 | 862 | 899 |
General and administrative | 503 | 531 | 459 |
Acquisitions, divestitures and transition | 33 | 31 | 20 |
Financing costs, net | 174 | 165 | 158 |
Total operating expenses | 11,838 | 12,201 | 8,795 |
INCOME BEFORE INCOME TAXES | 4,216 | 4,877 | 8,093 |
Current income tax provision | 1,665 | 2,199 | 2,263 |
Deferred income tax provision | 263 | 677 | 1,246 |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 2,288 | 2,001 | 4,584 |
Net income attributable to noncontrolling interest | 56 | ' | ' |
Preferred stock dividends | 44 | 76 | 76 |
NET INCOME ATTRIBUTABLE TO COMMON STOCK | 2,188 | 1,925 | 4,508 |
NET INCOME PER COMMON SHARE: | ' | ' | ' |
Basic | $5.53 | $4.95 | $11.75 |
Diluted | $5.50 | $4.92 | $11.47 |
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ' | ' | ' |
Basic | 395 | 389 | 384 |
Diluted | 406 | 391 | 400 |
DIVIDENDS DECLARED PER COMMON SHARE | $0.80 | $0.68 | $0.60 |
Oil Reserves [Member] | ' | ' | ' |
Oil and gas production revenues: | ' | ' | ' |
Revenues | 12,903 | 13,210 | 12,679 |
Natural Gas [Member] | ' | ' | ' |
Oil and gas production revenues: | ' | ' | ' |
Revenues | 2,829 | 3,193 | 3,609 |
Natural Gas Liquids Revenues [Member] | ' | ' | ' |
Oil and gas production revenues: | ' | ' | ' |
Revenues | $670 | $544 | $522 |
STATEMENT_OF_CONSOLIDATED_COMP
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income including noncontrolling interest | $2,288 | $2,001 | $4,584 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Pension and postretirement benefit plan, net of tax | 9 | -2 | -1 |
Commodity cash flow hedge activity, net of tax: | ' | ' | ' |
Reclassification of (gain) loss on settled derivative instruments | 11 | -199 | 19 |
Change in fair value of derivative instruments | -5 | 79 | 115 |
Derivative hedge ineffectiveness reclassified into earnings | 1 | ' | -1 |
Commodity cash flow hedge activity, net of tax | 16 | -122 | 132 |
COMPREHENSIVE INCOME INCLUDING NONCONTROLLING INTEREST | 2,304 | 1,879 | 4,716 |
Comprehensive income attributable to noncontrolling interest | 56 | ' | ' |
Preferred stock dividends | 44 | 76 | 76 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCK | $2,204 | $1,803 | $4,640 |
STATEMENT_OF_CONSOLIDATED_CASH
STATEMENT OF CONSOLIDATED CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income including noncontrolling interest | $2,288 | $2,001 | $4,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion, and amortization | 6,700 | 7,109 | 4,204 |
Asset retirement obligation accretion | 243 | 232 | 154 |
Provision for deferred income taxes | 263 | 677 | 1,246 |
Other | 260 | 226 | 46 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables | 124 | 12 | -759 |
Inventories | -70 | -59 | -37 |
Drilling advances | 230 | -343 | 26 |
Deferred charges and other | -124 | 61 | 27 |
Accounts payable | 479 | -100 | 241 |
Accrued expenses | -553 | -1,142 | 90 |
Deferred credits and noncurrent liabilities | -5 | -170 | 131 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 9,835 | 8,504 | 9,953 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to oil and gas property | -10,019 | -8,781 | -6,414 |
Additions to gas gathering, transmission, and processing facilities | -1,201 | -750 | -664 |
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | ' | ' |
Proceeds from Kitimat LNG transaction, net | 396 | ' | ' |
Proceeds from sale of oil and gas properties, other | 307 | 27 | 422 |
Acquisition of Cordillera Energy Partners III, LLC | ' | -2,666 | ' |
Acquisition of Yara Pilbara Holdings Pty Limited | ' | -439 | ' |
Acquisition of Mobil North Sea Limited | ' | ' | -1,246 |
Acquisitions, other | -215 | -252 | -567 |
Other, net | -86 | -563 | -176 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -7,116 | -13,424 | -8,645 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Commercial paper, credit facilities and bank notes, net | -513 | 549 | -925 |
Fixed rate debt borrowings | ' | 4,978 | ' |
Payments on fixed rate debt | -2,072 | -400 | ' |
Proceeds from sale of noncontrolling interest | 2,948 | ' | ' |
Dividends paid | -360 | -332 | -306 |
Shares repurchased | -997 | ' | ' |
Other | 21 | -10 | 84 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -973 | 4,785 | -1,147 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,746 | -135 | 161 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 160 | 295 | 134 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,906 | 160 | 295 |
SUPPLEMENTARY CASH FLOW DATA: | ' | ' | ' |
Interest paid, net of capitalized interest | 192 | 146 | 156 |
Income taxes paid, net of refunds | $1,766 | $2,590 | $1,686 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $1,906 | $160 |
Receivables, net of allowance | 2,952 | 3,086 |
Inventories | 891 | 908 |
Drilling advances | 371 | 584 |
Derivative instruments | 1 | 31 |
Prepaid assets and other | 245 | 193 |
Total Assets | 6,366 | 4,962 |
Oil and gas, on the basis of full-cost accounting: | ' | ' |
Proved properties | 83,390 | 78,383 |
Unproved properties and properties under development, not being amortized | 8,363 | 8,754 |
Gathering, transmission, and processing facilities | 6,995 | 5,955 |
Other | 1,071 | 1,055 |
Property and equipment, gross | 99,819 | 94,147 |
Less: Accumulated depreciation, depletion, and amortization | -47,398 | -40,867 |
Property and equipment, net | 52,421 | 53,280 |
OTHER ASSETS: | ' | ' |
Goodwill | 1,369 | 1,289 |
Deferred charges and other | 1,481 | 1,206 |
Total assets | 61,637 | 60,737 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 1,616 | 1,092 |
Current debt | 53 | 990 |
Current asset retirement obligation | 121 | 478 |
Derivative instruments | 299 | 116 |
Other current liabilities | 2,611 | 2,860 |
Total current liabilities | 4,700 | 5,536 |
Long-term debt | 9,672 | 11,355 |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' |
Income taxes | 8,364 | 8,024 |
Asset retirement obligation | 3,101 | 4,100 |
Other | 407 | 391 |
Total deferred credits and other noncurrent liabilities | 11,872 | 12,515 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ' | ' |
EQUITY: | ' | ' |
Preferred stock, no par value, 10,000,000 shares authorized, 6% Cumulative Mandatory Convertible, Series D, $1,000 per share liquidation preference, 1,265,000 shares converted in 2013, 1,265,000 shares issued and outstanding in 2012 | ' | 1,227 |
Common stock, $0.625 par, 860,000,000 shares authorized, 0 and 392,712,245 shares issued, respectively | 255 | 245 |
Paid-in capital | 12,251 | 9,859 |
Retained earnings | 22,032 | 20,161 |
Treasury stock, at cost, 0 and 1,071,475 shares, respectively | -1,027 | -30 |
Accumulated other comprehensive (loss) | -115 | -131 |
APACHE SHAREHOLDERS' EQUITY | 33,396 | 31,331 |
Noncontrolling interest | 1,997 | ' |
TOTAL EQUITY | 35,393 | 31,331 |
Total liabilities and shareholders' equity | $61,637 | $60,737 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | 1,265,000 |
Preferred stock, shares outstanding | ' | 1,265,000 |
Preferred stock, liquidation preference per share | $1,000 | $1,000 |
Preferred stock, converted | 1,265,000 | ' |
Cumulative preferred stock interest rate | 6.00% | 6.00% |
Common stock, par value | $0.63 | $0.63 |
Common stock, shares authorized | 860,000,000 | 860,000,000 |
Common stock, shares issued | 408,041,088 | 392,712,245 |
Treasury stock, shares | 12,268,180 | 1,071,475 |
STATEMENT_OF_CONSOLIDATED_SHAR
STATEMENT OF CONSOLIDATED SHAREHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Series D Preferred Stock [Member] |
In Millions | |||||||||
BALANCE at Dec. 31, 2010 | $24,377 | $240 | $8,864 | $14,223 | ($36) | ($141) | $24,377 | ' | $1,227 |
Net income | 4,584 | ' | ' | 4,584 | ' | ' | 4,584 | ' | ' |
Postretirement, net of tax | -1 | ' | ' | ' | ' | -1 | -1 | ' | ' |
Commodity hedges, net of tax | 133 | ' | ' | ' | ' | 133 | 133 | ' | ' |
Preferred | -76 | ' | ' | -76 | ' | ' | -76 | ' | ' |
Common ($0.60 per share) | -231 | ' | ' | -231 | ' | ' | -231 | ' | ' |
Common stock activity, net | 36 | 1 | 35 | ' | ' | ' | 36 | ' | ' |
Treasury stock activity, net | 6 | ' | 2 | ' | 4 | ' | 6 | ' | ' |
Compensation expense | 167 | ' | 167 | ' | ' | ' | 167 | ' | ' |
Other | -2 | ' | -2 | ' | ' | ' | -2 | ' | ' |
BALANCE at Dec. 31, 2011 | 28,993 | 241 | 9,066 | 18,500 | -32 | -9 | 28,993 | ' | 1,227 |
Net income | 2,001 | ' | ' | 2,001 | ' | ' | 2,001 | ' | ' |
Postretirement, net of tax | -2 | ' | ' | ' | ' | -2 | -2 | ' | ' |
Commodity hedges, net of tax | -120 | ' | ' | ' | ' | -120 | -120 | ' | ' |
Preferred | -76 | ' | ' | -76 | ' | ' | -76 | ' | ' |
Common ($0.60 per share) | -264 | ' | ' | -264 | ' | ' | -264 | ' | ' |
Common shares issued | 601 | 3 | 598 | ' | ' | ' | 601 | ' | ' |
Common stock activity, net | -43 | 1 | -44 | ' | ' | ' | -43 | ' | ' |
Treasury stock activity, net | 3 | ' | 1 | ' | 2 | ' | 3 | ' | ' |
Compensation expense | 238 | ' | 238 | ' | ' | ' | 238 | ' | ' |
BALANCE at Dec. 31, 2012 | 31,331 | 245 | 9,859 | 20,161 | -30 | -131 | 31,331 | ' | 1,227 |
Net income | 2,288 | ' | ' | 2,232 | ' | ' | 2,232 | 56 | ' |
Postretirement, net of tax | 9 | ' | ' | ' | ' | 9 | 9 | ' | ' |
Commodity hedges, net of tax | 7 | ' | ' | ' | ' | 7 | 7 | ' | ' |
Preferred | -44 | ' | ' | -44 | ' | ' | -44 | ' | ' |
Common ($0.60 per share) | -317 | ' | ' | -317 | ' | ' | -317 | ' | ' |
Common stock activity, net | -6 | 1 | -7 | ' | ' | ' | -6 | ' | ' |
Treasury stock activity, net | -997 | ' | ' | ' | -997 | ' | -997 | ' | ' |
Sale of noncontrolling interest | 2,948 | ' | 1,007 | ' | ' | ' | 1,007 | 1,941 | ' |
Conversion of Series D preferred stock | ' | 9 | 1,218 | ' | ' | ' | ' | ' | -1,227 |
Compensation expense | 189 | ' | 189 | ' | ' | ' | 189 | ' | ' |
BALANCE at Dec. 31, 2013 | $35,393 | $255 | $12,251 | $22,032 | ($1,027) | ($115) | $33,396 | $1,997 | ' |
STATEMENT_OF_CONSOLIDATED_SHAR1
STATEMENT OF CONSOLIDATED SHAREHOLDERS EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax benefit (expense) to post retirement | $9 | $5 | $7 |
Tax (benefit) expense to commodity hedges | 4 | 35 | 66 |
Common stock, dividends, per share | $0.80 | $0.68 | $0.60 |
Retained Earnings [Member] | ' | ' | ' |
Common stock, dividends, per share | $0.80 | $0.68 | $0.60 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Income tax benefit (expense) to post retirement | 9 | 5 | 7 |
Tax (benefit) expense to commodity hedges | 4 | 35 | 66 |
Parent [Member] | ' | ' | ' |
Income tax benefit (expense) to post retirement | 9 | 5 | 7 |
Tax (benefit) expense to commodity hedges | $4 | $35 | $66 |
Common stock, dividends, per share | $0.80 | $0.68 | $0.60 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Accounting policies used by Apache and its subsidiaries reflect industry practices and conform to accounting principles generally accepted in the U.S. (GAAP). The Company’s financial statements for prior periods may include reclassifications that were made to conform to the current-year presentation. Significant policies are discussed below. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Apache and its subsidiaries after elimination of intercompany balances and transactions. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, Apache has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated Apache subsidiary and are reflected separately in the Company’s financial statements. For further information, please refer to Note 2 — Acquisitions and Divestitures. Investments in which Apache holds less than 50 percent of the voting interest are typically accounted for under the equity method of accounting, with the balance recorded as a component of “Deferred charges and other” in Apache’s consolidated balance sheet and results of operations recorded as a component of “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. | |
Use of Estimates | |
Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Apache evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities (see Note 2 — Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 14 — Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 5 — Asset Retirement Obligation), and the estimate of income taxes (see Note 7 — Income Taxes). | |
Fair Value Measurements | |
Certain assets and liabilities are reported at fair value on a recurring basis in Apache’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35 provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. | |
The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). | |
Fair value measurements are presented in further detail in Note 3 — Derivative Instruments and Hedging Activities, Note 6 — Debt, and Note 9 — Retirement and Deferred Compensation Plans. | |
Cash Equivalents | |
The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2013 and 2012, Apache had $1.9 billion and $160 million, respectively, of cash and cash equivalents. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of Apache’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. Many of Apache’s receivables are from joint interest owners on properties Apache operates. The Company may have the ability to withhold future revenue disbursements to recover any non-payment of these joint interest billings. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of December 31, 2013 and 2012, the Company had an allowance for doubtful accounts of $96 million and $82 million, respectively. | |
Inventories | |
Inventories consist principally of tubular goods and equipment, stated at weighted-average cost, and oil produced but not sold, stated at the lower of cost or market. | |
Property and Equipment | |
The carrying value of Apache’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest. Interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized in concurrence with the related assets. For business combinations, property and equipment cost is based on the fair values at the acquisition date. | |
Oil and Gas Property | |
The Company follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits, and other internal costs directly identified with these activities, and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. Apache capitalized $401 million, $402 million, and $335 million of internal costs in 2013, 2012, and 2011, respectively. | |
Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. | |
The cost of unproved properties and properties under development are excluded from the amortization calculation until it is determined whether or not proved reserves can be assigned to such properties or until development projects are placed in service. Geological and geophysical costs not associated with specific prospects are recorded to proved property immediately. Unproved properties and properties under development are reviewed for impairment at least quarterly. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In 2013, Apache’s statement of consolidated operations includes additional DD&A of $75 million related to exiting operations in Kenya. In 2012, Apache recorded additional DD&A of $28 million related to exiting operations in New Zealand and $15 million of seismic costs incurred in countries where it has no established presence. In 2011, Apache recorded additional DD&A of $60 million related to exiting operations in Chile and $49 million of seismic costs incurred in countries where it has no established presence. | |
Under the full-cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for designated cash flow hedges. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. See Note 14 — Supplemental Oil and Gas Disclosures for a discussion of the calculation of estimated future net cash flows. | |
Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. During 2013, Apache recorded non-cash write-downs of the carrying value of the Company’s proved oil and gas properties totaling $1.1 billion. The after-tax impact of these write-downs was $356 million in the U.S., $139 million in the North Sea, and $118 million in Argentina. Cash flow hedges did not materially affect the 2013 calculations. During 2012, the Company recorded a $1.9 billion ($1.4 billion net of tax) non-cash write-down of the carrying value of the Company’s Canadian proved oil and gas properties. Excluding the effects of cash flow hedges in calculating the ceiling limitation, the write-down for the full year would have been higher by $135 million ($101 million net of tax). | |
Proceeds from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion (greater than 25 percent) of the Company’s reserve quantities in a particular country are sold, in which case a gain or loss is recognized in income. No gain or loss was recorded on the Company’s divestitures in 2013, 2012, or 2011. | |
Gathering, Transmission, and Processing Facilities | |
Gathering, transmission, and processing facilities totaled $7.0 billion and $6.0 billion at December 31, 2013 and 2012, respectively. The Company assesses the carrying amount of its gathering, transmission, and processing facilities whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of these facilities is less than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value. No impairment of gathering, transmission, and processing facilities was recognized during 2013, 2012, or 2011. | |
Gathering, transmission, and processing facilities, buildings, and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from three to 25 years. Accumulated depreciation for these assets totaled $2.1 billion and $1.9 billion at December 31, 2013 and 2012, respectively. | |
Asset Retirement Costs and Obligations | |
The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets. | |
Goodwill | |
Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. The Company assesses the carrying amount of goodwill by testing for impairment annually and when impairment indicators arise. Goodwill totaled $1.4 billion and $1.3 billion at December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, goodwill of $163 million and $84 million, respectively, was recorded in the North Sea. As of December 31, 2013 and 2012, goodwill of $1.0 billion, $103 million, and $86 million was recorded in the U.S., Canada, and Egypt, respectively. Each country was assessed as a reporting unit, and no impairment of goodwill was recognized during 2013, 2012, or 2011. | |
Accounts Payable | |
Included in accounts payable at December 31, 2013 and 2012, are liabilities of approximately $271 million and $255 million, respectively, representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. | |
Commitments and Contingencies | |
Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. | |
Revenue Recognition and Imbalances | |
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Cash received relating to future revenues is deferred and recognized when all revenue recognition criteria are met. | |
Apache uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Apache is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties’ estimated remaining reserves net to Apache will not be sufficient to enable the under-produced owner to recoup its entitled share through production. The Company’s recorded liability is generally reflected in other non-current liabilities. No receivables are recorded for those wells where Apache has taken less than its share of production. Gas imbalances are reflected as adjustments to estimates of proved gas reserves and future cash flows in the unaudited supplemental oil and gas disclosures. | |
Apache markets its own U.S. natural gas production. Since the Company’s production fluctuates because of operational issues, it is occasionally necessary to purchase third-party gas to fulfill sales obligations and commitments. Both the costs and sales proceeds of this third-party gas are reported on a net basis in oil and gas production revenues. The costs of third-party gas netted against the related sales proceeds totaled $34 million, $27 million, and $28 million, for 2013, 2012, and 2011, respectively. | |
The Company’s Egyptian operations are conducted pursuant to production sharing contracts under which contractor partners pay all operating and capital costs for exploring and developing the concessions. A percentage of the production, generally up to 40 percent, is available to contractor partners to recover these operating and capital costs over contractually defined periods. Cost recovery is reflected in revenue. The balance of the production is split among the contractor partners and the Egyptian General Petroleum Corporation (EGPC) on a contractually defined basis. | |
Derivative Instruments and Hedging Activities | |
Apache periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. | |
Apache records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses from the change in fair value of derivative instruments that do not qualify for hedge accounting are reported in current-period income as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations. Hedge accounting treatment allows unrealized gains and losses on cash flow hedges to be deferred in other comprehensive income. Realized gains and losses from the Company’s oil and gas cash flow hedges, including terminated contracts, are generally recognized in oil and gas production revenues when the forecasted transaction occurs. If at any time the likelihood of occurrence of a hedged forecasted transaction ceases to be “probable,” hedge accounting treatment will cease on a prospective basis, and all future changes in the fair value of the derivative will be recognized directly in earnings. Amounts recorded in other comprehensive income prior to the change in the likelihood of occurrence of the forecasted transaction will remain in other comprehensive income until such time as the forecasted transaction impacts earnings. If it becomes probable that the original forecasted production will not occur, then the derivative gain or loss would be reclassified from accumulated other comprehensive income into earnings immediately. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time, and any ineffectiveness is immediately reported as “Other” under “Revenues and Other” in the statement of consolidated operations. | |
General and Administrative Expense | |
General and administrative expenses are reported net of recoveries from owners in properties operated by Apache and net of amounts related to lease operating activities or capitalized pursuant to the full-cost method of accounting. | |
Income Taxes | |
Apache records deferred tax assets and liabilities to account for the expected future tax consequences of events that have been recognized in the financial statements and tax returns. The Company routinely assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Numerous judgments and assumptions are inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil and gas prices) and changing tax laws. | |
Apache does not recognize U.S. deferred income taxes on the unremitted earnings of its foreign subsidiaries that are deemed to be indefinitely reinvested. When such earnings are no longer deemed permanently reinvested, Apache recognizes the appropriate deferred or current income tax liabilities. | |
Foreign Currency Transaction Gains and Losses | |
The U.S. dollar is the functional currency for each of Apache’s international operations. The functional currency is determined country-by-country based on relevant facts and circumstances of the cash flows, commodity pricing environment and financing arrangements in each country. Foreign currency transaction gains and losses arise when monetary assets and liabilities denominated in foreign currencies are remeasured to their U.S. dollar equivalent at the exchange rate in effect at the end of each reporting period. Foreign currency gains and losses also arise when revenue and disbursement transactions denominated in a country’s local currency are converted to a U.S. dollar equivalent based on the average exchange rates during the reporting period. | |
Foreign currency transaction gains and losses related to current taxes payable and deferred tax assets and liabilities are recorded as components of the provision for income taxes. In 2013, Apache recorded a tax benefit of $154 million, including current and deferred taxes. In 2012 and 2011, the Company recorded tax expense of $16 million and a tax benefit of $66 million, respectively. For further discussion, please refer to Note 7 — Income Taxes. All other foreign currency transaction gains and losses are reflected in “Other” under Revenues and Other in the statement of consolidated operations. The Company’s other foreign currency gains and losses netted to a loss in 2013 of $30 million and gains in 2012 and 2011 of $24 million and $4 million, respectively. | |
Insurance Coverage | |
The Company recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. | |
Earnings Per Share | |
The Company’s basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution, using the treasury stock method, which assumes that options were exercised and restricted stock was fully vested. The diluted EPS calculations for the years ended December 31, 2011 and 2013, includes weighted-average shares of common stock from the assumed conversion of Apache’s convertible preferred stock. For the year ended December 31, 2012, the diluted EPS calculation excludes shares related to the assumed conversion of the convertible preferred stock as such conversion would have been anti-dilutive. | |
Stock-Based Compensation | |
The Company accounts for stock-based compensation under the fair value recognition provisions of ASC Topic 718, “Compensation — Stock Compensation.” The Company grants various types of stock-based awards including stock options, nonvested restricted stock units, and performance-based awards. Additionally, the Company also grants cash-based stock appreciation rights. These plans and related accounting policies are defined and described more fully in Note 10 — Capital Stock. Stock compensation awards granted are valued on the date of grant and are expensed, net of estimated forfeitures, over the required service period. | |
ASC Topic 718 also requires that benefits of tax deductions in excess of recognized compensation cost be reported as financing cash flows rather than as operating cash flows. The Company classified $1 million, $4 million, and $32 million as financing cash inflows in 2013, 2012, and 2011, respectively. | |
Treasury Stock | |
The Company follows the weighted-average-cost method of accounting for treasury stock transactions. | |
New Pronouncements Issued But Not Yet Adopted | |
In July 2013, the FASB issued ASU No. 2013-11, which requires entities to present unrecognized tax benefits as a decrease in a net operating loss, similar tax loss, or tax credit carryforward if certain criteria are met. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. ASU No. 2013-11 is effective for annual and interim reporting periods beginning after December 15, 2013. The Company will apply all changes prospectively and does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-04, which increases disclosures for certain liability arrangements. The guidance requires an entity that is joint and severally liable to measure the obligation as the sum of the amount the entity has agreed with co-obligors to pay and any additional amount it expects to pay on behalf of one or more co-obligors. Required disclosures include a description of the nature of the arrangement, how the liability arose, the relationship with co-obligors and the terms and conditions of the arrangement. ASU No. 2013-04 is effective for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. |
ACQUISITIONS_AND_DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
ACQUISITIONS AND DIVESTITURES | ' | ||||
2. ACQUISITIONS AND DIVESTITURES | |||||
2014 Activity | |||||
Argentina Divestiture | |||||
On February 12, 2014, Apache Corporation and its subsidiaries announced an agreement to sell all of its operations in Argentina to YPF Sociedad Anónima for cash consideration of $800 million plus the assumption of $52 million of bank debt as of June 30, 2013. As of December 31, 2013, Apache’s net assets in Argentina totaled approximately $1.3 billion, and the Company expects to recognize a loss associated with this transaction upon closing. The transaction is expected to close in the first quarter of 2014. | |||||
2013 Activity | |||||
Egypt Partnership | |||||
On November 14, 2013, Apache completed the sale of a one-third minority participation in its Egypt oil and gas business to a subsidiary of Sinopec International Petroleum Exploration and Production Corporation (Sinopec). Apache received cash consideration of $2.95 billion after customary closing adjustments. Apache continues to operate its Egypt upstream oil and gas business. The effective date of the agreement is January 1, 2013. | |||||
Apache recorded $1.9 billion of the proceeds as a non-controlling interest, which is reflected as a separate component of equity in the Company’s consolidated balance sheet. This represents one-third of Apache’s net book value of its Egypt holdings at the time of the transaction. The remaining proceeds were recorded as additional paid-in capital. Included in “Net income including noncontrolling interest” for the year ended December 31, 2013, is net income attributable to Sinopec’s interest totaling $56 million. | |||||
Gulf of Mexico Shelf Divestiture | |||||
On September 30, 2013, Apache completed the sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC (Fieldwood), an affiliate of Riverstone Holdings. Under the terms of the agreement, Apache received cash consideration of $3.7 billion, and Fieldwood assumed $1.5 billion of discounted asset abandonment liabilities. Additionally, Apache retained 50 percent of its ownership interest in all exploration blocks and in horizons below production in developed blocks. The effective date of the agreement is July 1, 2013. Apache’s net book value of oil and gas properties was reduced by approximately $4.6 billion of proved property costs and $473 million of unproved property costs as a result of the transaction. | |||||
Canada LNG Project | |||||
In February 2013, Apache completed a transaction with Chevron Canada Limited (Chevron Canada) under which each company became a 50 percent owner of the Kitimat LNG plant, the Pacific Trail Pipelines Limited Partnership (PTP), and 644,000 gross undeveloped acres in the Horn River and Liard basins. Chevron Canada will operate the LNG plant and pipeline while Apache Canada will continue to operate the upstream assets. Apache’s net proceeds from the transaction were $396 million after post-closing adjustments, and no gain or loss was recorded. | |||||
Other Activity | |||||
During 2013 Apache completed $307 million of other oil and gas property sales and $215 million of oil and gas property acquisitions. | |||||
2012 Activity | |||||
Cordillera Energy Partners III, LLC Acquisition | |||||
On April 30, 2012, Apache completed the acquisition of Cordillera Energy Partners III, LLC (Cordillera), a privately-held exploration and production company, in a stock and cash transaction. Cordillera’s properties included approximately 312,000 net acres in the Granite Wash, Tonkawa, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle. | |||||
Apache issued 6,272,667 shares of common stock and paid approximately $2.7 billion of cash to the sellers as consideration for the transaction. The transaction was accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes the final estimates of the assets acquired and liabilities assumed in the acquisition. | |||||
(In millions) | |||||
Current assets | $ | 39 | |||
Proved properties | 1,040 | ||||
Unproved properties | 2,299 | ||||
Gathering, transmission, and processing facilities | 1 | ||||
Goodwill(1) | 173 | ||||
Deferred tax asset | 64 | ||||
Total assets acquired | $ | 3,616 | |||
Current liabilities | 88 | ||||
Deferred income tax liabilities | 237 | ||||
Other long-term obligations | 5 | ||||
Total liabilities assumed | $ | 330 | |||
Net assets acquired | $ | 3,286 | |||
-1 | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from assets acquired that could not be individually identified and separately recognized. Goodwill is not deductible for tax purposes. | ||||
Yara Pilbara Holdings Pty Limited Acquisition | |||||
On January 31, 2012, a subsidiary of Apache Energy Limited completed the acquisition of a 49 percent interest in Yara Pilbara Holdings Pty Limited (YPHPL, formerly Burrup Holdings Limited) for $439 million, including working capital adjustments. The transaction was funded with debt. Yara Australia Pty Ltd (Yara) owns the remaining 51 percent of YPHPL and operates the plant. The investment in YPHPL is accounted for under the equity method of accounting, with the balance recorded as a component of “Deferred charges and other” in Apache’s consolidated balance sheet and results of operations recorded as a component of “Other” under “Revenues and other” in the Company’s statement of consolidated operations. | |||||
2011 Activity | |||||
Mobil North Sea Limited Acquisition | |||||
On December 30, 2011, Apache completed the acquisition of Mobil North Sea Limited (Mobil North Sea). The assets acquired include: operated interests in the Beryl, Nevis, Nevis South, Skene, and Buckland fields; operated interest in the Beryl/Brae gas pipeline and the SAGE gas plant; non-operated interests in the Maclure, Scott, and Telford fields; and Benbecula (west of Shetlands) exploration acreage. This acquisition was funded with existing cash on hand. | |||||
The transaction was accounted for using the acquisition method of accounting. The following table summarizes the final estimates of the assets acquired and liabilities assumed in the acquisition. | |||||
(In millions) | |||||
Current assets | $ | 219 | |||
Proved properties | 2,341 | ||||
Unproved properties | 476 | ||||
Gathering, transmission, and processing facilities | 338 | ||||
Goodwill(1) | 84 | ||||
Total assets acquired | $ | 3,458 | |||
Current liabilities | 148 | ||||
Asset retirement obligation | 517 | ||||
Deferred income tax liabilities | 1,546 | ||||
Other long-term obligations | 1 | ||||
Total liabilities assumed | $ | 2,212 | |||
Net assets acquired | $ | 1,246 | |||
-1 | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from assets acquired that could not be individually identified and separately recognized. Goodwill is not deductible for tax purposes. | ||||
Acquisitions, Divestitures, and Transition Expenses | |||||
In 2013, Apache recorded $33 million of investment banking fees and other costs associated with divestitures during the year. In 2012, the Company recorded $31 million of expenses reflecting costs related to our 2011 acquisition of Mobil North Sea and our 2012 acquisition of Cordillera. In 2011, Apache recorded $20 million of expenses primarily for separation and other costs related to the merger with Mariner Energy, Inc. (Mariner) and the acquisition of Mobil North Sea. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||||||
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||||||||||
Objectives and Strategies | |||||||||||||||||||||||||
The Company is exposed to fluctuations in crude oil and natural gas prices on the majority of its worldwide production. Apache manages the variability in its cash flows by occasionally entering into derivative transactions on a portion of its crude oil and natural gas production. The Company utilizes various types of derivative financial instruments, including swaps and options, to manage fluctuations in cash flows resulting from changes in commodity prices. | |||||||||||||||||||||||||
Counterparty Risk | |||||||||||||||||||||||||
The use of derivative instruments exposes the Company to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. To reduce the concentration of exposure to any individual counterparty, Apache utilizes a diversified group of investment-grade rated counterparties, primarily financial institutions, for its derivative transactions. As of December 31, 2013, Apache had derivative positions with 14 counterparties. The Company monitors counterparty creditworthiness on an ongoing basis; however, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, Apache may not realize the benefit of some of its derivative instruments resulting from lower commodity prices. | |||||||||||||||||||||||||
The Company executes commodity derivative transactions under master agreements that have netting provisions that provide for offsetting payables against receivables. In general, if a party to a derivative transaction incurs a material deterioration in its credit ratings, as defined in the applicable agreement, the other party has the right to demand the posting of collateral, demand a transfer, or terminate the arrangement. The Company’s net derivative liability position at December 31, 2013, represents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position. The Company has not provided any collateral to any of its counterparties as of December 31, 2013. | |||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||
As of December 31, 2013, Apache had the following open crude oil derivative positions which have not been designated as cash flow hedges: | |||||||||||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||||||||||
Production Period | Settlement Index | Mbbls | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Fixed Price | |||||||||||||||||||||||||
2014 | NYMEX WTI | 22,889 | $ | 90.77 | |||||||||||||||||||||
2014 | Dated Brent | 22,812 | 100.05 | ||||||||||||||||||||||
As of December 31, 2013, Apache had the following open natural gas derivative positions which have been designated as cash flow hedges: | |||||||||||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||||||||||
Production Period | Settlement Index | MMBtu | Weighted | ||||||||||||||||||||||
(in 000’s) | Average | ||||||||||||||||||||||||
Fixed Price | |||||||||||||||||||||||||
2014 | NYMEX Henry Hub | 1,295 | $ | 6.72 | |||||||||||||||||||||
Subsequent to December 31, 2013, Apache entered into additional natural gas derivatives not designated as cash flow hedges totaling 55.9 million MMBtu for 2014. These contracts are settled against NYMEX Henry Hub and various Inside FERC indices, with a weighted average fixed price of $4.35. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Apache’s commodity derivative instruments consist of variable-to-fixed price commodity swaps and options. The fair values of the Company’s derivative instruments are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments, utilizing commodity futures price strips for the underlying commodities provided by a reputable third party. These valuations are Level 2 inputs. | |||||||||||||||||||||||||
The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Price | Significant | Significant | Total | Netting(1) | Carrying | ||||||||||||||||||||
in Active | Other | Unobservable | Fair | Amount | |||||||||||||||||||||
Markets | Inputs | Inputs | Value | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 3 | $ | — | $ | 3 | $ | (2 | ) | $ | 1 | ||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||||||
Derivatives not designated as cash flow hedges | — | 300 | — | 300 | |||||||||||||||||||||
Total Derivative liabilities | $ | — | $ | 301 | $ | — | $ | 301 | $ | (2 | ) | $ | 299 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 48 | $ | — | $ | 48 | $ | (15 | ) | $ | 33 | ||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 51 | $ | — | $ | 51 | |||||||||||||||||
Derivatives not designated as cash flow hedges | — | 80 | — | 80 | |||||||||||||||||||||
Total Derivative liabilities | $ | — | $ | 131 | $ | — | $ | 131 | $ | (15 | ) | $ | 116 | ||||||||||||
-1 | The derivative fair values are based on analysis of each contract on a gross basis, even where the legal right of offset exists. | ||||||||||||||||||||||||
All derivative instruments are reflected as either assets or liabilities at fair value in the consolidated balance sheet. These fair values are recorded by netting asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. The fair market value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Current Assets: Derivative instruments | $ | 1 | $ | 31 | |||||||||||||||||||||
Other Assets: Deferred charges and other | — | 2 | |||||||||||||||||||||||
Total Assets | $ | 1 | $ | 33 | |||||||||||||||||||||
Current Liabilities: Derivative instruments | $ | 299 | $ | 116 | |||||||||||||||||||||
Total Liabilities | $ | 299 | $ | 116 | |||||||||||||||||||||
Derivative Activity Recorded in Statement of Consolidated Operations | |||||||||||||||||||||||||
The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: | |||||||||||||||||||||||||
Gain (Loss) on Derivatives | For the Year Ended December 31, | ||||||||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive loss | Oil and Gas Production Revenues | $ | (16 | ) | $ | 268 | $ | (13 | ) | ||||||||||||||||
Gain (loss) for ineffectiveness on cash flow hedges | Revenues and Other: Other | $ | (1 | ) | $ | — | $ | 2 | |||||||||||||||||
Loss on derivatives not designated as cash flow hedges | Derivative instrument gains (losses), net | $ | (399 | ) | $ | (79 | ) | $ | — | ||||||||||||||||
Unrealized gains and losses for derivative activity recorded in the statement of consolidated operations is reflected in the statement of consolidated cash flows as a component of “Other” in “Adjustments to reconcile net income to net cash provided by operating activities.” | |||||||||||||||||||||||||
Derivative Activity in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
As of December 31, 2013, a portion of the Company’s derivative instruments were designated as cash flow hedges. A reconciliation of the components of accumulated other comprehensive income (loss) in the statement of consolidated changes in equity related to Apache’s cash flow hedges is presented in the table below: | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
tax | tax | tax | tax | tax | tax | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Unrealized gain (loss) on derivatives at beginning of year | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | $ | (54 | ) | $ | (19 | ) | |||||||||
Realized amounts reclassified into earnings | 16 | 11 | (268 | ) | (199 | ) | 13 | 19 | |||||||||||||||||
Net change in derivative fair value | (6 | ) | (5 | ) | 113 | 79 | 188 | 115 | |||||||||||||||||
Ineffectiveness reclassified into earnings | 1 | 1 | — | — | (2 | ) | (1 | ) | |||||||||||||||||
Unrealized gain (loss) on derivatives at end of period | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | |||||||||||
Unrealized net gains on existing cash flow hedges as of December 31, 2013 will be realized in earnings through mid-2014, in the same period as the related sales of natural gas and crude oil production occur; however, estimated and actual amounts may vary materially as a result of changes in market conditions. |
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
OTHER CURRENT LIABILITIES | ' | ||||||||
4 | OTHER CURRENT LIABILITIES | ||||||||
The following table provides detail of the Company’s other current liabilities at December 31, 2013 and 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Accrued operating expenses | $ | 190 | $ | 211 | |||||
Accrued exploration and development | 1,582 | 1,792 | |||||||
Accrued compensation and benefits | 242 | 198 | |||||||
Accrued interest | 161 | 160 | |||||||
Accrued income taxes | 248 | 297 | |||||||
Accrued U.K. Petroleum Revenue Tax | 9 | 53 | |||||||
Other | 179 | 149 | |||||||
Total Other current liabilities | $ | 2,611 | $ | 2,860 | |||||
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
ASSET RETIREMENT OBLIGATION | ' | ||||||||
5 | ASSET RETIREMENT OBLIGATION | ||||||||
The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Asset retirement obligation at beginning of year | $ | 4,578 | $ | 3,887 | |||||
Liabilities incurred | 481 | 592 | |||||||
Liabilities acquired | 53 | 72 | |||||||
Liabilities divested | (1,692 | ) | — | ||||||
Liabilities settled | (497 | ) | (550 | ) | |||||
Accretion expense | 243 | 232 | |||||||
Revisions in estimated liabilities | 56 | 345 | |||||||
Asset retirement obligation at end of year | 3,222 | 4,578 | |||||||
Less current portion | (121 | ) | (478 | ) | |||||
Asset retirement obligation, long-term | $ | 3,101 | $ | 4,100 | |||||
The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with Apache’s oil and gas properties. The Company utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Company estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. | |||||||||
During 2013 and 2012, the Company recorded $481 million and $592 million, respectively, in abandonment liabilities resulting from Apache’s active exploration and development capital program. Liabilities settled primarily relate to individual properties, platforms, and facilities plugged and abandoned during the period. |
DEBT
DEBT | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
DEBT | ' | ||||||||||||||||
6 | DEBT | ||||||||||||||||
Overview | |||||||||||||||||
All of the Company’s debt is senior unsecured debt and has equal priority with respect to the payment of both principal and interest. The indentures for the notes described below place certain restrictions on the Company, including limits on Apache’s ability to incur debt secured by certain liens and its ability to enter into certain sale and leaseback transactions. Upon certain changes in control, all of these debt instruments would be subject to mandatory repurchase, at the option of the holders. None of the indentures for the notes contain prepayment obligations in the event of a decline in credit ratings. | |||||||||||||||||
During 2013, Apache repaid the $500 million aggregate principal amount of 5.25 percent notes that matured on April 15, 2013 and the $400 million aggregate principal amount of 6.00 percent notes that matured on September 15, 2013 by borrowing under our commercial paper program. | |||||||||||||||||
In November 2013 the Company announced a cash tender offer to purchase up to $850 million aggregate principal amount of five series of its outstanding notes. On December 20, 2013, the Company accepted for purchase $669 million principal amount of its 2.625 percent notes due 2023 and $181 million principal amount of its 3.25 percent notes due 2022. Apache paid the holders an aggregate of approximately $811 million in cash reflecting principal, the discount to par, and accrued and unpaid interest. | |||||||||||||||||
In December 2013, Apache Finance Canada Corporation (Apache Finance Canada) fully redeemed $350 million principal amount of 4.375 percent notes due in 2015. The notes were redeemed pursuant to the provisions of the note’s indenture. Apache paid the holders an aggregate of approximately $371 million in cash reflecting principal, the premium to par, and accrued and unpaid interest. | |||||||||||||||||
The Company recorded a net gain on extinguishment of debt totaling $16 million in connection with the cash tender offer and redemption of Apache Finance Canada notes. | |||||||||||||||||
The following table presents the carrying value of the Company’s debt at December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In millions) | |||||||||||||||||
U.S.: | |||||||||||||||||
Money market lines of credit | $ | — | $ | 13 | |||||||||||||
Commercial paper | — | 489 | |||||||||||||||
5.25% notes due 2013(1) | — | 500 | |||||||||||||||
6.0% notes due 2013(1) | — | 400 | |||||||||||||||
5.625% notes due 2017(1) | 500 | 500 | |||||||||||||||
1.75% notes due 2017(1) | 400 | 400 | |||||||||||||||
6.9% notes due 2018(1) | 400 | 400 | |||||||||||||||
7.0% notes due 2018 | 150 | 150 | |||||||||||||||
7.625% notes due 2019 | 150 | 150 | |||||||||||||||
3.625% notes due 2021(1) | 500 | 500 | |||||||||||||||
3.25% notes due 2022(1) | 919 | 1,100 | |||||||||||||||
2.625% notes due 2023(1) | 531 | 1,200 | |||||||||||||||
7.7% notes due 2026 | 100 | 100 | |||||||||||||||
7.95% notes due 2026 | 180 | 180 | |||||||||||||||
6.0% notes due 2037(1) | 1,000 | 1,000 | |||||||||||||||
5.1% notes due 2040(1) | 1,500 | 1,500 | |||||||||||||||
5.25% notes due 2042(1) | 500 | 500 | |||||||||||||||
4.75% notes due 2043(1) | 1,500 | 1,500 | |||||||||||||||
4.25% notes due 2044(1) | 800 | 800 | |||||||||||||||
7.375% debentures due 2047 | 150 | 150 | |||||||||||||||
7.625% debentures due 2096 | 150 | 150 | |||||||||||||||
9,430 | 11,682 | ||||||||||||||||
Subsidiary and other obligations: | |||||||||||||||||
Argentina overdraft lines of credit | 51 | 69 | |||||||||||||||
Canada lines of credit | 2 | 9 | |||||||||||||||
Apache Finance Canada 4.375% notes due 2015(1) | — | 350 | |||||||||||||||
Notes due in 2016 and 2017 | 1 | 1 | |||||||||||||||
Apache Finance Canada 7.75% notes due 2029 | 300 | 300 | |||||||||||||||
354 | 729 | ||||||||||||||||
Debt before unamortized discount | 9,784 | 12,411 | |||||||||||||||
Unamortized discount | (59 | ) | (66 | ) | |||||||||||||
Total debt | $ | 9,725 | $ | 12,345 | |||||||||||||
Current maturities | $ | (53 | ) | $ | (990 | ) | |||||||||||
Long-term debt | $ | 9,672 | $ | 11,355 | |||||||||||||
(1) | These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium. The remaining notes and debentures are not redeemable. | ||||||||||||||||
Debt maturities as of December 31, 2013, excluding discounts, are as follows: | |||||||||||||||||
(In millions) | |||||||||||||||||
2014 | $ | 53 | |||||||||||||||
2015 | — | ||||||||||||||||
2016 | 1 | ||||||||||||||||
2017 | 900 | ||||||||||||||||
2018 | 550 | ||||||||||||||||
Thereafter | 8,280 | ||||||||||||||||
Total Debt, excluding discounts | $ | 9,784 | |||||||||||||||
Fair Value | |||||||||||||||||
The Company’s debt is recorded at the carrying amount, net of unamortized discount, on its consolidated balance sheet. The carrying amount of the Company’s commercial paper and uncommitted credit facilities and overdraft lines approximate fair value because the interest rates are variable and reflective of market rates. Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(In millions) | |||||||||||||||||
Money market lines of credit | $ | 53 | $ | 53 | $ | 91 | $ | 91 | |||||||||
Commercial paper | — | — | 489 | 489 | |||||||||||||
Notes and debentures | 9,672 | 10,247 | 11,765 | 13,340 | |||||||||||||
Total Debt | $ | 9,725 | $ | 10,300 | $ | 12,345 | $ | 13,920 | |||||||||
Money Market and Overdraft Lines of Credit | |||||||||||||||||
The Company has certain uncommitted money market and overdraft lines of credit that are used from time to time for working capital purposes. As of December 31, 2013, $53 million was drawn on facilities in Argentina and Canada. As of December 31, 2012, $91 million was drawn on facilities in the U.S., Argentina, and Canada. | |||||||||||||||||
Unsecured Committed Bank Credit Facilities | |||||||||||||||||
As of December 31, 2013, the Company had unsecured committed revolving syndicated bank credit facilities totaling $3.3 billion, of which $1.0 billion matures in August 2016 and $2.3 billion matures in June 2017. The facilities consist of a $1.7 billion facility and a $1.0 billion facility for the U.S., a $300 million facility in Australia, and a $300 million facility in Canada. In July 2013, we amended our $1.0 billion U.S. credit facility to conform certain representations, covenants, and events of default to those in our $1.7 billion U.S. credit facility. The amendments did not affect the amount or repayment terms of the $1.0 billion U.S. facility. As of December 31, 2013, available borrowing capacity under the Company’s credit facilities was $3.3 billion. The committed credit facilities are used to support Apache’s commercial paper program. | |||||||||||||||||
