Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | APA | ||
Entity Registrant Name | APACHE CORP | ||
Entity Central Index Key | 6769 | ||
Current Fiscal Year End Date | -19 | ||
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 | 376,823,368 | ||
Entity Public Float | $38,470,137,875 |
Statement_of_Consolidated_Oper
Statement of Consolidated Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil and gas production revenues | |||
Oil and gas production revenues | $13,749 | $15,911 | $16,428 |
Derivative instrument gains (losses), net | 284 | -399 | -79 |
Other | -182 | 48 | 215 |
Total revenues and other | 13,851 | 15,560 | 16,564 |
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 10,158 | 6,289 | 6,881 |
Asset retirement obligation accretion | 181 | 238 | 228 |
Lease operating expenses | 2,479 | 2,864 | 2,784 |
Gathering and transportation | 273 | 288 | 295 |
Taxes other than income | 678 | 785 | 818 |
Impairments | 2,357 | 0 | 0 |
General and administrative | 434 | 482 | 515 |
Acquisition, divestiture, and separation costs | 67 | 33 | 31 |
Financing costs, net | 130 | 177 | 172 |
Total operating expenses | 16,757 | 11,156 | 11,724 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -2,906 | 4,404 | 4,840 |
Current income tax provision | 1,142 | 1,663 | 2,199 |
Deferred income tax provision | 495 | 261 | 654 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | -4,543 | 2,480 | 1,987 |
Net income (loss) from discontinued operations, net of tax | -517 | -192 | 14 |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -5,060 | 2,288 | 2,001 |
Preferred stock dividends | 44 | 76 | |
Net income attributable to noncontrolling interest | 343 | 56 | |
Net income (loss) attributable to common shareholders | -5,403 | 2,188 | 1,925 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS: | |||
Net income (loss) from continuing operations attributable to common shareholders | -4,886 | 2,380 | 1,911 |
Net income (loss) from discontinued operations | -517 | -192 | 14 |
Net income (loss) attributable to common shareholders | -5,403 | 2,188 | 1,925 |
Basic net income (loss) per common share: | |||
Basic net income (loss) from continuing operations per share | ($12.72) | $6.02 | $4.91 |
Basic net income (loss) from discontinued operations per share | ($1.34) | ($0.49) | $0.04 |
Basic net income (loss) per share | ($14.06) | $5.53 | $4.95 |
DILUTED NET INCOME (LOSS) PER COMMON SHARE: | |||
Diluted net income (loss) from continuing operations per share | ($12.72) | $5.97 | $4.89 |
Diluted net income (loss) from discontinued operations per share | ($1.34) | ($0.47) | $0.03 |
Diluted net income (loss) per share | ($14.06) | $5.50 | $4.92 |
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
Basic | 384 | 395 | 389 |
Diluted | 384 | 406 | 391 |
DIVIDENDS DECLARED PER COMMON SHARE | $1 | $0.80 | $0.68 |
Other Assets [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 410 | 400 | 362 |
Oil And Gas Property And Equipment Recurring [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 4,747 | 4,894 | 4,593 |
Oil And Gas Property And Equipment Additional [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 5,001 | 995 | 1,926 |
Oil Reserves [Member] | |||
Oil and gas production revenues | |||
Revenues | 10,752 | 12,632 | 12,939 |
Natural Gas [Member] | |||
Oil and gas production revenues | |||
Revenues | 2,329 | 2,627 | 2,969 |
Natural Gas Liquids [Member] | |||
Oil and gas production revenues | |||
Revenues | $668 | $652 | $520 |
Statement_of_Consolidated_Comp
Statement of Consolidated Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ($5,060) | $2,288 | $2,001 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Pension and postretirement benefit plan, net of tax | 9 | -2 | |
Commodity cash flow hedge activity, net of tax: | |||
Reclassification of (gain) loss on settled derivative instruments | 11 | -199 | |
Change in fair value of derivative instruments | -1 | -5 | 79 |
Derivative hedge ineffectiveness reclassified into earnings | 1 | ||
Commodity cash flow hedge activity, net of tax | -1 | 16 | -122 |
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -5,061 | 2,304 | 1,879 |
Preferred stock dividends | 44 | 76 | |
Comprehensive income attributable to noncontrolling interest | 343 | 56 | |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | ($5,404) | $2,204 | $1,803 |
Statement_of_Consolidated_Cash
Statement of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | ($5,060) | $2,288 | $2,001 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Loss (income) from discontinued operations | 517 | 192 | -14 |
Depreciation, depletion, and amortization | 10,158 | 6,289 | 6,881 |
Impairments | 2,357 | 0 | 0 |
Asset retirement obligation accretion | 181 | 238 | 228 |
Provision for deferred income taxes | 495 | 261 | 654 |
Other | -51 | 268 | 223 |
Changes in operating assets and liabilities: | |||
Receivables | 828 | 112 | 28 |
Inventories | -44 | -71 | -60 |
Drilling advances | -56 | 234 | -343 |
Deferred charges and other | -211 | -148 | 41 |
Accounts payable