At the Company’s option, the interest rate for the facilities is based on a base rate, as defined, or the London Inter-bank Offered Rate (LIBOR) plus a margin determined by the Company’s senior long-term debt rating. The $1.7 billion credit facility also allows the Company to borrow under competitive auctions. | |||||||||||||||||
At December 31, 2013, the margin over LIBOR for committed loans was 0.875 percent on the $1.0 billion U.S. credit facility and 0.90 percent on each of the $1.7 billion U.S. credit facility, the $300 million Australian credit facility, and the $300 million Canadian credit facility. The Company also pays quarterly facility fees of 0.125 percent on the total amount of the $1.0 billion U.S. facility and 0.10 percent on the total amount of the other three facilities. The facility fees vary based upon the Company’s senior long-term debt rating. | |||||||||||||||||
The financial covenants of the credit facilities require the Company to maintain a debt-to-capitalization ratio of not greater than 60 percent at the end of any fiscal quarter. At December 31, 2013, the Company’s debt-to-capitalization ratio was 22 percent. | |||||||||||||||||
The negative covenants include restrictions on the Company’s ability to create liens and security interests on its assets, with exceptions for liens typically arising in the oil and gas industry, purchase money liens, and liens arising as a matter of law, such as tax and mechanics’ liens. The Company may incur liens on assets located in the U.S. and Canada of up to 5 percent of the Company’s consolidated assets, or approximately $3.1 billion as of December 31, 2013. There are no restrictions on incurring liens in countries other than the U.S. and Canada. There are also restrictions on Apache’s ability to merge with another entity, unless the Company is the surviving entity, and a restriction on its ability to guarantee debt of entities not within its consolidated group. | |||||||||||||||||
There are no clauses in the facilities that permit the lenders to accelerate payments or refuse to lend based on unspecified material adverse changes. The credit facility agreements do not have drawdown restrictions or prepayment obligations in the event of a decline in credit ratings. However, the agreements allow the lenders to accelerate payments and terminate lending commitments if Apache Corporation, or any of its U.S. or Canadian subsidiaries, defaults on any direct payment obligation in excess of the stated thresholds noted in the agreements or has any unpaid, non-appealable judgment against it in excess of the stated thresholds noted in the agreements. | |||||||||||||||||
The Company was in compliance with the terms of the credit facilities as of December 31, 2013. | |||||||||||||||||
Commercial Paper Program | |||||||||||||||||
The Company has available a $3.0 billion commercial paper program, which generally enables Apache to borrow funds for up to 270 days at competitive interest rates. The commercial paper program is fully supported by available borrowing capacity under committed credit facilities. Our 2013 weighted-average interest rate for commercial paper was 0.38 percent. If the Company is unable to issue commercial paper following a significant credit downgrade or dislocation in the market, the Company’s committed credit facilities, which expire in 2016 and 2017, are available as a 100 percent backstop. The Company used proceeds from divestitures to repay commercial paper and at year end had no outstanding balance. At December 31, 2012, the Company had $489 million in commercial paper outstanding. | |||||||||||||||||
Subsidiary Notes – Apache Finance Canada | |||||||||||||||||
Apache Finance Canada Corporation (Apache Finance Canada) has approximately $300 million of publicly-traded notes due in 2029 that are fully and unconditionally guaranteed by Apache. For further discussion of subsidiary debt, please see Note 16—Supplemental Guarantor Information. | |||||||||||||||||
Financing Costs, Net | |||||||||||||||||
The following table presents the components of Apache’s financing costs, net: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In millions) | |||||||||||||||||
Interest expense | $ | 571 | $ | 509 | $ | 433 | |||||||||||
Amortization of deferred loan costs | 8 | 7 | 5 | ||||||||||||||
Capitalized interest | (374 | ) | (334 | ) | (263 | ) | |||||||||||
Gain on extinguishment of debt | (16 | ) | — | — | |||||||||||||
Interest income | (15 | ) | (17 | ) | (17 | ) | |||||||||||
Financing costs, net | $ | 174 | $ | 165 | $ | 158 | |||||||||||
The Company has $59 million of debt discounts as of December 31, 2013, which will be charged to interest expense over the life of the related debt issuances. Discount amortization of $3 million, $3 million, and $2 million were recorded as interest expense in 2013, 2012, and 2011, respectively. | |||||||||||||||||
As of December 31, 2013 and 2012, the Company had approximately $74 million and $118 million, respectively, of unamortized deferred loan costs associated with its various debt obligations. These costs are included in deferred charges and other in the accompanying consolidated balance sheet and are being charged to financing costs and expensed over the life of the related debt issuances. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
7. INCOME TAXES | |||||||||||||
Income before income taxes is composed of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
U.S. | $ | 1,191 | $ | 1,605 | $ | 2,373 | |||||||
Foreign | 3,025 | 3,272 | 5,720 | ||||||||||
Total | $ | 4,216 | $ | 4,877 | $ | 8,093 | |||||||
The total provision for income taxes consists of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Current taxes: | |||||||||||||
Federal | $ | (29 | ) | $ | (150 | ) | $ | 64 | |||||
State | — | — | 2 | ||||||||||
Foreign | 1,694 | 2,349 | 2,197 | ||||||||||
1,665 | 2,199 | 2,263 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 509 | 596 | 656 | ||||||||||
State | 44 | 10 | 17 | ||||||||||
Foreign | (290 | ) | 71 | 573 | |||||||||
263 | 677 | 1,246 | |||||||||||
Total | $ | 1,928 | $ | 2,876 | $ | 3,509 | |||||||
A reconciliation of the tax on the Company’s income before income taxes and total tax expense is shown below: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Income tax expense at U.S. statutory rate | $ | 1,476 | $ | 1,707 | $ | 2,833 | |||||||
State income tax, less federal benefit | 29 | 6 | 12 | ||||||||||
Taxes related to foreign operations | 200 | 773 | 568 | ||||||||||
Tax credits | 6 | (4 | ) | (15 | ) | ||||||||
Deferred tax on distributed foreign earnings | 225 | — | — | ||||||||||
Current and deferred taxes related to currency fluctuations | (154 | ) | 16 | (66 | ) | ||||||||
Change in U.K. tax rate | — | 118 | 218 | ||||||||||
Net change in tax contingencies | (10 | ) | (115 | ) | (6 | ) | |||||||
Valuation allowances | 199 | 355 | 8 | ||||||||||
All other, net | (43 | ) | 20 | (43 | ) | ||||||||
$ | 1,928 | $ | 2,876 | $ | 3,509 | ||||||||
The net deferred tax liability consists of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Deferred income | $ | 153 | $ | 33 | |||||||||
Federal and state net operating loss carryforwards | 900 | 932 | |||||||||||
Foreign net operating loss carryforwards | 156 | 61 | |||||||||||
Tax credits | 66 | 78 | |||||||||||
Accrued expenses and liabilities | 162 | 2 | |||||||||||
Asset retirement obligation | 1,231 | 1,677 | |||||||||||
Total deferred tax assets | 2,668 | 2,783 | |||||||||||
Valuation allowance | (651 | ) | (419 | ) | |||||||||
Net deferred tax assets | 2,017 | 2,364 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | 29 | 23 | |||||||||||
Depreciation, depletion and amortization | 10,224 | 10,213 | |||||||||||
Total deferred tax liabilities | 10,253 | 10,236 | |||||||||||
Net deferred income tax liability | $ | 8,236 | $ | 7,872 | |||||||||
The Company has recorded a valuation allowance against the net deferred tax asset in Argentina and Canada and against certain state net operating losses. The Company has assessed the future potential realization of these deferred tax assets and has concluded that it is more likely than not that these deferred tax assets will not be realized based on current economic conditions. In 2013, 2012, and 2011, the Company increased its valuation allowance by $232 million, $359 million, and $7 million, respectively. | |||||||||||||
On November 14, 2013, the Company completed the formation of its strategic partnership with Sinopec, whereby the Company received $2.95 billion in exchange for a one-third minority participation interest in Apache’s Egypt oil and gas business. As a result of the transaction, the Company reassessed its position with respect to certain current year untaxed foreign earnings to treat the reinvestment of these earnings as not permanent in duration. As such, the Company recorded a $225 million deferred tax charge on current year foreign earnings deemed not permanently reinvested. The Company repatriated approximately $643 million of cash from foreign subsidiaries and utilized net operating losses to offset any U.S. current income tax expense. | |||||||||||||
The Company considers the undistributed earnings of its foreign subsidiaries to be permanently reinvested, as it has no current intention to repatriate these earnings. As such, deferred income taxes are not provided for temporary differences of approximately $17 billion at December 31, 2013, representing unremitted earnings of subsidiaries outside the United States intended to be permanently reinvested. Upon an actual or deemed distribution of these earnings in the form of dividends or otherwise, the Company may be subject to U.S. income taxes and foreign withholding taxes. It is not practicable, however, to estimate the amount of taxes that may be payable on the eventual remittance of these earnings after consideration of available foreign tax credits. Presently, limited foreign tax credits are available to reduce the U.S. taxes on such amounts if repatriated. | |||||||||||||
On December 31, 2013, the Company had net operating losses as follows: | |||||||||||||
December 31, 2013 | |||||||||||||
Amount | Expiration | ||||||||||||
(In millions) | |||||||||||||
Net operating losses: | |||||||||||||
U.S. — Federal | $ | 1,558 | 2032 - 2034 | ||||||||||
U.S. — Federal (Mariner IRC §382 limited) | 520 | 2018 - 2030 | |||||||||||
U.S. — Federal (Cordillera IRC §382 limited) | 183 | 2026 - 2032 | |||||||||||
U.S. — State | 2,242 | Various | |||||||||||
Canada | 5 | 2014 | |||||||||||
Australia | 59 | Indefinite | |||||||||||
Argentina | 299 | 2014 | |||||||||||
The Company has a federal net operating loss carryforward of $2.3 billion. Included in the federal net operating loss carryforward is $520 million of federal net operating losses related to the 2010 merger with Mariner and $183 million of federal net operating losses related to the Cordillera acquisition. The Mariner and Cordillera net operating loss carryforwards are subject to annual limitations under Section 382 of the Internal Revenue Code. The Company also has $186 million of capital loss carryforwards in Canada, which have an indefinite carryover period. | |||||||||||||
The tax benefits of carryforwards are recorded as assets to the extent that management assesses the utilization of such carryforwards to be “more likely than not.” When the future utilization of some portion of the carryforwards is determined to not meet the “more likely than not” standard, a valuation allowance is provided to reduce the tax benefits from such assets. As discussed above, the Company does not believe the utilization of the Argentine net operating losses, Canadian capital losses, and certain state net operating losses to be “more likely than not.” As such, a valuation allowance was provided against these deferred tax assets. | |||||||||||||
The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes,” which prescribes a minimum recognition threshold a tax position must meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 3 | $ | 97 | $ | 110 | |||||||
Additions based on tax positions related to the current year | — | 4 | 13 | ||||||||||
Reductions for tax positions of prior years | — | (33 | ) | (4 | ) | ||||||||
Settlements | — | (65 | ) | (22 | ) | ||||||||
Balance at end of year | $ | 3 | $ | 3 | $ | 97 | |||||||
The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. Each quarter the Company assesses the amounts provided for and, as a result, may increase (expense) or reduce (benefit) the amount of interest and penalties. During the years ended December 31, 2013, 2012, and 2011 the Company recorded tax expense of $1 million, $5 million, and $6 million, respectively, for interest and penalties. As of December 31, 2013 and 2012, the Company had approximately $1 million and $5 million, respectively, accrued for payment of interest and penalties. | |||||||||||||
The Company is under IRS audit for 2011 and 2012 and under audit in various states as well as in most of the Company’s foreign jurisdictions as part of its normal course of business. In 2013, the Company reached an agreement with the IRS regarding an audit of the 2009 and 2010 tax years. There was no change in the Company’s unrecognized tax benefit as a result of the 2009 and 2010 IRS settlement. In 2012, the Company reached an agreement with the IRS Administrative Appeals office regarding the audits of tax years 2004 through 2008. As a result of this agreement, the Company reduced its 2012 unrecognized tax benefit by $65 million. The resolution of unagreed tax issues in the Company’s open tax years cannot be predicted with absolute certainty, and differences between what has been recorded and the eventual outcomes may occur. The Company believes that it has adequately provided for income taxes and any related interest and penalties for all open tax years. | |||||||||||||
Apache and its subsidiaries are subject to U.S. federal income tax as well as income tax in various states and foreign jurisdictions. The Company’s uncertain tax positions are related to tax years that may be subject to examination by the relevant taxing authority. Apache’s earliest open tax years in its key jurisdictions are as follows: | |||||||||||||
Jurisdiction | |||||||||||||
U.S. | 2010 | ||||||||||||
Canada | 2009 | ||||||||||||
Egypt | 1998 | ||||||||||||
Australia | 2009 | ||||||||||||
U.K. | 2011 | ||||||||||||
Argentina | 2006 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||
8. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
Legal Matters | |||||||||||||||||||||
Apache is party to various legal actions arising in the ordinary course of business, including litigation and governmental and regulatory controls. The Company has an accrued liability of approximately $10 million for all legal contingencies that are deemed to be probable of occurring and can be reasonably estimated. Apache’s estimates are based on information known about the matters and its experience in contesting, litigating, and settling similar matters. Although actual amounts could differ from management’s estimate, none of the actions are believed by management to involve future amounts that would be material to Apache’s financial position, results of operations, or liquidity after consideration of recorded accruals. For material matters that Apache believes an unfavorable outcome is reasonably possible, the Company has disclosed the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. It is management’s opinion that the loss for any other litigation matters and claims that are reasonably possible to occur will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. | |||||||||||||||||||||
Argentine Environmental Claims | |||||||||||||||||||||
In connection with the acquisition from Pioneer Natural Resources (Pioneer) in 2006, the Company acquired a subsidiary of Pioneer in Argentina (PNRA) that is involved in various administrative proceedings with environmental authorities in the Neuquén Province relating to permits for and discharges from operations in that province. In addition, PNRA was named in a lawsuit initiated against oil companies operating in the Neuquén basin entitled Asociación de Superficiarios de la Patagonia v YPF S.A., et. al., originally filed on August 21, 2003, in the Argentine National Supreme Court of Justice. The plaintiffs, a private group of landowners known as ASSUPA, have also named the national government and several provinces as third parties. The lawsuit alleges injury to the environment generally by the oil and gas industry. The plaintiffs principally seek from all defendants, jointly, (i) the remediation of contaminated sites, of the superficial and underground waters, and of soil that allegedly was degraded as a result of deforestation, (ii) if the remediation is not possible, payment of an indemnification for the material and moral damages claimed from defendants operating in the Neuquén basin, of which PNRA is a small portion, (iii) adoption of all the necessary measures to prevent future environmental damages, and (iv) the creation of a private restoration fund to provide coverage for remediation of potential future environmental damages. Much of the alleged damage relates to operations by the Argentine state oil company, which conducted oil and gas operations throughout Argentina prior to its privatization, which began in 1990. ASSUPA in 2012 asserted similar lawsuits and claims against numerous oil and gas producers relating to other geographic areas of Argentina, including claims against a Company subsidiary relating to the Austral basin. While the plaintiffs will seek to make all oil and gas companies jointly liable for each other’s actions in each of these lawsuits, Company subsidiaries will defend on an individual basis and attempt to require the plaintiffs to delineate damages by company. Company subsidiaries intend to defend each case vigorously. It is not certain exactly what the courts will do in these matters as the lawsuit relating to the Neuquén basin is the first of its kind. While it is possible Company subsidiaries may incur liabilities related to the environmental claims, no reasonable prediction can be made as the Company subsidiaries’ exposure related to these lawsuits is not currently determinable. | |||||||||||||||||||||
Argentine Tariff | |||||||||||||||||||||
Enargas, an autonomous entity that functions under the Argentine Ministry of Economy, issued administrative orders pursuant to national executive Decree No. 2067/2008 creating a tariff charge on all fuel gas used by oil and gas producers in field operations effective December 1, 2011. The tariff charge, which is applicable to the operations of Company affiliates in Argentina, totaled approximately $39.5 million since inception, of which $11 million has been paid. The Company’s affiliates have initiated legal proceedings in the Provinces of Neuquén and Tierra del Fuego challenging the Enargas tariff charge and have obtained temporary injunctive relief that prohibits the collection of the charges pending final rulings on the merits of the legal challenges. | |||||||||||||||||||||
U.S. Royalty Litigation | |||||||||||||||||||||
In Foster v. Apache Corporation, Civil Action No. CIV-10-0573-HE, in the United States District Court for the Western District of Oklahoma, on August 20, 2012, the United States District Court for the Western District of Oklahoma denied plaintiff’s motion for class certification. The plaintiff filed a motion for reconsideration, which was also denied, and petitioned the United States Court of Appeals for the Tenth Circuit to accept an appeal of the District Court’s ruling denying class certification. The plaintiff withdrew the petition to appeal following decisions on July 8, 2013, by the United States Court of Appeals for the Tenth Circuit to vacate District Court class certification orders in two unrelated lawsuits — Wallace B. Roderick Revocable Living Trust v. XTO Energy, Inc., No. 12-3176, and Chieftain Royalty Company v. XTO Energy, Inc., No. 12-7047. The plaintiff and Apache recently filed a joint stipulation to dismiss the Foster lawsuit with prejudice, which concludes the matter. | |||||||||||||||||||||
Louisiana Restoration | |||||||||||||||||||||
Numerous surface owners have filed claims or sent demand letters to various oil and gas companies, including Apache, claiming that, under either expressed or implied lease terms or Louisiana law, they are liable for damage measured by the cost of restoration of leased premises to their original condition as well as damages from contamination and cleanup, regardless of the value of the underlying property. Because the Company has continuing operations in Louisiana, from time-to-time restoration lawsuits and claims are resolved by the Company for amounts that are not material to the Company while new lawsuits and claims are asserted against the Company. With respect to each of the pending lawsuits and claims, the amount claimed is not currently determinable or is not material, except that in a lawsuit captioned Ardoin Limited Partnership et al. v. Meridian Resources & Exploration et al., Case No.10-18692, in the District Court of Cameron Parish, Louisiana, the plaintiffs’ expert opined that the cost to restore plaintiffs’ property would be approximately $61 million. Prior to trial the court granted Apache’s motions to dismiss the plaintiffs’ claims against Apache. Plaintiffs then settled with the other defendant in the case, BP America, Inc. (BP). BP has demanded that Apache indemnify it for the amount of its settlement with plaintiffs, which is not material to Apache. Apache has rejected BP’s indemnity claim and, further, Apache has demanded that Wagner Oil Company (which purchased Apache’s interest in the subject property) indemnify Apache from and against BP’s claim. | |||||||||||||||||||||
On July 24, 2013, a lawsuit captioned Board of Commissioners of the Southeast Louisiana Flood Protection Authority — East v. Tennessee Gas Pipeline Company et al., Case No. 2013-6911 was filed in the Civil District Court for the Parish of Orleans, State of Louisiana, in which plaintiff on behalf of itself and as the board governing the levee districts of Orleans, Lake Borgne Basin, and East Jefferson alleges that Louisiana coastal lands have been damaged as a result of oil and gas industry activity, including a network of canals for access and pipelines. The plaintiff seeks damages and injunctive relief in the form of abatement and restoration based on claims of negligence, strict liability, natural servitude of drain, public nuisance, private nuisance, and breach of contract — third party beneficiary. Apache has been indiscriminately named as one of approximately 100 defendants in the lawsuit. Defendant Chevron U.S.A., Inc. filed a notice to remove the case to the United States District Court for the Eastern District of Louisiana, civil action No. 13-5410. The overall exposure related to this lawsuit is not currently determinable. While an adverse judgment against Apache might be possible, Apache intends to vigorously defend the case. | |||||||||||||||||||||
On November 8, 2013, the Parish of Plaquemines in Louisiana filed three lawsuits against the Company and other oil and gas producers alleging that certain of defendants’ oil and gas exploration, production, and transportation operations in specified fields were conducted in violation of the State and Local Coastal Resources Management Act of 1978, as amended, and applicable regulations, rules, orders, and ordinances promulgated or adopted thereunder by the State of Louisiana or the Parish of Plaquemines. The plaintiff alleges that defendants caused substantial damage to land and water bodies located in the coastal zone of Louisiana. The plaintiff seeks, among other things, unspecified damages for alleged violations of applicable state law within the coastal zone, the payment of costs necessary to clear, re-vegetate, detoxify, and otherwise restore the subject coastal zone as near as practicable to its original condition, and actual restoration of the coastal zone to its original condition. The lawsuits were all filed in Division A of the 25th Judicial District Court for the Parish of Plaquemines, State of Louisiana, and are captioned as follows: Parish of Plaquemines v. Rozel Operating Company et al., Docket No. 60-996; Parish of Plaquemines v. Apache Oil Corporation et al., Docket No. 61-000; and Parish of Plaquemines v. HHE Energy Company et al., Docket No. 60-983. Defendants have filed notices to remove the cases to the United States District Court for the Eastern District of Louisiana, civil action Nos. 13-6722, 13-6711, and 13-6735. The plaintiff has moved to remand each of the lawsuits to state court, and plaintiff’s motions are pending. Many similar lawsuits have been filed against other oil and gas producers in the Parish of Plaquemines and in other Parishes across south Louisiana. The overall exposure related to these lawsuits is not currently determinable. While an adverse judgment against Apache might be possible, Apache intends to vigorously defend the cases. | |||||||||||||||||||||
The overall exposure related to these lawsuits and claims is not currently determinable. While an adverse judgment against Apache is possible, Apache intends to actively defend the cases. | |||||||||||||||||||||
Hurricane-Related Litigation | |||||||||||||||||||||
On May 27, 2011, a lawsuit captioned Comer et al. v. Murphy Oil USA, Inc. et al., Case No. 1:11-cv-220 HS0-JMR, in the United States District Court for the Southern District of Mississippi, was filed in which certain named residents of Mississippi, as plaintiffs, alleged that the oil, coal, and chemical industries are responsible for global warming, which they claim caused or increased the effect of Hurricane Katrina, allegedly resulting among other things in economic losses and increased insurance premiums. Plaintiffs sought class certification, damages for losses sustained, a declaration that state law tort claims are not pre-empted by federal law, and punitive and exemplary damages. Apache was one of numerous defendants. The District Court granted defendants’ motion to dismiss plaintiffs’ claims. Plaintiffs appealed the decision to the United States Court of Appeals for the Fifth Circuit, which affirmed dismissal of the suit. Plaintiffs did not appeal further, thus concluding the matter. A similar action filed by Comer et al. was previously dismissed in 2011. | |||||||||||||||||||||
Australia Gas Pipeline Force Majeure | |||||||||||||||||||||
In June 2008, Company subsidiaries reported a pipeline explosion that interrupted deliveries of natural gas to customers under various long-term contracts. Company subsidiaries believe that the event was a force majeure, and as a result, the subsidiaries and their joint venture participants declared force majeure under those contracts. | |||||||||||||||||||||
On December 16, 2009, a natural gas customer, Burrup Fertilisers Pty Ltd (Burrup Fertilisers), filed a lawsuit on behalf of itself and certain of its underwriters at Lloyd’s of London and other insurers, against the Company and its subsidiaries in Texas state court, in a case captionedBurrup Fertilisers Pty Ltd v. Apache Corporation, Apache Energy Limited, and Apache Northwest Pty Ltd, Cause No. 2009-79834, in the District Court of Harris County, Texas. The lawsuit concerned the interruption of deliveries of natural gas to Burrup Fertilisers following the pipeline explosion. Burrup Fertilisers and its underwriters asserted claims for negligence, breach of contract, alter ego, single business enterprise, res ipsa loquitur, and gross negligence/exemplary damages, and sought to recover unspecified actual damages, cost of repair and replacement, exemplary damages, lost profits, loss of business goodwill, value of the gas lost under the Gas Supply and Purchase Agreement (GSA), interest, and court costs. On March 22, 2013, Burrup Fertilisers agreed to dismiss its Texas lawsuit based on Apache Corporation’s motion to dismiss on the ground offorum non conveniens. Accordingly, the District Court entered an agreed order dismissing Burrup Fertilisers’ Texas lawsuit on the ground of forum non conveniens. By its terms, the order of dismissal does not prevent Burrup Fertilisers from re-filing its lawsuit in the civil courts of Western Australia. | |||||||||||||||||||||
On March 24, 2011, another natural gas customer, Alcoa of Australia Limited (“Alcoa”) filed a lawsuit captioned Alcoa of Australia Limited vs. Apache Energy Limited, Apache Northwest Pty Ltd, Tap (Harriet) Pty Ltd, and Kufpec Australia Pty Ltd, Civ. 1481 of 2011, in the Supreme Court of Western Australia. The lawsuit concerns the interruption of deliveries of natural gas to Alcoa under two long-term contracts. Alcoa challenges the declaration of force majeure and the validity of the liquidated damages provisions in the contracts. Alcoa asserts claims based on breach of contract, statutory duties, and duty of care. Alcoa seeks approximately $158 million AUD in general damages or, alternatively, approximately $5.7 million AUD in liquidated damages. On June 20, 2012, the Supreme Court struck out Alcoa’s claim that the liquidated damages provisions under two long-term contracts are unenforceable as a penalty and also struck out Alcoa’s claim for damages for breach of statutory duty. On September 17, 2013, the Western Australia Court of Appeal dismissed the Company subsidiaries’ appeal concerning Alcoa’s remaining tort claim for economic loss. On October 15, 2013, the Company subsidiaries applied to the High Court of Australia for leave to appeal. The applications for leave to appeal are pending. If the High Court does not grant leave to appeal at this time, all of the Company subsidiaries’ defenses remain intact for further proceedings at the trial court level. | |||||||||||||||||||||
On October 31, 2013, a third natural gas customer, Barrick (Plutonic) Limited (“Barrick”), filed a lawsuit captioned Barrick (Plutonic) Limited v. Apache Energy Limited, Apache Northwest Pty Ltd, Harriet (Onyx) Pty Ltd, and Kufpec Australia Pty Ltd , Civ. 2656 of 2013, in the Supreme Court of Western Australia. The lawsuit concerns the interruption of gas deliveries to Barrick under certain gas supply contracts. Barrick asserts tort claims against the Company’s subsidiaries and seeks approximately $19 million USD in general damages, including for alleged lost gold production at the Plutonic mine in Western Australia. | |||||||||||||||||||||
The Company and its subsidiaries do not believe that the Burrup Fertilisers, Alcoa, and Barrick claims have merit and will vigorously pursue their defenses against such claims. | |||||||||||||||||||||
Other customers have threatened to file suit challenging the declaration of force majeure under their contracts. At least one third party that is not a customer has also threatened to file suit. Contract prices under customer contracts are significantly below current prices for natural gas in Australia. In the event it is determined that the pipeline explosion was not a force majeure, Company subsidiaries believe that liquidated damages should be the extent of the damages under those long-term contracts with such provisions. Approximately 90 percent of the natural gas volumes sold by Company subsidiaries under long-term contracts have liquidated damages provisions. Contractual liquidated damages under the long-term contracts with such provisions would not be expected to exceed $50 million AUD exclusive of interest. This is a reduction from the previous estimate of $200 million AUD. No assurance can be given that customers would not assert claims in excess of contractual liquidated damages, and exposure related to such claims (or any claims by non-customers) is not currently determinable. While an adverse judgment against Company subsidiaries (and the Company, in the case of Burrup Fertilisers) is possible, the Company and Company subsidiaries do not believe any such claims would have merit and plan to vigorously pursue their defenses against any such claims. | |||||||||||||||||||||
In December 2008, the Senate Economics Committee of the Parliament of Australia released its findings from public hearings concerning the economic impact of the gas shortage following the explosion on Varanus Island and the government’s response. The Committee concluded, among other things, that the macroeconomic impact to Western Australia will never be precisely known, but cited to a range of estimates from $300 million AUD to $2.5 billion AUD consisting in part of losses alleged by some parties who have long-term contracts with Company subsidiaries (as described above), but also losses alleged by third parties who do not have contracts with Company subsidiaries (but who may have purchased gas that was re-sold by customers or who may have paid more for energy following the explosion or who lost wages or sales due to the inability to obtain energy or the increased price of energy). A timber industry group, whose members do not have a contract with Company subsidiaries, has announced that it intends to seek compensation for its members and their subcontractors from Company subsidiaries for $20 million AUD in losses allegedly incurred as a result of the gas supply shortage following the explosion. In Johnson Tiles Pty Ltd v. Esso Australia Pty Ltd [2003] VSC 27 (Supreme Court of Victoria, Gillard J presiding), which concerned a 1998 explosion at an Esso natural gas processing plant at Longford in East Gippsland, Victoria, the Court held that Esso was not liable for $1.3 billion AUD of pure economic losses suffered by claimants that had no contract with Esso, but was liable to such claimants for reasonably foreseeable property damage which Esso settled for $32.5 million AUD plus costs. In reaching this decision the Court held that third-party claimants should have protected themselves from pure economic losses, through the purchase of insurance or the installation of adequate backup measures, in case of an interruption in their gas supply from Esso. While an adverse judgment against Company subsidiaries is possible if litigation is filed, Company subsidiaries do not believe any such claims would have merit and plan to vigorously pursue their defenses against any such claims. Exposure related to any such potential claims is not currently determinable. | |||||||||||||||||||||
On October 10, 2008, the Australia National Offshore Petroleum Safety Authority (NOPSA) released a self-titled “Final Report” of the findings of its investigation into the pipeline explosion, prepared at the request of the Western Australian Department of Industry and Resources (DoIR). NOPSA concluded in its report that the evidence gathered to date indicates that the main causal factors in the incident were: (1) ineffective anti-corrosion coating at the beach crossing section of the 12-inch sales gas pipeline, due to damage and/or dis-bondment from the pipeline; (2) ineffective cathodic protection of the wet-dry transition zone of the beach crossing section of the 12-inch sales gas pipeline; and (3) ineffective inspection and monitoring by Company subsidiaries of the beach crossing and shallow water section of the 12-inch sales gas pipeline. NOPSA further concluded that the investigation identified that Apache Northwest Pty Ltd and its co-licensees may have committed offenses under the Petroleum Pipelines Act 1969, Sections 36A & 38(b) and the Petroleum Pipelines Regulations 1970, Regulation 10, and that some findings may also constitute non-compliance with pipeline license conditions. | |||||||||||||||||||||
On May 28, 2009, the Department of Mines and Petroleum (DMP) filed a prosecution notice in the Magistrates Court of Western Australia, charging Apache Northwest Pty Ltd and its co-licensees with failure to maintain a pipeline in good condition and repair under the Petroleum Pipelines Act 1969, Section 38(b). The maximum fine associated with the alleged offense was $50,000 AUD. The Company subsidiary did not believe that the charge had merit and vigorously pursued its defenses, resulting in the dismissal of the prosecution notice by the Magistrates Court of Western Australia on March 29, 2012. | |||||||||||||||||||||
NOPSA stated in its report that an application for renewal of the pipeline license (the “pipeline license”) covering the area of the Varanus Island facility was granted in May 1985 with 21 years validity, and an application for renewal of the pipeline license was submitted to DoIR by Company subsidiaries in December 2005 and remained pending at the time NOPSA issued its report. The application by Apache Northwest, Kufpec Australia Pty Ltd, and Tap (Harriet) Pty Ltd for renewal and variation of the pipeline license covering the area of the Varanus Island facility was granted on April 19, 2011, by the DMP. The period of the pipeline license is 21 years commencing April 20, 2011. | |||||||||||||||||||||
Company subsidiaries disagree with NOPSA’s conclusions and believe that the NOPSA report was premature, based on an incomplete investigation, and misleading. In a July 17, 2008, media statement, DoIR acknowledged, “The pipelines and Varanus Island facilities have been the subject of an independent validation report [by Lloyd’s Register] which was received in August 2007. NOPSA has also undertaken a number of inspections between 2005 and the present.” These and numerous other inspections, audits and reviews conducted by top international consultants and regulators did not identify any warnings that the pipeline had a corrosion problem or other issues that could lead to its failure. Company subsidiaries believe that the explosion was not reasonably foreseeable, and was not within the reasonable control of Company’s subsidiaries or able to be reasonably prevented by Company subsidiaries. | |||||||||||||||||||||
On January 9, 2009, the governments of Western Australia and the Commonwealth of Australia announced a joint inquiry to consider the effectiveness of the regulatory regime for occupational health and safety and integrity that applied to operations and facilities at Varanus Island and the role of DoIR, NOPSA, and the Western Australian Department of Consumer and Employment Protection. The joint inquiry’s report was published in June 2009. | |||||||||||||||||||||
On May 8, 2009, the government of Western Australia announced that the DMP would carry out “the final stage of investigations into the Varanus Island gas explosion.” Inspectors were appointed under the Petroleum Pipelines Act to coordinate the final stage of the investigations. That report, prepared by the inspectors in June 2009, was made public by the State government on May 24, 2012. Company subsidiaries disagree with the inspectors’ June 2009 conclusions. Two other government reports were not published by the State and were not referenced by the inspectors. The Magistrates Court of Western Australia subsequently ordered that both such reports could be released on the basis that the inspectors’ June 2009 report “came with some limitations” and the two other government reports “together were part and parcel if not the main reason or the only reason…certainly a significant contribution to the reason for the matter not proceeding to prosecution and trial.” In the first such report, the State’s senior investigator said in February 2009 that the prospects of a successful prosecution of Apache for failing to maintain the pipeline “would be slight.” In the second such report, the State’s lead corrosion expert concluded in July 2011 that Apache “had reasonable grounds to believe that the pipeline was in good repair” prior to the explosion. | |||||||||||||||||||||
Breton Lawsuit | |||||||||||||||||||||
On October 4, 2011, plaintiffs filed suit in Breton Energy, L.L.C. et al. v. Mariner Energy Resources, Inc., et al., Case 4:11-cv-03561, in the United States District Court for the Southern District of Texas, Houston Division, seeking compensation from defendants for allegedly depriving plaintiffs of rights to hydrocarbons in a reservoir described by plaintiffs as a common reservoir in West Cameron Blocks 171 and 172 offshore Louisiana in the Gulf of Mexico. In their original petition plaintiffs named, among others, Mariner Energy, Inc. and certain of its affiliates as defendants. On December 12, 2011, plaintiffs filed an amended petition to add as defendants Apache Corporation and Apache Shelf, Inc. as successors to the Mariner interests. On September 27, 2012, the court dismissed plaintiffs’ claims on various grounds, including for failure to state a claim upon which relief may be granted, while granting plaintiffs leave to amend their complaint within 30 days. On October 29, 2012, the plaintiffs filed an amended complaint. On May 28, 2013, the United States District Court for the Southern District of Texas dismissed the plaintiffs’ claims and entered judgment in favor of the defendants. On June 3, 2013, the plaintiffs filed a notice of appeal in the United States Court of Appeals for the Fifth Circuit. The appeal is pending. The exposure related to the re-filed lawsuit is not currently determinable. While an adverse judgment against Apache is possible, Apache intends to vigorously defend the case. | |||||||||||||||||||||
Escheat Audits | |||||||||||||||||||||
The State of Delaware, Department of Finance, Division of Revenue (Unclaimed Property), has notified numerous companies, including Apache Corporation, that the State will examine its books and records and those of its subsidiaries and related entities to determine compliance with the Delaware Escheat Laws. The review is being conducted by Kelmar Associates on behalf of the State of Delaware. At least 30 other states have retained their own consultants and have sent similar notifications. The scope of each state’s audit varies. The State of Delaware advises, for example, that the scope of its examination will be for the period 1981 through the present. It is possible that one or more of the audits could extend to all 50 states. The exposure related to the audits is not currently determinable. | |||||||||||||||||||||
Burrup-Related Gas Supply Lawsuits | |||||||||||||||||||||
On May 19, 2011, a lawsuit captioned Pankaj Oswal et al. v. Apache Corporation, Cause No. 2011-30302, in the District Court of Harris County, Texas, was filed in which plaintiffs asserted claims against the Company under the Australian Trade Practices Act. Following a hearing on March 22, 2013, the District Court on April 5, 2013, granted Apache Corporation’s motion to dismiss on the ground of forum non conveniens and entered an order dismissing the Texas lawsuit. On or about October 11, 2013, a statement of claim captioned Pankaj Oswal v. Apache Corporation, No. WAD 389/2013, in the Federal Court of Australia, District of Western Australia, General Division, was filed in which plaintiff Oswal once again asserts claims against the Company under the Australian Trade Practices Act. The Western Australia lawsuit is one of a number of legal actions involving the Burrup Fertilisers ammonia plant in Western Australia (the Burrup plant) founded by Oswal. Oswal’s shares, and those of his wife, together representing 65 percent of Burrup Holdings Limited (BHL, which owns Burrup Fertilisers), were offered for sale by externally-appointed administrators in Australia as a result of events of default on loans made to the Oswals by the Australia and New Zealand Banking Group Ltd (ANZ). In the Western Australia lawsuit, plaintiff Oswal alleges, among other things, that the Company induced him to make investments covering construction cost overruns on the ammonia plant that was completed in 2006. Plaintiff Oswal seeks damages in the amount of $491 million USD. The Company believes that the claims are without merit and intends to vigorously defend against them. | |||||||||||||||||||||
The Texas and Western Australia lawsuits relate to a pending action filed by Tap (Harriet) Pty Ltd (Tap) against Burrup Fertilisers Pty Ltd et al., Civ. 2329 of 2009, in the Supreme Court of Western Australia (the “Tap action”), seeking a declaratory judgment regarding its contractual rights and obligations under a gas sales agreement between Burrup Fertilisers and the Harriet Joint Venture (comprised of a Company subsidiary and two joint venture partners, Tap and Kufpec Australia Pty Ltd). | |||||||||||||||||||||
As part of the sale process described above, on January 31, 2012, a Company affiliate acquired a 49 percent interest in YPHPL, while Yara Australia Pty Ltd (Yara) increased its interest in YPHPL from 35 percent to 51 percent. Yara operates the ammonia plant and is proceeding with development of a technical ammonium nitrate (TAN) plant in the Burrup Peninsula region of Western Australia to be developed by a consortium including YPHPL. A Company affiliate’s existing agreement to supply gas to the ammonia plant has been modified (with, among other things, new pricing, delivery quantities, and term). YPHPL share ownership, and the modified gas supply agreement, continues to be the subject of ongoing litigation in Australia with third parties, including Pankaj and Radhika Oswal. Two such cases directly involve the Company or certain of its subsidiaries. In a case captioned Radhika Oswal v. Australia and New Zealand Banking Group Limited (ANZ) et al., No. SCI 2011 4653, in the Supreme Court of Victoria, the defendants include a Company affiliate. The Court has denied plaintiff’s application seeking to amend her statement of claim in order to add parties as defendants to the proceedings, including the Company and certain of its other subsidiaries. Similarly, in a companion case captioned Pankaj Oswal v. Australia and New Zealand Banking Group Limited (ANZ) et al., No. SCI 2012 01995, in the Supreme Court of Victoria, the Court has also denied plaintiff’s application seeking to amend his statement of claim in order to add parties as defendants to the proceedings, including the Company and certain of its subsidiaries. The plaintiffs, either in their original claims or in their proposed amended claims, seek to set aside the YPHPL share sale, void the modified gas sale agreement, and recover unspecified damages. The plaintiffs’ in both cases have sought leave to appeal the Court’s denial of their applications. The new gas supply agreement resolves counterclaims by Burrup Fertilisers against Apache and its affiliate in the Tap action. A Company subsidiary purchased Tap, which then modified its agreement to supply gas to the ammonia plant and resolved both Tap’s claims against Burrup Fertilisers and Burrup Fertilisers’ counterclaims against Tap in the Tap action. If Kufpec does not settle the remaining claims in the Tap action, it is expected that the trial court in the Tap action will issue its ruling in respect of phase 1 of those proceedings, which was tried in September 2011 and concerned construction of the original gas supply agreement. | |||||||||||||||||||||
Environmental Matters | |||||||||||||||||||||
The Company, as an owner or lessee and operator of oil and gas properties, is subject to various federal, provincial, state, local, and foreign country laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. We maintain insurance coverage, which we believe is customary in the industry, although we are not fully insured against all environmental risks. | |||||||||||||||||||||
Apache manages its exposure to environmental liabilities on properties to be acquired by identifying existing problems and assessing the potential liability. The Company also conducts periodic reviews, on a Company-wide basis, to identify changes in its environmental risk profile. These reviews evaluate whether there is a probable liability, the amount, and the likelihood that the liability will be incurred. The amount of any potential liability is determined by considering, among other matters, incremental direct costs of any likely remediation and the proportionate cost of employees who are expected to devote a significant amount of time directly to any possible remediation effort. As it relates to evaluations of purchased properties, depending on the extent of an identified environmental problem, the Company may exclude a property from the acquisition, require the seller to remediate the property to Apache’s satisfaction, or agree to assume liability for the remediation of the property. The Company’s general policy is to limit any reserve additions to any incidents or sites that are considered probable to result in an expected remediation cost exceeding $300,000. Any environmental costs and liabilities that are not reserved for are treated as an expense when actually incurred. In Apache’s estimation, neither these expenses nor expenses related to training and compliance programs are likely to have a material impact on its financial condition. | |||||||||||||||||||||
As of December 31, 2013, the Company had an undiscounted reserve for environmental remediation of approximately $93 million. Apache is not aware of any environmental claims existing as of December 31, 2013 that have not been provided for or would otherwise have a material impact on its financial position or results of operations. There can be no assurance however, that current regulatory requirements will not change or past non-compliance with environmental laws will not be discovered on the Company’s properties. | |||||||||||||||||||||
On May 25, 2011, a panel of the Bureau of Ocean Energy Management (BOEMRE, as it was then known) published a report dated May 23, 2011, and titled “OCS G-2580, Vermilion Block 380 Platform A, Incidents of Noncompliance.” The report concerned the BOEMRE’s investigation of a fire on the Vermilion 380 A platform located in the Gulf of Mexico. At the time of the incident, Mariner operated the platform. A small amount of hydrocarbons spilled from the platform into the surrounding water as a result of the incident, and 13 workers were rescued after evacuating the platform. The BOEMRE concluded in its investigation that the fire was caused by Mariner’s failure to adequately maintain or operate the platform’s heater-treater in a safe condition. The BOEMRE also identified other safety deficiencies on the platform. On December 27, 2011, the Bureau of Safety and Environmental Enforcement (BSEE, successor to BOEMRE) issued several Incidents of Non-Compliance, which may provide the basis for the assessment of civil penalties against Mariner. The Company’s subsidiary Apache Deepwater LLC, which acquired Mariner effective November 10, 2010, filed an appeal on August 31, 2012, contesting several of the Incidents of Non-Compliance. It is management’s opinion that any loss arising from this matter will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. | |||||||||||||||||||||
On June 1, 2013, Apache Canada Ltd. discovered a leak of produced water from a below ground pipeline in the Zama Operations area in northern Alberta. The pipeline was associated with a produced water disposal well. The spill resulted in approximately 97 thousand barrels of produced water being released to the marsh land environment. The applicable government agencies were immediately notified of the event and the line was shut down. Apache Canada Ltd. investigated the leak while conducting clean up and monitoring activities in the affected area and communicating with appropriate parties, including regulatory and First Nation representatives. The investigation revealed a pinhole feature in the outer polyethylene liner of the composite flex line. While the exposure related to this incident is not currently determinable, the Company does not expect the economic impact of this incident to have a material effect on the Company’s financial position, results of operations, or liquidity. | |||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||
At December 31, 2013, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: | |||||||||||||||||||||
2019 & | |||||||||||||||||||||
Net Minimum Commitments | Total | 2014 | 2015-2016 | 2017-2018 | Beyond | ||||||||||||||||
(In millions) | |||||||||||||||||||||
Drilling rig commitments(1) | $ | 974 | $ | 376 | $ | 429 | $ | 157 | $ | 12 | |||||||||||
Purchase obligations(2) | 1,759 | 1,002 | 533 | 204 | 20 | ||||||||||||||||
Firm transportation agreements(3) | 683 | 158 | 223 | 129 | 173 | ||||||||||||||||
Office and related equipment(4) | 391 | 46 | 101 | 95 | 149 | ||||||||||||||||
Other operating lease obligations(5) | 686 | 190 | 295 | 193 | 8 | ||||||||||||||||
Total Net Minimum Commitments | $ | 4,493 | $ | 1,772 | $ | 1,581 | $ | 778 | $ | 362 | |||||||||||
-1 | Includes day-rate and other contractual agreements with third party service providers for use of drilling, completion, and workover rigs. | ||||||||||||||||||||
-2 | Includes contractual obligations to buy or build oil and gas plants and facilities, LNG facilities, seismic and drilling work program commitments, take-or-pay contracts, and hydraulic fracturing services agreements. | ||||||||||||||||||||
-3 | Relates to contractual obligations for capacity rights on third-party pipelines. | ||||||||||||||||||||
-4 | Includes office and other building rentals and related equipment leases. | ||||||||||||||||||||
-5 | Includes commitments required to retain acreage and commitments associated with floating production storage and offloading vessels (FPSOs), compressors, helicopters, and boats. | ||||||||||||||||||||
The table above includes leases for buildings, facilities, and related equipment with varying expiration dates through 2035. Net rental expense was $81 million, $76 million, and $64 million for 2013, 2012, and 2011, respectively. |
RETIREMENT_AND_DEFERRED_COMPEN
RETIREMENT AND DEFERRED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
RETIREMENT AND DEFERRED COMPENSATION PLANS | ' | ||||||||||||||||||||||||
9. RETIREMENT AND DEFERRED COMPENSATION PLANS | |||||||||||||||||||||||||
Apache Corporation provides retirement benefits to its U.S. employees through the use of multiple plans: a 401(k) savings plan, a money purchase retirement plan, a non-qualified retirement/savings plan, and a non-qualified restorative retirement savings plan. The 401(k) savings plan provides participating employees the ability to elect to contribute up to 50 percent of eligible compensation, as defined, to the plan with the Company making matching contributions up to a maximum of 8 percent of each employee’s annual eligible compensation. In addition, the Company annually contributes 6 percent of each participating employee’s annual eligible compensation to a money purchase retirement plan. The 401(k) savings plan and the money purchase retirement plan are subject to certain annually-adjusted, government-mandated restrictions that limit the amount of employee and Company contributions. For certain eligible employees, the Company also provides a non-qualified retirement/savings plan or a non-qualified restorative retirement savings plan. These plans allow the deferral of up to 50 percent of each employee’s base salary, up to 75 percent of each employee’s annual bonus (that accepts employee contributions) and the Company’s matching contributions in excess of the government mandated limitations imposed in the 401(k) savings plan and money purchase retirement plan. | |||||||||||||||||||||||||
Vesting in the Company’s contributions in the 401(k) savings plan, the money purchase retirement plan, the non-qualified retirement savings plan and the non-qualified restorative retirement savings plan occurs at the rate of 20 percent for every completed year of employment. Upon a change in control of ownership, immediate and full vesting occurs. | |||||||||||||||||||||||||
Additionally, Apache Energy Limited, Apache Canada Ltd., and Apache North Sea Limited maintain separate retirement plans, as required under the laws of Australia, Canada, and the U.K., respectively. | |||||||||||||||||||||||||
The aggregate annual cost to Apache of all U.S. and International savings plans, the money purchase retirement plan, non-qualified retirement/savings plan, and non-qualified restorative retirement savings plan was $123 million, $117 million, and $93 million for 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||
Apache also provides a funded noncontributory defined benefit pension plan (U.K. Pension Plan) covering certain employees of the Company’s North Sea operations in the U.K. The plan provides defined pension benefits based on years of service and final salary. The plan applies only to employees who were part of the BP North Sea’s pension plan as of April 2, 2003, prior to the acquisition of BP North Sea by the Company effective July 1, 2003. | |||||||||||||||||||||||||
Additionally, the Company offers postretirement medical benefits to U.S. employees who meet certain eligibility requirements. Eligible participants receive medical benefits up until the age of 65, provided the participant remits the required portion of the cost of coverage. The plan is contributory with participants’ contributions adjusted annually. The postretirement benefit plan does not cover benefit expenses once a covered participant becomes eligible for Medicare. | |||||||||||||||||||||||||
The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2013, 2012, and 2011, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. Apache uses a measurement date of December 31 for its pension and postretirement benefit plans. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Change in Projected Benefit Obligation | |||||||||||||||||||||||||
Projected benefit obligation beginning of year | $ | 177 | $ | 35 | $ | 150 | $ | 30 | $ | 136 | $ | 29 | |||||||||||||
Service cost | 5 | 4 | 5 | 4 | 5 | 3 | |||||||||||||||||||
Interest cost | 7 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Foreign currency exchange rate changes | 4 | — | 7 | — | (1 | ) | — | ||||||||||||||||||
Actuarial losses (gains) | — | (8 | ) | 14 | 1 | 6 | (2 | ) | |||||||||||||||||
Effect of curtailment and settlements | — | (3 | ) | — | — | — | — | ||||||||||||||||||
Benefits paid | (4 | ) | (2 | ) | (6 | ) | (1 | ) | (3 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | — | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | 189 | 28 | 177 | 35 | 150 | 30 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 170 | — | 145 | — | 135 | — | |||||||||||||||||||
Actual return on plan assets | 15 | — | 14 | — | 4 | — | |||||||||||||||||||
Foreign currency exchange rates | 4 | — | 6 | — | (1 | ) | — | ||||||||||||||||||
Employer contributions | 6 | 1 | 11 | 1 | 10 | 1 | |||||||||||||||||||
Benefits paid | (4 | ) | (2 | ) | (6 | ) | (1 | ) | (3 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | — | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 191 | — | 170 | — | 145 | — | |||||||||||||||||||
Funded status at end of year | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | $ | (5 | ) | $ | (30 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheet | |||||||||||||||||||||||||
Current liability | — | (1 | ) | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Non-current asset (liability) | 2 | (27 | ) | (7 | ) | (34 | ) | (5 | ) | (29 | ) | ||||||||||||||
$ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | $ | (5 | ) | $ | (30 | ) | |||||||||
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Accumulated gain (loss) | (22 | ) | 1 | (32 | ) | (7 | ) | (25 | ) | (6 | ) | ||||||||||||||
$ | (22 | ) | $ | 1 | $ | (32 | ) | $ | (7 | ) | $ | (25 | ) | $ | (6 | ) | |||||||||
Weighted Average Assumptions used as of December 31 | |||||||||||||||||||||||||
Discount rate | 4.6 | % | 4.33 | % | 4.3 | % | 3.43 | % | 4.7 | % | 4.04 | % | |||||||||||||
Salary increases | 4.9 | % | N/A | 4.6 | % | N/A | 4.6 | % | N/A | ||||||||||||||||
Expected return on assets | 5.6 | % | N/A | 4.7 | % | N/A | 4.85 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7 | % | N/A | 7.25 | % | N/A | 7.5 | % | ||||||||||||||||
Ultimate in 2022 | N/A | 5 | % | N/A | 5 | % | N/A | 5 | % | ||||||||||||||||
As of December 31, 2013, 2012, and 2011, the accumulated benefit obligation for the U.K. Pension Plan was $160 million, $139 million, and $119 million, respectively. | |||||||||||||||||||||||||
Apache’s defined benefit pension plan assets are held by a non-related trustee who has been instructed to invest the assets in an equal blend of equity securities and low-risk debt securities. The Company intends that this blend of investments will provide a reasonable rate of return such that the benefits promised to members are provided. The U.K. Pension Plan policy is to target an ongoing funding level of 100 percent through prudent investments and includes policies and strategies such as investment goals, risk management practices, and permitted and prohibited investments. A breakout of previous allocations for plan asset holdings and the target allocation for the Company’s plan assets are summarized below: | |||||||||||||||||||||||||
Target Allocation | Percentage of | ||||||||||||||||||||||||
Plan Assets at | |||||||||||||||||||||||||
Year-End | |||||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities | 17 | % | 18 | % | 16 | % | |||||||||||||||||||
Overseas quoted equities | 33 | % | 33 | % | 33 | % | |||||||||||||||||||
Total equity securities | 50 | % | 51 | % | 49 | % | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds | 30 | % | 29 | % | 30 | % | |||||||||||||||||||
U.K. corporate bonds | 20 | % | 20 | % | 20 | % | |||||||||||||||||||
Debt securities | 50 | % | 49 | % | 50 | % | |||||||||||||||||||
Cash | 0 | % | 0 | % | 1 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
The plan’s assets do not include any direct ownership of equity or debt securities of Apache. The fair value of plan assets is based upon unadjusted quoted prices for identical instruments in active markets, which is a Level 1 fair value measurement. The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Quoted Price | Significant | Unobservable | Total Fair | ||||||||||||||||||||||
in Active | Other Inputs | Inputs | Value | ||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 35 | $ | — | $ | — | $ | 35 | |||||||||||||||||
Overseas quoted equities(2) | 63 | — | — | 63 | |||||||||||||||||||||
Total equity securities | 98 | — | — | 98 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 54 | — | — | 54 | |||||||||||||||||||||
U.K. corporate bonds(4) | 38 | — | — | 38 | |||||||||||||||||||||
Total debt securities | 92 | — | — | 92 | |||||||||||||||||||||
Cash | 1 | — | — | 1 | |||||||||||||||||||||
Fair value of plan assets | $ | 191 | $ | — | $ | — | $ | 191 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Overseas quoted equities(2) | 56 | — | — | 56 | |||||||||||||||||||||
Total equity securities | 84 | — | — | 84 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 51 | — | — | 51 | |||||||||||||||||||||
U.K. corporate bonds(4) | 34 | — | — | 34 | |||||||||||||||||||||
Total debt securities | 85 | — | — | 85 | |||||||||||||||||||||
Cash | 1 | — | — | 1 | |||||||||||||||||||||
Fair value of plan assets | $ | 170 | $ | — | $ | — | $ | 170 | |||||||||||||||||
-1 | This category comprises U.K. equities, which are benchmarked against the FTSE All-Share Index. | ||||||||||||||||||||||||
-2 | This category includes overseas equities, which comprises 85 percent global equities benchmarked against the MSCI World Index and 15 percent emerging markets benchmarked against the MSCI Emerging Markets Index, both of which have a performance target of 2 percent per annum over the benchmark over a rolling three-year period. | ||||||||||||||||||||||||
-3 | This category includes U.K. Government bonds: 33 percent benchmarked against iBoxx Sterling Overall Index, with a performance target of 0.75 percent per annum over the benchmark over a rolling three-year period; and 67 percent against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index. | ||||||||||||||||||||||||
-4 | This category comprises U.K. corporate bonds: 50 percent benchmarked against the iBoxx Sterling Overall Non Gilt index with a performance target of 0.75 percent per annum over the benchmark over a rolling three-year period; and 50 percent benchmarked against the iBoxx Sterling Overall Non Gilt Index with a performance target of 0.75 percent per annum over the benchmark over a rolling five year period. | ||||||||||||||||||||||||
The expected long-term rate of return on assets assumptions are derived relative to the yield on long-dated fixed-interest bonds issued by the U.K. government (gilts). For equities, out performance relative to gilts is assumed to be 3.5 percent per year. | |||||||||||||||||||||||||
The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Component of Net Periodic Benefit Costs | |||||||||||||||||||||||||
Service cost | $ | 5 | $ | 4 | $ | 5 | $ | 4 | $ | 5 | $ | 3 | |||||||||||||
Interest cost | 7 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Expected return on assets | (8 | ) | — | (7 | ) | — | (8 | ) | — | ||||||||||||||||
Amortization of actuarial (gain) loss | 2 | — | 1 | — | — | — | |||||||||||||||||||
Curtailment (gain) loss | — | (3 | ) | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 6 | $ | 2 | $ | 6 | $ | 5 | $ | 4 | $ | 4 | |||||||||||||
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 3.43 | % | 4.7 | % | 4.04 | % | 5.4 | % | 4.93 | % | |||||||||||||
Salary increases | 4.6 | % | N/A | 4.6 | % | N/A | 5 | % | N/A | ||||||||||||||||
Expected return on assets | 4.7 | % | N/A | 4.85 | % | N/A | 6.25 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7.25 | % | N/A | 7.5 | % | N/A | 8 | % | ||||||||||||||||
Ultimate in 2022 | N/A | 5 | % | N/A | 5 | % | N/A | 5 | % | ||||||||||||||||
Assumed health care cost trend rates affect amounts reported for postretirement benefits. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Effect on service and interest cost components | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | 6 | (4 | ) | ||||||||||||||||||||||
Apache expects to contribute approximately $6 million to its pension plan and $1 million to its postretirement benefit plan in 2014. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2014 | $ | 5 | $ | 1 | |||||||||||||||||||||
2015 | 5 | 1 | |||||||||||||||||||||||
2016 | 5 | 2 | |||||||||||||||||||||||
2017 | 5 | 2 | |||||||||||||||||||||||
2018 | 5 | 2 | |||||||||||||||||||||||
Years 2019-2023 | 30 | 16 |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
CAPITAL STOCK | ' | ||||||||||||||||||||||||||||||||||||
10. CAPITAL STOCK | |||||||||||||||||||||||||||||||||||||
Common Stock Outstanding | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 391,640,770 | 384,117,643 | 382,391,742 | ||||||||||||||||||||||||||||||||||
Shares issued for stock-based compensation plans: | |||||||||||||||||||||||||||||||||||||
Treasury shares issued | 25,214 | 60,767 | 144,313 | ||||||||||||||||||||||||||||||||||
Common shares issued | 929,596 | 1,189,693 | 1,581,588 | ||||||||||||||||||||||||||||||||||
Common shares issued for conversion of preferred shares | 14,399,247 | — | — | ||||||||||||||||||||||||||||||||||
Treasury shares acquired | (11,221,919 | ) | — | — | |||||||||||||||||||||||||||||||||
Cordillera consideration (Note 2) | — | 6,272,667 | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | 395,772,908 | 391,640,770 | 384,117,643 | ||||||||||||||||||||||||||||||||||
Net Income per Common Share | |||||||||||||||||||||||||||||||||||||
A reconciliation of the components of basic and diluted net income per common share for the years ended December 31, 2013, 2012, and 2011 is presented in the table below. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stock | $ | 2,188 | 395 | $ | 5.53 | $ | 1,925 | 389 | $ | 4.95 | $ | 4,508 | 384 | $ | 11.75 | ||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||
Mandatory Convertible Preferred Stock | $ | 44 | 9 | $ | — | — | $ | 76 | 14 | ||||||||||||||||||||||||||||
Stock options and other | — | 2 | — | 2 | — | 2 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stock, including assumed conversions | $ | 2,232 | 406 | $ | 5.5 | $ | 1,925 | 391 | $ | 4.92 | $ | 4,584 | 400 | $ | 11.47 | ||||||||||||||||||||||
The diluted EPS calculation excludes options and restricted shares that were anti-dilutive totaling 4.9 million, 4.4 million, and 2.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. For the year ended December 31, 2012, 14.3 million shares related to the assumed conversion of the Mandatory Convertible Preferred Stock were also anti-dilutive. | |||||||||||||||||||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||||||||||||||||||
In May 2013, Apache’s Board of Directors authorized the purchase of up to 30 million shares of the Company’s common stock, valued at approximately $2 billion when first announced. Shares may be purchased either in the open market or through privately held negotiated transactions. The Company initiated the buyback program on June 10, 2013, with the repurchase of 2,924,271 shares at an average price of $85.47 during the month of June. During the fourth quarter of 2013, 8,297,648 shares were repurchased at an average price of $90.08. An additional 2,393,917 shares were purchased subsequent to December 31, 2013 at an average cost of $84.67. The Company anticipates that further purchases will primarily be made with proceeds from asset dispositions, but the Company is not obligated to acquire any specific number of shares. | |||||||||||||||||||||||||||||||||||||
Common Stock Dividend | |||||||||||||||||||||||||||||||||||||
The Company paid common stock dividends of $0.77 per share in 2013, $0.66 per share in 2012, and $0.60 per share in 2011. | |||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | |||||||||||||||||||||||||||||||||||||
The Company has several stock-based compensation plans, which include stock options, stock appreciation rights, restricted stock, and conditional restricted stock unit plans. On May 5, 2011, the Company’s shareholders approved the 2011 Omnibus Equity Compensation Plan (the 2011 Plan), which is intended to provide eligible employees with equity-based incentives. The 2011 Plan provides for the granting of Incentive Stock Options, Non-Qualified Stock Options, Performance Awards, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, or any combination of the foregoing. A total of 27.3 million shares were authorized and available for grant under the 2011 Plan as of December 31, 2013. Previously approved plans remain in effect solely for the purpose of governing grants still outstanding that were issued prior to approval of the 2011 Plan. All new grants are issued from the 2011 Plan. | |||||||||||||||||||||||||||||||||||||
For 2013, 2012, and 2011, stock-based compensation expensed was $136 million, $167 million, and $113 million ($94 million, $119 million, and $73 million after tax), respectively. Costs related to the plans are capitalized or expensed based on the nature of each employee’s activities. A description of the Company’s stock-based compensation plans and related costs follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expensed: | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 89 | $ | 104 | $ | 69 | |||||||||||||||||||||||||||||||
Lease operating expenses | 47 | 63 | 44 | ||||||||||||||||||||||||||||||||||
Stock-based compensation capitalized | 55 | 67 | 42 | ||||||||||||||||||||||||||||||||||
$ | 191 | $ | 234 | $ | 155 | ||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013, officers and employees held options to purchase shares of the Company’s common stock under one or more of the employee stock option plans adopted in 2000 and 2005 (collectively, the Stock Option Plans), as well as the 2007 Omnibus Equity Compensation Plan (the 2007 Plan), and the 2011 Plan discussed above (together, the Omnibus Plans). New shares of Company stock will be issued for employee stock option exercises; however, under the 2000 Stock Option Plan, shares of treasury stock are used for employee stock option exercises to the extent treasury stock is held. Under the Stock Option Plans and the Omnibus Plans, the exercise price of each option equals the closing price of Apache’s common stock on the date of grant. Options generally become exercisable ratably over a four-year period and expire 10 years after granted. The Omnibus Plans and all of the Stock Option Plans, except for the 2000 Stock Option Plan, were submitted to and approved by the Company’s shareholders. | |||||||||||||||||||||||||||||||||||||
A summary of stock options issued and outstanding under the Stock Option Plans and the Omnibus Plans is presented in the table and narrative below: | |||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||||||||||||||
Under Option | Exercise Price | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 7,573 | $ | 90.47 | ||||||||||||||||||||||||||||||||||
Granted | 819 | 80.89 | |||||||||||||||||||||||||||||||||||
Exercised | (327 | ) | 72.55 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (502 | ) | 97.88 | ||||||||||||||||||||||||||||||||||
Outstanding, end of year(1) | 7,563 | 89.71 | |||||||||||||||||||||||||||||||||||
Expected to vest(1) | 2,370 | 92.5 | |||||||||||||||||||||||||||||||||||
Exercisable, end of year(1) | 4,678 | 88.53 | |||||||||||||||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 23.18 | |||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 6.1 years, 8.2 years, and 4.7 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was $43 million, $7 million, and $34 million, respectively. The weighted-average grant-date fair value of options granted during the years 2013, 2012, and 2011 was $23.18, $26.41, and $42.20, respectively. | ||||||||||||||||||||||||||||||||||||
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. Assumptions used in the valuation are disclosed in the following table. Expected volatilities are based on historical volatility of the Company’s common stock and other factors. The expected dividend yield is based on historical yields on the date of grant. The expected term of stock options granted represents the period of time that the stock options are expected to be outstanding and is derived from historical exercise behavior, current trends, and values derived from lattice-based models. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Expected volatility | 33.6 | % | 34.94 | % | 34.47 | % | |||||||||||||||||||||||||||||||
Expected dividend yields | 0.99 | % | 0.82 | % | 0.47 | % | |||||||||||||||||||||||||||||||
Expected term (in years) | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||
Risk-free rate | 0.79 | % | 0.78 | % | 1.95 | % | |||||||||||||||||||||||||||||||
The intrinsic value of options exercised during 2013, 2012, and 2011 was approximately $4 million, $12 million and $50 million, respectively. The cash received from exercise of options during 2013 was approximately $24 million. The Company realized an additional tax benefit of approximately $1.5 million for the amount of intrinsic value in excess of compensation cost recognized in 2013. As of December 31, 2013, the total compensation cost related to non-vested options not yet recognized was $60 million, which will be recognized over the remaining vesting period of the options. | |||||||||||||||||||||||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||||||||||||||||||||||
For some non-executive employees, the Company issued stock appreciation rights (SARs) in lieu of stock options. The SARs vest ratably over four years and are settled in cash upon exercise throughout their ten-year life. In 2012, the Company issued 180,555 SARs with a weighted-average exercise price of $82.63 under the 2011 Omnibus Plan. As of December 31, 2013, a total of 316,127 SARs were outstanding, of which 201,552 were exercisable. Since SARs are cash-settled, the Company records compensation expense based on the fair value of the SARs at the end of each period. As of year-end, the weighted-average fair value of SARs outstanding was $33.41 based on the Black-Scholes valuation methodology using assumptions comparable to those discussed above. During 2013, 237,288 SARs were exercised. The aggregate of cash payments made to settle SARs was $11 million. | |||||||||||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||||||||||||||||||||
The Company has restricted stock and restricted stock unit plans for eligible employees including officers. The programs created under the Omnibus Plans have been approved by Apache’s Board of Directors. In 2013, the Company awarded 3,098,029 restricted stock units at a weighted-average per-share market price of $82.95. In 2012 and 2011, the Company awarded 1,219,886 and 887,851 restricted stock units at a weighted-average per-share market price of $85.67 and $124.16, respectively. The value of the stock issued was established by the market price on the date of grant and is being recorded as compensation expense ratably over the vesting terms. During 2013, 2012, and 2011, $82 million ($53 million after tax), $74 million ($48 million after tax), and $76 million ($49 million after tax), respectively, was charged to expense. In 2013, 2012, and 2011, $30 million, $25 million, and $28 million was capitalized, respectively. As of December 31, 2013, there was $242 million of total unrecognized compensation cost related to 3,952,539 unvested restricted stock units. The weighted-average remaining life of unvested restricted stock units is approximately 1.3 years. | |||||||||||||||||||||||||||||||||||||
The fair value of the awards vested during 2013, 2012 and 2011 was approximately $88 million, $114 million, and $85 million, respectively. A summary of restricted stock activity for the year ended December 31, 2013, is presented below. | |||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2013 | 2,164 | $ | 97.34 | ||||||||||||||||||||||||||||||||||
Granted | 3,098 | 82.95 | |||||||||||||||||||||||||||||||||||
Vested | (907 | ) | 96.79 | ||||||||||||||||||||||||||||||||||
Forfeited | (402 | ) | 88.61 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 3,953 | 86.7 | |||||||||||||||||||||||||||||||||||
Conditional Restricted Stock Units | |||||||||||||||||||||||||||||||||||||
To provide long-term incentives for Apache employees to deliver competitive returns to the Company’s stockholders, the Company has granted conditional restricted stock units to eligible employees. The ultimate number of shares awarded from these conditional restricted stock units is based upon measurement of total shareholder return of Apache common stock as compared to a designated peer group during a three-year performance period. Should any restricted stock units be awarded at the end of the three-year performance period, 50 percent of restricted stock units awarded will immediately vest, and an additional 25 percent will vest on succeeding anniversaries of the end of the performance period. Grants from two conditional restricted stock unit programs were outstanding at December 31, 2013, as described below: | |||||||||||||||||||||||||||||||||||||
• | In November 2010 the Company’s Board of Directors approved the 2011 Performance Program, pursuant to the 2007 Plan. In January 2011 eligible employees received initial conditional restricted stock unit awards totaling 585,811 units. Based on measurement of total shareholder return relative to the designated peer group at December 31, 2013, zero shares were awarded and all unvested conditional restricted stock units were cancelled. Upon cancellation, all remaining unamortized expense related to these awards was immediately amortized. | ||||||||||||||||||||||||||||||||||||
• | In January 2012 the Company’s Board of Directors approved the 2012 Performance Program, pursuant to the 2011 Plan. In January 2012 eligible employees received initial conditional restricted stock unit awards totaling 851,985 units. A total of 710,686 units were outstanding at December 31, 2013, from which a minimum of zero and a maximum of 1,776,715 units could be awarded. | ||||||||||||||||||||||||||||||||||||
• | In January 2013 the Company’s Board of Directors approved the 2013 Performance Program, pursuant to the 2011 Plan. In January 2013 eligible employees received initial conditional restricted stock unit awards totaling 1,232,176 units. In May 2013, the Company’s Board of Directors cancelled 918,016 awards under the 2013 Performance Program for nonexecutive employees. A total of 310,091 awards were outstanding at December 31, 2013, from which a minimum of zero and a maximum of 775,228 units could be awarded. | ||||||||||||||||||||||||||||||||||||
The fair value cost of the awards was estimated on the date of grant and is being recorded as compensation expense ratably over the vesting terms. During 2013, 2012, and 2011, $27 million ($17 million after tax), $47 million ($31 million after tax), and $12 million ($8 million after tax), respectively, was charged to expense. During 2013, 2012, and 2011, $13 million, $21 million, and $5 million was capitalized, respectively. As of December 31, 2013, there was $47 million of total unrecognized compensation cost related to 1,020,777 unvested conditional restricted stock units. The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.1 years. | |||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value(1) | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2013 | 1,306 | $ | 78.4 | ||||||||||||||||||||||||||||||||||
Granted | 1,232 | 79.6 | |||||||||||||||||||||||||||||||||||
Vested | 0 | 79.49 | |||||||||||||||||||||||||||||||||||
Cancelled | (1,369 | ) | 83.34 | ||||||||||||||||||||||||||||||||||
Forfeited | (149 | ) | 78.09 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 1,020 | 73.73 | |||||||||||||||||||||||||||||||||||
-1 | The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. | ||||||||||||||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||||||||||||||
The Company has 10,000,000 shares of no par preferred stock authorized, of which 25,000 shares have been designated as Series A Junior Participating Preferred Stock (the Series A Preferred Stock). The Company’s 6.00 percent Mandatory Convertible Preferred Stock, Series D (the Series D Preferred Stock) were converted to Apache common shares in August 2013. | |||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||||||||||||||
In December 1995, the Company declared a dividend of one right (a Right) for each 2.31 shares (adjusted for subsequent stock dividends and a two-for-one stock split) of Apache common stock outstanding on January 31, 1996. Each full Right entitles the registered holder to purchase from the Company one ten-thousandth (1/10,000) of a share of Series A Preferred Stock at a price of $100 per one ten-thousandth of a share, subject to adjustment. The Rights are exercisable 10 calendar days following a public announcement that certain persons or groups have acquired 20 percent or more of the outstanding shares of Apache common stock or 10 business days following commencement of an offer for 30 percent or more of the outstanding shares of Apache’s outstanding common stock (flip-in event); each Right will become exercisable for shares of Apache’s common stock at 50 percent of the then-market price of the common stock. If a 20-percent shareholder of Apache acquires Apache, by merger or otherwise, in a transaction where Apache does not survive or in which Apache’s common stock is changed or exchanged (flip-over event), the Rights become exercisable for shares of the common stock of the Company acquiring Apache at 50 percent of the then-market price for Apache common stock. Any Rights that are or were beneficially owned by a person who has acquired 20 percent or more of the outstanding shares of Apache common stock and who engages in certain transactions or realizes the benefits of certain transactions with the Company will become void. If an offer to acquire all of the Company’s outstanding shares of common stock is determined to be fair by Apache’s board of directors, the transaction will not trigger a flip-in event or a flip-over event. The Company may also redeem the Rights at $.01 per Right at any time until 10 business days after public announcement of a flip-in event. These Rights were originally scheduled to expire on January 31, 2006. Effective as of that date, the Rights were reset to one right per share of common stock and the expiration was extended to January 31, 2016. | |||||||||||||||||||||||||||||||||||||
On February 5, 2014, the Company’s Board of Directors voted to terminate the Company’s stockholder rights plan. As a result of this decision, the Board approved an amendment to the Rights Agreement that will have the effect of terminating the Rights. The amendment will change the expiration date to March 7, 2014 and, thereby, accelerate the expiration of the Rights. The Company expects that the amendment will be fully executed on March 7, 2014. | |||||||||||||||||||||||||||||||||||||
Series D Preferred Stock | |||||||||||||||||||||||||||||||||||||
On July 28, 2010, Apache issued 25.3 million depositary shares, each representing a 1/20th interest in a share of Apache’s 6.00-percent Mandatory Convertible Preferred Stock, Series D (Preferred Share), or 1.265 million Preferred Shares. Upon conversion of the outstanding Preferred Shares on August 1, 2013, 14.4 million Apache common shares were issued. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||
11 | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
Components of accumulated other comprehensive loss include the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Currency translation adjustment(1) | $ | (109 | ) | $ | (109 | ) | $ | (109 | ) | ||||
Unrealized gain (loss) on derivatives (Note 3) | 1 | (6 | ) | 114 | |||||||||
Unfunded pension and postretirement benefit plan (Note 9) | (7 | ) | (16 | ) | (14 | ) | |||||||
Accumulated other comprehensive loss | $ | (115 | ) | $ | (131 | ) | $ | (9 | ) | ||||
(1) | Currency translation adjustments resulting from translating the Canadian subsidiaries’ financial statements into U.S. dollar equivalents, prior to adoption of the U.S. dollar as their functional currency, were reported separately and accumulated in other comprehensive income (loss). |
MAJOR_CUSTOMERS
MAJOR CUSTOMERS | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
MAJOR CUSTOMERS | ' | |
12 | MAJOR CUSTOMERS | |
In 2013, 2012, and 2011, purchases by Royal Dutch Shell plc and its subsidiaries accounted for 24 percent, 20 percent, and 11 percent, respectively, of the Company’s worldwide oil and gas production revenues. In 2011, purchases by the Vitol Group accounted for 13 percent of the Company’s worldwide oil and gas production revenues. |
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
BUSINESS SEGMENT INFORMATION | ' | ||||||||||||||||||||||||||||||||
13. BUSINESS SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||
Apache is engaged in a single line of business. Both domestically and internationally, the Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. At December 31, 2013, the Company had production in six countries: the United States, Canada, Egypt, Australia, the U.K. North Sea, and Argentina. Apache also pursues exploration interests in other countries that may over time result in reportable discoveries and development opportunities. Financial information for each country is presented below: | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Other | Total(1) | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | 491 | $ | — | $ | 16,402 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 2,338 | 505 | 1,005 | 423 | 1,022 | 230 | 1 | 5,524 | |||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 181 | 76 | 1,176 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | 5 | — | 243 | |||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | 192 | — | 3,056 | |||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | 9 | — | 297 | |||||||||||||||||||||||||
Taxes other than income | 335 | 45 | 8 | 13 | 384 | 47 | — | 832 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,179 | $ | 11 | $ | 2,391 | $ | 463 | $ | 480 | $ | (173 | ) | $ | (77 | ) | 5,274 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||
Derivative instrument gains (losses), net | (399 | ) | |||||||||||||||||||||||||||||||
Other | 51 | ||||||||||||||||||||||||||||||||
General and administrative | (503 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (33 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (174 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 4,216 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 27,010 | $ | 6,058 | $ | 5,454 | $ | 6,838 | $ | 5,622 | $ | 1,416 | $ | 23 | $ | 52,421 | |||||||||||||||||
Total Assets | $ | 29,940 | $ | 6,952 | $ | 8,121 | $ | 8,094 | $ | 6,902 | $ | 1,577 | $ | 51 | $ | 61,637 | |||||||||||||||||
Additions to Net Property and Equipment | $ | 6,404 | $ | 1,082 | $ | 1,309 | $ | 1,954 | $ | 1,084 | $ | 205 | $ | 24 | $ | 12,062 | |||||||||||||||||
(1) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | 519 | $ | — | $ | 16,947 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 2,056 | 594 | 925 | 466 | 914 | 228 | — | 5,183 | |||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | — | 43 | 1,926 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | 4 | — | 232 | |||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | 184 | — | 2,968 | |||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | 8 | — | 303 | |||||||||||||||||||||||||
Taxes other than income | 292 | 50 | 14 | 11 | 451 | 44 | — | 862 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,311 | $ | (1,867 | ) | $ | 3,166 | $ | 866 | $ | 989 | $ | 51 | $ | (43 | ) | 5,473 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||
Derivative instrument gains (losses), net | (79 | ) | |||||||||||||||||||||||||||||||
Other | 210 | ||||||||||||||||||||||||||||||||
General and administrative | (531 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (31 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (165 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 4,877 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 28,552 | $ | 6,640 | $ | 5,151 | $ | 5,312 | $ | 5,927 | $ | 1,621 | $ | 77 | $ | 53,280 | |||||||||||||||||
Total Assets | $ | 31,175 | $ | 7,142 | $ | 7,311 | $ | 6,280 | $ | 6,874 | $ | 1,835 | $ | 120 | $ | 60,737 | |||||||||||||||||
Additions to Net Property and | |||||||||||||||||||||||||||||||||
Equipment | $ | 9,586 | $ | 1,096 | $ | 1,153 | $ | 1,581 | $ | 1,104 | $ | 337 | $ | 98 | $ | 14,955 | |||||||||||||||||
United States | Canada | Egypt | Australia | North | Argentina | Other | Total | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,103 | $ | 1,617 | $ | 4,791 | $ | 1,734 | $ | 2,091 | $ | 474 | $ | — | $ | 16,810 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 1,684 | 546 | 818 | 440 | 409 | 198 | — | 4,095 | |||||||||||||||||||||||||
Additional | — | — | — | — | — | — | 109 | 109 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 97 | 26 | — | 10 | 17 | 4 | — | 154 | |||||||||||||||||||||||||
Lease operating expenses | 1,167 | 470 | 398 | 197 | 208 | 165 | — | 2,605 | |||||||||||||||||||||||||
Gathering and transportation | 64 | 165 | 35 | — | 25 | 7 | — | 296 | |||||||||||||||||||||||||
Taxes other than income | 259 | 51 | 13 | 9 | 539 | 28 | — | 899 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,832 | $ | 359 | $ | 3,527 | $ | 1,078 | $ | 893 | $ | 72 | $ | (109 | ) | 8,652 | |||||||||||||||||
Other Expense: | |||||||||||||||||||||||||||||||||
Other | 78 | ||||||||||||||||||||||||||||||||
General and administrative | (459 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (20 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (158 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 8,093 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 21,038 | $ | 8,022 | $ | 4,923 | $ | 4,194 | $ | 5,737 | $ | 1,512 | $ | 22 | $ | 45,448 | |||||||||||||||||
Total Assets | $ | 23,499 | $ | 8,816 | $ | 6,656 | $ | 4,681 | $ | 6,600 | $ | 1,766 | $ | 33 | $ | 52,051 | |||||||||||||||||
Additions to Net Property and | |||||||||||||||||||||||||||||||||
Equipment | $ | 3,854 | $ | 1,288 | $ | 1,015 | $ | 1,140 | $ | 4,175 | $ | 374 | $ | 73 | $ | 11,919 | |||||||||||||||||
SUPPLEMENTAL_OIL_AND_GAS_DISCL
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||||||||||||||||||
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | ' | ||||||||||||||||||||||||||||||||
14. SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | |||||||||||||||||||||||||||||||||
Oil and Gas Operations | |||||||||||||||||||||||||||||||||
The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. Apache has no long-term agreements to purchase oil or gas production from foreign governments or authorities. | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(3) | Australia | North Sea | Argentina | Other | Total(3) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions, except per boe) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | 491 | $ | — | $ | 16,402 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,227 | 426 | 881 | 361 | 999 | 220 | — | 5,114 | |||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 181 | 76 | 1,176 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | 5 | — | 243 | |||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | 192 | — | 3,056 | |||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | 9 | — | 297 | |||||||||||||||||||||||||
Production taxes(2) | 324 | 40 | — | 14 | 382 | 36 | — | 796 | |||||||||||||||||||||||||
Income tax | 817 | 24 | 1,161 | 157 | 313 | (53 | ) | — | 2,419 | ||||||||||||||||||||||||
5,418 | 1,153 | 2,555 | 773 | 2,536 | 590 | 76 | 13,101 | ||||||||||||||||||||||||||
Results of operation | $ | 1,484 | $ | 71 | $ | 1,362 | $ | 367 | $ | 192 | $ | (99 | ) | $ | (76 | ) | $ | 3,301 | |||||||||||||||
Amortization rate per boe | $ | 18.39 | $ | 10.89 | $ | 16.21 | $ | 17.47 | $ | 37.25 | $ | 14.13 | $ | — | $ | 18.42 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | 519 | $ | — | $ | 16,947 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,984 | 580 | 924 | 460 | 912 | 225 | — | 5,085 | |||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | — | 109 | 1,992 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | 4 | — | 232 | |||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | 184 | — | 2,968 | |||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | 8 | — | 303 | |||||||||||||||||||||||||
Production taxes(2) | 279 | 42 | — | 11 | 451 | 34 | — | 817 | |||||||||||||||||||||||||
Income tax | 851 | (466 | ) | 1,527 | 262 | 614 | 22 | — | 2,810 | ||||||||||||||||||||||||
4,681 | 2,701 | 2,900 | 965 | 2,374 | 477 | 109 | 14,207 | ||||||||||||||||||||||||||
Results of operation | $ | 1,545 | $ | (1,379 | ) | $ | 1,654 | $ | 610 | $ | 377 | $ | 42 | $ | (109 | ) | $ | 2,740 | |||||||||||||||
Amortization rate per boe | $ | 17.24 | $ | 11.66 | $ | 13.81 | $ | 17.67 | $ | 32.65 | $ | 12.39 | $ | — | $ | 16.88 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,103 | $ | 1,617 | $ | 4,791 | $ | 1,734 | $ | 2,091 | $ | 474 | $ | — | $ | 16,810 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,634 | 537 | 818 | 435 | 405 | 195 | — | 4,024 | |||||||||||||||||||||||||
Additional | — | — | — | — | — | — | 109 | 109 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 97 | 26 | — | 10 | 17 | 4 | — | 154 | |||||||||||||||||||||||||
Lease operating expenses | 1,167 | 470 | 398 | 197 | 208 | 165 | — | 2,605 | |||||||||||||||||||||||||
Gathering and transportation | 64 | 165 | 35 | — | 25 | 7 | — | 296 | |||||||||||||||||||||||||
Production taxes(2) | 255 | 44 | — | 9 | 538 | 19 | — | 865 | |||||||||||||||||||||||||
Income tax | 1,025 | 95 | 1,699 | 325 | 557 | 29 | — | 3,730 | |||||||||||||||||||||||||
4,242 | 1,337 | 2,950 | 976 | 1,750 | 419 | 109 | 11,783 | ||||||||||||||||||||||||||
Results of operation | $ | 1,861 | $ | 280 | $ | 1,841 | $ | 758 | $ | 341 | $ | 55 | $ | (109 | ) | $ | 5,027 | ||||||||||||||||
Amortization rate per boe | $ | 15.55 | $ | 10.44 | $ | 11.63 | $ | 16.59 | $ | 20.21 | $ | 10.87 | $ | — | $ | 13.97 | |||||||||||||||||
-1 | This amount only reflects DD&A of capitalized costs of oil and gas proved properties and, therefore, does not agree with DD&A reflected on Note 13 — Business Segment Information. | ||||||||||||||||||||||||||||||||
-2 | Only reflects amounts directly related to oil and gas producing properties and, therefore, does not agree with taxes other than income reflected on Note 13 — Business Segment Information. | ||||||||||||||||||||||||||||||||
-3 | 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(2) | Australia | North Sea | Argentina | Other | Total(2) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 17 | $ | — | $ | 35 | $ | — | $ | 125 | $ | — | $ | — | $ | 177 | |||||||||||||||||
Unproved | — | 137 | 11 | — | 17 | — | — | 165 | |||||||||||||||||||||||||
Exploration | 757 | 50 | 563 | 169 | 278 | 53 | 22 | 1,892 | |||||||||||||||||||||||||
Development | 5,435 | 722 | 618 | 996 | 635 | 142 | — | 8,548 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 6,209 | $ | 909 | $ | 1,227 | $ | 1,165 | $ | 1,055 | $ | 195 | $ | 22 | $ | 10,782 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 239 | $ | 35 | $ | 15 | $ | 16 | $ | 25 | $ | 10 | $ | — | $ | 340 | |||||||||||||||||
Asset retirement costs | 480 | 17 | — | (30 | ) | 67 | 3 | — | 537 | ||||||||||||||||||||||||
(2) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 1,076 | $ | 5 | $ | 28 | $ | 32 | $ | 110 | $ | — | $ | — | $ | 1,251 | |||||||||||||||||
Unproved | 2,329 | — | — | — | 26 | — | — | 2,355 | |||||||||||||||||||||||||
Exploration | 1,369 | 111 | 696 | 149 | 111 | 157 | 96 | 2,689 | |||||||||||||||||||||||||
Development | 4,465 | 762 | 394 | 915 | 837 | 161 | 2 | 7,536 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 9,239 | $ | 878 | $ | 1,118 | $ | 1,096 | $ | 1,084 | $ | 318 | $ | 98 | $ | 13,831 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 215 | $ | 38 | $ | 16 | $ | 12 | $ | 24 | $ | 11 | $ | — | $ | 316 | |||||||||||||||||
Asset retirement costs | 473 | 245 | — | 207 | 89 | 18 | — | 1,032 | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 368 | $ | — | $ | (12 | ) | $ | — | $ | 2,399 | $ | — | $ | — | $ | 2,755 | ||||||||||||||||
Unproved | 116 | 33 | 2 | 48 | 476 | — | 13 | 688 | |||||||||||||||||||||||||
Exploration | 418 | 209 | 570 | 286 | 18 | 202 | 59 | 1,762 | |||||||||||||||||||||||||
Development | 2,832 | 883 | 344 | 429 | 941 | 156 | 2 | 5,587 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 3,734 | $ | 1,125 | $ | 904 | $ | 763 | $ | 3,834 | $ | 358 | $ | 74 | $ | 10,792 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 152 | $ | 47 | $ | 18 | $ | 14 | $ | — | $ | 12 | $ | — | $ | 243 | |||||||||||||||||
Asset retirement costs | 380 | 228 | — | 125 | 678 | — | — | 1,411 | |||||||||||||||||||||||||
Capitalized Costs | |||||||||||||||||||||||||||||||||
The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization, including impairments, relating to the Company’s oil and gas production, exploration, and development activities: | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North Sea | Argentina | Other | Total(1) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 41,904 | $ | 13,231 | $ | 8,418 | $ | 7,298 | $ | 9,378 | $ | 2,933 | $ | 228 | $ | 83,390 | |||||||||||||||||
Unproved properties | 5,042 | 1,116 | 660 | 471 | 702 | 349 | 23 | 8,363 | |||||||||||||||||||||||||
46,946 | 14,347 | 9,078 | 7,769 | 10,080 | 3,282 | 251 | 91,753 | ||||||||||||||||||||||||||
Accumulated DD&A | (20,745 | ) | (9,310 | ) | (5,356 | ) | (2,839 | ) | (4,811 | ) | (1,964 | ) | (228 | ) | (45,253 | ) | |||||||||||||||||
$ | 26,201 | $ | 5,037 | $ | 3,722 | $ | 4,930 | $ | 5,269 | $ | 1,318 | $ | 23 | $ | 46,500 | ||||||||||||||||||
(1) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 40,163 | $ | 13,477 | $ | 7,165 | $ | 6,319 | $ | 8,401 | $ | 2,706 | $ | 152 | $ | 78,383 | |||||||||||||||||
Unproved properties | 5,641 | 1,059 | 686 | 284 | 626 | 382 | 76 | 8,754 | |||||||||||||||||||||||||
45,804 | 14,536 | 7,851 | 6,603 | 9,027 | 3,088 | 228 | 87,137 | ||||||||||||||||||||||||||
Accumulated DD&A | (17,968 | ) | (8,899 | ) | (4,474 | ) | (2,478 | ) | (3,445 | ) | (1,562 | ) | (152 | ) | (38,978 | ) | |||||||||||||||||
$ | 27,836 | $ | 5,637 | $ | 3,377 | $ | 4,125 | $ | 5,582 | $ | 1,526 | $ | 76 | $ | 48,159 | ||||||||||||||||||
Costs Not Being Amortized | |||||||||||||||||||||||||||||||||
The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2013, by the year in which such costs were incurred. There are no individually significant properties or significant development projects included in costs not being amortized. The majority of the evaluation activities are expected to be completed within five to ten years. | |||||||||||||||||||||||||||||||||
Total | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||
and Prior | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Property acquisition costs | $ | 6,437 | $ | 466 | $ | 3,391 | $ | 899 | $ | 1,681 | |||||||||||||||||||||||
Exploration and development | 1,666 | 1,138 | 388 | 88 | 52 | ||||||||||||||||||||||||||||
Capitalized interest | 260 | 48 | 48 | 30 | 134 | ||||||||||||||||||||||||||||
Total | $ | 8,363 | $ | 1,652 | $ | 3,827 | $ | 1,017 | $ | 1,867 | |||||||||||||||||||||||
Oil and Gas Reserve Information | |||||||||||||||||||||||||||||||||
Proved oil and gas reserves are the estimated quantities of natural gas, crude oil, condensate, and natural gas liquids (NGLs) that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing conditions, operating conditions, and government regulations. Estimated proved developed oil and gas reserves can be expected to be recovered through existing wells with existing equipment and operating methods. The Company reports all estimated proved reserves held under production-sharing arrangements utilizing the “economic interest” method, which excludes the host country’s share of reserves. | |||||||||||||||||||||||||||||||||
Estimated reserves that can be produced economically through application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an active, improved recovery program using reliable technology establishes the reasonable certainty for the engineering analysis on which the project or program is based. Economically producible means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. Reasonable certainty means a high degree of confidence that the quantities will be recovered. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field-tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. In estimating its proved reserves, Apache uses several different traditional methods that can be classified in three general categories: 1) performance-based methods; 2) volumetric-based methods; and 3) analogy with similar properties. Apache will, at times, utilize additional technical analysis such as computer reservoir models, petrophysical techniques, and proprietary 3-D seismic interpretation methods to provide additional support for more complex reservoirs. Information from this additional analysis is combined with traditional methods outlined above to enhance the certainty of our reserve estimates. | |||||||||||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact. | |||||||||||||||||||||||||||||||||
Crude Oil and Condensate | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 422,737 | 90,292 | 109,657 | 48,072 | 115,705 | 16,583 | 803,046 | ||||||||||||||||||||||||||
December 31, 2011 | 428,251 | 81,846 | 105,840 | 35,725 | 136,990 | 16,001 | 804,653 | ||||||||||||||||||||||||||
December 31, 2012 | 474,837 | 79,695 | 106,746 | 29,053 | 119,635 | 15,845 | 825,811 | ||||||||||||||||||||||||||
December 31, 2013 | 457,981 | 80,526 | 119,242 | 22,524 | 100,327 | 14,195 | 794,795 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 214,117 | 56,855 | 17,470 | 18,064 | 38,663 | 4,062 | 349,231 | ||||||||||||||||||||||||||
December 31, 2011 | 205,763 | 59,746 | 22,195 | 32,220 | 32,415 | 4,585 | 356,924 | ||||||||||||||||||||||||||
December 31, 2012 | 203,068 | 70,650 | 17,288 | 34,808 | 28,019 | 2,981 | 356,814 | ||||||||||||||||||||||||||
December 31, 2013 | 195,835 | 56,366 | 16,302 | 36,703 | 29,253 | 2,231 | 336,690 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 636,855 | 147,146 | 127,127 | 66,136 | 154,368 | 20,645 | 1,152,277 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 45,676 | 16,712 | 45,021 | 15,762 | 332 | 3,230 | 126,733 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 5,097 | 705 | — | — | 34,612 | — | 40,414 | ||||||||||||||||||||||||||
Revisions of previous estimates | (8,904 | ) | (17,117 | ) | (6,185 | ) | — | — | 215 | (31,991 | ) | ||||||||||||||||||||||
Production | (43,587 | ) | (5,202 | ) | (37,928 | ) | (13,953 | ) | (19,907 | ) | (3,503 | ) | (124,080 | ) | |||||||||||||||||||
Sale of properties | (1,123 | ) | (653 | ) | — | — | — | — | (1,776 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 634,014 | 141,591 | 128,035 | 67,945 | 169,405 | 20,587 | 1,161,577 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 84,656 | 18,935 | 36,188 | 6,277 | 346 | 1,133 | 147,535 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 15,942 | 188 | — | 276 | 2,143 | — | 18,549 | ||||||||||||||||||||||||||
Revisions of previous estimates | (7,474 | ) | (4,577 | ) | (3,678 | ) | (66 | ) | (928 | ) | 671 | (16,052 | ) | ||||||||||||||||||||
Production | (49,089 | ) | (5,792 | ) | (36,511 | ) | (10,571 | ) | (23,312 | ) | (3,565 | ) | (128,840 | ) | |||||||||||||||||||
Sale of properties | (144 | ) | — | — | — | — | — | (144 | ) | ||||||||||||||||||||||||
Balance December 31, 2012 | 677,905 | 150,345 | 124,034 | 63,861 | 147,654 | 18,826 | 1,182,625 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 133,227 | 10,177 | 43,738 | 2,539 | 1,543 | 998 | 192,222 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 85 | — | 5 | — | 3,623 | — | 3,713 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,683 | (531 | ) | 457 | (118 | ) | 18 | 24 | 1,533 | ||||||||||||||||||||||||
Production | (53,621 | ) | (6,469 | ) | (32,690 | ) | (7,055 | ) | (23,258 | ) | (3,422 | ) | (126,515 | ) | |||||||||||||||||||
Sale of properties | (105,463 | ) | (16,630 | ) | — | — | — | — | (122,093 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 653,816 | 136,892 | 135,544 | 59,227 | 129,580 | 16,426 | 1,131,485 | ||||||||||||||||||||||||||
-1 | 2013 includes proved reserves of 45 MMbbls as of December 31, 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt | Australia | North Sea | Argentina | Total | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 91,800 | 23,701 | — | — | — | 5,875 | 121,376 | ||||||||||||||||||||||||||
December 31, 2011 | 107,490 | 23,256 | — | — | 8,753 | 5,939 | 145,438 | ||||||||||||||||||||||||||
December 31, 2012 | 154,508 | 21,996 | — | — | 2,438 | 5,007 | 183,949 | ||||||||||||||||||||||||||
December 31, 2013 | 184,485 | 26,099 | — | — | 2,435 | 4,110 | 217,129 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 30,361 | 4,142 | — | — | — | 579 | 35,082 | ||||||||||||||||||||||||||
December 31, 2011 | 52,543 | 8,193 | — | — | 509 | 1,215 | 62,460 | ||||||||||||||||||||||||||
December 31, 2012 | 60,889 | 12,258 | — | — | 380 | 876 | 74,403 | ||||||||||||||||||||||||||
December 31, 2013 | 63,538 | 9,970 | — | — | 215 | 1,009 | 74,732 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 122,160 | 27,844 | — | — | — | 6,454 | 156,458 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 43,915 | 5,890 | 18 | — | 72 | 1,784 | 51,679 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 586 | 47 | — | — | 9,191 | — | 9,824 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,713 | 774 | — | — | — | 17 | 2,504 | ||||||||||||||||||||||||||
Production | (8,071 | ) | (2,174 | ) | (18 | ) | — | (1 | ) | (1,102 | ) | (11,366 | ) | ||||||||||||||||||||
Sale of properties | (270 | ) | (931 | ) | — | — | — | — | (1,201 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 160,033 | 31,450 | — | — | 9,262 | 7,153 | 207,898 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 71,965 | 7,655 | — | — | 246 | — | 79,866 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 230 | 9 | — | — | 231 | — | 470 | ||||||||||||||||||||||||||
Revisions of previous estimates | (4,559 | ) | (2,569 | ) | — | — | (6,329 | ) | (169 | ) | (13,626 | ) | |||||||||||||||||||||
Production | (12,272 | ) | (2,291 | ) | — | — | (592 | ) | (1,101 | ) | (16,256 | ) | |||||||||||||||||||||
Sale of properties | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance December 31, 2012 | 215,397 | 34,254 | — | — | 2,818 | 5,883 | 258,352 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 69,231 | 4,014 | — | — | — | — | 73,245 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 45 | — | — | — | 295 | — | 340 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,591 | 546 | — | — | 1 | 3 | 2,141 | ||||||||||||||||||||||||||
Production | (19,922 | ) | (2,442 | ) | — | — | (464 | ) | (767 | ) | (23,595 | ) | |||||||||||||||||||||
Sale of properties | (18,319 | ) | (303 | ) | — | — | — | — | (18,622 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 248,023 | 36,069 | — | — | 2,650 | 5,119 | 291,861 | ||||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||||||
(Millions of cubic feet) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 2,284,116 | 2,181,615 | 748,573 | 682,763 | 4,144 | 462,206 | 6,363,417 | ||||||||||||||||||||||||||
December 31, 2011 | 2,215,973 | 2,108,801 | 700,866 | 675,618 | 105,028 | 447,132 | 6,253,418 | ||||||||||||||||||||||||||
December 31, 2012 | 2,353,587 | 1,734,657 | 690,436 | 596,052 | 93,319 | 365,054 | 5,833,105 | ||||||||||||||||||||||||||
December 31, 2013 | 2,005,966 | 1,294,420 | 621,825 | 626,543 | 88,177 | 289,133 | 4,926,064 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 988,869 | 1,310,352 | 328,344 | 805,735 | — | 70,465 | 3,503,765 | ||||||||||||||||||||||||||
December 31, 2011 | 760,238 | 1,438,710 | 282,100 | 893,966 | 3,414 | 90,427 | 3,468,855 | ||||||||||||||||||||||||||
December 31, 2012 | 832,320 | 403,227 | 205,055 | 1,074,018 | 18,985 | 97,496 | 2,631,101 | ||||||||||||||||||||||||||
December 31, 2013 | 667,160 | 439,037 | 190,355 | 975,224 | 18,988 | 121,584 | 2,412,348 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 3,272,985 | 3,491,967 | 1,076,917 | 1,488,498 | 4,144 | 532,671 | 9,867,182 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 169,506 | 505,049 | 77,049 | 148,640 | 475 | 81,274 | 981,993 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 67,595 | 8,838 | — | — | 104,658 | — | 181,091 | ||||||||||||||||||||||||||
Revisions of previous estimates | (7,716 | ) | (133,359 | ) | (37,623 | ) | — | — | 1,107 | (177,591 | ) | ||||||||||||||||||||||
Production | (315,631 | ) | (230,880 | ) | (133,377 | ) | (67,554 | ) | (835 | ) | (77,493 | ) | (825,770 | ) | |||||||||||||||||||
Sale of properties | (210,528 | ) | (94,104 | ) | — | — | — | — | (304,632 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 2,976,211 | 3,547,511 | 982,966 | 1,569,584 | 108,442 | 537,559 | 9,722,273 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 365,863 | 252,130 | 55,967 | 176,969 | 16,397 | 2,623 | 869,949 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 313,885 | 2,503 | — | 1,745 | 8,494 | — | 326,627 | ||||||||||||||||||||||||||
Revisions of previous estimates | (156,840 | ) | (1,443,989 | ) | (13,974 | ) | 101 | — | 496 | (1,614,206 | ) | ||||||||||||||||||||||
Production | (312,600 | ) | (219,849 | ) | (129,468 | ) | (78,329 | ) | (21,029 | ) | (78,128 | ) | (839,403 | ) | |||||||||||||||||||
Sale of properties | (612 | ) | (422 | ) | — | — | — | — | (1,034 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 3,185,907 | 2,137,884 | 895,491 | 1,670,070 | 112,304 | 462,550 | 8,464,206 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 306,721 | 359,493 | 44,382 | 13,351 | 2,750 | 16,515 | 743,212 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 855 | — | — | — | 10,680 | — | 11,535 | ||||||||||||||||||||||||||
Revisions of previous estimates | 61,247 | 109,551 | 2,413 | (101 | ) | 32 | 49 | 173,191 | |||||||||||||||||||||||||
Production | (285,187 | ) | (181,593 | ) | (130,106 | ) | (81,553 | ) | (18,601 | ) | (68,397 | ) | (765,437 | ) | |||||||||||||||||||
Sale of properties | (596,417 | ) | (691,878 | ) | — | — | — | — | (1,288,295 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 2,673,126 | 1,733,457 | 812,180 | 1,601,767 | 107,165 | 410,717 | 7,338,412 | ||||||||||||||||||||||||||
-1 | 2013 includes proved reserves of 271 Bcf as of December 31, 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Total Equivalent Reserves | |||||||||||||||||||||||||||||||||
(Thousands barrels of oil equivalent) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 895,223 | 477,594 | 234,419 | 161,866 | 116,396 | 99,493 | 1,984,991 | ||||||||||||||||||||||||||
December 31, 2011 | 905,069 | 456,569 | 222,651 | 148,328 | 163,248 | 96,462 | 1,992,327 | ||||||||||||||||||||||||||
December 31, 2012 | 1,021,610 | 390,800 | 221,819 | 128,395 | 137,626 | 81,695 | 1,981,945 | ||||||||||||||||||||||||||
December 31, 2013 | 976,795 | 322,362 | 222,880 | 126,948 | 117,457 | 66,494 | 1,832,936 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 409,290 | 279,389 | 72,194 | 152,353 | 38,663 | 16,385 | 968,274 | ||||||||||||||||||||||||||
December 31, 2011 | 385,013 | 307,724 | 69,212 | 181,214 | 33,493 | 20,871 | 997,527 | ||||||||||||||||||||||||||
December 31, 2012 | 402,677 | 150,113 | 51,464 | 213,811 | 31,563 | 20,106 | 869,734 | ||||||||||||||||||||||||||
December 31, 2013 | 370,566 | 139,509 | 48,028 | 199,240 | 32,633 | 23,504 | 813,480 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 1,304,512 | 756,984 | 306,613 | 314,219 | 155,059 | 115,878 | 2,953,265 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 117,842 | 106,778 | 57,882 | 40,534 | 483 | 18,559 | 342,078 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 16,949 | 2,225 | — | — | 61,246 | — | 80,420 | ||||||||||||||||||||||||||
Revisions of previous estimates | (8,477 | ) | (38,570 | ) | (12,456 | ) | — | — | 417 | (59,086 | ) | ||||||||||||||||||||||
Production | (104,263 | ) | (45,856 | ) | (60,176 | ) | (25,211 | ) | (20,047 | ) | (17,521 | ) | (273,074 | ) | |||||||||||||||||||
Sale of properties | (36,481 | ) | (17,268 | ) | — | — | — | — | (53,749 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 1,290,082 | 764,293 | 291,863 | 329,542 | 196,741 | 117,333 | 2,989,854 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 217,598 | 68,612 | 45,516 | 35,772 | 3,325 | 1,570 | 372,393 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 68,486 | 614 | — | 567 | 3,790 | — | 73,457 | ||||||||||||||||||||||||||
Revisions of previous estimates | (38,172 | ) | (247,811 | ) | (6,007 | ) | (49 | ) | (7,258 | ) | 585 | (298,712 | ) | ||||||||||||||||||||
Production | (113,461 | ) | (44,725 | ) | (58,089 | ) | (23,626 | ) | (27,409 | ) | (17,687 | ) | (284,997 | ) | |||||||||||||||||||
Sale of properties | (246 | ) | (70 | ) | — | — | — | — | (316 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 1,424,287 | 540,913 | 273,283 | 342,206 | 169,189 | 101,801 | 2,851,679 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 253,578 | 74,107 | 51,135 | 4,764 | 2,001 | 3,751 | 389,336 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 273 | — | 5 | — | 5,698 | — | 5,976 | ||||||||||||||||||||||||||
Revisions of previous estimates | 13,482 | 18,274 | 859 | (135 | ) | 24 | 35 | 32,539 | |||||||||||||||||||||||||
Production | (121,074 | ) | (39,177 | ) | (54,374 | ) | (20,647 | ) | (26,822 | ) | (15,589 | ) | (277,683 | ) | |||||||||||||||||||
Sale of properties | (223,185 | ) | (132,246 | ) | — | — | — | — | (355,431 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 1,347,361 | 461,871 | 270,908 | 326,188 | 150,090 | 89,998 | 2,646,416 | ||||||||||||||||||||||||||
-1 | 2013 includes total proved reserves of 90 MMboe attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
During 2013, Apache added 6 MMboe of estimated proved reserves through purchases of minerals in-place. We sold 355 MMboe through several divestiture transactions which included the majority of our Gulf of Mexico Shelf properties and certain fields in Canada. During 2013, Apache also added 389 MMboe from extensions, discoveries and other additions. In the U.S., the Company recorded 254 MMboe primarily associated with drilling successes in the Permian and Anadarko basins, which added 150 MMboe and 65 MMboe, respectively; 20 MMboe from appraisal drilling in the deepwater Gulf of Mexico; and 19 MMboe from various drilling programs in other U.S. regions. In Canada, additions of 74 MMboe were primarily a result of drilling activity for liquids-rich gas targets in the Kaybob field area, horizontal drilling in our House Mountain waterflood units, extensions of the Glauconitic trend in our West 5 area and shallow oil drilling in Brownfield and Consort field areas. Egypt contributed 51 MMboe from exploration and appraisal activity in the West Kalabsha, Shushan, Khalda and Ras Kanayes concessions along with continued development of the Razzak, Abu Gharadig and Meghar fields. Australia, Argentina and North Sea regions contributed 11 MMboe from their combined drilling programs. | |||||||||||||||||||||||||||||||||
Approximately 10 percent of Apache’s year-end 2013 estimated proved developed reserves are classified as proved not producing. These reserves relate to zones that are either behind pipe, or that have been completed but not yet produced, or zones that have been produced in the past, but are not now producing because of mechanical reasons. These reserves are considered to be a lower tier of reserves than producing reserves because they are frequently based on volumetric calculations rather than performance data. Future production associated with behind pipe reserves is scheduled to follow depletion of the currently producing zones in the same wellbores. Additional capital may have to be spent to access these reserves. The capital and economic impact of production timing are reflected in this Note 14, under “Future Net Cash Flows.” | |||||||||||||||||||||||||||||||||
Future Net Cash Flows | |||||||||||||||||||||||||||||||||
Future cash inflows as of December 31, 2013 and 2012 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation. | |||||||||||||||||||||||||||||||||
The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(2) | Australia | North Sea | Argentina | Total(2) | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 79,654 | $ | 19,260 | $ | 16,864 | $ | 20,637 | $ | 15,359 | $ | 2,824 | $ | 154,598 | |||||||||||||||||||
Production costs | (26,032 | ) | (8,105 | ) | (2,590 | ) | (4,494 | ) | (8,147 | ) | (1,176 | ) | (50,554 | ) | |||||||||||||||||||
Development costs | (4,834 | ) | (2,458 | ) | (1,899 | ) | (2,283 | ) | (3,284 | ) | (397 | ) | (15,155 | ) | |||||||||||||||||||
Income tax expense | (12,832 | ) | (678 | ) | (4,328 | ) | (3,072 | ) | (2,376 | ) | (142 | ) | (23,428 | ) | |||||||||||||||||||
Net cash flows | 35,956 | 8,019 | 8,047 | 10,788 | 1,552 | 1,109 | 65,471 | ||||||||||||||||||||||||||
10 percent discount rate | (20,117 | ) | (3,987 | ) | (2,193 | ) | (6,423 | ) | 85 | (242 | ) | (32,877 | ) | ||||||||||||||||||||
Discounted future net cash flows(1) | $ | 15,839 | $ | 4,032 | $ | 5,854 | $ | 4,365 | $ | 1,637 | $ | 867 | $ | 32,594 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 84,060 | $ | 20,512 | $ | 16,210 | $ | 20,823 | $ | 16,732 | $ | 3,010 | $ | 161,347 | |||||||||||||||||||
Production costs | (27,230 | ) | (8,543 | ) | (2,126 | ) | (4,896 | ) | (8,451 | ) | (1,162 | ) | (52,408 | ) | |||||||||||||||||||
Development costs | (6,768 | ) | (2,916 | ) | (1,756 | ) | (2,484 | ) | (3,053 | ) | (248 | ) | (17,225 | ) | |||||||||||||||||||
Income tax expense | (12,740 | ) | (754 | ) | (4,246 | ) | (3,172 | ) | (3,163 | ) | (141 | ) | (24,216 | ) | |||||||||||||||||||
Net cash flows | 37,322 | 8,299 | 8,082 | 10,271 | 2,065 | 1,459 | 67,498 | ||||||||||||||||||||||||||
10 percent discount rate | (19,464 | ) | (4,472 | ) | (2,107 | ) | (6,361 | ) | (98 | ) | (443 | ) | (32,945 | ) | |||||||||||||||||||
Discounted future net cash flows(1) | $ | 17,858 | $ | 3,827 | $ | 5,975 | $ | 3,910 | $ | 1,967 | $ | 1,016 | $ | 34,553 | |||||||||||||||||||
-1 | Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $45.4 billion and $48.2 billion as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes discounted future net cash flows of approximately $1.95 billion in 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
The following table sets forth the principal sources of change in the discounted future net cash flows: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Sales, net of production costs | $ | (12,271 | ) | $ | (12,589 | ) | $ | (13,152 | ) | ||||||||||||||||||||||||
Net change in prices and production costs | 1,438 | (1,941 | ) | 12,167 | |||||||||||||||||||||||||||||
Discoveries and improved recovery, net of related costs | 6,892 | 6,742 | 6,751 | ||||||||||||||||||||||||||||||
Change in future development costs | (2,017 | ) | (935 | ) | (2,250 | ) | |||||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 4,654 | 4,359 | 2,479 | ||||||||||||||||||||||||||||||
Revision of quantities | 500 | (4,065 | ) | (1,475 | ) | ||||||||||||||||||||||||||||
Purchases of minerals in-place | 227 | 1,181 | 2,139 | ||||||||||||||||||||||||||||||
Accretion of discount | 4,823 | 5,234 | 4,161 | ||||||||||||||||||||||||||||||
Change in income taxes | 855 | 2,711 | (4,303 | ) | |||||||||||||||||||||||||||||
Sales of properties | (6,232 | ) | (3 | ) | (1,285 | ) | |||||||||||||||||||||||||||
Change in production rates and other | (828 | ) | (2,088 | ) | 273 | ||||||||||||||||||||||||||||
$ | (1,959 | ) | $ | (1,394 | ) | $ | 5,505 | ||||||||||||||||||||||||||
SUPPLEMENTAL_QUARTERLY_FINANCI
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||||||
15. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues and other | $ | 4,076 | $ | 4,383 | $ | 4,019 | $ | 3,576 | $ | 16,054 | |||||||||||
Expenses(2) | 3,359 | 3,348 | 3,713 | 3,346 | 13,766 | ||||||||||||||||
Net income including noncontrolling interest | $ | 717 | $ | 1,035 | $ | 306 | $ | 230 | $ | 2,288 | |||||||||||
Net income attributable to common stock | $ | 698 | $ | 1,016 | $ | 300 | $ | 174 | $ | 2,188 | |||||||||||
Net income per common share(1): | |||||||||||||||||||||
Basic | $ | 1.78 | $ | 2.59 | $ | 0.75 | $ | 0.44 | $ | 5.53 | |||||||||||
Diluted | $ | 1.76 | $ | 2.54 | $ | 0.75 | $ | 0.43 | $ | 5.5 | |||||||||||
2012 | |||||||||||||||||||||
Revenues and other | $ | 4,536 | $ | 3,972 | $ | 4,179 | $ | 4,391 | $ | 17,078 | |||||||||||
Expenses(2) | 3,739 | 3,616 | 3,999 | 3,723 | 15,077 | ||||||||||||||||
Net income including noncontrolling interest | $ | 797 | $ | 356 | $ | 180 | $ | 668 | $ | 2,001 | |||||||||||
Net income attributable to common stock | $ | 778 | $ | 337 | $ | 161 | $ | 649 | $ | 1,925 | |||||||||||
Net income per common share(1): | |||||||||||||||||||||
Basic | $ | 2.02 | $ | 0.87 | $ | 0.41 | $ | 1.66 | $ | 4.95 | |||||||||||
Diluted | $ | 2 | $ | 0.86 | $ | 0.41 | $ | 1.64 | $ | 4.92 | |||||||||||
-1 | The sum of the individual quarterly net income per common share amounts may not agree with year-to-date net income per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period. | ||||||||||||||||||||
-2 | In 2013, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $659 million, net of tax, in the U.S., North Sea, and Argentina regions and also the Company’s exit of operations in Kenya. In 2012, the Company recorded a $1.4 billion, net of tax, non-cash write-down of the carrying value of the Company’s Canadian proved oil and gas properties. |
SUPPLEMENTAL_GUARANTOR_INFORMA
SUPPLEMENTAL GUARANTOR INFORMATION | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | ||||||||||||||||||||
16. SUPPLEMENTAL GUARANTOR INFORMATION | |||||||||||||||||||||
In December 1999, Apache Finance Canada issued approximately $300 million of publicly-traded notes due in 2029, which are fully and unconditionally guaranteed by Apache. The following condensed consolidating financial statements are provided as an alternative to filing separate financial statements. | |||||||||||||||||||||
Apache Finance Canada has been fully consolidated in Apache’s consolidated financial statements. As such, these condensed consolidating financial statements should be read in conjunction with the financial statements of Apache Corporation and subsidiaries and notes thereto, of which this note is an integral part. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,585 | $ | — | $ | 11,817 | $ | — | $ | 16,402 | |||||||||||
Equity in net income (loss) of affiliates | 2,313 | 17 | 36 | (2,366 | ) | — | |||||||||||||||
Derivative instrument gains (losses), net | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Other | — | 61 | (6 | ) | (4 | ) | 51 | ||||||||||||||
6,499 | 78 | 11,847 | (2,370 | ) | 16,054 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 2,250 | — | 4,450 | — | 6,700 | ||||||||||||||||
Asset retirement obligation accretion | 67 | — | 176 | — | 243 | ||||||||||||||||
Lease operating expenses | 939 | — | 2,117 | — | 3,056 | ||||||||||||||||
Gathering and transportation | 61 | — | 236 | — | 297 | ||||||||||||||||
Taxes other than income | 190 | — | 642 | — | 832 | ||||||||||||||||
General and administrative | 408 | — | 99 | (4 | ) | 503 | |||||||||||||||
Acquisitions, divestitures, and transition | 33 | — | — | — | 33 | ||||||||||||||||
Financing costs, net | 97 | 5 | 72 | — | 174 | ||||||||||||||||
4,045 | 5 | 7,792 | (4 | ) | 11,838 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 2,454 | 73 | 4,055 | (2,366 | ) | 4,216 | |||||||||||||||
Provision (benefit) for income taxes | 222 | 20 | 1,686 | — | 1,928 | ||||||||||||||||
NET INCOME (LOSS) INCLUDING | |||||||||||||||||||||
NONCONTROLLING INTEREST | 2,232 | 53 | 2,369 | (2,366 | ) | 2,288 | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | 56 | — | 56 | ||||||||||||||||
Preferred stock dividends | 44 | — | — | — | 44 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 2,188 | $ | 53 | $ | 2,313 | $ | (2,366 | ) | $ | 2,188 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 2,204 | $ | 53 | $ | 2,313 | $ | (2,366 | ) | $ | 2,204 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,237 | $ | — | $ | 12,710 | $ | — | $ | 16,947 | |||||||||||
Equity in net income (loss) of affiliates | 1,523 | (737 | ) | 248 | (1,034 | ) | — | ||||||||||||||
Other | (80 | ) | 69 | 146 | (4 | ) | 131 | ||||||||||||||
5,680 | (668 | ) | 13,104 | (1,038 | ) | 17,078 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,391 | — | 5,718 | — | 7,109 | ||||||||||||||||
Asset retirement obligation accretion | 76 | — | 156 | — | 232 | ||||||||||||||||
Lease operating expenses | 957 | — | 2,011 | — | 2,968 | ||||||||||||||||
Gathering and transportation | 51 | — | 252 | — | 303 | ||||||||||||||||
Taxes other than income | 185 | — | 677 | — | 862 | ||||||||||||||||
General and administrative | 425 | — | 110 | (4 | ) | 531 | |||||||||||||||
Acquisitions, divestitures, and transition | 25 | — | 6 | — | 31 | ||||||||||||||||
Financing costs, net | 94 | (20 | ) | 91 | — | 165 | |||||||||||||||
3,204 | (20 | ) | 9,021 | (4 | ) | 12,201 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 2,476 | (648 | ) | 4,083 | (1,034 | ) | 4,877 | ||||||||||||||
Provision (benefit) for income taxes | 475 | (159 | ) | 2,560 | — | 2,876 | |||||||||||||||
NET INCOME (LOSS) | 2,001 | (489 | ) | 1,523 | (1,034 | ) | 2,001 | ||||||||||||||
Preferred stock dividends | 76 | — | — | — | 76 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 1,925 | $ | (489 | ) | $ | 1,523 | $ | (1,034 | ) | $ | 1,925 | |||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 1,803 | $ | (489 | ) | $ | 1,523 | $ | (1,034 | ) | $ | 1,803 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,380 | $ | — | $ | 12,430 | $ | — | $ | 16,810 | |||||||||||
Equity in net income (loss) of affiliates | 3,590 | 234 | 46 | (3,870 | ) | — | |||||||||||||||
Other | 9 | 125 | (52 | ) | (4 | ) | 78 | ||||||||||||||
7,979 | 359 | 12,424 | (3,874 | ) | 16,888 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,257 | — | 2,947 | — | 4,204 | ||||||||||||||||
Asset retirement obligation accretion | 70 | — | 84 | — | 154 | ||||||||||||||||
Lease operating expenses | 794 | — | 1,811 | — | 2,605 | ||||||||||||||||
Gathering and transportation | 51 | — | 245 | — | 296 | ||||||||||||||||
Taxes other than income | 170 | — | 729 | — | 899 | ||||||||||||||||
General and administrative | 365 | — | 98 | (4 | ) | 459 | |||||||||||||||
Acquisitions, divestitures, and transition | 14 | — | 6 | — | 20 | ||||||||||||||||
Financing costs, net | 149 | (18 | ) | 27 | — | 158 | |||||||||||||||
2,870 | (18 | ) | 5,947 | (4 | ) | 8,795 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 5,109 | 377 | 6,477 | (3,870 | ) | 8,093 | |||||||||||||||
Provision (benefit) for income taxes | 525 | 97 | 2,887 | — | 3,509 | ||||||||||||||||
NET INCOME (LOSS) | 4,584 | 280 | 3,590 | (3,870 | ) | 4,584 | |||||||||||||||
Preferred stock dividends | 76 | — | — | — | 76 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 4,508 | $ | 280 | $ | 3,590 | $ | (3,870 | ) | $ | 4,508 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 4,640 | $ | 280 | $ | 3,590 | $ | (3,870 | ) | $ | 4,640 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 1,421 | $ | 315 | $ | 8,099 | $ | — | $ | 9,835 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (4,291 | ) | — | (5,728 | ) | — | (10,019 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (124 | ) | — | (1,077 | ) | — | (1,201 | ) | |||||||||||||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | — | — | — | 3,702 | ||||||||||||||||
Acquisitions, other | — | — | (215 | ) | — | (215 | ) | ||||||||||||||
Proceeds from Kitimat LNG transaction, net | — | — | 396 | — | 396 | ||||||||||||||||
Proceeds from sale of oil and gas properties | — | — | 307 | — | 307 | ||||||||||||||||
Other | (58 | ) | — | (28 | ) | — | (86 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (771 | ) | — | (6,345 | ) | — | (7,116 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (501 | ) | — | (12 | ) | — | (513 | ) | |||||||||||||
Intercompany borrowings | 3,056 | 1 | (3,057 | ) | — | — | |||||||||||||||
Payments on fixed rate debt | (1,722 | ) | (350 | ) | — | — | (2,072 | ) | |||||||||||||
Dividends paid | (360 | ) | — | — | — | (360 | ) | ||||||||||||||
Proceeds from sale of noncontrolling interest | — | — | 2,948 | — | 2,948 | ||||||||||||||||
Shares repurchased | (997 | ) | — | — | — | (997 | ) | ||||||||||||||
Other | 29 | 37 | (45 | ) | — | 21 | |||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (495 | ) | (312 | ) | (166 | ) | — | (973 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155 | 3 | 1,588 | — | 1,746 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 160 | — | 160 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 155 | $ | 3 | $ | 1,748 | $ | — | $ | 1,906 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 2,357 | $ | (40 | ) | $ | 6,187 | $ | — | $ | 8,504 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (3,313 | ) | — | (5,468 | ) | — | (8,781 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (48 | ) | — | (702 | ) | — | (750 | ) | |||||||||||||
Acquisition of Cordillera | (2,666 | ) | — | — | — | (2,666 | ) | ||||||||||||||
Equity investment in Yara Pilbara Holdings Pty Limited | — | — | (439 | ) | — | (439 | ) | ||||||||||||||
Acquisitions, other | (66 | ) | — | (186 | ) | — | (252 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 25 | — | 2 | — | 27 | ||||||||||||||||
Investment in subsidiaries, net | (657 | ) | — | — | 657 | — | |||||||||||||||
Other | (450 | ) | — | (113 | ) | — | (563 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (7,175 | ) | — | (6,906 | ) | 657 | (13,424 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | 502 | — | 47 | — | 549 | ||||||||||||||||
Intercompany borrowings | — | — | 697 | (697 | ) | — | |||||||||||||||
Fixed rate debt borrowings | 4,978 | — | — | — | 4,978 | ||||||||||||||||
Payments on fixed rate debt | (400 | ) | — | — | — | (400 | ) | ||||||||||||||
Dividends paid | (332 | ) | — | — | — | (332 | ) | ||||||||||||||
Other | 29 | 35 | (114 | ) | 40 | (10 | ) | ||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,777 | 35 | 630 | (657 | ) | 4,785 | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (41 | ) | (5 | ) | (89 | ) | — | (135 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 41 | 5 | 249 | — | 295 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 160 | $ | — | $ | 160 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 2,191 | $ | 13 | $ | 7,749 | $ | — | $ | 9,953 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (1,478 | ) | — | (4,936 | ) | — | (6,414 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | — | — | (664 | ) | — | (664 | ) | ||||||||||||||
Acquisitions of Mobil North Sea | — | — | (1,246 | ) | — | (1,246 | ) | ||||||||||||||
Acquisitions, other | (448 | ) | — | (119 | ) | — | (567 | ) | |||||||||||||
Proceeds from sales of oil and gas properties | 204 | — | 218 | — | 422 | ||||||||||||||||
Investment in and advances to subsidiaries, net | 772 | — | — | (772 | ) | — | |||||||||||||||
Other | (81 | ) | — | (95 | ) | — | (176 | ) | |||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (1,031 | ) | — | (6,842 | ) | (772 | ) | (8,645 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (927 | ) | — | 2 | — | (925 | ) | ||||||||||||||
Intercompany borrowings | — | (1 | ) | (763 | ) | 764 | — | ||||||||||||||
Dividends paid | (306 | ) | — | — | — | (306 | ) | ||||||||||||||
Other | 108 | (7 | ) | (25 | ) | 8 | 84 | ||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (1,125 | ) | (8 | ) | (786 | ) | 772 | (1,147 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35 | 5 | 121 | — | 161 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 6 | — | 128 | — | 134 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 41 | $ | 5 | $ | 249 | $ | — | $ | 295 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 155 | $ | 3 | $ | 1,748 | $ | — | $ | 1,906 | |||||||||||
Receivables, net of allowance | 1,043 | — | 1,909 | — | 2,952 | ||||||||||||||||
Inventories | 48 | — | 843 | — | 891 | ||||||||||||||||
Drilling advances | 49 | — | 322 | — | 371 | ||||||||||||||||
Derivative instruments | 1 | — | — | — | 1 | ||||||||||||||||
Prepaid assets and other | 99 | — | 146 | — | 245 | ||||||||||||||||
Intercompany receivable | 5,357 | — | — | (5,357 | ) | — | |||||||||||||||
6,752 | 3 | 4,968 | (5,357 | ) | 6,366 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 16,092 | — | 36,329 | — | 52,421 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | 1,572 | — | — | (1,572 | ) | — | |||||||||||||||
Equity in affiliates | 24,743 | 1,155 | 449 | (26,347 | ) | — | |||||||||||||||
Goodwill, net | 173 | — | 1,196 | — | 1,369 | ||||||||||||||||
Deferred charges and other | 166 | 1,006 | 1,309 | (1,000 | ) | 1,481 | |||||||||||||||
$ | 49,498 | $ | 2,164 | $ | 44,251 | $ | (34,276 | ) | $ | 61,637 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 956 | $ | 2 | $ | 658 | $ | — | $ | 1,616 | |||||||||||
Current debt | — | — | 53 | — | 53 | ||||||||||||||||
Asset retirement obligation | 115 | — | 6 | — | 121 | ||||||||||||||||
Derivative instruments | 299 | — | — | — | 299 | ||||||||||||||||
Other current liabilities | 896 | 10 | 1,705 | — | 2,611 | ||||||||||||||||
Intercompany payable | — | — | 5,357 | (5,357 | ) | — | |||||||||||||||
2,266 | 12 | 7,779 | (5,357 | ) | 4,700 | ||||||||||||||||
LONG-TERM DEBT | 9,374 | 298 | — | — | 9,672 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | — | — | 1,572 | (1,572 | ) | — | |||||||||||||||
Income taxes | 3,586 | — | 4,778 | — | 8,364 | ||||||||||||||||
Asset retirement obligation | 430 | — | 2,671 | — | 3,101 | ||||||||||||||||
Other | 446 | 250 | 711 | (1,000 | ) | 407 | |||||||||||||||
4,462 | 250 | 9,732 | (2,572 | ) | 11,872 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY | 33,396 | 1,604 | 24,743 | (26,347 | ) | 33,396 | |||||||||||||||
Noncontrolling interest | — | — | 1,997 | — | 1,997 | ||||||||||||||||
TOTAL EQUITY | 33,396 | 1,604 | 26,740 | (26,347 | ) | 35,393 | |||||||||||||||
$ | 49,498 | $ | 2,164 | $ | 44,251 | $ | (34,276 | ) | $ | 61,637 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 160 | $ | — | $ | 160 | |||||||||||
Receivables, net of allowance | 876 | — | 2,210 | — | 3,086 | ||||||||||||||||
Inventories | 95 | — | 813 | — | 908 | ||||||||||||||||
Drilling advances | 21 | 1 | 562 | — | 584 | ||||||||||||||||
Derivative instruments | 31 | — | — | — | 31 | ||||||||||||||||
Prepaid assets and other | 102 | — | 91 | — | 193 | ||||||||||||||||
Intercompany receivable | 3,766 | — | — | (3,766 | ) | — | |||||||||||||||
4,891 | 1 | 3,836 | (3,766 | ) | 4,962 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 18,517 | — | 34,763 | — | 53,280 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | 4,628 | — | — | (4,628 | ) | — | |||||||||||||||
Equity in affiliates | 21,047 | 934 | 97 | (22,078 | ) | — | |||||||||||||||
Goodwill, net | 173 | — | 1,116 | — | 1,289 | ||||||||||||||||
Deferred charges and other | 152 | 1,002 | 1,052 | (1,000 | ) | 1,206 | |||||||||||||||
$ | 49,408 | $ | 1,937 | $ | 40,864 | $ | (31,472 | ) | $ | 60,737 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 639 | $ | 1 | $ | 452 | $ | — | $ | 1,092 | |||||||||||
Current debt | 912 | — | 78 | — | 990 | ||||||||||||||||
Asset retirement obligation | 471 | — | 7 | — | 478 | ||||||||||||||||
Derivative instruments | 96 | — | 20 | — | 116 | ||||||||||||||||
Other current liabilities | 893 | 3 | 1,964 | — | 2,860 | ||||||||||||||||
Intercompany payable | — | — | 3,766 | (3,766 | ) | — | |||||||||||||||
3,011 | 4 | 6,287 | (3,766 | ) | 5,536 | ||||||||||||||||
LONG-TERM DEBT | 10,706 | 647 | 2 | — | 11,355 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | — | — | 4,628 | (4,628 | ) | — | |||||||||||||||
Income taxes | 2,990 | 5 | 5,029 | — | 8,024 | ||||||||||||||||
Asset retirement obligation | 992 | — | 3,108 | — | 4,100 | ||||||||||||||||
Other | 378 | 250 | 763 | (1,000 | ) | 391 | |||||||||||||||
4,360 | 255 | 13,528 | (5,628 | ) | 12,515 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES TOTAL EQUITY | 31,331 | 1,031 | 21,047 | (22,078 | ) | 31,331 | |||||||||||||||
$ | 49,408 | $ | 1,937 | $ | 40,864 | $ | (31,472 | ) | $ | 60,737 | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Apache and its subsidiaries after elimination of intercompany balances and transactions. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, Apache has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated Apache subsidiary and are reflected separately in the Company’s financial statements. For further information, please refer to Note 2 — Acquisitions and Divestitures. Investments in which Apache holds less than 50 percent of the voting interest are typically accounted for under the equity method of accounting, with the balance recorded as a component of “Deferred charges and other” in Apache’s consolidated balance sheet and results of operations recorded as a component of “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. | |
Use of Estimates | ' |
Use of Estimates | |
Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Apache evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities (see Note 2 — Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 14 — Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 5 — Asset Retirement Obligation), and the estimate of income taxes (see Note 7 — Income Taxes). | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Certain assets and liabilities are reported at fair value on a recurring basis in Apache’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35 provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. | |
The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). | |
Fair value measurements are presented in further detail in Note 3 — Derivative Instruments and Hedging Activities, Note 6 — Debt, and Note 9 — Retirement and Deferred Compensation Plans. | |
Cash Equivalents | ' |
Cash Equivalents | |
The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2013 and 2012, Apache had $1.9 billion and $160 million, respectively, of cash and cash equivalents. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of Apache’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. Many of Apache’s receivables are from joint interest owners on properties Apache operates. The Company may have the ability to withhold future revenue disbursements to recover any non-payment of these joint interest billings. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of December 31, 2013 and 2012, the Company had an allowance for doubtful accounts of $96 million and $82 million, respectively. | |
Inventories | ' |
Inventories | |
Inventories consist principally of tubular goods and equipment, stated at weighted-average cost, and oil produced but not sold, stated at the lower of cost or market. | |
Property and Equipment | ' |
Property and Equipment | |
The carrying value of Apache’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest. Interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized in concurrence with the related assets. For business combinations, property and equipment cost is based on the fair values at the acquisition date. | |
Oil and Gas Property | ' |
Oil and Gas Property | |
The Company follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits, and other internal costs directly identified with these activities, and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. Apache capitalized $401 million, $402 million, and $335 million of internal costs in 2013, 2012, and 2011, respectively. | |
Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. | |
The cost of unproved properties and properties under development are excluded from the amortization calculation until it is determined whether or not proved reserves can be assigned to such properties or until development projects are placed in service. Geological and geophysical costs not associated with specific prospects are recorded to proved property immediately. Unproved properties and properties under development are reviewed for impairment at least quarterly. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In 2013, Apache’s statement of consolidated operations includes additional DD&A of $75 million related to exiting operations in Kenya. In 2012, Apache recorded additional DD&A of $28 million related to exiting operations in New Zealand and $15 million of seismic costs incurred in countries where it has no established presence. In 2011, Apache recorded additional DD&A of $60 million related to exiting operations in Chile and $49 million of seismic costs incurred in countries where it has no established presence. | |
Under the full-cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for designated cash flow hedges. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. See Note 14 — Supplemental Oil and Gas Disclosures for a discussion of the calculation of estimated future net cash flows. | |
Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. During 2013, Apache recorded non-cash write-downs of the carrying value of the Company’s proved oil and gas properties totaling $1.1 billion. The after-tax impact of these write-downs was $356 million in the U.S., $139 million in the North Sea, and $118 million in Argentina. Cash flow hedges did not materially affect the 2013 calculations. During 2012, the Company recorded a $1.9 billion ($1.4 billion net of tax) non-cash write-down of the carrying value of the Company’s Canadian proved oil and gas properties. Excluding the effects of cash flow hedges in calculating the ceiling limitation, the write-down for the full year would have been higher by $135 million ($101 million net of tax). | |
Proceeds from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion (greater than 25 percent) of the Company’s reserve quantities in a particular country are sold, in which case a gain or loss is recognized in income. No gain or loss was recorded on the Company’s divestitures in 2013, 2012, or 2011. | |
Gathering, Transmission, and Processing Facilities | ' |
Gathering, Transmission, and Processing Facilities | |
Gathering, transmission, and processing facilities totaled $7.0 billion and $6.0 billion at December 31, 2013 and 2012, respectively. The Company assesses the carrying amount of its gathering, transmission, and processing facilities whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of these facilities is less than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value. No impairment of gathering, transmission, and processing facilities was recognized during 2013, 2012, or 2011. | |
Gathering, transmission, and processing facilities, buildings, and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from three to 25 years. Accumulated depreciation for these assets totaled $2.1 billion and $1.9 billion at December 31, 2013 and 2012, respectively. | |
Asset Retirement Costs and Obligations | ' |
Asset Retirement Costs and Obligations | |
The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. The Company assesses the carrying amount of goodwill by testing for impairment annually and when impairment indicators arise. Goodwill totaled $1.4 billion and $1.3 billion at December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, goodwill of $163 million and $84 million, respectively, was recorded in the North Sea. As of December 31, 2013 and 2012, goodwill of $1.0 billion, $103 million, and $86 million was recorded in the U.S., Canada, and Egypt, respectively. Each country was assessed as a reporting unit, and no impairment of goodwill was recognized during 2013, 2012, or 2011. | |
Accounts Payable | ' |
Accounts Payable | |
Included in accounts payable at December 31, 2013 and 2012, are liabilities of approximately $271 million and $255 million, respectively, representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. | |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. | |
Revenue Recognition and Imbalances | ' |
Revenue Recognition and Imbalances | |
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Cash received relating to future revenues is deferred and recognized when all revenue recognition criteria are met. | |
Apache uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Apache is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties’ estimated remaining reserves net to Apache will not be sufficient to enable the under-produced owner to recoup its entitled share through production. The Company’s recorded liability is generally reflected in other non-current liabilities. No receivables are recorded for those wells where Apache has taken less than its share of production. Gas imbalances are reflected as adjustments to estimates of proved gas reserves and future cash flows in the unaudited supplemental oil and gas disclosures. | |
Apache markets its own U.S. natural gas production. Since the Company’s production fluctuates because of operational issues, it is occasionally necessary to purchase third-party gas to fulfill sales obligations and commitments. Both the costs and sales proceeds of this third-party gas are reported on a net basis in oil and gas production revenues. The costs of third-party gas netted against the related sales proceeds totaled $34 million, $27 million, and $28 million, for 2013, 2012, and 2011, respectively. | |
The Company’s Egyptian operations are conducted pursuant to production sharing contracts under which contractor partners pay all operating and capital costs for exploring and developing the concessions. A percentage of the production, generally up to 40 percent, is available to contractor partners to recover these operating and capital costs over contractually defined periods. Cost recovery is reflected in revenue. The balance of the production is split among the contractor partners and the Egyptian General Petroleum Corporation (EGPC) on a contractually defined basis. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities | |
Apache periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. | |
Apache records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses from the change in fair value of derivative instruments that do not qualify for hedge accounting are reported in current-period income as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations. Hedge accounting treatment allows unrealized gains and losses on cash flow hedges to be deferred in other comprehensive income. Realized gains and losses from the Company’s oil and gas cash flow hedges, including terminated contracts, are generally recognized in oil and gas production revenues when the forecasted transaction occurs. If at any time the likelihood of occurrence of a hedged forecasted transaction ceases to be “probable,” hedge accounting treatment will cease on a prospective basis, and all future changes in the fair value of the derivative will be recognized directly in earnings. Amounts recorded in other comprehensive income prior to the change in the likelihood of occurrence of the forecasted transaction will remain in other comprehensive income until such time as the forecasted transaction impacts earnings. If it becomes probable that the original forecasted production will not occur, then the derivative gain or loss would be reclassified from accumulated other comprehensive income into earnings immediately. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time, and any ineffectiveness is immediately reported as “Other” under “Revenues and Other” in the statement of consolidated operations. | |
General and Administrative Expense | ' |
General and Administrative Expense | |
General and administrative expenses are reported net of recoveries from owners in properties operated by Apache and net of amounts related to lease operating activities or capitalized pursuant to the full-cost method of accounting. | |
Income Taxes | ' |
Income Taxes | |
Apache records deferred tax assets and liabilities to account for the expected future tax consequences of events that have been recognized in the financial statements and tax returns. The Company routinely assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Numerous judgments and assumptions are inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil and gas prices) and changing tax laws. | |
Apache does not recognize U.S. deferred income taxes on the unremitted earnings of its foreign subsidiaries that are deemed to be indefinitely reinvested. When such earnings are no longer deemed permanently reinvested, Apache recognizes the appropriate deferred or current income tax liabilities. | |
Foreign Currency Transaction Gains and Losses | ' |
Foreign Currency Transaction Gains and Losses | |
The U.S. dollar is the functional currency for each of Apache’s international operations. The functional currency is determined country-by-country based on relevant facts and circumstances of the cash flows, commodity pricing environment and financing arrangements in each country. Foreign currency transaction gains and losses arise when monetary assets and liabilities denominated in foreign currencies are remeasured to their U.S. dollar equivalent at the exchange rate in effect at the end of each reporting period. Foreign currency gains and losses also arise when revenue and disbursement transactions denominated in a country’s local currency are converted to a U.S. dollar equivalent based on the average exchange rates during the reporting period. | |
Foreign currency transaction gains and losses related to current taxes payable and deferred tax assets and liabilities are recorded as components of the provision for income taxes. In 2013, Apache recorded a tax benefit of $154 million, including current and deferred taxes. In 2012 and 2011, the Company recorded tax expense of $16 million and a tax benefit of $66 million, respectively. For further discussion, please refer to Note 7 — Income Taxes. All other foreign currency transaction gains and losses are reflected in “Other” under Revenues and Other in the statement of consolidated operations. The Company’s other foreign currency gains and losses netted to a loss in 2013 of $30 million and gains in 2012 and 2011 of $24 million and $4 million, respectively. | |
Insurance Coverage | ' |
Insurance Coverage | |
The Company recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. | |
Earnings Per Share | ' |
Earnings Per Share | |
The Company’s basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution, using the treasury stock method, which assumes that options were exercised and restricted stock was fully vested. The diluted EPS calculations for the years ended December 31, 2011 and 2013, includes weighted-average shares of common stock from the assumed conversion of Apache’s convertible preferred stock. For the year ended December 31, 2012, the diluted EPS calculation excludes shares related to the assumed conversion of the convertible preferred stock as such conversion would have been anti-dilutive. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company accounts for stock-based compensation under the fair value recognition provisions of ASC Topic 718, “Compensation — Stock Compensation.” The Company grants various types of stock-based awards including stock options, nonvested restricted stock units, and performance-based awards. Additionally, the Company also grants cash-based stock appreciation rights. These plans and related accounting policies are defined and described more fully in Note 10 — Capital Stock. Stock compensation awards granted are valued on the date of grant and are expensed, net of estimated forfeitures, over the required service period. | |
Treasury Stock | ' |
Treasury Stock | |
The Company follows the weighted-average-cost method of accounting for treasury stock transactions. | |
New Pronouncements Issued But Not Yet Adopted | ' |
New Pronouncements Issued But Not Yet Adopted | |
In July 2013, the FASB issued ASU No. 2013-11, which requires entities to present unrecognized tax benefits as a decrease in a net operating loss, similar tax loss, or tax credit carryforward if certain criteria are met. The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability. ASU No. 2013-11 is effective for annual and interim reporting periods beginning after December 15, 2013. The Company will apply all changes prospectively and does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-04, which increases disclosures for certain liability arrangements. The guidance requires an entity that is joint and severally liable to measure the obligation as the sum of the amount the entity has agreed with co-obligors to pay and any additional amount it expects to pay on behalf of one or more co-obligors. Required disclosures include a description of the nature of the arrangement, how the liability arose, the relationship with co-obligors and the terms and conditions of the arrangement. ASU No. 2013-04 is effective for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. |
ACQUISITIONS_AND_DIVESTITURES_
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
2012 Acquisitions [Member] | ' | ||||
Assets Acquired and Liabilities Assumed as of Acquisition Date | ' | ||||
The following table summarizes the final estimates of the assets acquired and liabilities assumed in the acquisition. | |||||
(In millions) | |||||
Current assets | $ | 39 | |||
Proved properties | 1,040 | ||||
Unproved properties | 2,299 | ||||
Gathering, transmission, and processing facilities | 1 | ||||
Goodwill(1) | 173 | ||||
Deferred tax asset | 64 | ||||
Total assets acquired | $ | 3,616 | |||
Current liabilities | 88 | ||||
Deferred income tax liabilities | 237 | ||||
Other long-term obligations | 5 | ||||
Total liabilities assumed | $ | 330 | |||
Net assets acquired | $ | 3,286 | |||
(1) | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from assets acquired that could not be individually identified and separately recognized. Goodwill is not deductible for tax purposes. | ||||
2011 Acquisitions [Member] | ' | ||||
Assets Acquired and Liabilities Assumed as of Acquisition Date | ' | ||||
The following table summarizes the final estimates of the assets acquired and liabilities assumed in the acquisition. | |||||
(In millions) | |||||
Current assets | $ | 219 | |||
Proved properties | 2,341 | ||||
Unproved properties | 476 | ||||
Gathering, transmission, and processing facilities | 338 | ||||
Goodwill(1) | 84 | ||||
Total assets acquired | $ | 3,458 | |||
Current liabilities | 148 | ||||
Asset retirement obligation | 517 | ||||
Deferred income tax liabilities | 1,546 | ||||
Other long-term obligations | 1 | ||||
Total liabilities assumed | $ | 2,212 | |||
Net assets acquired | $ | 1,246 | |||
(1) | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from assets acquired that could not be individually identified and separately recognized. Goodwill is not deductible for tax purposes. |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Open Crude Oil and Natural Gas Derivative Instruments | ' | ||||||||||||||||||||||||
As of December 31, 2013, Apache had the following open crude oil derivative positions which have not been designated as cash flow hedges: | |||||||||||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||||||||||
Production Period | Settlement Index | Mbbls | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Fixed Price | |||||||||||||||||||||||||
2014 | NYMEX WTI | 22,889 | $ | 90.77 | |||||||||||||||||||||
2014 | Dated Brent | 22,812 | 100.05 | ||||||||||||||||||||||
As of December 31, 2013, Apache had the following open natural gas derivative positions which have been designated as cash flow hedges: | |||||||||||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||
Production Period | Settlement Index | MMBtu | Average | ||||||||||||||||||||||
(in 000’s) | Fixed Price | ||||||||||||||||||||||||
2014 | NYMEX Henry Hub | 1,295 | $ | 6.72 | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Price | Significant | Significant | Total | Netting(1) | Carrying | ||||||||||||||||||||
in Active | Other | Unobservable | Fair | Amount | |||||||||||||||||||||
Markets | Inputs | Inputs | Value | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 3 | $ | — | $ | 3 | $ | (2 | ) | $ | 1 | ||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||||||
Derivatives not designated as cash flow hedges | — | 300 | — | 300 | |||||||||||||||||||||
Total Derivative liabilities | $ | — | $ | 301 | $ | — | $ | 301 | $ | (2 | ) | $ | 299 | ||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 48 | $ | — | $ | 48 | $ | (15 | ) | $ | 33 | ||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | — | $ | 51 | $ | — | $ | 51 | |||||||||||||||||
Derivatives not designated as cash flow hedges | — | 80 | — | 80 | |||||||||||||||||||||
Total Derivative liabilities | $ | — | $ | 131 | $ | — | $ | 131 | $ | (15 | ) | $ | 116 | ||||||||||||
-1 | The derivative fair values are based on analysis of each contract on a gross basis, even where the legal right of offset exists. | ||||||||||||||||||||||||
Fair Values of Derivative Instruments Recorded in Consolidated Balance Sheet | ' | ||||||||||||||||||||||||
The fair market value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Current Assets: Derivative instruments | $ | 1 | $ | 31 | |||||||||||||||||||||
Other Assets: Deferred charges and other | — | 2 | |||||||||||||||||||||||
Total Assets | $ | 1 | $ | 33 | |||||||||||||||||||||
Current Liabilities: Derivative instruments | $ | 299 | $ | 116 | |||||||||||||||||||||
Total Liabilities | $ | 299 | $ | 116 | |||||||||||||||||||||
Commodity Derivative Activity Recorded in Statement of Consolidated Operations | ' | ||||||||||||||||||||||||
The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: | |||||||||||||||||||||||||
Gain (Loss) on Derivatives | For the Year Ended December 31, | ||||||||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive loss | Oil and Gas Production Revenues | $ | (16 | ) | $ | 268 | $ | (13 | ) | ||||||||||||||||
Gain (loss) for ineffectiveness on cash flow hedges | Revenues and Other: Other | $ | (1 | ) | $ | — | $ | 2 | |||||||||||||||||
Loss on derivatives not designated as cash flow hedges | Derivative instrument gains (losses), net | $ | (399 | ) | $ | (79 | ) | $ | — | ||||||||||||||||
Commodity Derivative Activity in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
A reconciliation of the components of accumulated other comprehensive income (loss) in the statement of consolidated changes in equity related to Apache’s cash flow hedges is presented in the table below: | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
tax | tax | tax | tax | tax | tax | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Unrealized gain (loss) on derivatives at beginning of year | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | $ | (54 | ) | $ | (19 | ) | |||||||||
Realized amounts reclassified into earnings | 16 | 11 | (268 | ) | (199 | ) | 13 | 19 | |||||||||||||||||
Net change in derivative fair value | (6 | ) | (5 | ) | 113 | 79 | 188 | 115 | |||||||||||||||||
Ineffectiveness reclassified into earnings | 1 | 1 | — | — | (2 | ) | (1 | ) | |||||||||||||||||
Unrealized gain (loss) on derivatives at end of period | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | |||||||||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Detail of Other Current Liabilities | ' | ||||||||
The following table provides detail of the Company’s other current liabilities at December 31, 2013 and 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Accrued operating expenses | $ | 190 | $ | 211 | |||||
Accrued exploration and development | 1,582 | 1,792 | |||||||
Accrued compensation and benefits | 242 | 198 | |||||||
Accrued interest | 161 | 160 | |||||||
Accrued income taxes | 248 | 297 | |||||||
Accrued U.K. Petroleum Revenue Tax | 9 | 53 | |||||||
Other | 179 | 149 | |||||||
Total Other current liabilities | $ | 2,611 | $ | 2,860 | |||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset Retirement Obligation | ' | ||||||||
The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Asset retirement obligation at beginning of year | $ | 4,578 | $ | 3,887 | |||||
Liabilities incurred | 481 | 592 | |||||||
Liabilities acquired | 53 | 72 | |||||||
Liabilities divested | (1,692 | ) | — | ||||||
Liabilities settled | (497 | ) | (550 | ) | |||||
Accretion expense | 243 | 232 | |||||||
Revisions in estimated liabilities | 56 | 345 | |||||||
Asset retirement obligation at end of year | 3,222 | 4,578 | |||||||
Less current portion | (121 | ) | (478 | ) | |||||
Asset retirement obligation, long-term | $ | 3,101 | $ | 4,100 | |||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt for Apache and Subsidiaries | ' | ||||||||||||||||
The following table presents the carrying value of the Company’s debt at December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In millions) | |||||||||||||||||
U.S.: | |||||||||||||||||
Money market lines of credit | $ | — | $ | 13 | |||||||||||||
Commercial paper | — | 489 | |||||||||||||||
5.25% notes due 2013(1) | — | 500 | |||||||||||||||
6.0% notes due 2013(1) | — | 400 | |||||||||||||||
5.625% notes due 2017(1) | 500 | 500 | |||||||||||||||
1.75% notes due 2017(1) | 400 | 400 | |||||||||||||||
6.9% notes due 2018(1) | 400 | 400 | |||||||||||||||
7.0% notes due 2018 | 150 | 150 | |||||||||||||||
7.625% notes due 2019 | 150 | 150 | |||||||||||||||
3.625% notes due 2021(1) | 500 | 500 | |||||||||||||||
3.25% notes due 2022(1) | 919 | 1,100 | |||||||||||||||
2.625% notes due 2023(1) | 531 | 1,200 | |||||||||||||||
7.7% notes due 2026 | 100 | 100 | |||||||||||||||
7.95% notes due 2026 | 180 | 180 | |||||||||||||||
6.0% notes due 2037(1) | 1,000 | 1,000 | |||||||||||||||
5.1% notes due 2040(1) | 1,500 | 1,500 | |||||||||||||||
5.25% notes due 2042(1) | 500 | 500 | |||||||||||||||
4.75% notes due 2043(1) | 1,500 | 1,500 | |||||||||||||||
4.25% notes due 2044(1) | 800 | 800 | |||||||||||||||
7.375% debentures due 2047 | 150 | 150 | |||||||||||||||
7.625% debentures due 2096 | 150 | 150 | |||||||||||||||
9,430 | 11,682 | ||||||||||||||||
Subsidiary and other obligations: | |||||||||||||||||
Argentina overdraft lines of credit | 51 | 69 | |||||||||||||||
Canada lines of credit | 2 | 9 | |||||||||||||||
Apache Finance Canada 4.375% notes due 2015(1) | — | 350 | |||||||||||||||
Notes due in 2016 and 2017 | 1 | 1 | |||||||||||||||
Apache Finance Canada 7.75% notes due 2029 | 300 | 300 | |||||||||||||||
354 | 729 | ||||||||||||||||
Debt before unamortized discount | 9,784 | 12,411 | |||||||||||||||
Unamortized discount | (59 | ) | (66 | ) | |||||||||||||
Total debt | $ | 9,725 | $ | 12,345 | |||||||||||||
Current maturities | $ | (53 | ) | $ | (990 | ) | |||||||||||
Long-term debt | $ | 9,672 | $ | 11,355 | |||||||||||||
(1) | These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium. The remaining notes and debentures are not redeemable. | ||||||||||||||||
Schedule of Long Term Debt by Maturity | ' | ||||||||||||||||
Debt maturities as of December 31, 2013, excluding discounts, are as follows: | |||||||||||||||||
(In millions) | |||||||||||||||||
2014 | $ | 53 | |||||||||||||||
2015 | — | ||||||||||||||||
2016 | 1 | ||||||||||||||||
2017 | 900 | ||||||||||||||||
2018 | 550 | ||||||||||||||||
Thereafter | 8,280 | ||||||||||||||||
Total Debt, excluding discounts | $ | 9,784 | |||||||||||||||
Non-Recurring Fair Value Measurement | ' | ||||||||||||||||
Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(In millions) | |||||||||||||||||
Money market lines of credit | $ | 53 | $ | 53 | $ | 91 | $ | 91 | |||||||||
Commercial paper | — | — | 489 | 489 | |||||||||||||
Notes and debentures | 9,672 | 10,247 | 11,765 | 13,340 | |||||||||||||
Total Debt | $ | 9,725 | $ | 10,300 | $ | 12,345 | $ | 13,920 | |||||||||
Financing Costs, Net | ' | ||||||||||||||||
Financing Costs, Net | |||||||||||||||||
The following table presents the components of Apache’s financing costs, net: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In millions) | |||||||||||||||||
Interest expense | $ | 571 | $ | 509 | $ | 433 | |||||||||||
Amortization of deferred loan costs | 8 | 7 | 5 | ||||||||||||||
Capitalized interest | (374 | ) | (334 | ) | (263 | ) | |||||||||||
Gain on extinguishment of debt | (16 | ) | — | — | |||||||||||||
Interest income | (15 | ) | (17 | ) | (17 | ) | |||||||||||
Financing costs, net | $ | 174 | $ | 165 | $ | 158 | |||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Before Income Taxes | ' | ||||||||||||
Income before income taxes is composed of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
U.S. | $ | 1,191 | $ | 1,605 | $ | 2,373 | |||||||
Foreign | 3,025 | 3,272 | 5,720 | ||||||||||
Total | $ | 4,216 | $ | 4,877 | $ | 8,093 | |||||||
Total Provision for Income Taxes | ' | ||||||||||||
The total provision for income taxes consists of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Current taxes: | |||||||||||||
Federal | $ | (29 | ) | $ | (150 | ) | $ | 64 | |||||
State | — | — | 2 | ||||||||||
Foreign | 1,694 | 2,349 | 2,197 | ||||||||||
1,665 | 2,199 | 2,263 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 509 | 596 | 656 | ||||||||||
State | 44 | 10 | 17 | ||||||||||
Foreign | (290 | ) | 71 | 573 | |||||||||
263 | 677 | 1,246 | |||||||||||
Total | $ | 1,928 | $ | 2,876 | $ | 3,509 | |||||||
Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense | ' | ||||||||||||
A reconciliation of the tax on the Company’s income before income taxes and total tax expense is shown below: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Income tax expense at U.S. statutory rate | $ | 1,476 | $ | 1,707 | $ | 2,833 | |||||||
State income tax, less federal benefit | 29 | 6 | 12 | ||||||||||
Taxes related to foreign operations | 200 | 773 | 568 | ||||||||||
Tax credits | 6 | (4 | ) | (15 | ) | ||||||||
Deferred tax on distributed foreign earnings | 225 | — | — | ||||||||||
Current and deferred taxes related to currency fluctuations | (154 | ) | 16 | (66 | ) | ||||||||
Change in U.K. tax rate | — | 118 | 218 | ||||||||||
Net change in tax contingencies | (10 | ) | (115 | ) | (6 | ) | |||||||
Valuation allowances | 199 | 355 | 8 | ||||||||||
All other, net | (43 | ) | 20 | (43 | ) | ||||||||
$ | 1,928 | $ | 2,876 | $ | 3,509 | ||||||||
Net Deferred Tax Liability | ' | ||||||||||||
The net deferred tax liability consists of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Deferred income | $ | 153 | $ | 33 | |||||||||
Federal and state net operating loss carryforwards | 900 | 932 | |||||||||||
Foreign net operating loss carryforwards | 156 | 61 | |||||||||||
Tax credits | 66 | 78 | |||||||||||
Accrued expenses and liabilities | 162 | 2 | |||||||||||
Asset retirement obligation | 1,231 | 1,677 | |||||||||||
Total deferred tax assets | 2,668 | 2,783 | |||||||||||
Valuation allowance | (651 | ) | (419 | ) | |||||||||
Net deferred tax assets | 2,017 | 2,364 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | 29 | 23 | |||||||||||
Depreciation, depletion and amortization | 10,224 | 10,213 | |||||||||||
Total deferred tax liabilities | 10,253 | 10,236 | |||||||||||
Net deferred income tax liability | $ | 8,236 | $ | 7,872 | |||||||||
Net Operating Losses | ' | ||||||||||||
On December 31, 2013, the Company had net operating losses as follows: | |||||||||||||
December 31, 2013 | |||||||||||||
Amount | Expiration | ||||||||||||
(In millions) | |||||||||||||
Net operating losses: | |||||||||||||
U.S. — Federal | $ | 1,558 | 2032 - 2034 | ||||||||||
U.S. — Federal (Mariner IRC §382 limited) | 520 | 2018 - 2030 | |||||||||||
U.S. — Federal (Cordillera IRC §382 limited) | 183 | 2026 - 2032 | |||||||||||
U.S. — State | 2,242 | Various | |||||||||||
Canada | 5 | 2014 | |||||||||||
Australia | 59 | Indefinite | |||||||||||
Argentina | 299 | 2014 | |||||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 3 | $ | 97 | $ | 110 | |||||||
Additions based on tax positions related to the current year | — | 4 | 13 | ||||||||||
Reductions for tax positions of prior years | — | (33 | ) | (4 | ) | ||||||||
Settlements | — | (65 | ) | (22 | ) | ||||||||
Balance at end of year | $ | 3 | $ | 3 | $ | 97 | |||||||
Key Jurisdictions of Company's Earliest Open Tax Years | ' | ||||||||||||
Apache’s earliest open tax years in its key jurisdictions are as follows: | |||||||||||||
Jurisdiction | |||||||||||||
U.S. | 2010 | ||||||||||||
Canada | 2009 | ||||||||||||
Egypt | 1998 | ||||||||||||
Australia | 2009 | ||||||||||||
U.K. | 2011 | ||||||||||||
Argentina | 2006 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Contractual Obligations | ' | ||||||||||||||||||||
At December 31, 2013, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: | |||||||||||||||||||||
2019 & | |||||||||||||||||||||
Net Minimum Commitments | Total | 2014 | 2015-2016 | 2017-2018 | Beyond | ||||||||||||||||
(In millions) | |||||||||||||||||||||
Drilling rig commitments(1) | $ | 974 | $ | 376 | $ | 429 | $ | 157 | $ | 12 | |||||||||||
Purchase obligations(2) | 1,759 | 1,002 | 533 | 204 | 20 | ||||||||||||||||
Firm transportation agreements(3) | 683 | 158 | 223 | 129 | 173 | ||||||||||||||||
Office and related equipment(4) | 391 | 46 | 101 | 95 | 149 | ||||||||||||||||
Other operating lease obligations(5) | 686 | 190 | 295 | 193 | 8 | ||||||||||||||||
Total Net Minimum Commitments | $ | 4,493 | $ | 1,772 | $ | 1,581 | $ | 778 | $ | 362 | |||||||||||
-1 | Includes day-rate and other contractual agreements with third party service providers for use of drilling, completion, and workover rigs. | ||||||||||||||||||||
-2 | Includes contractual obligations to buy or build oil and gas plants and facilities, LNG facilities, seismic and drilling work program commitments, take-or-pay contracts, and hydraulic fracturing services agreements. | ||||||||||||||||||||
-3 | Relates to contractual obligations for capacity rights on third-party pipelines. | ||||||||||||||||||||
-4 | Includes office and other building rentals and related equipment leases. | ||||||||||||||||||||
-5 | Includes commitments required to retain acreage and commitments associated with floating production storage and offloading vessels (FPSOs), compressors, helicopters, and boats. | ||||||||||||||||||||
The table above includes leases for buildings, facilities, and related equipment with varying expiration dates through 2035. Net rental expense was $81 million, $76 million, and $64 million for 2013, 2012, and 2011, respectively. |
RETIREMENT_AND_DEFERRED_COMPEN1
RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||
The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2013, 2012, and 2011, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. Apache uses a measurement date of December 31 for its pension and postretirement benefit plans. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Change in Projected Benefit Obligation | |||||||||||||||||||||||||
Projected benefit obligation beginning of year | $ | 177 | $ | 35 | $ | 150 | $ | 30 | $ | 136 | $ | 29 | |||||||||||||
Service cost | 5 | 4 | 5 | 4 | 5 | 3 | |||||||||||||||||||
Interest cost | 7 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Foreign currency exchange rate changes | 4 | — | 7 | — | (1 | ) | — | ||||||||||||||||||
Actuarial losses (gains) | — | (8 | ) | 14 | 1 | 6 | (2 | ) | |||||||||||||||||
Effect of curtailment and settlements | — | (3 | ) | — | — | — | — | ||||||||||||||||||
Benefits paid | (4 | ) | (2 | ) | (6 | ) | (1 | ) | (3 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | — | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | 189 | 28 | 177 | 35 | 150 | 30 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 170 | — | 145 | — | 135 | — | |||||||||||||||||||
Actual return on plan assets | 15 | — | 14 | — | 4 | — | |||||||||||||||||||
Foreign currency exchange rates | 4 | — | 6 | — | (1 | ) | — | ||||||||||||||||||
Employer contributions | 6 | 1 | 11 | 1 | 10 | 1 | |||||||||||||||||||
Benefits paid | (4 | ) | (2 | ) | (6 | ) | (1 | ) | (3 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | — | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 191 | — | 170 | — | 145 | — | |||||||||||||||||||
Funded status at end of year | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | $ | (5 | ) | $ | (30 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheet | |||||||||||||||||||||||||
Current liability | — | (1 | ) | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Non-current asset (liability) | 2 | (27 | ) | (7 | ) | (34 | ) | (5 | ) | (29 | ) | ||||||||||||||
$ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | $ | (5 | ) | $ | (30 | ) | |||||||||
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Accumulated gain (loss) | (22 | ) | 1 | (32 | ) | (7 | ) | (25 | ) | (6 | ) | ||||||||||||||
$ | (22 | ) | $ | 1 | $ | (32 | ) | $ | (7 | ) | $ | (25 | ) | $ | (6 | ) | |||||||||
Weighted Average Assumptions used as of December 31 | |||||||||||||||||||||||||
Discount rate | 4.6 | % | 4.33 | % | 4.3 | % | 3.43 | % | 4.7 | % | 4.04 | % | |||||||||||||
Salary increases | 4.9 | % | N/A | 4.6 | % | N/A | 4.6 | % | N/A | ||||||||||||||||
Expected return on assets | 5.6 | % | N/A | 4.7 | % | N/A | 4.85 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7 | % | N/A | 7.25 | % | N/A | 7.5 | % | ||||||||||||||||
Ultimate in 2022 | N/A | 5 | % | N/A | 5 | % | N/A | 5 | % | ||||||||||||||||
Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset | ' | ||||||||||||||||||||||||
A breakout of previous allocations for plan asset holdings and the target allocation for the Company’s plan assets are summarized below: | |||||||||||||||||||||||||
Target Allocation | Percentage of | ||||||||||||||||||||||||
Plan Assets at | |||||||||||||||||||||||||
Year-End | |||||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities | 17 | % | 18 | % | 16 | % | |||||||||||||||||||
Overseas quoted equities | 33 | % | 33 | % | 33 | % | |||||||||||||||||||
Total equity securities | 50 | % | 51 | % | 49 | % | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds | 30 | % | 29 | % | 30 | % | |||||||||||||||||||
U.K. corporate bonds | 20 | % | 20 | % | 20 | % | |||||||||||||||||||
Debt securities | 50 | % | 49 | % | 50 | % | |||||||||||||||||||
Cash | 0 | % | 0 | % | 1 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets | ' | ||||||||||||||||||||||||
The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||||||
Quoted Price | Significant | Unobservable | Total Fair | ||||||||||||||||||||||
in Active | Other Inputs | Inputs | Value | ||||||||||||||||||||||
Markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 35 | $ | — | $ | — | $ | 35 | |||||||||||||||||
Overseas quoted equities(2) | 63 | — | — | 63 | |||||||||||||||||||||
Total equity securities | 98 | — | — | 98 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 54 | — | — | 54 | |||||||||||||||||||||
U.K. corporate bonds(4) | 38 | — | — | 38 | |||||||||||||||||||||
Total debt securities | 92 | — | — | 92 | |||||||||||||||||||||
Cash | 1 | — | — | 1 | |||||||||||||||||||||
Fair value of plan assets | $ | 191 | $ | — | $ | — | $ | 191 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Overseas quoted equities(2) | 56 | — | — | 56 | |||||||||||||||||||||
Total equity securities | 84 | — | — | 84 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 51 | — | — | 51 | |||||||||||||||||||||
U.K. corporate bonds(4) | 34 | — | — | 34 | |||||||||||||||||||||
Total debt securities | 85 | — | — | 85 | |||||||||||||||||||||
Cash | 1 | — | — | 1 | |||||||||||||||||||||
Fair value of plan assets | $ | 170 | $ | — | $ | — | $ | 170 | |||||||||||||||||
-1 | This category comprises U.K. equities, which are benchmarked against the FTSE All-Share Index. | ||||||||||||||||||||||||
-2 | This category includes overseas equities, which comprises 85 percent global equities benchmarked against the MSCI World Index and 15 percent emerging markets benchmarked against the MSCI Emerging Markets Index, both of which have a performance target of 2 percent per annum over the benchmark over a rolling three-year period. | ||||||||||||||||||||||||
-3 | This category includes U.K. Government bonds: 33 percent benchmarked against iBoxx Sterling Overall Index, with a performance target of 0.75 percent per annum over the benchmark over a rolling three-year period; and 67 percent against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index. | ||||||||||||||||||||||||
-4 | This category comprises U.K. corporate bonds: 50 percent benchmarked against the iBoxx Sterling Overall Non Gilt index with a performance target of 0.75 percent per annum over the benchmark over a rolling three-year period; and 50 percent benchmarked against the iBoxx Sterling Overall Non Gilt Index with a performance target of 0.75 percent per annum over the benchmark over a rolling five year period. | ||||||||||||||||||||||||
Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||
The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Component of Net Periodic Benefit Costs | |||||||||||||||||||||||||
Service cost | $ | 5 | $ | 4 | $ | 5 | $ | 4 | $ | 5 | $ | 3 | |||||||||||||
Interest cost | 7 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Expected return on assets | (8 | ) | — | (7 | ) | — | (8 | ) | — | ||||||||||||||||
Amortization of actuarial (gain) loss | 2 | — | 1 | — | — | — | |||||||||||||||||||
Curtailment (gain) loss | — | (3 | ) | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 6 | $ | 2 | $ | 6 | $ | 5 | $ | 4 | $ | 4 | |||||||||||||
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 3.43 | % | 4.7 | % | 4.04 | % | 5.4 | % | 4.93 | % | |||||||||||||
Salary increases | 4.6 | % | N/A | 4.6 | % | N/A | 5 | % | N/A | ||||||||||||||||
Expected return on assets | 4.7 | % | N/A | 4.85 | % | N/A | 6.25 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7.25 | % | N/A | 7.5 | % | N/A | 8 | % | ||||||||||||||||
Ultimate in 2022 | N/A | 5 | % | N/A | 5 | % | N/A | 5 | % | ||||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Effect on service and interest cost components | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | 6 | (4 | ) | ||||||||||||||||||||||
Expected Future Benefit Payment | ' | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2014 | $ | 5 | $ | 1 | |||||||||||||||||||||
2015 | 5 | 1 | |||||||||||||||||||||||
2016 | 5 | 2 | |||||||||||||||||||||||
2017 | 5 | 2 | |||||||||||||||||||||||
2018 | 5 | 2 | |||||||||||||||||||||||
Years 2019-2023 | 30 | 16 |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Common Stock Outstanding | ' | ||||||||||||||||||||||||||||||||||||
Common Stock Outstanding | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 391,640,770 | 384,117,643 | 382,391,742 | ||||||||||||||||||||||||||||||||||
Shares issued for stock-based compensation plans: | |||||||||||||||||||||||||||||||||||||
Treasury shares issued | 25,214 | 60,767 | 144,313 | ||||||||||||||||||||||||||||||||||
Common shares issued | 929,596 | 1,189,693 | 1,581,588 | ||||||||||||||||||||||||||||||||||
Common shares issued for conversion of preferred shares | 14,399,247 | — | — | ||||||||||||||||||||||||||||||||||
Treasury shares acquired | (11,221,919 | ) | — | — | |||||||||||||||||||||||||||||||||
Cordillera consideration (Note 2) | — | 6,272,667 | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | 395,772,908 | 391,640,770 | 384,117,643 | ||||||||||||||||||||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the components of basic and diluted net income per common share for the years ended December 31, 2013, 2012, and 2011 is presented in the table below. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stock | $ | 2,188 | 395 | $ | 5.53 | $ | 1,925 | 389 | $ | 4.95 | $ | 4,508 | 384 | $ | 11.75 | ||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||
Mandatory Convertible Preferred Stock | $ | 44 | 9 | $ | — | — | $ | 76 | 14 | ||||||||||||||||||||||||||||
Stock options and other | — | 2 | — | 2 | — | 2 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stock, including assumed conversions | $ | 2,232 | 406 | $ | 5.5 | $ | 1,925 | 391 | $ | 4.92 | $ | 4,584 | 400 | $ | 11.47 | ||||||||||||||||||||||
Description of Stock Based Compensation Plans and Related Costs | ' | ||||||||||||||||||||||||||||||||||||
A description of the Company’s stock-based compensation plans and related costs follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expensed: | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 89 | $ | 104 | $ | 69 | |||||||||||||||||||||||||||||||
Lease operating expenses | 47 | 63 | 44 | ||||||||||||||||||||||||||||||||||
Stock-based compensation capitalized | 55 | 67 | 42 | ||||||||||||||||||||||||||||||||||
$ | 191 | $ | 234 | $ | 155 | ||||||||||||||||||||||||||||||||
Summary of Stock Options Issued Under Stock Option Plans | ' | ||||||||||||||||||||||||||||||||||||
A summary of stock options issued and outstanding under the Stock Option Plans and the Omnibus Plans is presented in the table and narrative below: | |||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||||||||||||||
Under Option | Exercise Price | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 7,573 | $ | 90.47 | ||||||||||||||||||||||||||||||||||
Granted | 819 | 80.89 | |||||||||||||||||||||||||||||||||||
Exercised | (327 | ) | 72.55 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (502 | ) | 97.88 | ||||||||||||||||||||||||||||||||||
Outstanding, end of year(1) | 7,563 | 89.71 | |||||||||||||||||||||||||||||||||||
Expected to vest(1) | 2,370 | 92.5 | |||||||||||||||||||||||||||||||||||
Exercisable, end of year(1) | 4,678 | 88.53 | |||||||||||||||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | 23.18 | |||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2013, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 6.1 years, 8.2 years, and 4.7 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was $43 million, $7 million, and $34 million, respectively. The weighted-average grant-date fair value of options granted during the years 2013, 2012, and 2011 was $23.18, $26.41, and $42.20, respectively. | ||||||||||||||||||||||||||||||||||||
Risk-Free Rate Based on the U S Treasury Yield Curve | ' | ||||||||||||||||||||||||||||||||||||
The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Expected volatility | 33.6 | % | 34.94 | % | 34.47 | % | |||||||||||||||||||||||||||||||
Expected dividend yields | 0.99 | % | 0.82 | % | 0.47 | % | |||||||||||||||||||||||||||||||
Expected term (in years) | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||
Risk-free rate | 0.79 | % | 0.78 | % | 1.95 | % | |||||||||||||||||||||||||||||||
Restricted Stock | ' | ||||||||||||||||||||||||||||||||||||
A summary of restricted stock activity for the year ended December 31, 2013, is presented below. | |||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2013 | 2,164 | $ | 97.34 | ||||||||||||||||||||||||||||||||||
Granted | 3,098 | 82.95 | |||||||||||||||||||||||||||||||||||
Vested | (907 | ) | 96.79 | ||||||||||||||||||||||||||||||||||
Forfeited | (402 | ) | 88.61 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 3,953 | 86.7 | |||||||||||||||||||||||||||||||||||
Conditional Restricted Stock | ' | ||||||||||||||||||||||||||||||||||||
The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.1 years. | |||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value(1) | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2013 | 1,306 | $ | 78.4 | ||||||||||||||||||||||||||||||||||
Granted | 1,232 | 79.6 | |||||||||||||||||||||||||||||||||||
Vested | 0 | 79.49 | |||||||||||||||||||||||||||||||||||
Cancelled | (1,369 | ) | 83.34 | ||||||||||||||||||||||||||||||||||
Forfeited | (149 | ) | 78.09 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 1,020 | 73.73 | |||||||||||||||||||||||||||||||||||
-1 | The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Components of accumulated other comprehensive loss include the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Currency translation adjustment(1) | $ | (109 | ) | $ | (109 | ) | $ | (109 | ) | ||||
Unrealized gain (loss) on derivatives (Note 3) | 1 | (6 | ) | 114 | |||||||||
Unfunded pension and postretirement benefit plan (Note 9) | (7 | ) | (16 | ) | (14 | ) | |||||||
Accumulated other comprehensive loss | $ | (115 | ) | $ | (131 | ) | $ | (9 | ) | ||||
(1) | Currency translation adjustments resulting from translating the Canadian subsidiaries’ financial statements into U.S. dollar equivalents, prior to adoption of the U.S. dollar as their functional currency, were reported separately and accumulated in other comprehensive income (loss). |
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Financial Segment Information | ' | ||||||||||||||||||||||||||||||||
Financial information for each country is presented below: | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Other | Total(1) | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | 491 | $ | — | $ | 16,402 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 2,338 | 505 | 1,005 | 423 | 1,022 | 230 | 1 | 5,524 | |||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 181 | 76 | 1,176 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | 5 | — | 243 | |||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | 192 | — | 3,056 | |||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | 9 | — | 297 | |||||||||||||||||||||||||
Taxes other than income | 335 | 45 | 8 | 13 | 384 | 47 | — | 832 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,179 | $ | 11 | $ | 2,391 | $ | 463 | $ | 480 | $ | (173 | ) | $ | (77 | ) | 5,274 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||
Derivative instrument gains (losses), net | (399 | ) | |||||||||||||||||||||||||||||||
Other | 51 | ||||||||||||||||||||||||||||||||
General and administrative | (503 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (33 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (174 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 4,216 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 27,010 | $ | 6,058 | $ | 5,454 | $ | 6,838 | $ | 5,622 | $ | 1,416 | $ | 23 | $ | 52,421 | |||||||||||||||||
Total Assets | $ | 29,940 | $ | 6,952 | $ | 8,121 | $ | 8,094 | $ | 6,902 | $ | 1,577 | $ | 51 | $ | 61,637 | |||||||||||||||||
Additions to Net Property and Equipment | $ | 6,404 | $ | 1,082 | $ | 1,309 | $ | 1,954 | $ | 1,084 | $ | 205 | $ | 24 | $ | 12,062 | |||||||||||||||||
(1) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | 519 | $ | — | $ | 16,947 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 2,056 | 594 | 925 | 466 | 914 | 228 | — | 5,183 | |||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | — | 43 | 1,926 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | 4 | — | 232 | |||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | 184 | — | 2,968 | |||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | 8 | — | 303 | |||||||||||||||||||||||||
Taxes other than income | 292 | 50 | 14 | 11 | 451 | 44 | — | 862 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,311 | $ | (1,867 | ) | $ | 3,166 | $ | 866 | $ | 989 | $ | 51 | $ | (43 | ) | 5,473 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||
Derivative instrument gains (losses), net | (79 | ) | |||||||||||||||||||||||||||||||
Other | 210 | ||||||||||||||||||||||||||||||||
General and administrative | (531 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (31 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (165 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 4,877 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 28,552 | $ | 6,640 | $ | 5,151 | $ | 5,312 | $ | 5,927 | $ | 1,621 | $ | 77 | $ | 53,280 | |||||||||||||||||
Total Assets | $ | 31,175 | $ | 7,142 | $ | 7,311 | $ | 6,280 | $ | 6,874 | $ | 1,835 | $ | 120 | $ | 60,737 | |||||||||||||||||
Additions to Net Property and | |||||||||||||||||||||||||||||||||
Equipment | $ | 9,586 | $ | 1,096 | $ | 1,153 | $ | 1,581 | $ | 1,104 | $ | 337 | $ | 98 | $ | 14,955 | |||||||||||||||||
United States | Canada | Egypt | Australia | North | Argentina | Other | Total | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,103 | $ | 1,617 | $ | 4,791 | $ | 1,734 | $ | 2,091 | $ | 474 | $ | — | $ | 16,810 | |||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring | 1,684 | 546 | 818 | 440 | 409 | 198 | — | 4,095 | |||||||||||||||||||||||||
Additional | — | — | — | — | — | — | 109 | 109 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 97 | 26 | — | 10 | 17 | 4 | — | 154 | |||||||||||||||||||||||||
Lease operating expenses | 1,167 | 470 | 398 | 197 | 208 | 165 | — | 2,605 | |||||||||||||||||||||||||
Gathering and transportation | 64 | 165 | 35 | — | 25 | 7 | — | 296 | |||||||||||||||||||||||||
Taxes other than income | 259 | 51 | 13 | 9 | 539 | 28 | — | 899 | |||||||||||||||||||||||||
Operating Income (Loss) | $ | 2,832 | $ | 359 | $ | 3,527 | $ | 1,078 | $ | 893 | $ | 72 | $ | (109 | ) | 8,652 | |||||||||||||||||
Other Expense: | |||||||||||||||||||||||||||||||||
Other | 78 | ||||||||||||||||||||||||||||||||
General and administrative | (459 | ) | |||||||||||||||||||||||||||||||
Acquisitions, divestitures, and transition | (20 | ) | |||||||||||||||||||||||||||||||
Financing costs, net | (158 | ) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 8,093 | |||||||||||||||||||||||||||||||
Net Property and Equipment | $ | 21,038 | $ | 8,022 | $ | 4,923 | $ | 4,194 | $ | 5,737 | $ | 1,512 | $ | 22 | $ | 45,448 | |||||||||||||||||
Total Assets | $ | 23,499 | $ | 8,816 | $ | 6,656 | $ | 4,681 | $ | 6,600 | $ | 1,766 | $ | 33 | $ | 52,051 | |||||||||||||||||
Additions to Net Property and | |||||||||||||||||||||||||||||||||
Equipment | $ | 3,854 | $ | 1,288 | $ | 1,015 | $ | 1,140 | $ | 4,175 | $ | 374 | $ | 73 | $ | 11,919 |
SUPPLEMENTAL_OIL_AND_GAS_DISCL1
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||||||||||||||||||
Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities | ' | ||||||||||||||||||||||||||||||||
The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. Apache has no long-term agreements to purchase oil or gas production from foreign governments or authorities. | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(3) | Australia | North Sea | Argentina | Other | Total(3) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions, except per boe) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | 491 | $ | — | $ | 16,402 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,227 | 426 | 881 | 361 | 999 | 220 | — | 5,114 | |||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 181 | 76 | 1,176 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | 5 | — | 243 | |||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | 192 | — | 3,056 | |||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | 9 | — | 297 | |||||||||||||||||||||||||
Production taxes(2) | 324 | 40 | — | 14 | 382 | 36 | — | 796 | |||||||||||||||||||||||||
Income tax | 817 | 24 | 1,161 | 157 | 313 | (53 | ) | — | 2,419 | ||||||||||||||||||||||||
5,418 | 1,153 | 2,555 | 773 | 2,536 | 590 | 76 | 13,101 | ||||||||||||||||||||||||||
Results of operation | $ | 1,484 | $ | 71 | $ | 1,362 | $ | 367 | $ | 192 | $ | (99 | ) | $ | (76 | ) | $ | 3,301 | |||||||||||||||
Amortization rate per boe | $ | 18.39 | $ | 10.89 | $ | 16.21 | $ | 17.47 | $ | 37.25 | $ | 14.13 | $ | — | $ | 18.42 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | 519 | $ | — | $ | 16,947 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,984 | 580 | 924 | 460 | 912 | 225 | — | 5,085 | |||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | — | 109 | 1,992 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | 4 | — | 232 | |||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | 184 | — | 2,968 | |||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | 8 | — | 303 | |||||||||||||||||||||||||
Production taxes(2) | 279 | 42 | — | 11 | 451 | 34 | — | 817 | |||||||||||||||||||||||||
Income tax | 851 | (466 | ) | 1,527 | 262 | 614 | 22 | — | 2,810 | ||||||||||||||||||||||||
4,681 | 2,701 | 2,900 | 965 | 2,374 | 477 | 109 | 14,207 | ||||||||||||||||||||||||||
Results of operation | $ | 1,545 | $ | (1,379 | ) | $ | 1,654 | $ | 610 | $ | 377 | $ | 42 | $ | (109 | ) | $ | 2,740 | |||||||||||||||
Amortization rate per boe | $ | 17.24 | $ | 11.66 | $ | 13.81 | $ | 17.67 | $ | 32.65 | $ | 12.39 | $ | — | $ | 16.88 | |||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,103 | $ | 1,617 | $ | 4,791 | $ | 1,734 | $ | 2,091 | $ | 474 | $ | — | $ | 16,810 | |||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,634 | 537 | 818 | 435 | 405 | 195 | — | 4,024 | |||||||||||||||||||||||||
Additional | — | — | — | — | — | — | 109 | 109 | |||||||||||||||||||||||||
Asset retirement obligation accretion | 97 | 26 | — | 10 | 17 | 4 | — | 154 | |||||||||||||||||||||||||
Lease operating expenses | 1,167 | 470 | 398 | 197 | 208 | 165 | — | 2,605 | |||||||||||||||||||||||||
Gathering and transportation | 64 | 165 | 35 | — | 25 | 7 | — | 296 | |||||||||||||||||||||||||
Production taxes(2) | 255 | 44 | — | 9 | 538 | 19 | — | 865 | |||||||||||||||||||||||||
Income tax | 1,025 | 95 | 1,699 | 325 | 557 | 29 | — | 3,730 | |||||||||||||||||||||||||
4,242 | 1,337 | 2,950 | 976 | 1,750 | 419 | 109 | 11,783 | ||||||||||||||||||||||||||
Results of operation | $ | 1,861 | $ | 280 | $ | 1,841 | $ | 758 | $ | 341 | $ | 55 | $ | (109 | ) | $ | 5,027 | ||||||||||||||||
Amortization rate per boe | $ | 15.55 | $ | 10.44 | $ | 11.63 | $ | 16.59 | $ | 20.21 | $ | 10.87 | $ | — | $ | 13.97 | |||||||||||||||||
-1 | This amount only reflects DD&A of capitalized costs of oil and gas proved properties and, therefore, does not agree with DD&A reflected on Note 13 — Business Segment Information. | ||||||||||||||||||||||||||||||||
-2 | Only reflects amounts directly related to oil and gas producing properties and, therefore, does not agree with taxes other than income reflected on Note 13 — Business Segment Information. | ||||||||||||||||||||||||||||||||
-3 | 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities | ' | ||||||||||||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(2) | Australia | North Sea | Argentina | Other | Total(2) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 17 | $ | — | $ | 35 | $ | — | $ | 125 | $ | — | $ | — | $ | 177 | |||||||||||||||||
Unproved | — | 137 | 11 | — | 17 | — | — | 165 | |||||||||||||||||||||||||
Exploration | 757 | 50 | 563 | 169 | 278 | 53 | 22 | 1,892 | |||||||||||||||||||||||||
Development | 5,435 | 722 | 618 | 996 | 635 | 142 | — | 8,548 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 6,209 | $ | 909 | $ | 1,227 | $ | 1,165 | $ | 1,055 | $ | 195 | $ | 22 | $ | 10,782 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 239 | $ | 35 | $ | 15 | $ | 16 | $ | 25 | $ | 10 | $ | — | $ | 340 | |||||||||||||||||
Asset retirement costs | 480 | 17 | — | (30 | ) | 67 | 3 | — | 537 | ||||||||||||||||||||||||
(2) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 1,076 | $ | 5 | $ | 28 | $ | 32 | $ | 110 | $ | — | $ | — | $ | 1,251 | |||||||||||||||||
Unproved | 2,329 | — | — | — | 26 | — | — | 2,355 | |||||||||||||||||||||||||
Exploration | 1,369 | 111 | 696 | 149 | 111 | 157 | 96 | 2,689 | |||||||||||||||||||||||||
Development | 4,465 | 762 | 394 | 915 | 837 | 161 | 2 | 7,536 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 9,239 | $ | 878 | $ | 1,118 | $ | 1,096 | $ | 1,084 | $ | 318 | $ | 98 | $ | 13,831 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 215 | $ | 38 | $ | 16 | $ | 12 | $ | 24 | $ | 11 | $ | — | $ | 316 | |||||||||||||||||
Asset retirement costs | 473 | 245 | — | 207 | 89 | 18 | — | 1,032 | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 368 | $ | — | $ | (12 | ) | $ | — | $ | 2,399 | $ | — | $ | — | $ | 2,755 | ||||||||||||||||
Unproved | 116 | 33 | 2 | 48 | 476 | — | 13 | 688 | |||||||||||||||||||||||||
Exploration | 418 | 209 | 570 | 286 | 18 | 202 | 59 | 1,762 | |||||||||||||||||||||||||
Development | 2,832 | 883 | 344 | 429 | 941 | 156 | 2 | 5,587 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 3,734 | $ | 1,125 | $ | 904 | $ | 763 | $ | 3,834 | $ | 358 | $ | 74 | $ | 10,792 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 152 | $ | 47 | $ | 18 | $ | 14 | $ | — | $ | 12 | $ | — | $ | 243 | |||||||||||||||||
Asset retirement costs | 380 | 228 | — | 125 | 678 | — | — | 1,411 | |||||||||||||||||||||||||
Capitalized Costs | |||||||||||||||||||||||||||||||||
The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization, including impairments, relating to the Company’s oil and gas production, exploration, and development activities: | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North Sea | Argentina | Other | Total(1) | ||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 41,904 | $ | 13,231 | $ | 8,418 | $ | 7,298 | $ | 9,378 | $ | 2,933 | $ | 228 | $ | 83,390 | |||||||||||||||||
Unproved properties | 5,042 | 1,116 | 660 | 471 | 702 | 349 | 23 | 8,363 | |||||||||||||||||||||||||
46,946 | 14,347 | 9,078 | 7,769 | 10,080 | 3,282 | 251 | 91,753 | ||||||||||||||||||||||||||
Accumulated DD&A | (20,745 | ) | (9,310 | ) | (5,356 | ) | (2,839 | ) | (4,811 | ) | (1,964 | ) | (228 | ) | (45,253 | ) | |||||||||||||||||
$ | 26,201 | $ | 5,037 | $ | 3,722 | $ | 4,930 | $ | 5,269 | $ | 1,318 | $ | 23 | $ | 46,500 | ||||||||||||||||||
(1) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 40,163 | $ | 13,477 | $ | 7,165 | $ | 6,319 | $ | 8,401 | $ | 2,706 | $ | 152 | $ | 78,383 | |||||||||||||||||
Unproved properties | 5,641 | 1,059 | 686 | 284 | 626 | 382 | 76 | 8,754 | |||||||||||||||||||||||||
45,804 | 14,536 | 7,851 | 6,603 | 9,027 | 3,088 | 228 | 87,137 | ||||||||||||||||||||||||||
Accumulated DD&A | (17,968 | ) | (8,899 | ) | (4,474 | ) | (2,478 | ) | (3,445 | ) | (1,562 | ) | (152 | ) | (38,978 | ) | |||||||||||||||||
$ | 27,836 | $ | 5,637 | $ | 3,377 | $ | 4,125 | $ | 5,582 | $ | 1,526 | $ | 76 | $ | 48,159 | ||||||||||||||||||
Summary of Oil and Gas Property Costs Not Being Amortized | ' | ||||||||||||||||||||||||||||||||
The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2013, by the year in which such costs were incurred. There are no individually significant properties or significant development projects included in costs not being amortized. The majority of the evaluation activities are expected to be completed within five to ten years. | |||||||||||||||||||||||||||||||||
Total | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||
and Prior | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Property acquisition costs | $ | 6,437 | $ | 466 | $ | 3,391 | $ | 899 | $ | 1,681 | |||||||||||||||||||||||
Exploration and development | 1,666 | 1,138 | 388 | 88 | 52 | ||||||||||||||||||||||||||||
Capitalized interest | 260 | 48 | 48 | 30 | 134 | ||||||||||||||||||||||||||||
Total | $ | 8,363 | $ | 1,652 | $ | 3,827 | $ | 1,017 | $ | 1,867 | |||||||||||||||||||||||
Proved Reserve Data | ' | ||||||||||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact. | |||||||||||||||||||||||||||||||||
Crude Oil and Condensate | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 422,737 | 90,292 | 109,657 | 48,072 | 115,705 | 16,583 | 803,046 | ||||||||||||||||||||||||||
December 31, 2011 | 428,251 | 81,846 | 105,840 | 35,725 | 136,990 | 16,001 | 804,653 | ||||||||||||||||||||||||||
December 31, 2012 | 474,837 | 79,695 | 106,746 | 29,053 | 119,635 | 15,845 | 825,811 | ||||||||||||||||||||||||||
December 31, 2013 | 457,981 | 80,526 | 119,242 | 22,524 | 100,327 | 14,195 | 794,795 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 214,117 | 56,855 | 17,470 | 18,064 | 38,663 | 4,062 | 349,231 | ||||||||||||||||||||||||||
December 31, 2011 | 205,763 | 59,746 | 22,195 | 32,220 | 32,415 | 4,585 | 356,924 | ||||||||||||||||||||||||||
December 31, 2012 | 203,068 | 70,650 | 17,288 | 34,808 | 28,019 | 2,981 | 356,814 | ||||||||||||||||||||||||||
December 31, 2013 | 195,835 | 56,366 | 16,302 | 36,703 | 29,253 | 2,231 | 336,690 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 636,855 | 147,146 | 127,127 | 66,136 | 154,368 | 20,645 | 1,152,277 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 45,676 | 16,712 | 45,021 | 15,762 | 332 | 3,230 | 126,733 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 5,097 | 705 | — | — | 34,612 | — | 40,414 | ||||||||||||||||||||||||||
Revisions of previous estimates | (8,904 | ) | (17,117 | ) | (6,185 | ) | — | — | 215 | (31,991 | ) | ||||||||||||||||||||||
Production | (43,587 | ) | (5,202 | ) | (37,928 | ) | (13,953 | ) | (19,907 | ) | (3,503 | ) | (124,080 | ) | |||||||||||||||||||
Sale of properties | (1,123 | ) | (653 | ) | — | — | — | — | (1,776 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 634,014 | 141,591 | 128,035 | 67,945 | 169,405 | 20,587 | 1,161,577 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 84,656 | 18,935 | 36,188 | 6,277 | 346 | 1,133 | 147,535 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 15,942 | 188 | — | 276 | 2,143 | — | 18,549 | ||||||||||||||||||||||||||
Revisions of previous estimates | (7,474 | ) | (4,577 | ) | (3,678 | ) | (66 | ) | (928 | ) | 671 | (16,052 | ) | ||||||||||||||||||||
Production | (49,089 | ) | (5,792 | ) | (36,511 | ) | (10,571 | ) | (23,312 | ) | (3,565 | ) | (128,840 | ) | |||||||||||||||||||
Sale of properties | (144 | ) | — | — | — | — | — | (144 | ) | ||||||||||||||||||||||||
Balance December 31, 2012 | 677,905 | 150,345 | 124,034 | 63,861 | 147,654 | 18,826 | 1,182,625 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 133,227 | 10,177 | 43,738 | 2,539 | 1,543 | 998 | 192,222 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 85 | — | 5 | — | 3,623 | — | 3,713 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,683 | (531 | ) | 457 | (118 | ) | 18 | 24 | 1,533 | ||||||||||||||||||||||||
Production | (53,621 | ) | (6,469 | ) | (32,690 | ) | (7,055 | ) | (23,258 | ) | (3,422 | ) | (126,515 | ) | |||||||||||||||||||
Sale of properties | (105,463 | ) | (16,630 | ) | — | — | — | — | (122,093 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 653,816 | 136,892 | 135,544 | 59,227 | 129,580 | 16,426 | 1,131,485 | ||||||||||||||||||||||||||
-1 | 2013 includes proved reserves of 45 MMbbls as of December 31, 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt | Australia | North Sea | Argentina | Total | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 91,800 | 23,701 | — | — | — | 5,875 | 121,376 | ||||||||||||||||||||||||||
December 31, 2011 | 107,490 | 23,256 | — | — | 8,753 | 5,939 | 145,438 | ||||||||||||||||||||||||||
December 31, 2012 | 154,508 | 21,996 | — | — | 2,438 | 5,007 | 183,949 | ||||||||||||||||||||||||||
December 31, 2013 | 184,485 | 26,099 | — | — | 2,435 | 4,110 | 217,129 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 30,361 | 4,142 | — | — | — | 579 | 35,082 | ||||||||||||||||||||||||||
December 31, 2011 | 52,543 | 8,193 | — | — | 509 | 1,215 | 62,460 | ||||||||||||||||||||||||||
December 31, 2012 | 60,889 | 12,258 | — | — | 380 | 876 | 74,403 | ||||||||||||||||||||||||||
December 31, 2013 | 63,538 | 9,970 | — | — | 215 | 1,009 | 74,732 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 122,160 | 27,844 | — | — | — | 6,454 | 156,458 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 43,915 | 5,890 | 18 | — | 72 | 1,784 | 51,679 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 586 | 47 | — | — | 9,191 | — | 9,824 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,713 | 774 | — | — | — | 17 | 2,504 | ||||||||||||||||||||||||||
Production | (8,071 | ) | (2,174 | ) | (18 | ) | — | (1 | ) | (1,102 | ) | (11,366 | ) | ||||||||||||||||||||
Sale of properties | (270 | ) | (931 | ) | — | — | — | — | (1,201 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 160,033 | 31,450 | — | — | 9,262 | 7,153 | 207,898 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 71,965 | 7,655 | — | — | 246 | — | 79,866 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 230 | 9 | — | — | 231 | — | 470 | ||||||||||||||||||||||||||
Revisions of previous estimates | (4,559 | ) | (2,569 | ) | — | — | (6,329 | ) | (169 | ) | (13,626 | ) | |||||||||||||||||||||
Production | (12,272 | ) | (2,291 | ) | — | — | (592 | ) | (1,101 | ) | (16,256 | ) | |||||||||||||||||||||
Sale of properties | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance December 31, 2012 | 215,397 | 34,254 | — | — | 2,818 | 5,883 | 258,352 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 69,231 | 4,014 | — | — | — | — | 73,245 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 45 | — | — | — | 295 | — | 340 | ||||||||||||||||||||||||||
Revisions of previous estimates | 1,591 | 546 | — | — | 1 | 3 | 2,141 | ||||||||||||||||||||||||||
Production | (19,922 | ) | (2,442 | ) | — | — | (464 | ) | (767 | ) | (23,595 | ) | |||||||||||||||||||||
Sale of properties | (18,319 | ) | (303 | ) | — | — | — | — | (18,622 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 248,023 | 36,069 | — | — | 2,650 | 5,119 | 291,861 | ||||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||||||
(Millions of cubic feet) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 2,284,116 | 2,181,615 | 748,573 | 682,763 | 4,144 | 462,206 | 6,363,417 | ||||||||||||||||||||||||||
December 31, 2011 | 2,215,973 | 2,108,801 | 700,866 | 675,618 | 105,028 | 447,132 | 6,253,418 | ||||||||||||||||||||||||||
December 31, 2012 | 2,353,587 | 1,734,657 | 690,436 | 596,052 | 93,319 | 365,054 | 5,833,105 | ||||||||||||||||||||||||||
December 31, 2013 | 2,005,966 | 1,294,420 | 621,825 | 626,543 | 88,177 | 289,133 | 4,926,064 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 988,869 | 1,310,352 | 328,344 | 805,735 | — | 70,465 | 3,503,765 | ||||||||||||||||||||||||||
December 31, 2011 | 760,238 | 1,438,710 | 282,100 | 893,966 | 3,414 | 90,427 | 3,468,855 | ||||||||||||||||||||||||||
December 31, 2012 | 832,320 | 403,227 | 205,055 | 1,074,018 | 18,985 | 97,496 | 2,631,101 | ||||||||||||||||||||||||||
December 31, 2013 | 667,160 | 439,037 | 190,355 | 975,224 | 18,988 | 121,584 | 2,412,348 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 3,272,985 | 3,491,967 | 1,076,917 | 1,488,498 | 4,144 | 532,671 | 9,867,182 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 169,506 | 505,049 | 77,049 | 148,640 | 475 | 81,274 | 981,993 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 67,595 | 8,838 | — | — | 104,658 | — | 181,091 | ||||||||||||||||||||||||||
Revisions of previous estimates | (7,716 | ) | (133,359 | ) | (37,623 | ) | — | — | 1,107 | (177,591 | ) | ||||||||||||||||||||||
Production | (315,631 | ) | (230,880 | ) | (133,377 | ) | (67,554 | ) | (835 | ) | (77,493 | ) | (825,770 | ) | |||||||||||||||||||
Sale of properties | (210,528 | ) | (94,104 | ) | — | — | — | — | (304,632 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 2,976,211 | 3,547,511 | 982,966 | 1,569,584 | 108,442 | 537,559 | 9,722,273 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 365,863 | 252,130 | 55,967 | 176,969 | 16,397 | 2,623 | 869,949 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 313,885 | 2,503 | — | 1,745 | 8,494 | — | 326,627 | ||||||||||||||||||||||||||
Revisions of previous estimates | (156,840 | ) | (1,443,989 | ) | (13,974 | ) | 101 | — | 496 | (1,614,206 | ) | ||||||||||||||||||||||
Production | (312,600 | ) | (219,849 | ) | (129,468 | ) | (78,329 | ) | (21,029 | ) | (78,128 | ) | (839,403 | ) | |||||||||||||||||||
Sale of properties | (612 | ) | (422 | ) | — | — | — | — | (1,034 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 3,185,907 | 2,137,884 | 895,491 | 1,670,070 | 112,304 | 462,550 | 8,464,206 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 306,721 | 359,493 | 44,382 | 13,351 | 2,750 | 16,515 | 743,212 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 855 | — | — | — | 10,680 | — | 11,535 | ||||||||||||||||||||||||||
Revisions of previous estimates | 61,247 | 109,551 | 2,413 | (101 | ) | 32 | 49 | 173,191 | |||||||||||||||||||||||||
Production | (285,187 | ) | (181,593 | ) | (130,106 | ) | (81,553 | ) | (18,601 | ) | (68,397 | ) | (765,437 | ) | |||||||||||||||||||
Sale of properties | (596,417 | ) | (691,878 | ) | — | — | — | — | (1,288,295 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 2,673,126 | 1,733,457 | 812,180 | 1,601,767 | 107,165 | 410,717 | 7,338,412 | ||||||||||||||||||||||||||
-1 | 2013 includes proved reserves of 271 Bcf as of December 31, 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Total Equivalent Reserves | |||||||||||||||||||||||||||||||||
(Thousands barrels of oil equivalent) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 895,223 | 477,594 | 234,419 | 161,866 | 116,396 | 99,493 | 1,984,991 | ||||||||||||||||||||||||||
December 31, 2011 | 905,069 | 456,569 | 222,651 | 148,328 | 163,248 | 96,462 | 1,992,327 | ||||||||||||||||||||||||||
December 31, 2012 | 1,021,610 | 390,800 | 221,819 | 128,395 | 137,626 | 81,695 | 1,981,945 | ||||||||||||||||||||||||||
December 31, 2013 | 976,795 | 322,362 | 222,880 | 126,948 | 117,457 | 66,494 | 1,832,936 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
December 31, 2010 | 409,290 | 279,389 | 72,194 | 152,353 | 38,663 | 16,385 | 968,274 | ||||||||||||||||||||||||||
December 31, 2011 | 385,013 | 307,724 | 69,212 | 181,214 | 33,493 | 20,871 | 997,527 | ||||||||||||||||||||||||||
December 31, 2012 | 402,677 | 150,113 | 51,464 | 213,811 | 31,563 | 20,106 | 869,734 | ||||||||||||||||||||||||||
December 31, 2013 | 370,566 | 139,509 | 48,028 | 199,240 | 32,633 | 23,504 | 813,480 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
Balance December 31, 2010 | 1,304,512 | 756,984 | 306,613 | 314,219 | 155,059 | 115,878 | 2,953,265 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 117,842 | 106,778 | 57,882 | 40,534 | 483 | 18,559 | 342,078 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 16,949 | 2,225 | — | — | 61,246 | — | 80,420 | ||||||||||||||||||||||||||
Revisions of previous estimates | (8,477 | ) | (38,570 | ) | (12,456 | ) | — | — | 417 | (59,086 | ) | ||||||||||||||||||||||
Production | (104,263 | ) | (45,856 | ) | (60,176 | ) | (25,211 | ) | (20,047 | ) | (17,521 | ) | (273,074 | ) | |||||||||||||||||||
Sale of properties | (36,481 | ) | (17,268 | ) | — | — | — | — | (53,749 | ) | |||||||||||||||||||||||
Balance December 31, 2011 | 1,290,082 | 764,293 | 291,863 | 329,542 | 196,741 | 117,333 | 2,989,854 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 217,598 | 68,612 | 45,516 | 35,772 | 3,325 | 1,570 | 372,393 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 68,486 | 614 | — | 567 | 3,790 | — | 73,457 | ||||||||||||||||||||||||||
Revisions of previous estimates | (38,172 | ) | (247,811 | ) | (6,007 | ) | (49 | ) | (7,258 | ) | 585 | (298,712 | ) | ||||||||||||||||||||
Production | (113,461 | ) | (44,725 | ) | (58,089 | ) | (23,626 | ) | (27,409 | ) | (17,687 | ) | (284,997 | ) | |||||||||||||||||||
Sale of properties | (246 | ) | (70 | ) | — | — | — | — | (316 | ) | |||||||||||||||||||||||
Balance December 31, 2012 | 1,424,287 | 540,913 | 273,283 | 342,206 | 169,189 | 101,801 | 2,851,679 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 253,578 | 74,107 | 51,135 | 4,764 | 2,001 | 3,751 | 389,336 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 273 | — | 5 | — | 5,698 | — | 5,976 | ||||||||||||||||||||||||||
Revisions of previous estimates | 13,482 | 18,274 | 859 | (135 | ) | 24 | 35 | 32,539 | |||||||||||||||||||||||||
Production | (121,074 | ) | (39,177 | ) | (54,374 | ) | (20,647 | ) | (26,822 | ) | (15,589 | ) | (277,683 | ) | |||||||||||||||||||
Sale of properties | (223,185 | ) | (132,246 | ) | — | — | — | — | (355,431 | ) | |||||||||||||||||||||||
Balance December 31, 2013 | 1,347,361 | 461,871 | 270,908 | 326,188 | 150,090 | 89,998 | 2,646,416 | ||||||||||||||||||||||||||
-1 | 2013 includes total proved reserves of 90 MMboe attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense | ' | ||||||||||||||||||||||||||||||||
The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(2) | Australia | North Sea | Argentina | Total(2) | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 79,654 | $ | 19,260 | $ | 16,864 | $ | 20,637 | $ | 15,359 | $ | 2,824 | $ | 154,598 | |||||||||||||||||||
Production costs | (26,032 | ) | (8,105 | ) | (2,590 | ) | (4,494 | ) | (8,147 | ) | (1,176 | ) | (50,554 | ) | |||||||||||||||||||
Development costs | (4,834 | ) | (2,458 | ) | (1,899 | ) | (2,283 | ) | (3,284 | ) | (397 | ) | (15,155 | ) | |||||||||||||||||||
Income tax expense | (12,832 | ) | (678 | ) | (4,328 | ) | (3,072 | ) | (2,376 | ) | (142 | ) | (23,428 | ) | |||||||||||||||||||
Net cash flows | 35,956 | 8,019 | 8,047 | 10,788 | 1,552 | 1,109 | 65,471 | ||||||||||||||||||||||||||
10 percent discount rate | (20,117 | ) | (3,987 | ) | (2,193 | ) | (6,423 | ) | 85 | (242 | ) | (32,877 | ) | ||||||||||||||||||||
Discounted future net cash flows(1) | $ | 15,839 | $ | 4,032 | $ | 5,854 | $ | 4,365 | $ | 1,637 | $ | 867 | $ | 32,594 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 84,060 | $ | 20,512 | $ | 16,210 | $ | 20,823 | $ | 16,732 | $ | 3,010 | $ | 161,347 | |||||||||||||||||||
Production costs | (27,230 | ) | (8,543 | ) | (2,126 | ) | (4,896 | ) | (8,451 | ) | (1,162 | ) | (52,408 | ) | |||||||||||||||||||
Development costs | (6,768 | ) | (2,916 | ) | (1,756 | ) | (2,484 | ) | (3,053 | ) | (248 | ) | (17,225 | ) | |||||||||||||||||||
Income tax expense | (12,740 | ) | (754 | ) | (4,246 | ) | (3,172 | ) | (3,163 | ) | (141 | ) | (24,216 | ) | |||||||||||||||||||
Net cash flows | 37,322 | 8,299 | 8,082 | 10,271 | 2,065 | 1,459 | 67,498 | ||||||||||||||||||||||||||
10 percent discount rate | (19,464 | ) | (4,472 | ) | (2,107 | ) | (6,361 | ) | (98 | ) | (443 | ) | (32,945 | ) | |||||||||||||||||||
Discounted future net cash flows(1) | $ | 17,858 | $ | 3,827 | $ | 5,975 | $ | 3,910 | $ | 1,967 | $ | 1,016 | $ | 34,553 | |||||||||||||||||||
-1 | Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $45.4 billion and $48.2 billion as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes discounted future net cash flows of approximately $1.95 billion in 2013 attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Principal Sources of Change In Discounted Future Net Cash Flows | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the principal sources of change in the discounted future net cash flows: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Sales, net of production costs | $ | (12,271 | ) | $ | (12,589 | ) | $ | (13,152 | ) | ||||||||||||||||||||||||
Net change in prices and production costs | 1,438 | (1,941 | ) | 12,167 | |||||||||||||||||||||||||||||
Discoveries and improved recovery, net of related costs | 6,892 | 6,742 | 6,751 | ||||||||||||||||||||||||||||||
Change in future development costs | (2,017 | ) | (935 | ) | (2,250 | ) | |||||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 4,654 | 4,359 | 2,479 | ||||||||||||||||||||||||||||||
Revision of quantities | 500 | (4,065 | ) | (1,475 | ) | ||||||||||||||||||||||||||||
Purchases of minerals in-place | 227 | 1,181 | 2,139 | ||||||||||||||||||||||||||||||
Accretion of discount | 4,823 | 5,234 | 4,161 | ||||||||||||||||||||||||||||||
Change in income taxes | 855 | 2,711 | (4,303 | ) | |||||||||||||||||||||||||||||
Sales of properties | (6,232 | ) | (3 | ) | (1,285 | ) | |||||||||||||||||||||||||||
Change in production rates and other | (828 | ) | (2,088 | ) | 273 | ||||||||||||||||||||||||||||
$ | (1,959 | ) | $ | (1,394 | ) | $ | 5,505 | ||||||||||||||||||||||||||
SUPPLEMENTAL_QUARTERLY_FINANCI1
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Supplemental Quarterly Financial Data | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues and other | $ | 4,076 | $ | 4,383 | $ | 4,019 | $ | 3,576 | $ | 16,054 | |||||||||||
Expenses(2) | 3,359 | 3,348 | 3,713 | 3,346 | 13,766 | ||||||||||||||||
Net income including noncontrolling interest | $ | 717 | $ | 1,035 | $ | 306 | $ | 230 | $ | 2,288 | |||||||||||
Net income attributable to common stock | $ | 698 | $ | 1,016 | $ | 300 | $ | 174 | $ | 2,188 | |||||||||||
Net income per common share(1): | |||||||||||||||||||||
Basic | $ | 1.78 | $ | 2.59 | $ | 0.75 | $ | 0.44 | $ | 5.53 | |||||||||||
Diluted | $ | 1.76 | $ | 2.54 | $ | 0.75 | $ | 0.43 | $ | 5.5 | |||||||||||
2012 | |||||||||||||||||||||
Revenues and other | $ | 4,536 | $ | 3,972 | $ | 4,179 | $ | 4,391 | $ | 17,078 | |||||||||||
Expenses(2) | 3,739 | 3,616 | 3,999 | 3,723 | 15,077 | ||||||||||||||||
Net income including noncontrolling interest | $ | 797 | $ | 356 | $ | 180 | $ | 668 | $ | 2,001 | |||||||||||
Net income attributable to common stock | $ | 778 | $ | 337 | $ | 161 | $ | 649 | $ | 1,925 | |||||||||||
Net income per common share(1): | |||||||||||||||||||||
Basic | $ | 2.02 | $ | 0.87 | $ | 0.41 | $ | 1.66 | $ | 4.95 | |||||||||||
Diluted | $ | 2 | $ | 0.86 | $ | 0.41 | $ | 1.64 | $ | 4.92 | |||||||||||
-1 | The sum of the individual quarterly net income per common share amounts may not agree with year-to-date net income per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period. | ||||||||||||||||||||
-2 | In 2013, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $659 million, net of tax, in the U.S., North Sea, and Argentina regions and also the Company’s exit of operations in Kenya. In 2012, the Company recorded a $1.4 billion, net of tax, non-cash write-down of the carrying value of the Company’s Canadian proved oil and gas properties. |
SUPPLEMENTAL_GUARANTOR_INFORMA1
SUPPLEMENTAL GUARANTOR INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
Supplemental Condensed Consolidating Statement of Operations And Comprehensive Income | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,585 | $ | — | $ | 11,817 | $ | — | $ | 16,402 | |||||||||||
Equity in net income (loss) of affiliates | 2,313 | 17 | 36 | (2,366 | ) | — | |||||||||||||||
Derivative instrument gains (losses), net | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Other | — | 61 | (6 | ) | (4 | ) | 51 | ||||||||||||||
6,499 | 78 | 11,847 | (2,370 | ) | 16,054 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 2,250 | — | 4,450 | — | 6,700 | ||||||||||||||||
Asset retirement obligation accretion | 67 | — | 176 | — | 243 | ||||||||||||||||
Lease operating expenses | 939 | — | 2,117 | — | 3,056 | ||||||||||||||||
Gathering and transportation | 61 | — | 236 | — | 297 | ||||||||||||||||
Taxes other than income | 190 | — | 642 | — | 832 | ||||||||||||||||
General and administrative | 408 | — | 99 | (4 | ) | 503 | |||||||||||||||
Acquisitions, divestitures, and transition | 33 | — | — | — | 33 | ||||||||||||||||
Financing costs, net | 97 | 5 | 72 | — | 174 | ||||||||||||||||
4,045 | 5 | 7,792 | (4 | ) | 11,838 | ||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 2,454 | 73 | 4,055 | (2,366 | ) | 4,216 | |||||||||||||||
Provision (benefit) for income taxes | 222 | 20 | 1,686 | — | 1,928 | ||||||||||||||||
NET INCOME (LOSS) INCLUDING | |||||||||||||||||||||
NONCONTROLLING INTEREST | 2,232 | 53 | 2,369 | (2,366 | ) | 2,288 | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | 56 | — | 56 | ||||||||||||||||
Preferred stock dividends | 44 | — | — | — | 44 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 2,188 | $ | 53 | $ | 2,313 | $ | (2,366 | ) | $ | 2,188 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 2,204 | $ | 53 | $ | 2,313 | $ | (2,366 | ) | $ | 2,204 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,237 | $ | — | $ | 12,710 | $ | — | $ | 16,947 | |||||||||||
Equity in net income (loss) of affiliates | 1,523 | (737 | ) | 248 | (1,034 | ) | — | ||||||||||||||
Other | (80 | ) | 69 | 146 | (4 | ) | 131 | ||||||||||||||
5,680 | (668 | ) | 13,104 | (1,038 | ) | 17,078 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,391 | — | 5,718 | — | 7,109 | ||||||||||||||||
Asset retirement obligation accretion | 76 | — | 156 | — | 232 | ||||||||||||||||
Lease operating expenses | 957 | — | 2,011 | — | 2,968 | ||||||||||||||||
Gathering and transportation | 51 | — | 252 | — | 303 | ||||||||||||||||
Taxes other than income | 185 | — | 677 | — | 862 | ||||||||||||||||
General and administrative | 425 | — | 110 | (4 | ) | 531 | |||||||||||||||
Acquisitions, divestitures, and transition | 25 | — | 6 | — | 31 | ||||||||||||||||
Financing costs, net | 94 | (20 | ) | 91 | — | 165 | |||||||||||||||
3,204 | (20 | ) | 9,021 | (4 | ) | 12,201 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 2,476 | (648 | ) | 4,083 | (1,034 | ) | 4,877 | ||||||||||||||
Provision (benefit) for income taxes | 475 | (159 | ) | 2,560 | — | 2,876 | |||||||||||||||
NET INCOME (LOSS) | 2,001 | (489 | ) | 1,523 | (1,034 | ) | 2,001 | ||||||||||||||
Preferred stock dividends | 76 | — | — | — | 76 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 1,925 | $ | (489 | ) | $ | 1,523 | $ | (1,034 | ) | $ | 1,925 | |||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 1,803 | $ | (489 | ) | $ | 1,523 | $ | (1,034 | ) | $ | 1,803 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 4,380 | $ | — | $ | 12,430 | $ | — | $ | 16,810 | |||||||||||
Equity in net income (loss) of affiliates | 3,590 | 234 | 46 | (3,870 | ) | — | |||||||||||||||
Other | 9 | 125 | (52 | ) | (4 | ) | 78 | ||||||||||||||
7,979 | 359 | 12,424 | (3,874 | ) | 16,888 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,257 | — | 2,947 | — | 4,204 | ||||||||||||||||
Asset retirement obligation accretion | 70 | — | 84 | — | 154 | ||||||||||||||||
Lease operating expenses | 794 | — | 1,811 | — | 2,605 | ||||||||||||||||
Gathering and transportation | 51 | — | 245 | — | 296 | ||||||||||||||||
Taxes other than income | 170 | — | 729 | — | 899 | ||||||||||||||||
General and administrative | 365 | — | 98 | (4 | ) | 459 | |||||||||||||||
Acquisitions, divestitures, and transition | 14 | — | 6 | — | 20 | ||||||||||||||||
Financing costs, net | 149 | (18 | ) | 27 | — | 158 | |||||||||||||||
2,870 | (18 | ) | 5,947 | (4 | ) | 8,795 | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 5,109 | 377 | 6,477 | (3,870 | ) | 8,093 | |||||||||||||||
Provision (benefit) for income taxes | 525 | 97 | 2,887 | — | 3,509 | ||||||||||||||||
NET INCOME (LOSS) | 4,584 | 280 | 3,590 | (3,870 | ) | 4,584 | |||||||||||||||
Preferred stock dividends | 76 | — | — | — | 76 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 4,508 | $ | 280 | $ | 3,590 | $ | (3,870 | ) | $ | 4,508 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | 4,640 | $ | 280 | $ | 3,590 | $ | (3,870 | ) | $ | 4,640 | ||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 1,421 | $ | 315 | $ | 8,099 | $ | — | $ | 9,835 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (4,291 | ) | — | (5,728 | ) | — | (10,019 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (124 | ) | — | (1,077 | ) | — | (1,201 | ) | |||||||||||||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | — | — | — | 3,702 | ||||||||||||||||
Acquisitions, other | — | — | (215 | ) | — | (215 | ) | ||||||||||||||
Proceeds from Kitimat LNG transaction, net | — | — | 396 | — | 396 | ||||||||||||||||
Proceeds from sale of oil and gas properties | — | — | 307 | — | 307 | ||||||||||||||||
Other | (58 | ) | — | (28 | ) | — | (86 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (771 | ) | — | (6,345 | ) | — | (7,116 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (501 | ) | — | (12 | ) | — | (513 | ) | |||||||||||||
Intercompany borrowings | 3,056 | 1 | (3,057 | ) | — | — | |||||||||||||||
Payments on fixed rate debt | (1,722 | ) | (350 | ) | — | — | (2,072 | ) | |||||||||||||
Dividends paid | (360 | ) | — | — | — | (360 | ) | ||||||||||||||
Proceeds from sale of noncontrolling interest | — | — | 2,948 | — | 2,948 | ||||||||||||||||
Shares repurchased | (997 | ) | — | — | — | (997 | ) | ||||||||||||||
Other | 29 | 37 | (45 | ) | — | 21 | |||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (495 | ) | (312 | ) | (166 | ) | — | (973 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155 | 3 | 1,588 | — | 1,746 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | — | — | 160 | — | 160 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 155 | $ | 3 | $ | 1,748 | $ | — | $ | 1,906 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 2,357 | $ | (40 | ) | $ | 6,187 | $ | — | $ | 8,504 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (3,313 | ) | — | (5,468 | ) | — | (8,781 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (48 | ) | — | (702 | ) | — | (750 | ) | |||||||||||||
Acquisition of Cordillera | (2,666 | ) | — | — | — | (2,666 | ) | ||||||||||||||
Equity investment in Yara Pilbara Holdings Pty Limited | — | — | (439 | ) | — | (439 | ) | ||||||||||||||
Acquisitions, other | (66 | ) | — | (186 | ) | — | (252 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 25 | — | 2 | — | 27 | ||||||||||||||||
Investment in subsidiaries, net | (657 | ) | — | — | 657 | — | |||||||||||||||
Other | (450 | ) | — | (113 | ) | — | (563 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (7,175 | ) | — | (6,906 | ) | 657 | (13,424 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | 502 | — | 47 | — | 549 | ||||||||||||||||
Intercompany borrowings | — | — | 697 | (697 | ) | — | |||||||||||||||
Fixed rate debt borrowings | 4,978 | — | — | — | 4,978 | ||||||||||||||||
Payments on fixed rate debt | (400 | ) | — | — | — | (400 | ) | ||||||||||||||
Dividends paid | (332 | ) | — | — | — | (332 | ) | ||||||||||||||
Other | 29 | 35 | (114 | ) | 40 | (10 | ) | ||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,777 | 35 | 630 | (657 | ) | 4,785 | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (41 | ) | (5 | ) | (89 | ) | — | (135 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 41 | 5 | 249 | — | 295 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 160 | $ | — | $ | 160 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 2,191 | $ | 13 | $ | 7,749 | $ | — | $ | 9,953 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (1,478 | ) | — | (4,936 | ) | — | (6,414 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | — | — | (664 | ) | — | (664 | ) | ||||||||||||||
Acquisitions of Mobil North Sea | — | — | (1,246 | ) | — | (1,246 | ) | ||||||||||||||
Acquisitions, other | (448 | ) | — | (119 | ) | — | (567 | ) | |||||||||||||
Proceeds from sales of oil and gas properties | 204 | — | 218 | — | 422 | ||||||||||||||||
Investment in and advances to subsidiaries, net | 772 | — | — | (772 | ) | — | |||||||||||||||
Other | (81 | ) | — | (95 | ) | — | (176 | ) | |||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (1,031 | ) | — | (6,842 | ) | (772 | ) | (8,645 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (927 | ) | — | 2 | — | (925 | ) | ||||||||||||||
Intercompany borrowings | — | (1 | ) | (763 | ) | 764 | — | ||||||||||||||
Dividends paid | (306 | ) | — | — | — | (306 | ) | ||||||||||||||
Other | 108 | (7 | ) | (25 | ) | 8 | 84 | ||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (1,125 | ) | (8 | ) | (786 | ) | 772 | (1,147 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35 | 5 | 121 | — | 161 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 6 | — | 128 | — | 134 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 41 | $ | 5 | $ | 249 | $ | — | $ | 295 | |||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 155 | $ | 3 | $ | 1,748 | $ | — | $ | 1,906 | |||||||||||
Receivables, net of allowance | 1,043 | — | 1,909 | — | 2,952 | ||||||||||||||||
Inventories | 48 | — | 843 | — | 891 | ||||||||||||||||
Drilling advances | 49 | — | 322 | — | 371 | ||||||||||||||||
Derivative instruments | 1 | — | — | — | 1 | ||||||||||||||||
Prepaid assets and other | 99 | — | 146 | — | 245 | ||||||||||||||||
Intercompany receivable | 5,357 | — | — | (5,357 | ) | — | |||||||||||||||
6,752 | 3 | 4,968 | (5,357 | ) | 6,366 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 16,092 | — | 36,329 | — | 52,421 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | 1,572 | — | — | (1,572 | ) | — | |||||||||||||||
Equity in affiliates | 24,743 | 1,155 | 449 | (26,347 | ) | — | |||||||||||||||
Goodwill, net | 173 | — | 1,196 | — | 1,369 | ||||||||||||||||
Deferred charges and other | 166 | 1,006 | 1,309 | (1,000 | ) | 1,481 | |||||||||||||||
$ | 49,498 | $ | 2,164 | $ | 44,251 | $ | (34,276 | ) | $ | 61,637 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 956 | $ | 2 | $ | 658 | $ | — | $ | 1,616 | |||||||||||
Current debt | — | — | 53 | — | 53 | ||||||||||||||||
Asset retirement obligation | 115 | — | 6 | — | 121 | ||||||||||||||||
Derivative instruments | 299 | — | — | — | 299 | ||||||||||||||||
Other current liabilities | 896 | 10 | 1,705 | — | 2,611 | ||||||||||||||||
Intercompany payable | — | — | 5,357 | (5,357 | ) | — | |||||||||||||||
2,266 | 12 | 7,779 | (5,357 | ) | 4,700 | ||||||||||||||||
LONG-TERM DEBT | 9,374 | 298 | — | — | 9,672 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | — | — | 1,572 | (1,572 | ) | — | |||||||||||||||
Income taxes | 3,586 | — | 4,778 | — | 8,364 | ||||||||||||||||
Asset retirement obligation | 430 | — | 2,671 | — | 3,101 | ||||||||||||||||
Other | 446 | 250 | 711 | (1,000 | ) | 407 | |||||||||||||||
4,462 | 250 | 9,732 | (2,572 | ) | 11,872 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY | 33,396 | 1,604 | 24,743 | (26,347 | ) | 33,396 | |||||||||||||||
Noncontrolling interest | — | — | 1,997 | — | 1,997 | ||||||||||||||||
TOTAL EQUITY | 33,396 | 1,604 | 26,740 | (26,347 | ) | 35,393 | |||||||||||||||
$ | 49,498 | $ | 2,164 | $ | 44,251 | $ | (34,276 | ) | $ | 61,637 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 160 | $ | — | $ | 160 | |||||||||||
Receivables, net of allowance | 876 | — | 2,210 | — | 3,086 | ||||||||||||||||
Inventories | 95 | — | 813 | — | 908 | ||||||||||||||||
Drilling advances | 21 | 1 | 562 | — | 584 | ||||||||||||||||
Derivative instruments | 31 | — | — | — | 31 | ||||||||||||||||
Prepaid assets and other | 102 | — | 91 | — | 193 | ||||||||||||||||
Intercompany receivable | 3,766 | — | — | (3,766 | ) | — | |||||||||||||||
4,891 | 1 | 3,836 | (3,766 | ) | 4,962 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 18,517 | — | 34,763 | — | 53,280 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | 4,628 | — | — | (4,628 | ) | — | |||||||||||||||
Equity in affiliates | 21,047 | 934 | 97 | (22,078 | ) | — | |||||||||||||||
Goodwill, net | 173 | — | 1,116 | — | 1,289 | ||||||||||||||||
Deferred charges and other | 152 | 1,002 | 1,052 | (1,000 | ) | 1,206 | |||||||||||||||
$ | 49,408 | $ | 1,937 | $ | 40,864 | $ | (31,472 | ) | $ | 60,737 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 639 | $ | 1 | $ | 452 | $ | — | $ | 1,092 | |||||||||||
Current debt | 912 | — | 78 | — | 990 | ||||||||||||||||
Asset retirement obligation | 471 | — | 7 | — | 478 | ||||||||||||||||
Derivative instruments | 96 | — | 20 | — | 116 | ||||||||||||||||
Other current liabilities | 893 | 3 | 1,964 | — | 2,860 | ||||||||||||||||
Intercompany payable | — | — | 3,766 | (3,766 | ) | — | |||||||||||||||
3,011 | 4 | 6,287 | (3,766 | ) | 5,536 | ||||||||||||||||
LONG-TERM DEBT | 10,706 | 647 | 2 | — | 11,355 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | — | — | 4,628 | (4,628 | ) | — | |||||||||||||||
Income taxes | 2,990 | 5 | 5,029 | — | 8,024 | ||||||||||||||||
Asset retirement obligation | 992 | — | 3,108 | — | 4,100 | ||||||||||||||||
Other | 378 | 250 | 763 | (1,000 | ) | 391 | |||||||||||||||
4,360 | 255 | 13,528 | (5,628 | ) | 12,515 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES TOTAL EQUITY | 31,331 | 1,031 | 21,047 | (22,078 | ) | 31,331 | |||||||||||||||
$ | 49,408 | $ | 1,937 | $ | 40,864 | $ | (31,472 | ) | $ | 60,737 | |||||||||||
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,906,000,000 | $160,000,000 | $295,000,000 | $134,000,000 |
Allowance for Doubtful Accounts | 96,000,000 | 82,000,000 | ' | ' |
Capitalized internal costs | 46,500,000,000 | 48,159,000,000 | ' | ' |
Impairment of operations | 1,176,000,000 | 1,992,000,000 | 109,000,000 | ' |
Seismic costs | ' | 15,000,000 | 49,000,000 | ' |
Write-down of the carrying value of Oil and Gas properties | 1,100,000,000 | ' | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | 659,000,000 | ' | ' | ' |
Significant portion of reserve quantity | 'Greater than 25 percent | ' | ' | ' |
Gain (loss) recorded on divestitures | 0 | 0 | 0 | ' |
Gathering, transmission and processing facilities | 6,995,000,000 | 5,955,000,000 | ' | ' |
Accumulated depreciation | 47,398,000,000 | 40,867,000,000 | ' | ' |
Goodwill | 1,369,000,000 | 1,289,000,000 | ' | ' |
Accounts payable | 271,000,000 | 255,000,000 | ' | ' |
Net cost of third party gas | 34,000,000 | 27,000,000 | 28,000,000 | ' |
Maximum percentage of production available to contract partners | 40.00% | ' | ' | ' |
Additional net tax expense related to foreign currency translation gains and losses | 154,000,000 | 16,000,000 | 66,000,000 | ' |
Other foreign currency gains and losses | -30,000,000 | 24,000,000 | 4,000,000 | ' |
Benefit of tax deductions in excess of recognized compensation cost | 1,000,000 | 4,000,000 | 32,000,000 | ' |
Gas Gathering Transmission And Processing Facilities [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Accumulated depreciation | 2,100,000,000 | 1,900,000,000 | ' | ' |
NEW ZEALAND [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impairment of operations | ' | 28,000,000 | ' | ' |
Chile [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impairment of operations | ' | ' | 60,000,000 | ' |
Kenya [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impairment of operations | 75,000,000 | ' | ' | ' |
Canada [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized internal costs | 5,037,000,000 | 5,637,000,000 | ' | ' |
Impairment of operations | ' | 1,883,000,000 | ' | ' |
Write-down of the carrying value of Oil and Gas properties | ' | 1,900,000,000 | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | ' | 1,400,000,000 | ' | ' |
Write down of oil and gas property Excluding the effect of cash flow hedge Before Tax | ' | 135,000,000 | ' | ' |
Write down of oil and gas property Excluding the effect of cash flow hedge Net of Tax | ' | 101,000,000 | ' | ' |
United States [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized internal costs | 26,201,000,000 | 27,836,000,000 | ' | ' |
Impairment of operations | 552,000,000 | ' | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | 356,000,000 | ' | ' | ' |
Goodwill | 1,000,000,000 | 1,000,000,000 | ' | ' |
North Sea [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized internal costs | 5,269,000,000 | 5,582,000,000 | ' | ' |
Impairment of operations | 367,000,000 | ' | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | 139,000,000 | ' | ' | ' |
Argentina [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized internal costs | 1,318,000,000 | 1,526,000,000 | ' | ' |
Impairment of operations | 181,000,000 | ' | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | 118,000,000 | ' | ' | ' |
Canada, Dollars | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Goodwill | 103,000,000 | 103,000,000 | ' | ' |
Egypt [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized internal costs | 3,722,000,000 | 3,377,000,000 | ' | ' |
Goodwill | 86,000,000 | 86,000,000 | ' | ' |
Mobil North Sea Limited [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Goodwill | 163,000,000 | 84,000,000 | ' | ' |
Apache Corporation [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 155,000,000 | ' | 41,000,000 | 6,000,000 |
Capitalized internal costs | 401,000,000 | 402,000,000 | 335,000,000 | ' |
Goodwill | $173,000,000 | $173,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Voting interest required for consolidation of investments | 50.00% | ' | ' | ' |
Minimum [Member] | Gas Gathering Transmission And Processing Facilities [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of gas gathering, transmission and processing facilities | '3 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Voting interest required for consolidation of investments | 50.00% | ' | ' | ' |
Maximum [Member] | Gas Gathering Transmission And Processing Facilities [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Useful lives of gas gathering, transmission and processing facilities | '25 years | ' | ' | ' |
Recovered_Sheet2
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Nov. 14, 2013 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Feb. 12, 2014 | Nov. 14, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Jan. 31, 2012 | |
acre | Argentina [Member] | Argentina [Member] | Argentina [Member] | Sinopec [Member] | YPF Sociedad Anonima [Member] | Fieldwood Energy Llc [Member] | Subsequent Event [Member] | Egypt Oil And Gas [Member] | Kitimat LNG [Member] | Kitimat LNG [Member] | Kitimat LNG [Member] | Kitimat LNG [Member] | Kitimat LNG [Member] | Yara International [Member] | |||||
YPF Sociedad Anonima [Member] | Sinopec [Member] | Horn River and Liard Basins [Member] | Chevron Canada and Apache Canada [Member] | Fieldwood Energy Llc [Member] | |||||||||||||||
acre | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | ' | ' | ' | ' | ' | $1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Operations | 2,950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000,000 | 800,000,000 | 2,950,000,000 | ' | ' | ' | ' | ' | ' |
Effective date of the transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-13 | ' | 1-Jan-13 | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000,000 | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | ' | ' | 56,000,000 | ' | ' | ' | ' | ' | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds as noncontrolling interest | ' | ' | 1,997,000,000 | ' | ' | ' | ' | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Proved properties | ' | ' | 83,390,000,000 | 78,383,000,000 | ' | 2,933,000,000 | 2,706,000,000 | ' | ' | ' | ' | ' | ' | ' | 4,600,000,000 | ' | ' | ' | ' |
Unproved properties | ' | ' | 8,363,000,000 | 8,754,000,000 | ' | 349,000,000 | 382,000,000 | ' | ' | ' | ' | ' | ' | ' | 473,000,000 | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 49.00% |
Business properties held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 644,000 | ' | ' | ' |
Proceeds from transaction | ' | ' | 396,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000,000 | ' | ' | ' | ' | ' |
Proceeds from limited partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Proceeds from sale of other oil and gas properties | ' | ' | 307,000,000 | 27,000,000 | 422,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions of oil and gas property | ' | ' | 215,000,000 | 13,831,000,000 | 10,792,000,000 | 195,000,000 | 318,000,000 | 358,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cordillera's properties | ' | 312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued seller | ' | 6,272,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid to seller | ' | 2,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439,000,000 |
Ownership percentage by other party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% |
Expenses in connection with Apache's merger, transition and acquisition activity | ' | ' | 33,000,000 | 31,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment banking fees and other costs | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination separation and other costs | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed as of Acquisition Date (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 30, 2011 |
In Millions, unless otherwise specified | Cordillera Energy Partners [Member] | Mobil North Sea Limited [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Current assets | ' | ' | $39 | $219 |
Proved properties | 83,390 | 78,383 | 1,040 | 2,341 |
Unproved properties | 8,363 | 8,754 | 2,299 | 476 |
Gathering, transmission, and processing facilities | ' | ' | 1 | 338 |
Goodwill | ' | ' | 173 | 84 |
Deferred tax asset | ' | ' | 64 | ' |
Total assets acquired | ' | ' | 3,616 | 3,458 |
Current liabilities | ' | ' | 88 | 148 |
Asset retirement obligation | ' | ' | ' | 517 |
Deferred income tax liabilities | ' | ' | 237 | 1,546 |
Other long-term obligations | ' | ' | 5 | 1 |
Total liabilities assumed | ' | ' | 330 | 2,212 |
Net assets acquired | ' | ' | $3,286 | $1,246 |
Recovered_Sheet3
Derivative Instruments and Hedging Activities - Additional Information (Detail) | Dec. 31, 2013 |
Counterparty | |
Derivative [Line Items] | ' |
Number of counterparties | 14 |
Fixed-Price Swaps [Member] | 2014 [Member] | Nymex Henry Hub [Member] | Derivatives Not Designated as Cash Flow Hedging Instruments [Member] | Open Natural Gas Derivative Positions [Member] | ' |
Derivative [Line Items] | ' |
Open positions | 55,900,000 |
Weighted average fixed price | 4.35 |
Recovered_Sheet4
Derivative Instruments and Hedging Activities - Open Crude Oil and Natural Gas Derivative Positions (Detail) (2014 [Member], Fixed-Price Swaps [Member]) | Dec. 31, 2013 |
MBbls | |
Open Crude Oil Derivative Positions [Member] | Derivatives Not Designated as Cash Flow Hedging Instruments [Member] | NYMEX WTI [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Open positions | 22,889 |
Open positions | 90.77 |
Open Crude Oil Derivative Positions [Member] | Derivatives Not Designated as Cash Flow Hedging Instruments [Member] | Dated Brent [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Open positions | 22,812 |
Open positions | 100.05 |
Open Natural Gas Derivative Positions [Member] | Derivative Asset Designated As Hedging Instruments [Member] | Nymex Henry Hub [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Open positions | 1,295,000,000 |
Open positions | 6.72 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Quoted Price in Active Markets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | ' | ' |
Liabilities: | ' | ' |
Derivatives designated as cash flow hedges | ' | ' |
Derivatives not designated as cash flow hedges | ' | ' |
Total Derivative liabilities | ' | ' |
Significant Other Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | 3 | 48 |
Liabilities: | ' | ' |
Derivatives designated as cash flow hedges | 1 | 51 |
Derivatives not designated as cash flow hedges | 300 | 80 |
Total Derivative liabilities | 301 | 131 |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | ' | ' |
Liabilities: | ' | ' |
Derivatives designated as cash flow hedges | ' | ' |
Derivatives not designated as cash flow hedges | ' | ' |
Total Derivative liabilities | ' | ' |
Total Fair Value [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | 3 | 48 |
Liabilities: | ' | ' |
Derivatives designated as cash flow hedges | 1 | 51 |
Derivatives not designated as cash flow hedges | 300 | 80 |
Total Derivative liabilities | 301 | 131 |
Netting [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | -2 | -15 |
Liabilities: | ' | ' |
Total Derivative liabilities | -2 | -15 |
Carrying Amount [Member] | ' | ' |
Assets: | ' | ' |
Derivatives designated as cash flow hedges | 1 | 33 |
Liabilities: | ' | ' |
Total Derivative liabilities | $299 | $116 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Instruments Recorded in Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets | $1 | $33 |
Total Liabilities | 299 | 116 |
Derivative Instruments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current Assets: Derivative instruments | 1 | 31 |
Current Liabilities: Derivative instruments | 299 | 116 |
Deferred Charges and Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Assets: Deferred charges and other | ' | $2 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Commodity Derivative Activity Recorded in Statement of Consolidated Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and Gas Production Revenues [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive loss | ($16) | $268 | ($13) |
Revenues and Other [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain (loss) for ineffectiveness on cash flow hedges | -1 | ' | 2 |
Derivative Instrument Gains (Losses), Net [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss on derivatives not designated as cash flow hedges | ($399) | ($79) | ' |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Commodity Derivative Activity in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Unrealized gain (loss) on derivatives at beginning of period, Before tax | ($10) | $145 | ($54) |
Realized amounts reclassified into earnings, Before tax | 16 | -268 | 13 |
Net change in derivative fair value, Before tax | -6 | 113 | 188 |
Ineffectiveness reclassified into earnings, Before tax | 1 | ' | -2 |
Unrealized gain (loss) on derivatives at end of period, Before tax | 1 | -10 | 145 |
Unrealized gain (loss) on derivatives at beginning of period, After tax | -6 | 114 | -19 |
Realized amounts reclassified into earnings, After tax | 11 | -199 | 19 |
Net change in derivative fair value, After tax | -5 | 79 | 115 |
Ineffectiveness reclassified into earnings, After tax | 1 | ' | -1 |
Unrealized gain on derivatives at end of period, After tax | $1 | ($6) | $114 |
Other_Current_Liabilities_Deta
Other Current Liabilities - Details of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued operating expenses | $190 | $211 |
Accrued exploration and development | 1,582 | 1,792 |
Accrued compensation and benefits | 242 | 198 |
Accrued interest | 161 | 160 |
Accrued income taxes | 248 | 297 |
Accrued U.K. Petroleum Revenue Tax | 9 | 53 |
Other | 179 | 149 |
Total Other current liabilities | $2,611 | $2,860 |
Asset_Retirement_Obligation_As
Asset Retirement Obligation - Asset Retirement Obligation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligation at beginning of year | $4,578 | $3,887 | ' |
Liabilities incurred | 481 | 592 | ' |
Liabilities acquired | 53 | 72 | ' |
Liabilities divested | -1,692 | ' | ' |
Liabilities settled | -497 | -550 | ' |
Accretion expense | 243 | 232 | 154 |
Revisions in estimated liabilities | 56 | 345 | ' |
Asset retirement obligation at end of year | 3,222 | 4,578 | 3,887 |
Less current portion | -121 | -478 | ' |
Asset retirement obligation, long-term | $3,101 | $4,100 | ' |
Asset_Retirement_Obligation_Ad
Asset Retirement Obligation - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' |
Additional abandonment liabilities associated with its drilling and development program | $481 | $592 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Payments on fixed rate debt | $2,072,000,000 | $400,000,000 | ' |
Margin over LIBOR for committed loans | 4.38% | ' | ' |
Marketable securities fixed maturities | 850,000,000 | ' | ' |
Redemption of notes | 350,000,000 | ' | ' |
Amount paid for redemption of notes | 371,000,000 | ' | ' |
Gain on extinguishment of debt | 16,000,000 | ' | ' |
Unsecured credit facility available to Company | 3,300,000,000 | ' | ' |
Revolving bank facility | 1,700,000,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 3,300,000,000 | ' | ' |
Line of Credit Facility, Interest Rate Description | 'At December 31, 2013, the margin over LIBOR for committed loans was 0.875 percent on the $1.0 billion U.S. credit facility and 0.90 percent on each of the $1.7 billion U.S. credit facility, the $300 million Australian credit facility, and the $300 million Canadian credit facility. | ' | ' |
Debt to Capitalization ratio | 0.22 | ' | ' |
Percentage of liens of companies consolidated asset | 5.00% | ' | ' |
Maximum potential lien on assets located in specified regions | 3,100,000,000 | ' | ' |
Weighted average interest rate for commercial paper | 0.38% | ' | ' |
Available backstops | 100.00% | ' | ' |
Carrying Amount, Commercial paper | 0 | 489,000,000 | ' |
Debt before unamortized discount | 9,784,000,000 | 12,411,000,000 | ' |
Unamortized discount | 59,000,000 | 66,000,000 | ' |
Amortization of Debt Discount (Premium) | 3,000,000 | 3,000,000 | 2,000,000 |
Unamortized deferred loan costs associated with its various debt obligations | 73,000,000 | 70,000,000 | ' |
Notes Payable, Other Payables [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Period For Borrowing Funds | '270 days | ' | ' |
Apache finance Canada 7.75% notes due 2029 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 7.75% | 7.75% | ' |
Debt before unamortized discount | 300,000,000 | 300,000,000 | ' |
United States [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt before unamortized discount | 9,430,000,000 | 11,682,000,000 | ' |
Australia [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving bank facility | 300,000,000 | ' | ' |
Canada [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving bank facility | 300,000,000 | ' | ' |
Money Market Lines of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding balance under the facility secured revolving syndicated | 53,000,000 | 91,000,000 | ' |
Credit Facility One [Member] | United States [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving bank facility | 1,700,000,000 | ' | ' |
Credit Facility Two [Member] | United States [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving bank facility | 1,000,000,000 | ' | ' |
6.00 - Percent Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Payments on fixed rate debt | 400,000,000 | ' | ' |
Margin over LIBOR for committed loans | 6.00% | ' | ' |
Credit facility maturity date | 15-Sep-13 | ' | ' |
6.00 - Percent Notes [Member] | 2.625 Percent Senior Notes due 2023 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Marketable securities fixed maturities | 669,000,000 | ' | ' |
Payments to acquire available for sale securities debt | 811,000,000 | ' | ' |
6.00 - Percent Notes [Member] | 3.25 Percent Senior Notes Due 2022 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Marketable securities fixed maturities | 181,000,000 | ' | ' |
5.25 - Percent Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 5.25% | ' | ' |
Credit facility maturity date | 15-Apr-13 | ' | ' |
5.25 - Percent Notes [Member] | 2.625 Percent Senior Notes due 2023 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 5.25% | ' | ' |
Unsecured Committed Bank Credit Facilities [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 0.88% | ' | ' |
Quarterly facility fees | '0.125 percent on the total amount | ' | ' |
Unsecured Committed Bank Credit Facilities in U.S. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 0.90% | ' | ' |
Quarterly facility fees | '0.10 percent on the total amount | ' | ' |
Unsecured Committed Bank Credit Facilities in Australia [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 0.90% | ' | ' |
Quarterly facility fees | '0.10 percent on the total amount | ' | ' |
Unsecured Committed Bank Credit Facilities in Canada [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Margin over LIBOR for committed loans | 0.90% | ' | ' |
Quarterly facility fees | '0.10 percent on the total amount | ' | ' |
Revolving Credit Facility Due August 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility maturity date | 31-Aug-16 | ' | ' |
Unsecured credit facility available to Company | 1,000,000,000 | ' | ' |
Revolving Credit Facility Due June 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility maturity date | 30-Jun-17 | ' | ' |
Unsecured credit facility available to Company | 2,300,000,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt to Capitalization ratio | 0.6 | ' | ' |
Commercial paper program | $3,000,000,000 | ' | ' |
Debt_Debt_for_Apache_and_Subsi
Debt - Debt for Apache and Subsidiaries (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | $9,784 | $12,411 |
Unamortized discount | -59 | -66 |
Notes interest rate | 4.38% | ' |
Total debt | 9,725 | 12,345 |
Current maturities | -53 | -990 |
Long-term debt | 9,672 | 11,355 |
Commercial Paper [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | ' | 489 |
United States [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 9,430 | 11,682 |
Argentina Overdraft Lines of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 51 | 69 |
Canada Lines Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 2 | 9 |
Money Market Lines of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | ' | 13 |
5.25% notes due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | ' | 500 |
Debt maturity year | '2013 | '2013 |
Notes interest rate | 5.25% | 5.25% |
6.0% notes due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | ' | 400 |
Debt maturity year | '2013 | '2013 |
Notes interest rate | 6.00% | 6.00% |
5.625% notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 500 | 500 |
Debt maturity year | '2017 | '2017 |
Notes interest rate | 5.63% | 5.63% |
One Point Seven Five Percentage Notes Due Twenty Seventeen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 400 | 400 |
Debt maturity year | '2017 | '2017 |
Notes interest rate | 1.75% | 1.75% |
6.9% notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 400 | 400 |
Debt maturity year | '2018 | '2018 |
Notes interest rate | 6.90% | 6.90% |
7.0% notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 150 | 150 |
Debt maturity year | '2018 | '2018 |
Notes interest rate | 7.00% | 7.00% |
7.625% notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 150 | 150 |
Debt maturity year | '2019 | '2019 |
Notes interest rate | 7.63% | 7.63% |
3.625% notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 500 | 500 |
Debt maturity year | '2021 | '2021 |
Notes interest rate | 3.63% | 3.63% |
Three Point Two Five Percentage Notes Due Twenty Twenty Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 919 | 1,100 |
Debt maturity year | '2022 | '2022 |
Notes interest rate | 3.25% | 3.25% |
Two Point Six Two Five Percentage Notes Due Twenty Twenty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 531 | 1,200 |
Debt maturity year | '2023 | '2023 |
Notes interest rate | 2.63% | 2.63% |
7.7% notes due 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 100 | 100 |
Debt maturity year | '2026 | '2026 |
Notes interest rate | 7.70% | 7.70% |
7.95% notes due 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 180 | 180 |
Debt maturity year | '2026 | '2026 |
Notes interest rate | 7.95% | 7.95% |
6.0% notes due 2037 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 1,000 | 1,000 |
Debt maturity year | '2037 | '2037 |
Notes interest rate | 6.00% | 6.00% |
5.1% notes due 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 1,500 | 1,500 |
Debt maturity year | '2040 | '2040 |
Notes interest rate | 5.10% | 5.10% |
5.25% notes due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 500 | 500 |
Debt maturity year | '2042 | '2042 |
Notes interest rate | 5.25% | 5.25% |
Four Point Seven Five Percentage Notes Due Twenty Forty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 1,500 | 1,500 |
Debt maturity year | '2043 | '2043 |
Notes interest rate | 4.75% | 4.75% |
Four Point Two Five Percentage Notes Due Twenty Forty Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 800 | 800 |
Debt maturity year | '2044 | '2044 |
Notes interest rate | 4.25% | 4.25% |
7.375% debentures due 2047 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 150 | 150 |
Debt maturity year | '2047 | '2047 |
Notes interest rate | 7.33% | 7.38% |
7.625% debentures due 2096 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 150 | 150 |
Debt maturity year | '2096 | '2096 |
Notes interest rate | 7.63% | 7.63% |
Apache Finance Canada 4.375% notes due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | ' | 350 |
Debt maturity year | '2015 | '2015 |
Notes interest rate | 4.38% | 4.38% |
Notes Due In Twenty Sixteen And Twenty Seventeen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 1 | 1 |
Debt maturity year | '2016 | '2016 |
Apache finance Canada 7.75% notes due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | 300 | 300 |
Debt maturity year | '2029 | '2029 |
Notes interest rate | 7.75% | 7.75% |
Subsidiary And Other Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt before unamortized discount | $354 | $729 |
Debt_Debt_for_Apache_and_Subsi1
Debt - Debt for Apache and Subsidiaries (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 4.38% | ' |
5.25% notes due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 5.25% | 5.25% |
Debt maturity year | '2013 | '2013 |
6.0% notes due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 6.00% | 6.00% |
Debt maturity year | '2013 | '2013 |
5.625% notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 5.63% | 5.63% |
Debt maturity year | '2017 | '2017 |
One Point Seven Five Percentage Notes Due Twenty Seventeen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 1.75% | 1.75% |
Debt maturity year | '2017 | '2017 |
6.9% notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 6.90% | 6.90% |
Debt maturity year | '2018 | '2018 |
7.0% notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.00% | 7.00% |
Debt maturity year | '2018 | '2018 |
7.625% notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.63% | 7.63% |
Debt maturity year | '2019 | '2019 |
3.625% notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 3.63% | 3.63% |
Debt maturity year | '2021 | '2021 |
Three Point Two Five Percentage Notes Due Twenty Twenty Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 3.25% | 3.25% |
Debt maturity year | '2022 | '2022 |
Two Point Six Two Five Percentage Notes Due Twenty Twenty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 2.63% | 2.63% |
Debt maturity year | '2023 | '2023 |
7.7% notes due 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.70% | 7.70% |
Debt maturity year | '2026 | '2026 |
7.95% notes due 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.95% | 7.95% |
Debt maturity year | '2026 | '2026 |
6.0% notes due 2037 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 6.00% | 6.00% |
Debt maturity year | '2037 | '2037 |
5.1% notes due 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 5.10% | 5.10% |
Debt maturity year | '2040 | '2040 |
5.25% notes due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 5.25% | 5.25% |
Debt maturity year | '2042 | '2042 |
Four Point Seven Five Percentage Notes Due Twenty Forty Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 4.75% | 4.75% |
Debt maturity year | '2043 | '2043 |
Four Point Two Five Percentage Notes Due Twenty Forty Four [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 4.25% | 4.25% |
Debt maturity year | '2044 | '2044 |
7.375% debentures due 2047 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.33% | 7.38% |
Debt maturity year | '2047 | '2047 |
7.625% debentures due 2096 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.63% | 7.63% |
Debt maturity year | '2096 | '2096 |
Apache Finance Canada 4.375% notes due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 4.38% | 4.38% |
Debt maturity year | '2015 | '2015 |
Notes Due In Twenty Sixteen And Twenty Seventeen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt maturity year | '2016 | '2016 |
Apache finance Canada 7.75% notes due 2029 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes interest rate | 7.75% | 7.75% |
Debt maturity year | '2029 | '2029 |
Debt_Schedule_of_Long_Term_Deb
Debt - Schedule of Long Term Debt by Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $53 | ' |
2015 | ' | ' |
2016 | 1 | ' |
2017 | 900 | ' |
2018 | 550 | ' |
Thereafter | 8,280 | ' |
Total Debt, excluding discounts | $9,784 | $12,411 |
Debt_NonRecurring_Fair_Value_M
Debt - Non-Recurring Fair Value Measurement (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Commercial paper, Carrying Amount | $0 | $489 |
Total Debt, Carrying Amount | 9,725 | 12,345 |
Total Debt, Fair Value | 10,300 | 13,920 |
Money Market Lines of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Money market lines of credit, Carrying Amount | 53 | 91 |
Total Debt, Fair Value | 53 | 91 |
Commercial Paper [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commercial paper, Carrying Amount | ' | 489 |
Total Debt, Fair Value | ' | 489 |
Notes and Debentures [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes and debentures, Carrying Amount | 9,672 | 11,765 |
Total Debt, Fair Value | $10,247 | $13,340 |
Debt_Financing_Costs_Net_Detai
Debt - Financing Costs, Net (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Interest expense | $571 | $509 | $433 |
Amortization of deferred loan costs | 8 | 7 | 5 |
Capitalized interest | -374 | -334 | -263 |
Gain on extinguishment of debt | -16 | ' | ' |
Interest income | -15 | -17 | -17 |
Financing costs, net | $174 | $165 | $158 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $1,191 | $1,605 | $2,373 |
Foreign | 3,025 | 3,272 | 5,720 |
INCOME BEFORE INCOME TAXES | $4,216 | $4,877 | $8,093 |
Income_Taxes_Total_Provision_f
Income Taxes - Total Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current taxes: | ' | ' | ' |
Federal | ($29) | ($150) | $64 |
State | ' | ' | 2 |
Foreign | 1,694 | 2,349 | 2,197 |
Current tax, net | 1,665 | 2,199 | 2,263 |
Deferred taxes: | ' | ' | ' |
Federal | 509 | 596 | 656 |
State | 44 | 10 | 17 |
Foreign | -290 | 71 | 573 |
Deferred taxes, net | 263 | 677 | 1,246 |
Total | $1,928 | $2,876 | $3,509 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense at U.S. statutory rate | $1,476 | $1,707 | $2,833 |
State income tax, less federal benefit | 29 | 6 | 12 |
Taxes related to foreign operations | 200 | 773 | 568 |
Tax credits | 6 | -4 | -15 |
Deferred tax on distributed foreign earnings | 225 | ' | ' |
Current and deferred taxes related to currency fluctuations | -154 | 16 | -66 |
Change in U.K. tax rate | ' | 118 | 218 |
Net change in tax contingencies | -10 | -115 | -6 |
Valuation allowances | 199 | 355 | 8 |
All other, net | -43 | 20 | -43 |
Total | $1,928 | $2,876 | $3,509 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred income | $153 | $33 |
Federal and state net operating loss carryforwards | 900 | 932 |
Foreign net operating loss carryforwards | 156 | 61 |
Tax credits | 66 | 78 |
Accrued expenses and liabilities | 162 | 2 |
Asset retirement obligation | 1,231 | 1,677 |
Total deferred tax assets | 2,668 | 2,783 |
Valuation allowance | -651 | -419 |
Net deferred tax assets | 2,017 | 2,364 |
Deferred tax liabilities: | ' | ' |
Other | 29 | 23 |
Depreciation, depletion and amortization | 10,224 | 10,213 |
Total deferred tax liabilities | 10,253 | 10,236 |
Net deferred income tax liability | $8,236 | $7,872 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Increase in valuation allowances | ' | $232,000,000 | $359,000,000 | $7,000,000 |
Proceeds against participation in business | 2,950,000,000 | ' | ' | ' |
Proceeds against participation in business | 225,000,000 | ' | ' | ' |
Cash repatriation from foreign subsidiaries | 643,000,000 | ' | ' | ' |
Tax expenses recorded | ' | 1,000,000 | 5,000,000 | 6,000,000 |
Accrued for payment of interest and penalties | ' | 1,000,000 | 5,000,000 | ' |
Settlements | ' | ' | 65,000,000 | 22,000,000 |
United States [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | ' | 1,558,000,000 | ' | ' |
Mariner Energy Inc [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | ' | 520,000,000 | ' | ' |
Cordillera Energy Partners [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | ' | 183,000,000 | ' | ' |
Canada [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | ' | 5,000,000 | ' | ' |
Capital loss carryforwards | ' | 186,000,000 | ' | ' |
Apache Egypt [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Undistributed earnings of the foreign subsidiaries | ' | $17,000,000,000 | ' | ' |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Losses (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United States [Member] | ' |
Net operating losses: | ' |
Net operating losses | $1,558 |
United States State [Member] | ' |
Net operating losses: | ' |
Net operating losses | 2,242 |
Net operating losses, Expiration | 'Various |
Canada [Member] | ' |
Net operating losses: | ' |
Net operating losses | 5 |
Net operating losses, Expiration | '2014 |
Australia [Member] | ' |
Net operating losses: | ' |
Net operating losses | 59 |
Net operating losses, Expiration | 'Indefinite |
Argentina [Member] | ' |
Net operating losses: | ' |
Net operating losses | 299 |
Net operating losses, Expiration | '2014 |
Mariner Energy Inc [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses | 520 |
Cordillera Energy Partners [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses | $183 |
Minimum [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2032 |
Minimum [Member] | Mariner Energy Inc [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2018 |
Minimum [Member] | Cordillera Energy Partners [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2026 |
Maximum [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2034 |
Maximum [Member] | Mariner Energy Inc [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2030 |
Maximum [Member] | Cordillera Energy Partners [Member] | United States [Member] | ' |
Net operating losses: | ' |
Net operating losses, Expiration | '2032 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $97 | $110 | $3 |
Additions based on tax positions related to the current year | 4 | 13 | ' |
Reductions for tax positions of prior years | -33 | -4 | ' |
Settlements | -65 | -22 | ' |
Balance at end of year | $3 | $97 | $3 |
Income_Taxes_Key_Jurisdictions
Income Taxes - Key Jurisdictions of Company's Earliest Open Tax Years (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
United States [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '2010 |
Canada [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '2009 |
Egypt [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '1998 |
Australia [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '2009 |
United Kingdom [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '2011 |
Argentina [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Open Tax Years by Major Tax Jurisdiction | '2006 |
Recovered_Sheet5
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 25 Months Ended | 12 Months Ended | ||||||||
Jun. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2013 | 29-May-09 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2012 | |
Barrels | USD ($) | AUD | USD ($) | USD ($) | USD ($) | USD ($) | AUD | Alcoa [Member] | Oswal [Member] | Burrup Holdings Limited (Yara Pilbara Holdings Pty Limited ) [Member] | Yara International [Member] | |
Defendant | USD ($) | USD ($) | ||||||||||
Contract | Contract | |||||||||||
Commitment And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability for legal contingencies | ' | $10,000,000 | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' |
Tariff charges on fuel gas | ' | ' | ' | ' | ' | 39,500,000 | ' | ' | ' | ' | ' | ' |
Tariff charges paid | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost for the restoration of plaintiffs' property | ' | 61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defendants | ' | 100 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Expected contractual general damages | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | 158,000,000 | 491,000,000 | ' | ' |
Number of Contract | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Maximum expected contractual liquidated damages under long term contracts | ' | 5,700,000 | 50,000,000 | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' |
Long term contracts unenforceable as penalty | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate percentage of natural gas volumes sold under long-term contracts that have liquidated damages provisions | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of previous estimate | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of estimates for macroeconomic impact | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of estimates for macroeconomic impact | ' | ' | 2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation related gas shortage | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pure economic losses | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property damage settlement amount | ' | ' | 32,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum fine associated with the alleged offense | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Validity of pipeline license | ' | '21 years | '21 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of combined ownership held by the plaintiff in the company | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | 51.00% |
Maximum cost considered to be recognized for additional reserve | ' | 300,000 | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' |
Undiscounted reserve for environmental remediation | ' | 93,000,000 | ' | ' | ' | 93,000,000 | ' | ' | ' | ' | ' | ' |
Quantity of water spill | 97,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rental expenses | ' | $81,000,000 | ' | $76,000,000 | $64,000,000 | ' | ' | ' | ' | ' | ' | ' |
Lease Expiration | ' | '2035 | '2035 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Contractual Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | $4,493 |
2014 | 1,772 |
2015-2016 | 1,581 |
2017-2018 | 778 |
2019 & Beyond | 362 |
Drilling Rig Commitments [Member] | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | 974 |
2014 | 376 |
2015-2016 | 429 |
2017-2018 | 157 |
2019 & Beyond | 12 |
Purchase Obligations [Member] | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | 1,759 |
2014 | 1,002 |
2015-2016 | 533 |
2017-2018 | 204 |
2019 & Beyond | 20 |
Firm Transportation Agreements [Member] | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | 683 |
2014 | 158 |
2015-2016 | 223 |
2017-2018 | 129 |
2019 & Beyond | 173 |
Office Equipment [Member] | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | 391 |
2014 | 46 |
2015-2016 | 101 |
2017-2018 | 95 |
2019 & Beyond | 149 |
Other Contractual Obligation [Member] | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' |
Total | 686 |
2014 | 190 |
2015-2016 | 295 |
2017-2018 | 193 |
2019 & Beyond | $8 |
Recovered_Sheet6
Retirement and Deferred Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitment And Contingencies [Line Items] | ' | ' | ' |
Maximum percentage of compensation contributed by the company | 8.00% | ' | ' |
Portion of employee's salary, employee contributions under non-qualified retirement savings plan | 50.00% | ' | ' |
Maximum percentage of eligible compensation contributed by the participating employees | 50.00% | ' | ' |
Percentage of additional contribution to money purchase retirement plan | 6.00% | ' | ' |
Portion of employee's annual bonus, employee contributions under non-qualified retirement savings plan, vested | 75.00% | ' | ' |
Portion occurring as money purchase retirement plan and the non-qualified retirement/savings plan, vested | 20.00% | ' | ' |
Annual cost of retirement benefit plans | $123 | $117 | $93 |
Targeted ongoing funding level of pension plan policy, percent | 100.00% | ' | ' |
Outperformance relative to gilts for equities | 3.50% | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' | ' |
Accumulated benefit obligation for pension plans | 160 | 139 | 119 |
Expected contribution towards pension and postretirement plans | 6 | ' | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' | ' |
Expected contribution towards pension and postretirement plans | $1 | ' | ' |
Recovered_Sheet7
Retirement and Deferred Compensation Plans - Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at end of year | $191 | $170 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Projected benefit obligation beginning of year | 177 | 150 | 136 |
Service cost | 5 | 5 | 5 |
Interest cost | 7 | 7 | 7 |
Foreign currency exchange rate changes | 4 | 7 | -1 |
Actuarial losses (gains) | ' | 14 | 6 |
Effect of curtailment and settlements | ' | ' | ' |
Benefits paid | -4 | -6 | -3 |
Retiree contributions | ' | ' | ' |
Projected benefit obligation at end of year | 189 | 177 | 150 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 170 | 145 | 135 |
Actual return on plan assets | 15 | 14 | 4 |
Foreign currency exchange rates | 4 | 6 | -1 |
Employer contributions | 6 | 11 | 10 |
Benefits paid | -4 | -6 | -3 |
Retiree contributions | ' | ' | ' |
Fair value of plan assets at end of year | 191 | 170 | 145 |
Funded status at end of year | 2 | -7 | -5 |
Amounts recognized in Consolidated Balance Sheet | ' | ' | ' |
Current liability | ' | ' | ' |
Non-current asset (liability) | 2 | -7 | -5 |
Defined Benefit Plans, Liabilities, Total | 2 | -7 | -5 |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated gain (loss) | -22 | -32 | -25 |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | -22 | -32 | -25 |
Weighted Average Assumptions used as of December 31 | ' | ' | ' |
Discount rate | 4.60% | 4.30% | 4.70% |
Salary increases | 4.90% | 4.60% | 4.60% |
Expected return on assets | 5.60% | 4.70% | 4.85% |
Healthcare cost trend | ' | ' | ' |
Initial | ' | ' | ' |
Ultimate in 2022 | ' | ' | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Projected benefit obligation beginning of year | 35 | 30 | 29 |
Service cost | 4 | 4 | 3 |
Interest cost | 1 | 1 | 1 |
Foreign currency exchange rate changes | ' | ' | ' |
Actuarial losses (gains) | -8 | 1 | -2 |
Effect of curtailment and settlements | -3 | ' | ' |
Benefits paid | -2 | -1 | -1 |
Retiree contributions | 1 | ' | ' |
Projected benefit obligation at end of year | 28 | 35 | 30 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Foreign currency exchange rates | ' | ' | ' |
Employer contributions | 1 | 1 | 1 |
Benefits paid | -2 | -1 | -1 |
Retiree contributions | 1 | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status at end of year | -28 | -35 | -30 |
Amounts recognized in Consolidated Balance Sheet | ' | ' | ' |
Current liability | -1 | -1 | -1 |
Non-current asset (liability) | -27 | -34 | -29 |
Defined Benefit Plans, Liabilities, Total | -28 | -35 | -30 |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated gain (loss) | 1 | -7 | -6 |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | $1 | ($7) | ($6) |
Weighted Average Assumptions used as of December 31 | ' | ' | ' |
Discount rate | 4.33% | 3.43% | 4.04% |
Salary increases | ' | ' | ' |
Expected return on assets | ' | ' | ' |
Healthcare cost trend | ' | ' | ' |
Initial | 7.00% | 7.25% | 7.50% |
Ultimate in 2022 | 5.00% | 5.00% | 5.00% |
Retirement_and_Deferred_Compen2
Retirement and Deferred Compensation Plans - Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 100.00% | ' |
Percentage of Plan Assets at Year-End | 100.00% | 100.00% |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 0.00% | ' |
Percentage of Plan Assets at Year-End | 0.00% | 1.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 50.00% | ' |
Percentage of Plan Assets at Year-End | 51.00% | 49.00% |
Equity Securities [Member] | UK Quoted Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 17.00% | ' |
Percentage of Plan Assets at Year-End | 18.00% | 16.00% |
Equity Securities [Member] | Overseas Quoted Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 33.00% | ' |
Percentage of Plan Assets at Year-End | 33.00% | 33.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 50.00% | ' |
Percentage of Plan Assets at Year-End | 49.00% | 50.00% |
Debt Securities [Member] | U.K. Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 30.00% | ' |
Percentage of Plan Assets at Year-End | 29.00% | 30.00% |
Debt Securities [Member] | U.K. Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocation | 20.00% | ' |
Percentage of Plan Assets at Year-End | 20.00% | 20.00% |
Retirement_and_Deferred_Compen3
Retirement and Deferred Compensation Plans - Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 191 | 170 |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 98 | 84 |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 92 | 85 |
Quoted Price in Active Markets (Level 1) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 191 | 170 |
Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 98 | 84 |
Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 92 | 85 |
Significant Other Inputs (Level 2) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Significant Other Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Significant Other Inputs (Level 2) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Overseas Quoted Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | '3 years | '3 years |
Overseas Quoted Equities [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 63 | 56 |
Overseas Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 63 | 56 |
Overseas Quoted Equities [Member] | Significant Other Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Overseas Quoted Equities [Member] | Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
U.K. Government Bonds [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 54 | 51 |
U.K. Government Bonds [Member] | Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 54 | 51 |
U.K. Government Bonds [Member] | Significant Other Inputs (Level 2) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
U.K. Government Bonds [Member] | Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
MSCI World Index [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | '3 years | '3 years |
FTSE Actuaries Government Securities Index [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | '5 years | '5 years |
iBoxx Sterling Overall Index [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | '3 years | '3 years |
U.K. Corporate Bonds [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 38 | 34 |
U.K. Corporate Bonds [Member] | Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 38 | 34 |
U.K. Corporate Bonds [Member] | Significant Other Inputs (Level 2) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
U.K. Corporate Bonds [Member] | Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 1 | 1 |
Cash [Member] | Quoted Price in Active Markets (Level 1) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 1 | 1 |
Cash [Member] | Significant Other Inputs (Level 2) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Cash [Member] | Unobservable Inputs (Level 3) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
UK Quoted Equities [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 35 | 28 |
UK Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 35 | 28 |
UK Quoted Equities [Member] | Significant Other Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
UK Quoted Equities [Member] | Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | ' | ' |
Retirement_and_Deferred_Compen4
Retirement and Deferred Compensation Plans - Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
MSCI Emerging Markets Index | 100.00% | 100.00% |
Global Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
MSCI Emerging Markets Index | 85.00% | 85.00% |
Emerging Markets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
MSCI Emerging Markets Index | 15.00% | 15.00% |
Overseas Quoted Equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Performance target over the benchmark | 2.00% | 2.00% |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | '3 years | '3 years |
U.K. Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Performance target per annum over benchmark against iBoxx Sterling Overall Index | 0.75% | 0.75% |
Portion of debt securities government bonds and corporate bonds benchmarked against iBoxx Sterling Overall Index | 33.00% | 33.00% |
Index - Linked Index [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Portion of debt securities government bonds and corporate bonds benchmarked against FTSE | 67.00% | 67.00% |
U.K. Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benchmarked against iBoxx Sterling | '50 | '50 |
Performance target per annum over benchmark against iBoxx Sterling Overall Index | 0.75% | 0.75% |
Retirement_and_Deferred_Compen5
Retirement and Deferred Compensation Plans - Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Component of Net Periodic Benefit Costs | ' | ' | ' |
Service cost | $5 | $5 | $5 |
Interest cost | 7 | 7 | 7 |
Curtailment (gain) loss | ' | ' | ' |
Healthcare cost trend | ' | ' | ' |
Initial | ' | ' | ' |
Ultimate in 2022 | ' | ' | ' |
Pension Benefits [Member] | Periodic Cost [Member] | ' | ' | ' |
Component of Net Periodic Benefit Costs | ' | ' | ' |
Service cost | 5 | 5 | 5 |
Interest cost | 7 | 7 | 7 |
Expected return on assets | -8 | -7 | -8 |
Amortization of actuarial (gain) loss | 2 | 1 | ' |
Curtailment (gain) loss | ' | ' | ' |
Net periodic benefit cost | 6 | 6 | 4 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | ' | ' | ' |
Discount rate | 4.30% | 4.70% | 5.40% |
Salary increases | 4.60% | 4.60% | 5.00% |
Expected return on assets | 4.70% | 4.85% | 6.25% |
Postretirement Benefits [Member] | ' | ' | ' |
Component of Net Periodic Benefit Costs | ' | ' | ' |
Service cost | 4 | 4 | 3 |
Interest cost | 1 | 1 | 1 |
Curtailment (gain) loss | -3 | ' | ' |
Healthcare cost trend | ' | ' | ' |
Initial | 7.00% | 7.25% | 7.50% |
Ultimate in 2022 | 5.00% | 5.00% | 5.00% |
Postretirement Benefits [Member] | Periodic Cost [Member] | ' | ' | ' |
Component of Net Periodic Benefit Costs | ' | ' | ' |
Service cost | 4 | 4 | 3 |
Interest cost | 1 | 1 | 1 |
Expected return on assets | ' | ' | ' |
Amortization of actuarial (gain) loss | ' | ' | ' |
Curtailment (gain) loss | -3 | ' | ' |
Net periodic benefit cost | $2 | $5 | $4 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | ' | ' | ' |
Discount rate | 3.43% | 4.04% | 4.93% |
Healthcare cost trend | ' | ' | ' |
Initial | 7.25% | 7.50% | 8.00% |
Ultimate in 2022 | 5.00% | 5.00% | 5.00% |
Retirement_and_Deferred_Compen6
Retirement and Deferred Compensation Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) (Postretirement Benefits [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on service and interest cost components, 1% Increase | $1 |
Effect on postretirement benefit obligation, 1% Increase | 6 |
Effect on service and interest cost components, 1% Decrease | -1 |
Effect on postretirement benefit obligation, 1% Decrease | ($4) |
Retirement_and_Deferred_Compen7
Retirement and Deferred Compensation Plans - Expected Future Benefit Payment (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $5 |
2015 | 5 |
2016 | 5 |
2017 | 5 |
2018 | 5 |
Years 2019-2023 | 30 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1 |
2015 | 1 |
2016 | 2 |
2017 | 2 |
2018 | 2 |
Years 2019-2023 | $16 |
Capital_Stock_Common_Stock_Out
Capital Stock - Common Stock Outstanding (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' |
Balance, beginning of year | ' | 391,640,770 | 384,117,643 | 382,391,742 |
Shares issued for stock-based compensation plans: | ' | ' | ' | ' |
Treasury shares issued | ' | 25,214 | 60,767 | 144,313 |
Common shares issued | ' | 929,596 | 1,189,693 | 1,581,588 |
Common shares issued for conversion of preferred shares | ' | 14,399,247 | ' | ' |
Treasury shares acquired | -2,924,271 | -11,221,919 | ' | ' |
Cordillera consideration | ' | ' | 6,272,667 | ' |
Balance, end of year | ' | 395,772,908 | 391,640,770 | 384,117,643 |
Capital_Stock_Net_Income_Per_C
Capital Stock - Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common stock | $174 | $300 | $1,016 | $698 | $649 | $161 | $337 | $778 | $2,188 | $1,925 | $4,508 | $1,925 |
Mandatory Convertible Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | 76 | ' |
Net income attributable to common stock, including assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | $2,232 | $1,925 | $4,584 | ' |
Net income attributable to common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | 395 | 389 | 384 | ' |
Mandatory Convertible Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | 14 | ' |
Stock options and other | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 | ' |
Net income attributable to common stock, including assumed conversions, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 406 | 391 | 400 | ' |
Net income attributable to common stock, per share | $0.44 | $0.75 | $2.59 | $1.78 | $1.66 | $0.41 | $0.87 | $2.02 | $5.53 | $4.95 | $11.75 | $4.95 |
Net income attributable to common stock, including assumed conversions, per share | $0.43 | $0.75 | $2.54 | $1.76 | $1.64 | $0.41 | $0.86 | $2 | $5.50 | $4.92 | $11.47 | $4.92 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Non Employee Director [Member] | Subsequent Event [Member] | Performance Program 2010 [Member] | Equity Option [Member] | Convertible Preferred Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and restricted stock, anti-dilutive | ' | 4,900,000 | 4,400,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 |
Common stock share purchase, shares | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock share purchase, value | ' | $2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock share repurchase, shares | 2,924,271 | 11,221,919 | ' | ' | ' | ' | ' | ' | ' | ' | 2,393,917 | ' | ' | ' |
Common stock share repurchase, per share | $85.47 | $90.08 | ' | ' | ' | ' | ' | ' | ' | ' | $84.67 | ' | ' | ' |
Dividends, Common stock | ' | $0.77 | $0.66 | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized and available for grant under 2011 Plan | ' | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | 136,000,000 | 167,000,000 | 113,000,000 | 82,000,000 | 74,000,000 | 76,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expenses, after tax | ' | 94,000,000 | 119,000,000 | 73,000,000 | 53,000,000 | 48,000,000 | 49,000,000 | ' | ' | ' | ' | ' | ' | ' |
Period in which stock options become exercisable | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | '4 years | ' |
Period in which stock options expires after grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Intrinsic value of options exercised | ' | 4,000,000 | 12,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of options | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional tax benefit for the amount of intrinsic value in excess of compensation cost | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost related to non-vested options not yet recognized | ' | ' | ' | ' | 242,000,000 | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' |
Settlement period for SARs | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock appreciation rights to non-executive employees | ' | ' | ' | ' | ' | ' | ' | ' | 180,555 | ' | ' | ' | ' | ' |
Weighted-average exercise price of SARs | ' | ' | ' | ' | ' | ' | ' | ' | $82.63 | ' | ' | ' | ' | ' |
Nonvested shares outstanding | ' | ' | ' | ' | 3,953,000 | 2,164,000 | ' | 316,127 | ' | ' | ' | ' | ' | ' |
Nonvested shares exercisable | ' | ' | ' | ' | ' | ' | ' | 201,552 | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of SARs outstanding | ' | ' | ' | ' | ' | ' | ' | $33.41 | ' | ' | ' | ' | ' | ' |
SARs exercised | ' | ' | ' | ' | ' | ' | ' | 237,288 | ' | ' | ' | ' | ' | ' |
Aggregate cash payments made to settle SARs | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' |
Restricted stock units awarded | ' | ' | ' | ' | 3,098,029 | 1,219,886 | 887,851 | ' | ' | ' | ' | ' | ' | ' |
Granted, Weighted Average Grant-Date Fair Value | ' | $82.95 | ' | ' | $82.95 | $85.67 | $124.16 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, capitalized | ' | 55,000,000 | 67,000,000 | 42,000,000 | 30,000,000 | 25,000,000 | 28,000,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining life of unvested restricted stock units | ' | ' | ' | ' | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock awards vested | ' | ' | ' | ' | $88,000,000 | $114,000,000 | $85,000,000 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units, vested (Percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Percentage of additional vest on succeeding anniversaries | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conditional restricted stock unit awards granted to eligible employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 585,811 | ' | ' |
Number of restricted stock units awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Capital_Stock_Description_of_S
Capital Stock - Description of Stock Based Compensation Plans and Related Costs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation expensed: | ' | ' | ' |
Allocated Share-based Compensation Expense | $136 | $167 | $113 |
Restricted stock, capitalized | 55 | 67 | 42 |
Total | 191 | 234 | 155 |
General and Administrative Expense [Member] | ' | ' | ' |
Stock-based compensation expensed: | ' | ' | ' |
Allocated Share-based Compensation Expense | 89 | 104 | 69 |
Lease Operating Expenses [Member] | ' | ' | ' |
Stock-based compensation expensed: | ' | ' | ' |
Allocated Share-based Compensation Expense | $47 | $63 | $44 |
Capital_Stock_Summary_of_Stock
Capital Stock - Summary of Stock Options Issued Under Stock Option Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Outstanding, beginning of year, Shares | 7,573 | ' | ' |
Granted, Shares | 819 | ' | ' |
Exercised, Shares | -327 | ' | ' |
Forfeited or expired, Shares | -502 | ' | ' |
Outstanding, end of year, Shares | 7,563 | 7,573 | ' |
Expected to vest, Shares | 2,370 | ' | ' |
Exercisable, end of year, Shares | 4,678 | ' | ' |
Weighted average fair value of options granted during the year | $23.18 | $26.41 | $42.20 |
Outstanding, beginning of year, Weighted Average exercise Price | $90.47 | ' | ' |
Granted, Weighted Average Exercise Price | $80.89 | ' | ' |
Exercised, Weighted Average Exercise Price | $72.55 | ' | ' |
Forfeited or expired, Weighted Average Exercise Price | $97.88 | ' | ' |
Outstanding, end of year, Weighted Average Exercise Price | $89.71 | $90.47 | ' |
Expected to vest, Weighted Average Exercise Price | $92.50 | ' | ' |
Exercisable, end of year, Weighted Average Exercise Price | $88.53 | ' | ' |
Capital_Stock_Summary_of_Stock1
Capital Stock - Summary of Stock Options Issued Under Stock Option Plans (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Weighted average remaining contractual life for options outstanding | '6 years 1 month 6 days | ' | ' |
Weighted average remaining contractual life for expected to vest | '8 years 2 months 12 days | ' | ' |
Weighted average remaining contractual life for exercisable | '4 years 8 months 12 days | ' | ' |
Aggregate intrinsic value of options outstanding | $43 | ' | ' |
Aggregate intrinsic value of expected to vest | 7 | ' | ' |
Aggregate intrinsic value of exercisable | $34 | ' | ' |
Weighted average fair value of options granted during the year | $23.18 | $26.41 | $42.20 |
Capital_Stock_RiskFree_Rate_Ba
Capital Stock - Risk-Free Rate Based on U S Treasury Yield Curve (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Expected volatility | 33.60% | 34.94% | 34.47% |
Expected dividend yields | 0.99% | 0.82% | 0.47% |
Expected term (in years) | '5 years 6 months | '5 years 6 months | '5 years 6 months |
Risk-free rate | 0.79% | 0.78% | 1.95% |
Capital_Stock_Restricted_Stock
Capital Stock - Restricted Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested at January 1, 2013, Weighted Average Grant Date Fair Value | $97.34 | ' | ' |
Granted, Weighted Average Grant-Date Fair Value | $82.95 | ' | ' |
Vested, Weighted Average Grant-Date Fair Value | $96.79 | ' | ' |
Forfeited, Weighted Average Grant-Date Fair Value | $88.61 | ' | ' |
Non-vested at December 31, 2013, Weighted Average Grant Date Fair Value | $86.70 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted Shares, nonvested, Beginning Balance, Shares | 2,164,000 | ' | ' |
Granted, Shares | 3,098,029 | 1,219,886 | 887,851 |
Vested, Shares | -907,000 | ' | ' |
Forfeited or cancelled, Shares | -402,000 | ' | ' |
Restricted Shares, nonvested, Ending Balance, Shares | 3,953,000 | 2,164,000 | ' |
Granted, Weighted Average Grant-Date Fair Value | $82.95 | $85.67 | $124.16 |
Capital_Stock_Additional_Infor1
Capital Stock - Additional Information 1 (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Jul. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Jul. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Program 2011 [Member] | Performance Program 2011 [Member] | Performance Program 2012 [Member] | Performance Program 2012 [Member] | Performance Program 2013 [Member] | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Conditional Restricted Stock [Member] | Conditional Restricted Stock [Member] | Conditional Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conditional restricted stock unit awards granted to eligible employees | ' | ' | ' | ' | 851,985 | ' | 1,232,176 | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested shares outstanding | ' | ' | ' | ' | ' | 710,686 | ' | 918,016 | ' | ' | ' | ' | 1,020,777 | 1,306,000 | ' |
Minimum units awarded based upon measurement | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Maximum units awarded based upon measurement | ' | ' | ' | ' | ' | 1,776,715 | ' | 775,228 | ' | ' | ' | ' | ' | ' | ' |
Range of ultimate number of restricted stock units awarded | ' | ' | ' | ' | ' | 'Zero and a maximum of 1,776,715 units | ' | 'Zero and a maximum of 775,228 units | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards cancelled | ' | ' | ' | ' | ' | ' | ' | ' | 918,016 | ' | ' | ' | 1,369,000 | ' | ' |
Stock-based compensation expense | ' | $136,000,000 | $167,000,000 | $113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $27,000,000 | $47,000,000 | $12,000,000 |
Stock-based compensation expenses, after tax | ' | 94,000,000 | 119,000,000 | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | 31,000,000 | 8,000,000 |
Restricted stock capitalized | ' | 55,000,000 | 67,000,000 | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | 21,000,000 | 5,000,000 |
Total compensation cost related to non-vested options not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,000,000 | ' | ' |
Weighted-average remaining life of unvested restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 1 month 6 days | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' |
Shares designated as Series A Junior Participating Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' |
Mandatory convertibles preferred stock, Series D | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Series A Preferred Stock Description | ' | 'Series A Preferred Stock In December 1995, the Company declared a dividend of one right (a Right) for each 2.31 shares (adjusted for subsequent stock dividends and a two-for-one stock split) of Apache common stock outstanding on January 31, 1996. Each full Right entitles the registered holder to purchase from the Company one ten-thousandth (1/10,000) of a share of Series A Preferred Stock at a price of $100 per one ten-thousandth of a share, subject to adjustment. The Rights are exercisable 10 calendar days following a public announcement that certain persons or groups have acquired 20 percent or more of the outstanding shares of Apache common stock or 10 business days following commencement of an offer for 30 percent or more of the outstanding shares of Apachebs outstanding common stock (flip in event); each Right will become exercisable for shares of Apachebs common stock at 50 percent of the then-market price of the common stock. If a 20-percent shareholder of Apache acquires Apache, by merger or otherwise, in a transaction where Apache does not survive or in which Apachebs common stock is changed or exchanged (flip over event), the Rights become exercisable for shares of the common stock of the Company acquiring Apache at 50 percent of the then-market price for Apache common stock. Any Rights that are or were beneficially owned by a person who has acquired 20 percent or more of the outstanding shares of Apache common stock and who engages in certain transactions or realizes the benefits of certain transactions with the Company will become void. If an offer to acquire all of the Companybs outstanding shares of common stock is determined to be fair by Apachebs board of directors, the transaction will not trigger a flip in event or a flip-over event. The Company may also redeem the Rights at $.01 per Right at any time until 10 business days after public announcement of a flip in event. These rights were originally scheduled to expire on January 31, 2006. Effective as of that date, the Rights were reset to one right per share of common stock and the expiration was extended to January 31, 2016. Unless the Rights have been previously redeemed, all shares of Apache common stock issued by the Company after January 31, 1996 will include Rights. Unless and until the Rights become exercisable, they will be transferred with and only with the shares of Apache common stock. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared for Series A preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One right for each 2.31 shares Adjusted for susequent stock divident and two for one stock Split | ' | ' | ' | ' | ' |
Purchase Price of series A Preferred stock per One - thousand share under rights Granted | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Days to exercise Right after Public announcement for entities acquiring more than 20% of outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' |
Number of days To exercise right after commencement of offer for 30% or more outstanding shares | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price for exercising rights as above Percentage of market price of common share | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage acquired by Apache shareholders on contingency | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of right shares | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend right expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Mar-14 | ' | ' | ' | ' | ' |
Depositary shares in separate underwriting | 25,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depositary shares each representing | '1/20th interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 1,265,000 | ' | 1,265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum common shares issued to convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' |
Capital_Stock_Conditional_Rest
Capital Stock - Conditional Restricted Stock (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested at January 1, 2013, Weighted Average Grant Date Fair Value | $97.34 |
Granted, Weighted Average Grant-Date Fair Value | $82.95 |
Vested, Weighted Average Grant-Date Fair Value | $96.79 |
Forfeited, Weighted Average Grant-Date Fair Value | $88.61 |
Non-vested at December 31, 2013, Weighted Average Grant Date Fair Value | $86.70 |
Conditional Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Shares, nonvested, Beginning Balance, Shares | 1,306,000 |
Granted, Shares | 1,232,000 |
Vested, Shares | 0 |
Cancelled, Shares | -1,369,000 |
Forfeited or cancelled, Shares | -149,000 |
Restricted Shares, nonvested, Ending Balance, Shares | 1,020,777 |
Non-vested at January 1, 2013, Weighted Average Grant Date Fair Value | $78.40 |
Granted, Weighted Average Grant-Date Fair Value | $79.60 |
Vested, Weighted Average Grant-Date Fair Value | $79.49 |
Cancelled, Weighted Average Grant-Date Fair Value | $83.34 |
Forfeited, Weighted Average Grant-Date Fair Value | $78.09 |
Non-vested at December 31, 2013, Weighted Average Grant Date Fair Value | $73.73 |
Recovered_Sheet8
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Currency translation adjustment | ($109) | ($109) | ($109) | ' |
Unrealized gain (loss) on derivatives | 1 | -6 | 114 | -19 |
Unfunded pension and postretirement benefit plan | -7 | -16 | -14 | ' |
Accumulated other comprehensive loss | ($115) | ($131) | ($9) | ' |
Major_Customers_Additional_Inf
Major Customers - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shell Plc [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity wide revenue major customer percentage | 24.00% | 20.00% | 11.00% |
Vitol Group [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Entity wide revenue major customer percentage | 13.00% | ' | ' |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Country | |
Segment Reporting [Abstract] | ' |
Production in number of countries | 6 |
Business_Segment_Information_F
Business Segment Information - Financial Segment Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | $16,402 | $16,947 | $16,810 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 5,114 | 4,812 | 3,814 |
Additional | 1,176 | 1,926 | 109 |
Asset retirement obligation accretion | 243 | 232 | 154 |
Lease operating expenses | 3,056 | 2,968 | 2,605 |
Gathering and transportation | 297 | 303 | 296 |
Taxes other than income | 832 | 862 | 899 |
Operating Income (Loss) | 5,274 | 5,473 | 8,652 |
Other Expense: | ' | ' | ' |
Derivative instrument gains (losses), net | -399 | -79 | ' |
Other | 51 | 210 | 78 |
General and administrative | -503 | -531 | -459 |
Acquisitions, divestitures, and transition | -33 | -31 | -20 |
Financing costs, net | -174 | -165 | -158 |
INCOME BEFORE INCOME TAXES | 4,216 | 4,877 | 8,093 |
Net Property and Equipment | 52,421 | 53,280 | 45,448 |
Total Assets | 61,637 | 60,737 | 52,051 |
Additions to Net Property and Equipment | 12,062 | 14,955 | 11,919 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 6,902 | 6,226 | 6,103 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 2,338 | 2,056 | 1,684 |
Additional | 552 | ' | ' |
Asset retirement obligation accretion | 94 | 112 | 97 |
Lease operating expenses | 1,320 | 1,386 | 1,167 |
Gathering and transportation | 84 | 69 | 64 |
Taxes other than income | 335 | 292 | 259 |
Operating Income (Loss) | 2,179 | 2,311 | 2,832 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 27,010 | 28,552 | 21,038 |
Total Assets | 29,940 | 31,175 | 23,499 |
Additions to Net Property and Equipment | 6,404 | 9,586 | 3,854 |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 1,224 | 1,322 | 1,617 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 505 | 594 | 546 |
Additional | ' | 1,883 | ' |
Asset retirement obligation accretion | 49 | 41 | 26 |
Lease operating expenses | 459 | 458 | 470 |
Gathering and transportation | 155 | 163 | 165 |
Taxes other than income | 45 | 50 | 51 |
Operating Income (Loss) | 11 | -1,867 | 359 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 6,058 | 6,640 | 8,022 |
Total Assets | 6,952 | 7,142 | 8,816 |
Additions to Net Property and Equipment | 1,082 | 1,096 | 1,288 |
Egypt [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 3,917 | 4,554 | 4,791 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 1,005 | 925 | 818 |
Lease operating expenses | 471 | 410 | 398 |
Gathering and transportation | 42 | 39 | 35 |
Taxes other than income | 8 | 14 | 13 |
Operating Income (Loss) | 2,391 | 3,166 | 3,527 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 5,454 | 5,151 | 4,923 |
Total Assets | 8,121 | 7,311 | 6,656 |
Additions to Net Property and Equipment | 1,309 | 1,153 | 1,015 |
Australia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 1,140 | 1,575 | 1,734 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 423 | 466 | 440 |
Asset retirement obligation accretion | 27 | 17 | 10 |
Lease operating expenses | 214 | 215 | 197 |
Taxes other than income | 13 | 11 | 9 |
Operating Income (Loss) | 463 | 866 | 1,078 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 6,838 | 5,312 | 4,194 |
Total Assets | 8,094 | 6,280 | 4,681 |
Additions to Net Property and Equipment | 1,954 | 1,581 | 1,140 |
North Sea [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 2,728 | 2,751 | 2,091 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 1,022 | 914 | 409 |
Additional | 367 | ' | ' |
Asset retirement obligation accretion | 68 | 58 | 17 |
Lease operating expenses | 400 | 315 | 208 |
Gathering and transportation | 7 | 24 | 25 |
Taxes other than income | 384 | 451 | 539 |
Operating Income (Loss) | 480 | 989 | 893 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 5,622 | 5,927 | 5,737 |
Total Assets | 6,902 | 6,874 | 6,600 |
Additions to Net Property and Equipment | 1,084 | 1,104 | 4,175 |
Argentina [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Oil and gas production revenues | 491 | 519 | 474 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 230 | 228 | 198 |
Additional | 181 | ' | ' |
Asset retirement obligation accretion | 5 | 4 | 4 |
Lease operating expenses | 192 | 184 | 165 |
Gathering and transportation | 9 | 8 | 7 |
Taxes other than income | 47 | 44 | 28 |
Operating Income (Loss) | -173 | 51 | 72 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 1,416 | 1,621 | 1,512 |
Total Assets | 1,577 | 1,835 | 1,766 |
Additions to Net Property and Equipment | 205 | 337 | 374 |
Other International [Member] | ' | ' | ' |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 1 | ' | ' |
Additional | 76 | 43 | 109 |
Operating Income (Loss) | -77 | -43 | -109 |
Other Expense: | ' | ' | ' |
Net Property and Equipment | 23 | 77 | 22 |
Total Assets | 51 | 120 | 33 |
Additions to Net Property and Equipment | $24 | $98 | $73 |
Recovered_Sheet9
Supplemental Oil and Gas Disclosures - Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | $16,402 | $16,947 | $16,810 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 5,114 | 5,085 | 4,024 |
Additional | 1,176 | 1,992 | 109 |
Asset retirement obligation accretion | 243 | 232 | 154 |
Lease operating expenses | 3,056 | 2,968 | 2,605 |
Gathering and transportation | 297 | 303 | 296 |
Production taxes | 796 | 817 | 865 |
Income tax | 2,419 | 2,810 | 3,730 |
Oil and gas properties production expense | 13,101 | 14,207 | 11,783 |
Results of operation | 3,301 | 2,740 | 5,027 |
Amortization rate per boe | 18.42 | 16.88 | 13.97 |
United States [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 6,902 | 6,226 | 6,103 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 2,227 | 1,984 | 1,634 |
Additional | 552 | ' | ' |
Asset retirement obligation accretion | 94 | 112 | 97 |
Lease operating expenses | 1,320 | 1,386 | 1,167 |
Gathering and transportation | 84 | 69 | 64 |
Production taxes | 324 | 279 | 255 |
Income tax | 817 | 851 | 1,025 |
Oil and gas properties production expense | 5,418 | 4,681 | 4,242 |
Results of operation | 1,484 | 1,545 | 1,861 |
Amortization rate per boe | 18.39 | 17.24 | 15.55 |
Canada [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 1,224 | 1,322 | 1,617 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 426 | 580 | 537 |
Additional | ' | 1,883 | ' |
Asset retirement obligation accretion | 49 | 41 | 26 |
Lease operating expenses | 459 | 458 | 470 |
Gathering and transportation | 155 | 163 | 165 |
Production taxes | 40 | 42 | 44 |
Income tax | 24 | -466 | 95 |
Oil and gas properties production expense | 1,153 | 2,701 | 1,337 |
Results of operation | 71 | -1,379 | 280 |
Amortization rate per boe | 10.89 | 11.66 | 10.44 |
Egypt [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 3,917 | 4,554 | 4,791 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 881 | 924 | 818 |
Lease operating expenses | 471 | 410 | 398 |
Gathering and transportation | 42 | 39 | 35 |
Income tax | 1,161 | 1,527 | 1,699 |
Oil and gas properties production expense | 2,555 | 2,900 | 2,950 |
Results of operation | 1,362 | 1,654 | 1,841 |
Amortization rate per boe | 16.21 | 13.81 | 11.63 |
Australia [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 1,140 | 1,575 | 1,734 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 361 | 460 | 435 |
Asset retirement obligation accretion | 27 | 17 | 10 |
Lease operating expenses | 214 | 215 | 197 |
Production taxes | 14 | 11 | 9 |
Income tax | 157 | 262 | 325 |
Oil and gas properties production expense | 773 | 965 | 976 |
Results of operation | 367 | 610 | 758 |
Amortization rate per boe | 17.47 | 17.67 | 16.59 |
North Sea [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 2,728 | 2,751 | 2,091 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 999 | 912 | 405 |
Additional | 367 | ' | ' |
Asset retirement obligation accretion | 68 | 58 | 17 |
Lease operating expenses | 400 | 315 | 208 |
Gathering and transportation | 7 | 24 | 25 |
Production taxes | 382 | 451 | 538 |
Income tax | 313 | 614 | 557 |
Oil and gas properties production expense | 2,536 | 2,374 | 1,750 |
Results of operation | 192 | 377 | 341 |
Amortization rate per boe | 37.25 | 32.65 | 20.21 |
Argentina [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil and gas production revenues | 491 | 519 | 474 |
Depreciation, depletion, and amortization | ' | ' | ' |
Recurring | 220 | 225 | 195 |
Additional | 181 | ' | ' |
Asset retirement obligation accretion | 5 | 4 | 4 |
Lease operating expenses | 192 | 184 | 165 |
Gathering and transportation | 9 | 8 | 7 |
Production taxes | 36 | 34 | 19 |
Income tax | -53 | 22 | 29 |
Oil and gas properties production expense | 590 | 477 | 419 |
Results of operation | -99 | 42 | 55 |
Amortization rate per boe | 14.13 | 12.39 | 10.87 |
Other International [Member] | ' | ' | ' |
Depreciation, depletion, and amortization | ' | ' | ' |
Additional | 76 | 109 | 109 |
Oil and gas properties production expense | 76 | 109 | 109 |
Results of operation | ($76) | ($109) | ($109) |
Recovered_Sheet10
Supplemental Oil and Gas Disclosures - Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | $177 | $1,251 | $2,755 |
Unproved | 165 | 2,355 | 688 |
Exploration | 1,892 | 2,689 | 1,762 |
Development | 8,548 | 7,536 | 5,587 |
Costs incurred | 215 | 13,831 | 10,792 |
Proved properties | 83,390 | 78,383 | ' |
Unproved properties | 8,363 | 8,754 | ' |
Capitalized costs, gross | 91,753 | 87,137 | ' |
Accumulated DD&A | -45,253 | -38,978 | ' |
Capitalized costs, net | 46,500 | 48,159 | ' |
United States [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | 17 | 1,076 | 368 |
Unproved | ' | 2,329 | 116 |
Exploration | 757 | 1,369 | 418 |
Development | 5,435 | 4,465 | 2,832 |
Costs incurred | 6,209 | 9,239 | 3,734 |
Proved properties | 41,904 | 40,163 | ' |
Unproved properties | 5,042 | 5,641 | ' |
Capitalized costs, gross | 46,946 | 45,804 | ' |
Accumulated DD&A | -20,745 | -17,968 | ' |
Capitalized costs, net | 26,201 | 27,836 | ' |
Canada [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | ' | 5 | ' |
Unproved | 137 | ' | 33 |
Exploration | 50 | 111 | 209 |
Development | 722 | 762 | 883 |
Costs incurred | 909 | 878 | 1,125 |
Proved properties | 13,231 | 13,477 | ' |
Unproved properties | 1,116 | 1,059 | ' |
Capitalized costs, gross | 14,347 | 14,536 | ' |
Accumulated DD&A | -9,310 | -8,899 | ' |
Capitalized costs, net | 5,037 | 5,637 | ' |
Egypt [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | 35 | 28 | -12 |
Unproved | 11 | ' | 2 |
Exploration | 563 | 696 | 570 |
Development | 618 | 394 | 344 |
Costs incurred | 1,227 | 1,118 | 904 |
Proved properties | 8,418 | 7,165 | ' |
Unproved properties | 660 | 686 | ' |
Capitalized costs, gross | 9,078 | 7,851 | ' |
Accumulated DD&A | -5,356 | -4,474 | ' |
Capitalized costs, net | 3,722 | 3,377 | ' |
Australia [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | ' | 32 | ' |
Unproved | ' | ' | 48 |
Exploration | 169 | 149 | 286 |
Development | 996 | 915 | 429 |
Costs incurred | 1,165 | 1,096 | 763 |
Proved properties | 7,298 | 6,319 | ' |
Unproved properties | 471 | 284 | ' |
Capitalized costs, gross | 7,769 | 6,603 | ' |
Accumulated DD&A | -2,839 | -2,478 | ' |
Capitalized costs, net | 4,930 | 4,125 | ' |
North Sea [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Proved | 125 | 110 | 2,399 |
Unproved | 17 | 26 | 476 |
Exploration | 278 | 111 | 18 |
Development | 635 | 837 | 941 |
Costs incurred | 1,055 | 1,084 | 3,834 |
Proved properties | 9,378 | 8,401 | ' |
Unproved properties | 702 | 626 | ' |
Capitalized costs, gross | 10,080 | 9,027 | ' |
Accumulated DD&A | -4,811 | -3,445 | ' |
Capitalized costs, net | 5,269 | 5,582 | ' |
Argentina [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Exploration | 53 | 157 | 202 |
Development | 142 | 161 | 156 |
Costs incurred | 195 | 318 | 358 |
Proved properties | 2,933 | 2,706 | ' |
Unproved properties | 349 | 382 | ' |
Capitalized costs, gross | 3,282 | 3,088 | ' |
Accumulated DD&A | -1,964 | -1,562 | ' |
Capitalized costs, net | 1,318 | 1,526 | ' |
Other International [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Unproved | ' | ' | 13 |
Exploration | 22 | 96 | 59 |
Development | ' | 2 | 2 |
Costs incurred | 22 | 98 | 74 |
Proved properties | 228 | 152 | ' |
Unproved properties | 23 | 76 | ' |
Capitalized costs, gross | 251 | 228 | ' |
Accumulated DD&A | -228 | -152 | ' |
Capitalized costs, net | $23 | $76 | ' |
Supplemental_Oil_and_Gas_Discl2
Supplemental Oil and Gas Disclosures - Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | $340 | $316 | $243 |
Asset retirement costs | 537 | 1,032 | 1,411 |
United States [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 239 | 215 | 152 |
Asset retirement costs | 480 | 473 | 380 |
Canada [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 35 | 38 | 47 |
Asset retirement costs | 17 | 245 | 228 |
Egypt [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 15 | 16 | 18 |
Australia [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 16 | 12 | 14 |
Asset retirement costs | -30 | 207 | 125 |
North Sea [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 25 | 24 | ' |
Asset retirement costs | 67 | 89 | 678 |
Argentina [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Capitalized interest | 10 | 11 | 12 |
Asset retirement costs | $3 | $18 | ' |
Supplemental_Oil_and_Gas_Discl3
Supplemental Oil and Gas Disclosures - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMBoe | MBbls | MBbls | |
MBbls | |||
Reserve Quantities [Line Items] | ' | ' | ' |
Anticipated Timing of Inclusion of Costs in Amortization Calculation | 'Five to ten years | ' | ' |
Purchases of minerals in-place | 6 | ' | ' |
Extensions, discoveries and other additions | 389 | ' | ' |
Sale of minerals in-place | -355,431 | -316 | -53,749 |
Percentage of estimated proved developed reserves classified as proved not producing | 10.00% | ' | ' |
United States [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 254 | ' | ' |
Sale of minerals in-place | -223,185 | -246 | -36,481 |
Permian and GOM [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 20 | ' | ' |
Other Us Regions [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 19 | ' | ' |
Canada [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 74 | ' | ' |
Sale of minerals in-place | -132,246 | -70 | -17,268 |
Egypt [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 51 | ' | ' |
Australia Argentina And North Sea [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 11 | ' | ' |
Permian Basin [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 150 | ' | ' |
Anadarko Basin [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 65 | ' | ' |
Supplemental_Oil_and_Gas_Discl4
Supplemental Oil and Gas Disclosures - Summary of Oil and Gas Property Costs Not Being Amortized (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Property acquisition costs | $6,437 |
Exploration and development | 1,666 |
Capitalized interest | 260 |
Costs incurred | 8,363 |
2013 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Property acquisition costs | 466 |
Exploration and development | 1,138 |
Capitalized interest | 48 |
Costs incurred | 1,652 |
2012 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Property acquisition costs | 3,391 |
Exploration and development | 388 |
Capitalized interest | 48 |
Costs incurred | 3,827 |
2011 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Property acquisition costs | 899 |
Exploration and development | 88 |
Capitalized interest | 30 |
Costs incurred | 1,017 |
2010 and Prior [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Property acquisition costs | 1,681 |
Exploration and development | 52 |
Capitalized interest | 134 |
Costs incurred | $1,867 |
Supplemental_Oil_and_Gas_Discl5
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Detail) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MBbls | MBbls | MBbls | MBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 2,851,679 | 2,989,854 | 2,953,265 | ' |
Proved developed reserves | 1,832,936 | 1,981,945 | 1,992,327 | 1,984,991 |
Proved undeveloped reserves | 813,480 | 869,734 | 997,527 | 968,274 |
Extensions, discoveries and other additions | 389,336 | 372,393 | 342,078 | ' |
Purchase of minerals in-place | 5,976 | 73,457 | 80,420 | ' |
Revisions of previous estimates | 32,539 | -298,712 | -59,086 | ' |
Production | -277,683 | -284,997 | -273,074 | ' |
Sale of properties | -355,431 | -316 | -53,749 | ' |
Ending balance | 2,646,416 | 2,851,679 | 2,989,854 | ' |
United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,424,287 | 1,290,082 | 1,304,512 | ' |
Proved developed reserves | 976,795 | 1,021,610 | 905,069 | 895,223 |
Proved undeveloped reserves | 370,566 | 402,677 | 385,013 | 409,290 |
Extensions, discoveries and other additions | 253,578 | 217,598 | 117,842 | ' |
Purchase of minerals in-place | 273 | 68,486 | 16,949 | ' |
Revisions of previous estimates | 13,482 | -38,172 | -8,477 | ' |
Production | -121,074 | -113,461 | -104,263 | ' |
Sale of properties | -223,185 | -246 | -36,481 | ' |
Ending balance | 1,347,361 | 1,424,287 | 1,290,082 | ' |
Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 540,913 | 764,293 | 756,984 | ' |
Proved developed reserves | 322,362 | 390,800 | 456,569 | 477,594 |
Proved undeveloped reserves | 139,509 | 150,113 | 307,724 | 279,389 |
Extensions, discoveries and other additions | 74,107 | 68,612 | 106,778 | ' |
Purchase of minerals in-place | ' | 614 | 2,225 | ' |
Revisions of previous estimates | 18,274 | -247,811 | -38,570 | ' |
Production | -39,177 | -44,725 | -45,856 | ' |
Sale of properties | -132,246 | -70 | -17,268 | ' |
Ending balance | 461,871 | 540,913 | 764,293 | ' |
Egypt [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 273,283 | 291,863 | 306,613 | ' |
Proved developed reserves | 222,880 | 221,819 | 222,651 | 234,419 |
Proved undeveloped reserves | 48,028 | 51,464 | 69,212 | 72,194 |
Extensions, discoveries and other additions | 51,135 | 45,516 | 57,882 | ' |
Purchase of minerals in-place | 5 | ' | ' | ' |
Revisions of previous estimates | 859 | -6,007 | -12,456 | ' |
Production | -54,374 | -58,089 | -60,176 | ' |
Ending balance | 270,908 | 273,283 | 291,863 | ' |
Australia [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 342,206 | 329,542 | 314,219 | ' |
Proved developed reserves | 126,948 | 128,395 | 148,328 | 161,866 |
Proved undeveloped reserves | 199,240 | 213,811 | 181,214 | 152,353 |
Extensions, discoveries and other additions | 4,764 | 35,772 | 40,534 | ' |
Purchase of minerals in-place | ' | 567 | ' | ' |
Revisions of previous estimates | -135 | -49 | ' | ' |
Production | -20,647 | -23,626 | -25,211 | ' |
Ending balance | 326,188 | 342,206 | 329,542 | ' |
North Sea [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 169,189 | 196,741 | 155,059 | ' |
Proved developed reserves | 117,457 | 137,626 | 163,248 | 116,396 |
Proved undeveloped reserves | 32,633 | 31,563 | 33,493 | 38,663 |
Extensions, discoveries and other additions | 2,001 | 3,325 | 483 | ' |
Purchase of minerals in-place | 5,698 | 3,790 | 61,246 | ' |
Revisions of previous estimates | 24 | -7,258 | ' | ' |
Production | -26,822 | -27,409 | -20,047 | ' |
Ending balance | 150,090 | 169,189 | 196,741 | ' |
Argentina [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 101,801 | 117,333 | 115,878 | ' |
Proved developed reserves | 66,494 | 81,695 | 96,462 | 99,493 |
Proved undeveloped reserves | 23,504 | 20,106 | 20,871 | 16,385 |
Extensions, discoveries and other additions | 3,751 | 1,570 | 18,559 | ' |
Revisions of previous estimates | 35 | 585 | 417 | ' |
Production | -15,589 | -17,687 | -17,521 | ' |
Ending balance | 89,998 | 101,801 | 117,333 | ' |
Crude Oil And Condensate [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,182,625 | 1,161,577 | 1,152,277 | ' |
Proved developed reserves | 794,795 | 825,811 | 804,653 | 803,046 |
Proved undeveloped reserves | 336,690 | 356,814 | 356,924 | 349,231 |
Extensions, discoveries and other additions | 192,222 | 147,535 | 126,733 | ' |
Purchase of minerals in-place | 3,713 | 18,549 | 40,414 | ' |
Revisions of previous estimates | 1,533 | -16,052 | -31,991 | ' |
Production | -126,515 | -128,840 | -124,080 | ' |
Sale of properties | -122,093 | -144 | -1,776 | ' |
Ending balance | 1,131,485 | 1,182,625 | 1,161,577 | ' |
Crude Oil And Condensate [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 677,905 | 634,014 | 636,855 | ' |
Proved developed reserves | 457,981 | 474,837 | 428,251 | 422,737 |
Proved undeveloped reserves | 195,835 | 203,068 | 205,763 | 214,117 |
Extensions, discoveries and other additions | 133,227 | 84,656 | 45,676 | ' |
Purchase of minerals in-place | 85 | 15,942 | 5,097 | ' |
Revisions of previous estimates | 1,683 | -7,474 | -8,904 | ' |
Production | -53,621 | -49,089 | -43,587 | ' |
Sale of properties | -105,463 | -144 | -1,123 | ' |
Ending balance | 653,816 | 677,905 | 634,014 | ' |
Crude Oil And Condensate [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 150,345 | 141,591 | 147,146 | ' |
Proved developed reserves | 80,526 | 79,695 | 81,846 | 90,292 |
Proved undeveloped reserves | 56,366 | 70,650 | 59,746 | 56,855 |
Extensions, discoveries and other additions | 10,177 | 18,935 | 16,712 | ' |
Purchase of minerals in-place | ' | 188 | 705 | ' |
Revisions of previous estimates | -531 | -4,577 | -17,117 | ' |
Production | -6,469 | -5,792 | -5,202 | ' |
Sale of properties | -16,630 | ' | -653 | ' |
Ending balance | 136,892 | 150,345 | 141,591 | ' |
Crude Oil And Condensate [Member] | Egypt [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 124,034 | 128,035 | 127,127 | ' |
Proved developed reserves | 119,242 | 106,746 | 105,840 | 109,657 |
Proved undeveloped reserves | 16,302 | 17,288 | 22,195 | 17,470 |
Extensions, discoveries and other additions | 43,738 | 36,188 | 45,021 | ' |
Purchase of minerals in-place | 5 | ' | ' | ' |
Revisions of previous estimates | 457 | -3,678 | -6,185 | ' |
Production | -32,690 | -36,511 | -37,928 | ' |
Ending balance | 135,544 | 124,034 | 128,035 | ' |
Crude Oil And Condensate [Member] | Australia [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 63,861 | 67,945 | 66,136 | ' |
Proved developed reserves | 22,524 | 29,053 | 35,725 | 48,072 |
Proved undeveloped reserves | 36,703 | 34,808 | 32,220 | 18,064 |
Extensions, discoveries and other additions | 2,539 | 6,277 | 15,762 | ' |
Purchase of minerals in-place | ' | 276 | ' | ' |
Revisions of previous estimates | -118 | -66 | ' | ' |
Production | -7,055 | -10,571 | -13,953 | ' |
Ending balance | 59,227 | 63,861 | 67,945 | ' |
Crude Oil And Condensate [Member] | North Sea [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 147,654 | 169,405 | 154,368 | ' |
Proved developed reserves | 100,327 | 119,635 | 136,990 | 115,705 |
Proved undeveloped reserves | 29,253 | 28,019 | 32,415 | 38,663 |
Extensions, discoveries and other additions | 1,543 | 346 | 332 | ' |
Purchase of minerals in-place | 3,623 | 2,143 | 34,612 | ' |
Revisions of previous estimates | 18 | -928 | ' | ' |
Production | -23,258 | -23,312 | -19,907 | ' |
Ending balance | 129,580 | 147,654 | 169,405 | ' |
Crude Oil And Condensate [Member] | Argentina [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 18,826 | 20,587 | 20,645 | ' |
Proved developed reserves | 14,195 | 15,845 | 16,001 | 16,583 |
Proved undeveloped reserves | 2,231 | 2,981 | 4,585 | 4,062 |
Extensions, discoveries and other additions | 998 | 1,133 | 3,230 | ' |
Revisions of previous estimates | 24 | 671 | 215 | ' |
Production | -3,422 | -3,565 | -3,503 | ' |
Ending balance | 16,426 | 18,826 | 20,587 | ' |
Natural Gas Liquids [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 258,352 | 207,898 | 156,458 | ' |
Proved developed reserves | 217,129 | 183,949 | 145,438 | 121,376 |
Proved undeveloped reserves | 74,732 | 74,403 | 62,460 | 35,082 |
Extensions, discoveries and other additions | 73,245 | 79,866 | 51,679 | ' |
Purchase of minerals in-place | 340 | 470 | 9,824 | ' |
Revisions of previous estimates | 2,141 | -13,626 | 2,504 | ' |
Production | -23,595 | -16,256 | -11,366 | ' |
Sale of properties | -18,622 | ' | -1,201 | ' |
Ending balance | 291,861 | 258,352 | 207,898 | ' |
Natural Gas Liquids [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 215,397 | 160,033 | 122,160 | ' |
Proved developed reserves | 184,485 | 154,508 | 107,490 | 91,800 |
Proved undeveloped reserves | 63,538 | 60,889 | 52,543 | 30,361 |
Extensions, discoveries and other additions | 69,231 | 71,965 | 43,915 | ' |
Purchase of minerals in-place | 45 | 230 | 586 | ' |
Revisions of previous estimates | 1,591 | -4,559 | 1,713 | ' |
Production | -19,922 | -12,272 | -8,071 | ' |
Sale of properties | -18,319 | ' | -270 | ' |
Ending balance | 248,023 | 215,397 | 160,033 | ' |
Natural Gas Liquids [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 34,254 | 31,450 | 27,844 | ' |
Proved developed reserves | 26,099 | 21,996 | 23,256 | 23,701 |
Proved undeveloped reserves | 9,970 | 12,258 | 8,193 | 4,142 |
Extensions, discoveries and other additions | 4,014 | 7,655 | 5,890 | ' |
Purchase of minerals in-place | ' | 9 | 47 | ' |
Revisions of previous estimates | 546 | -2,569 | 774 | ' |
Production | -2,442 | -2,291 | -2,174 | ' |
Sale of properties | -303 | ' | -931 | ' |
Ending balance | 36,069 | 34,254 | 31,450 | ' |
Natural Gas Liquids [Member] | Egypt [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Extensions, discoveries and other additions | ' | ' | 18 | ' |
Production | ' | ' | -18 | ' |
Natural Gas Liquids [Member] | North Sea [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 2,818 | 9,262 | ' | ' |
Proved developed reserves | 2,435 | 2,438 | 8,753 | ' |
Proved undeveloped reserves | 215 | 380 | 509 | ' |
Extensions, discoveries and other additions | ' | 246 | 72 | ' |
Purchase of minerals in-place | 295 | 231 | 9,191 | ' |
Revisions of previous estimates | 1 | -6,329 | ' | ' |
Production | -464 | -592 | -1 | ' |
Ending balance | 2,650 | 2,818 | 9,262 | ' |
Natural Gas Liquids [Member] | Argentina [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 5,883 | 7,153 | 6,454 | ' |
Proved developed reserves | 4,110 | 5,007 | 5,939 | 5,875 |
Proved undeveloped reserves | 1,009 | 876 | 1,215 | 579 |
Extensions, discoveries and other additions | ' | ' | 1,784 | ' |
Revisions of previous estimates | 3 | -169 | 17 | ' |
Production | -767 | -1,101 | -1,102 | ' |
Ending balance | 5,119 | 5,883 | 7,153 | ' |
Natural Gas [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 8,464,206 | 9,722,273 | 9,867,182 | ' |
Proved developed reserves | 4,926,064 | 5,833,105 | 6,253,418 | 6,363,417 |
Proved undeveloped reserves | 2,412,348 | 2,631,101 | 3,468,855 | 3,503,765 |
Extensions, discoveries and other additions | 743,212 | 869,949 | 981,993 | ' |
Purchase of minerals in-place | 11,535 | 326,627 | 181,091 | ' |
Revisions of previous estimates | 173,191 | -1,614,206 | -177,591 | ' |
Production | -765,437 | -839,403 | -825,770 | ' |
Sale of properties | -1,288,295 | -1,034 | -304,632 | ' |
Ending balance | 7,338,412 | 8,464,206 | 9,722,273 | ' |
Natural Gas [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 3,185,907 | 2,976,211 | 3,272,985 | ' |
Proved developed reserves | 2,005,966 | 2,353,587 | 2,215,973 | 2,284,116 |
Proved undeveloped reserves | 667,160 | 832,320 | 760,238 | 988,869 |
Extensions, discoveries and other additions | 306,721 | 365,863 | 169,506 | ' |
Purchase of minerals in-place | 855 | 313,885 | 67,595 | ' |
Revisions of previous estimates | 61,247 | -156,840 | -7,716 | ' |
Production | -285,187 | -312,600 | -315,631 | ' |
Sale of properties | -596,417 | -612 | -210,528 | ' |
Ending balance | 2,673,126 | 3,185,907 | 2,976,211 | ' |
Natural Gas [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 2,137,884 | 3,547,511 | 3,491,967 | ' |
Proved developed reserves | 1,294,420 | 1,734,657 | 2,108,801 | 2,181,615 |
Proved undeveloped reserves | 439,037 | 403,227 | 1,438,710 | 1,310,352 |
Extensions, discoveries and other additions | 359,493 | 252,130 | 505,049 | ' |
Purchase of minerals in-place | ' | 2,503 | 8,838 | ' |
Revisions of previous estimates | 109,551 | -1,443,989 | -133,359 | ' |
Production | -181,593 | -219,849 | -230,880 | ' |
Sale of properties | -691,878 | -422 | -94,104 | ' |
Ending balance | 1,733,457 | 2,137,884 | 3,547,511 | ' |
Natural Gas [Member] | Egypt [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 895,491 | 982,966 | 1,076,917 | ' |
Proved developed reserves | 621,825 | 690,436 | 700,866 | 748,573 |
Proved undeveloped reserves | 190,355 | 205,055 | 282,100 | 328,344 |
Extensions, discoveries and other additions | 44,382 | 55,967 | 77,049 | ' |
Revisions of previous estimates | 2,413 | -13,974 | -37,623 | ' |
Production | -130,106 | -129,468 | -133,377 | ' |
Ending balance | 812,180 | 895,491 | 982,966 | ' |
Natural Gas [Member] | Australia [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,670,070 | 1,569,584 | 1,488,498 | ' |
Proved developed reserves | 626,543 | 596,052 | 675,618 | 682,763 |
Proved undeveloped reserves | 975,224 | 1,074,018 | 893,966 | 805,735 |
Extensions, discoveries and other additions | 13,351 | 176,969 | 148,640 | ' |
Purchase of minerals in-place | ' | 1,745 | ' | ' |
Revisions of previous estimates | -101 | 101 | ' | ' |
Production | -81,553 | -78,329 | -67,554 | ' |
Ending balance | 1,601,767 | 1,670,070 | 1,569,584 | ' |
Natural Gas [Member] | North Sea [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 112,304 | 108,442 | 4,144 | ' |
Proved developed reserves | 88,177 | 93,319 | 105,028 | 4,144 |
Proved undeveloped reserves | 18,988 | 18,985 | 3,414 | ' |
Extensions, discoveries and other additions | 2,750 | 16,397 | 475 | ' |
Purchase of minerals in-place | 10,680 | 8,494 | 104,658 | ' |
Revisions of previous estimates | 32 | ' | ' | ' |
Production | -18,601 | -21,029 | -835 | ' |
Ending balance | 107,165 | 112,304 | 108,442 | ' |
Natural Gas [Member] | Argentina [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Beginning balance | 462,550 | 537,559 | 532,671 | ' |
Proved developed reserves | 289,133 | 365,054 | 447,132 | 462,206 |
Proved undeveloped reserves | 121,584 | 97,496 | 90,427 | 70,465 |
Extensions, discoveries and other additions | 16,515 | 2,623 | 81,274 | ' |
Revisions of previous estimates | 49 | 496 | 1,107 | ' |
Production | -68,397 | -78,128 | -77,493 | ' |
Ending balance | 410,717 | 462,550 | 537,559 | ' |
Supplemental_Oil_and_Gas_Discl6
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
MBbls | MBbls | MBbls | MBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 1,832,936 | 1,981,945 | 1,992,327 | 1,984,991 |
Crude Oil And Condensate [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 794,795 | 825,811 | 804,653 | 803,046 |
Natural Gas [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 4,926,064 | 5,833,105 | 6,253,418 | 6,363,417 |
Egypt [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 222,880 | 221,819 | 222,651 | 234,419 |
Egypt [Member] | Crude Oil And Condensate [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 119,242 | 106,746 | 105,840 | 109,657 |
Egypt [Member] | Crude Oil And Condensate [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 45,000 | ' | ' | ' |
Egypt [Member] | Natural Gas [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 621,825 | 690,436 | 700,866 | 748,573 |
Egypt [Member] | Natural Gas [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed reserves | 271,000 | ' | ' | ' |
Supplemental_Oil_and_Gas_Discl7
Supplemental Oil and Gas Disclosures - Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | $154,598 | $161,347 |
Production costs | -50,554 | -52,408 |
Development costs | -15,155 | -17,225 |
Income tax expense | -23,428 | -24,216 |
Net cash flows | 65,471 | 67,498 |
10 percent discount rate | -32,877 | -32,945 |
Discounted future net cash flows | 32,594 | 34,553 |
United States [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 79,654 | 84,060 |
Production costs | -26,032 | -27,230 |
Development costs | -4,834 | -6,768 |
Income tax expense | -12,832 | -12,740 |
Net cash flows | 35,956 | 37,322 |
10 percent discount rate | -20,117 | -19,464 |
Discounted future net cash flows | 15,839 | 17,858 |
Canada [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 19,260 | 20,512 |
Production costs | -8,105 | -8,543 |
Development costs | -2,458 | -2,916 |
Income tax expense | -678 | -754 |
Net cash flows | 8,019 | 8,299 |
10 percent discount rate | -3,987 | -4,472 |
Discounted future net cash flows | 4,032 | 3,827 |
Egypt [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 16,864 | 16,210 |
Production costs | -2,590 | -2,126 |
Development costs | -1,899 | -1,756 |
Income tax expense | -4,328 | -4,246 |
Net cash flows | 8,047 | 8,082 |
10 percent discount rate | -2,193 | -2,107 |
Discounted future net cash flows | 5,854 | 5,975 |
Australia [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 20,637 | 20,823 |
Production costs | -4,494 | -4,896 |
Development costs | -2,283 | -2,484 |
Income tax expense | -3,072 | -3,172 |
Net cash flows | 10,788 | 10,271 |
10 percent discount rate | -6,423 | -6,361 |
Discounted future net cash flows | 4,365 | 3,910 |
North Sea [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 15,359 | 16,732 |
Production costs | -8,147 | -8,451 |
Development costs | -3,284 | -3,053 |
Income tax expense | -2,376 | -3,163 |
Net cash flows | 1,552 | 2,065 |
10 percent discount rate | -85 | -98 |
Discounted future net cash flows | 1,637 | 1,967 |
Argentina [Member] | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' |
Cash inflows | 2,824 | 3,010 |
Production costs | -1,176 | -1,162 |
Development costs | -397 | -248 |
Income tax expense | -142 | -141 |
Net cash flows | 1,109 | 1,459 |
10 percent discount rate | -242 | -443 |
Discounted future net cash flows | $867 | $1,016 |
Supplemental_Oil_and_Gas_Discl8
Supplemental Oil and Gas Disclosures - Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Extractive Industries [Abstract] | ' | ' |
Estimated future net cash flow before income tax expenses | 10.00% | ' |
Total estimated future net cash flows before income tax expense discounted at 10 percent per annum | $48.20 | $48.20 |
Total estimated future net cash flows | $1.95 | ' |
Supplemental_Oil_and_Gas_Discl9
Supplemental Oil and Gas Disclosures - Principal Sources of Change In Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Sales, net of production costs | ($12,271) | ($12,589) | ($13,152) |
Net change in prices and production costs | -1,438 | -1,941 | 12,167 |
Discoveries and improved recovery, net of related costs | 6,892 | 6,742 | 6,751 |
Change in future development costs | -2,017 | -935 | -2,250 |
Previously estimated development costs incurred during the period | 4,654 | 4,359 | 2,479 |
Revision of quantities | 500 | -4,065 | -1,475 |
Purchases of minerals in-place | 227 | 1,181 | 2,139 |
Accretion of discount | 4,823 | 5,234 | 4,161 |
Change in income taxes | 855 | 2,711 | -4,303 |
Sales of properties | -6,232 | -3 | -1,285 |
Change in production rates and other | -828 | -2,088 | 273 |
Change in the discounted future net cash flows, Total | ($1,959) | ($1,394) | $5,505 |
Recovered_Sheet11
Supplemental Quarterly Financial Data - Supplemental Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues and other | $3,576 | $4,019 | $4,383 | $4,076 | $4,391 | $4,179 | $3,972 | $4,536 | $16,054 | $17,078 | $16,888 | $17,078 |
Expenses | 3,346 | 3,713 | 3,348 | 3,359 | 3,723 | 3,999 | 3,616 | 3,739 | 11,838 | 12,201 | 8,795 | 15,077 |
Net income including noncontrolling interest | 230 | 306 | 1,035 | 717 | 668 | 180 | 356 | 797 | 2,288 | 2,001 | 4,584 | 2,001 |
Net income attributable to common stock | 174 | 300 | 1,016 | 698 | 649 | 161 | 337 | 778 | 2,188 | 1,925 | 4,508 | 1,925 |
Net income per common share(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues and other | 3,576 | 4,019 | 4,383 | 4,076 | 4,391 | 4,179 | 3,972 | 4,536 | 16,054 | 17,078 | 16,888 | 17,078 |
Expenses | 3,346 | 3,713 | 3,348 | 3,359 | 3,723 | 3,999 | 3,616 | 3,739 | 11,838 | 12,201 | 8,795 | 15,077 |
Net income including noncontrolling interest | 230 | 306 | 1,035 | 717 | 668 | 180 | 356 | 797 | 2,288 | 2,001 | 4,584 | 2,001 |
Net income attributable to common stock | $174 | $300 | $1,016 | $698 | $649 | $161 | $337 | $778 | $2,188 | $1,925 | $4,508 | $1,925 |
Basic | $0.44 | $0.75 | $2.59 | $1.78 | $1.66 | $0.41 | $0.87 | $2.02 | $5.53 | $4.95 | $11.75 | $4.95 |
Diluted | $0.43 | $0.75 | $2.54 | $1.76 | $1.64 | $0.41 | $0.86 | $2 | $5.50 | $4.92 | $11.47 | $4.92 |
Recovered_Sheet12
Supplemental Quarterly Financial Data - Supplemental Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Canada [Member] | ||
Schedule Of Quarterly Financial Data [Line Items] | ' | ' |
Write-down of the carrying value of Oil and Gas properties, net of tax | $659 | $1,400 |
Recovered_Sheet13
Supplemental Guarantor Information - Additional Information (Detail) (Notes Due 2029 [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Notes Due 2029 [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Publicly traded notes | $300 |
Publicly-traded notes maturity date | '2029 |
Recovered_Sheet14
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Operations And Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
REVENUES AND OTHER: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas production revenues | ' | ' | ' | ' | ' | ' | ' | ' | $16,402 | $16,947 | $16,810 | ' |
Derivative instrument gains (losses), net | ' | ' | ' | ' | ' | ' | ' | ' | -399 | -79 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 210 | 78 | ' |
Total revenues and other | 3,576 | 4,019 | 4,383 | 4,076 | 4,391 | 4,179 | 3,972 | 4,536 | 16,054 | 17,078 | 16,888 | 17,078 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, depletion, and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,700 | 7,109 | 4,204 | ' |
Asset retirement obligation accretion | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 232 | 154 | ' |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,056 | 2,968 | 2,605 | ' |
Gathering and transportation | ' | ' | ' | ' | ' | ' | ' | ' | 297 | 303 | 296 | ' |
Taxes other than income | ' | ' | ' | ' | ' | ' | ' | ' | 832 | 862 | 899 | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 503 | 531 | 459 | ' |
Acquisitions, divestitures, and transition | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 31 | 20 | ' |
Financing costs, net | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 165 | 158 | ' |
Total operating expenses | 3,346 | 3,713 | 3,348 | 3,359 | 3,723 | 3,999 | 3,616 | 3,739 | 11,838 | 12,201 | 8,795 | 15,077 |
INCOME (LOSS) BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 4,216 | 4,877 | 8,093 | ' |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,928 | 2,876 | 3,509 | ' |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 230 | 306 | 1,035 | 717 | 668 | 180 | 356 | 797 | 2,288 | 2,001 | 4,584 | 2,001 |
Net income attributable to non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 76 | 76 | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 174 | 300 | 1,016 | 698 | 649 | 161 | 337 | 778 | 2,188 | 1,925 | 4,508 | 1,925 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 2,204 | 1,803 | 4,640 | ' |
Apache Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES AND OTHER: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas production revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,585 | 4,237 | 4,380 | ' |
Equity in net income (loss) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 2,313 | 1,523 | 3,590 | ' |
Derivative instrument gains (losses), net | ' | ' | ' | ' | ' | ' | ' | ' | -399 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80 | 9 | ' |
Total revenues and other | ' | ' | ' | ' | ' | ' | ' | ' | 6,499 | 5,680 | 7,979 | ' |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, depletion, and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,250 | 1,391 | 1,257 | ' |
Asset retirement obligation accretion | ' | ' | ' | ' | ' | ' | ' | ' | 67 | 76 | 70 | ' |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 939 | 957 | 794 | ' |
Gathering and transportation | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 51 | 51 | ' |
Taxes other than income | ' | ' | ' | ' | ' | ' | ' | ' | 190 | 185 | 170 | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 408 | 425 | 365 | ' |
Acquisitions, divestitures, and transition | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 25 | 14 | ' |
Financing costs, net | ' | ' | ' | ' | ' | ' | ' | ' | 97 | 94 | 149 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,045 | 3,204 | 2,870 | ' |
INCOME (LOSS) BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 2,454 | 2,476 | 5,109 | ' |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 222 | 475 | 525 | ' |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ' | ' | ' | ' | ' | ' | ' | ' | 2,232 | 2,001 | 4,584 | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 76 | 76 | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 2,188 | 1,925 | 4,508 | ' |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 2,204 | 1,803 | 4,640 | ' |
Apache Finance Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES AND OTHER: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net income (loss) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 17 | -737 | 234 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 69 | 125 | ' |
Total revenues and other | ' | ' | ' | ' | ' | ' | ' | ' | 78 | -668 | 359 | ' |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing costs, net | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -20 | -18 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -20 | -18 | ' |
INCOME (LOSS) BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 73 | -648 | 377 | ' |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 20 | -159 | 97 | ' |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ' | ' | ' | ' | ' | ' | ' | ' | 53 | -489 | 280 | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 53 | -489 | 280 | ' |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 53 | -489 | 280 | ' |
All Other Subsidiaries of Apache Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES AND OTHER: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas production revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11,817 | 12,710 | 12,430 | ' |
Equity in net income (loss) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 248 | 46 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 146 | -52 | ' |
Total revenues and other | ' | ' | ' | ' | ' | ' | ' | ' | 11,847 | 13,104 | 12,424 | ' |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, depletion, and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,450 | 5,718 | 2,947 | ' |
Asset retirement obligation accretion | ' | ' | ' | ' | ' | ' | ' | ' | 176 | 156 | 84 | ' |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,117 | 2,011 | 1,811 | ' |
Gathering and transportation | ' | ' | ' | ' | ' | ' | ' | ' | 236 | 252 | 245 | ' |
Taxes other than income | ' | ' | ' | ' | ' | ' | ' | ' | 642 | 677 | 729 | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 110 | 98 | ' |
Acquisitions, divestitures, and transition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 6 | ' |
Financing costs, net | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 91 | 27 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,792 | 9,021 | 5,947 | ' |
INCOME (LOSS) BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 4,055 | 4,083 | 6,477 | ' |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,686 | 2,560 | 2,887 | ' |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ' | ' | ' | ' | ' | ' | ' | ' | 2,369 | 1,523 | 3,590 | ' |
Net income attributable to non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 2,313 | 1,523 | 3,590 | ' |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | 2,313 | 1,523 | 3,590 | ' |
Reclassifications & Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES AND OTHER: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net income (loss) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -2,366 | -1,034 | -3,870 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -4 | -4 | ' |
Total revenues and other | ' | ' | ' | ' | ' | ' | ' | ' | -2,370 | -1,038 | -3,874 | ' |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -4 | -4 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -4 | -4 | ' |
INCOME (LOSS) BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -2,366 | -1,034 | -3,870 | ' |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ' | ' | ' | ' | ' | ' | ' | ' | -2,366 | -1,034 | -3,870 | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | -2,366 | -1,034 | -3,870 | ' |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ' | ' | ' | ' | ' | ' | ' | ' | ($2,366) | ($1,034) | ($3,870) | ' |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $9,835 | $8,504 | $9,953 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to oil and gas property | -10,019 | -8,781 | -6,414 |
Additions to gas gathering, transmission, and processing facilities | -1,201 | -750 | -664 |
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | ' | ' |
Acquisition of Cordillera | ' | -2,666 | ' |
Acquisitions of Mobil North Sea | ' | ' | -1,246 |
Equity investment in Yara Pilbara Holdings Pty Limited | ' | -439 | ' |
Acquisitions, other | -215 | -252 | -567 |
Proceeds from Kitimat LNG transaction, net | 396 | ' | ' |
Proceeds from sale of oil and gas properties | 307 | 27 | 422 |
Other | -86 | -563 | -176 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -7,116 | -13,424 | -8,645 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Commercial paper, credit facility, and bank notes, net | -513 | 549 | -925 |
Fixed rate debt borrowings | ' | 4,978 | ' |
Payments on fixed rate debt | -2,072 | -400 | ' |
Dividends paid | -360 | -332 | -306 |
Proceeds from sale of noncontrolling interest | 2,948 | ' | ' |
Shares repurchased | -997 | ' | ' |
Other | 21 | -10 | 84 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -973 | 4,785 | -1,147 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,746 | -135 | 161 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 160 | 295 | 134 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,906 | 160 | 295 |
Apache Corporation [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,421 | 2,357 | 2,191 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to oil and gas property | -4,291 | -3,313 | -1,478 |
Additions to gas gathering, transmission, and processing facilities | -124 | -48 | ' |
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | ' | ' |
Acquisition of Cordillera | ' | -2,666 | ' |
Acquisitions, other | ' | -66 | -448 |
Proceeds from sale of oil and gas properties | ' | 25 | 204 |
Investment in and advances to subsidiaries, net | ' | -657 | 772 |
Other | -58 | -450 | -81 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -771 | -7,175 | -1,031 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Commercial paper, credit facility, and bank notes, net | -501 | 502 | -927 |
Intercompany borrowings | 3,056 | ' | ' |
Fixed rate debt borrowings | ' | 4,978 | ' |
Payments on fixed rate debt | -1,722 | -400 | ' |
Dividends paid | -360 | -332 | -306 |
Shares repurchased | -997 | ' | ' |
Other | 29 | 29 | 108 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -495 | 4,777 | -1,125 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155 | -41 | 35 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ' | 41 | 6 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 155 | ' | 41 |
Apache Finance Canada [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 315 | -40 | 13 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany borrowings | 1 | ' | -1 |
Payments on fixed rate debt | -350 | ' | ' |
Other | 37 | 35 | -7 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -312 | 35 | -8 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3 | -5 | 5 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | ' | 5 | ' |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3 | ' | 5 |
All Other Subsidiaries of Apache Corporation [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 8,099 | 6,187 | 7,749 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to oil and gas property | -5,728 | -5,468 | -4,936 |
Additions to gas gathering, transmission, and processing facilities | -1,077 | -702 | -664 |
Acquisitions of Mobil North Sea | ' | ' | -1,246 |
Equity investment in Yara Pilbara Holdings Pty Limited | ' | -439 | ' |
Acquisitions, other | -215 | -186 | -119 |
Proceeds from Kitimat LNG transaction, net | 396 | ' | ' |
Proceeds from sale of oil and gas properties | 307 | 2 | 218 |
Other | -28 | -113 | -95 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -6,345 | -6,906 | -6,842 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Commercial paper, credit facility, and bank notes, net | -12 | 47 | 2 |
Intercompany borrowings | -3,057 | 697 | -763 |
Proceeds from sale of noncontrolling interest | 2,948 | ' | ' |
Other | -45 | -114 | -25 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -166 | 630 | -786 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,588 | -89 | 121 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 160 | 249 | 128 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,748 | 160 | 249 |
Reclassifications & Eliminations [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Investment in and advances to subsidiaries, net | ' | 657 | -772 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | ' | 657 | -772 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Intercompany borrowings | ' | -697 | 764 |
Other | ' | 40 | 8 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | ' | ($657) | $772 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $1,906 | $160 | $295 | $134 |
Receivables, net of allowance | 2,952 | 3,086 | ' | ' |
Inventories | 891 | 908 | ' | ' |
Drilling advances | 371 | 584 | ' | ' |
Derivative instruments | 1 | 31 | ' | ' |
Prepaid assets and other | 245 | 193 | ' | ' |
Total Assets | 6,366 | 4,962 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 52,421 | 53,280 | 45,448 | ' |
OTHER ASSETS: | ' | ' | ' | ' |
Goodwill, net | 1,369 | 1,289 | ' | ' |
Deferred charges and other | 1,481 | 1,206 | ' | ' |
Total assets | 61,637 | 60,737 | 52,051 | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 1,616 | 1,092 | ' | ' |
Current debt | 53 | 990 | ' | ' |
Asset retirement obligation | 121 | 478 | ' | ' |
Derivative instruments | 299 | 116 | ' | ' |
Other current liabilities | 2,611 | 2,860 | ' | ' |
Total current liabilities | 4,700 | 5,536 | ' | ' |
Long-term debt | 9,672 | 11,355 | ' | ' |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Income taxes | 8,364 | 8,024 | ' | ' |
Asset retirement obligation | 3,101 | 4,100 | ' | ' |
Other | 407 | 391 | ' | ' |
Total deferred credits and other noncurrent liabilities | 11,872 | 12,515 | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | ' |
TOTAL EQUITY | 35,393 | 31,331 | 28,993 | 24,377 |
Total liabilities and equity | 61,637 | 60,737 | ' | ' |
Income taxes | 8,364 | 8,024 | ' | ' |
Asset retirement obligation | 3,101 | 4,100 | ' | ' |
Other | 407 | 391 | ' | ' |
Total deferred credits and other noncurrent liabilities | 11,872 | 12,515 | ' | ' |
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Noncontrolling interest | 1,997 | ' | ' | ' |
TOTAL EQUITY | 35,393 | 31,331 | 28,993 | 24,377 |
Total liabilities and shareholders' equity | 61,637 | 60,737 | ' | ' |
Income taxes | 8,364 | 8,024 | ' | ' |
Asset retirement obligation | 3,101 | 4,100 | ' | ' |
Other | 407 | 391 | ' | ' |
Total deferred credits and other noncurrent liabilities | 11,872 | 12,515 | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | ' |
TOTAL EQUITY | 35,393 | 31,331 | 28,993 | 24,377 |
Total liabilities and equity | 61,637 | 60,737 | ' | ' |
Apache Corporation [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 155 | ' | 41 | 6 |
Receivables, net of allowance | 1,043 | 876 | ' | ' |
Inventories | 48 | 95 | ' | ' |
Drilling advances | 49 | 21 | ' | ' |
Derivative instruments | 1 | 31 | ' | ' |
Prepaid assets and other | 99 | 102 | ' | ' |
Intercompany receivable | 5,357 | 3,766 | ' | ' |
Total Assets | 6,752 | 4,891 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 16,092 | 18,517 | ' | ' |
OTHER ASSETS: | ' | ' | ' | ' |
Intercompany receivable | 1,572 | 4,628 | ' | ' |
Equity in affiliates | 24,743 | 21,047 | ' | ' |
Goodwill, net | 173 | 173 | ' | ' |
Deferred charges and other | 166 | 152 | ' | ' |
Total assets | 49,498 | 49,408 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 956 | 639 | ' | ' |
Current debt | ' | 912 | ' | ' |
Asset retirement obligation | 115 | 471 | ' | ' |
Derivative instruments | 299 | 96 | ' | ' |
Other current liabilities | 896 | 893 | ' | ' |
Total current liabilities | 2,266 | 3,011 | ' | ' |
Long-term debt | 9,374 | 10,706 | ' | ' |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Income taxes | 3,586 | 2,990 | ' | ' |
Asset retirement obligation | 430 | 992 | ' | ' |
Other | 446 | 378 | ' | ' |
Total deferred credits and other noncurrent liabilities | 4,462 | 4,360 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 33,396 | ' | ' | ' |
TOTAL EQUITY | 33,396 | 31,331 | ' | ' |
Total liabilities and equity | 49,498 | 49,408 | ' | ' |
Income taxes | 3,586 | 2,990 | ' | ' |
Asset retirement obligation | 430 | 992 | ' | ' |
Other | 446 | 378 | ' | ' |
Total deferred credits and other noncurrent liabilities | 4,462 | 4,360 | ' | ' |
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS' EQUITY | 33,396 | ' | ' | ' |
TOTAL EQUITY | 33,396 | 31,331 | ' | ' |
Total liabilities and shareholders' equity | 49,498 | 49,408 | ' | ' |
Income taxes | 3,586 | 2,990 | ' | ' |
Asset retirement obligation | 430 | 992 | ' | ' |
Other | 446 | 378 | ' | ' |
Total deferred credits and other noncurrent liabilities | 4,462 | 4,360 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 33,396 | ' | ' | ' |
TOTAL EQUITY | 33,396 | 31,331 | ' | ' |
Total liabilities and equity | 49,498 | 49,408 | ' | ' |
Apache Finance Canada [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 3 | ' | 5 | ' |
Drilling advances | ' | 1 | ' | ' |
Total Assets | 3 | 1 | ' | ' |
OTHER ASSETS: | ' | ' | ' | ' |
Equity in affiliates | 1,155 | 934 | ' | ' |
Deferred charges and other | 1,006 | 1,002 | ' | ' |
Total assets | 2,164 | 1,937 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 2 | 1 | ' | ' |
Other current liabilities | 10 | 3 | ' | ' |
Total current liabilities | 12 | 4 | ' | ' |
Long-term debt | 298 | 647 | ' | ' |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Income taxes | ' | 5 | ' | ' |
Other | 250 | 250 | ' | ' |
Total deferred credits and other noncurrent liabilities | 250 | 255 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 1,604 | ' | ' | ' |
TOTAL EQUITY | 1,604 | 1,031 | ' | ' |
Total liabilities and equity | 2,164 | 1,937 | ' | ' |
Income taxes | ' | 5 | ' | ' |
Other | 250 | 250 | ' | ' |
Total deferred credits and other noncurrent liabilities | 250 | 255 | ' | ' |
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS' EQUITY | 1,604 | ' | ' | ' |
TOTAL EQUITY | 1,604 | 1,031 | ' | ' |
Total liabilities and shareholders' equity | 2,164 | 1,937 | ' | ' |
Income taxes | ' | 5 | ' | ' |
Other | 250 | 250 | ' | ' |
Total deferred credits and other noncurrent liabilities | 250 | 255 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 1,604 | ' | ' | ' |
TOTAL EQUITY | 1,604 | 1,031 | ' | ' |
Total liabilities and equity | 2,164 | 1,937 | ' | ' |
All Other Subsidiaries of Apache Corporation [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,748 | 160 | 249 | 128 |
Receivables, net of allowance | 1,909 | 2,210 | ' | ' |
Inventories | 843 | 813 | ' | ' |
Drilling advances | 322 | 562 | ' | ' |
Prepaid assets and other | 146 | 91 | ' | ' |
Total Assets | 4,968 | 3,836 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 36,329 | 34,763 | ' | ' |
OTHER ASSETS: | ' | ' | ' | ' |
Equity in affiliates | 449 | 97 | ' | ' |
Goodwill, net | 1,196 | 1,116 | ' | ' |
Deferred charges and other | 1,309 | 1,052 | ' | ' |
Total assets | 44,251 | 40,864 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 658 | 452 | ' | ' |
Current debt | 53 | 78 | ' | ' |
Asset retirement obligation | 6 | 7 | ' | ' |
Derivative instruments | ' | 20 | ' | ' |
Other current liabilities | 1,705 | 1,964 | ' | ' |
Intercompany payable | 5,357 | 3,766 | ' | ' |
Total current liabilities | 7,779 | 6,287 | ' | ' |
Long-term debt | ' | 2 | ' | ' |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Intercompany payable | 1,572 | 4,628 | ' | ' |
Income taxes | 4,778 | 5,029 | ' | ' |
Asset retirement obligation | 2,671 | 3,108 | ' | ' |
Other | 711 | 763 | ' | ' |
Total deferred credits and other noncurrent liabilities | 9,732 | 13,528 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 24,743 | ' | ' | ' |
TOTAL EQUITY | 26,740 | 21,047 | ' | ' |
Total liabilities and equity | 44,251 | 40,864 | ' | ' |
Income taxes | 4,778 | 5,029 | ' | ' |
Asset retirement obligation | 2,671 | 3,108 | ' | ' |
Other | 711 | 763 | ' | ' |
Total deferred credits and other noncurrent liabilities | 9,732 | 13,528 | ' | ' |
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS' EQUITY | 24,743 | ' | ' | ' |
Noncontrolling interest | 1,997 | ' | ' | ' |
TOTAL EQUITY | 26,740 | 21,047 | ' | ' |
Total liabilities and shareholders' equity | 44,251 | 40,864 | ' | ' |
Intercompany payable | 1,572 | 4,628 | ' | ' |
Income taxes | 4,778 | 5,029 | ' | ' |
Asset retirement obligation | 2,671 | 3,108 | ' | ' |
Other | 711 | 763 | ' | ' |
Total deferred credits and other noncurrent liabilities | 9,732 | 13,528 | ' | ' |
COMMITMENTS AND CONTINGENCIES | 24,743 | ' | ' | ' |
TOTAL EQUITY | 26,740 | 21,047 | ' | ' |
Total liabilities and equity | 44,251 | 40,864 | ' | ' |
Reclassifications & Eliminations [Member] | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Intercompany receivable | -5,357 | -3,766 | ' | ' |
Total Assets | -5,357 | -3,766 | ' | ' |
OTHER ASSETS: | ' | ' | ' | ' |
Intercompany receivable | -1,572 | -4,628 | ' | ' |
Equity in affiliates | -26,347 | -22,078 | ' | ' |
Deferred charges and other | -1,000 | -1,000 | ' | ' |
Total assets | -34,276 | -31,472 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Intercompany payable | -5,357 | -3,766 | ' | ' |
Total current liabilities | -5,357 | -3,766 | ' | ' |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Intercompany payable | -1,572 | -4,628 | ' | ' |
Other | -1,000 | -1,000 | ' | ' |
Total deferred credits and other noncurrent liabilities | -2,572 | -5,628 | ' | ' |
COMMITMENTS AND CONTINGENCIES | -26,347 | ' | ' | ' |
TOTAL EQUITY | -26,347 | -22,078 | ' | ' |
Total liabilities and equity | -34,276 | -31,472 | ' | ' |
Other | -1,000 | -1,000 | ' | ' |
Total deferred credits and other noncurrent liabilities | -2,572 | -5,628 | ' | ' |
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS' EQUITY | -26,347 | ' | ' | ' |
TOTAL EQUITY | -26,347 | -22,078 | ' | ' |
Total liabilities and shareholders' equity | -34,276 | -31,472 | ' | ' |
Intercompany payable | -1,572 | -4,628 | ' | ' |
Other | -1,000 | -1,000 | ' | ' |
Total deferred credits and other noncurrent liabilities | -2,572 | -5,628 | ' | ' |
COMMITMENTS AND CONTINGENCIES | -26,347 | ' | ' | ' |
TOTAL EQUITY | -26,347 | -22,078 | ' | ' |
Total liabilities and equity | ($34,276) | ($31,472) | ' | ' |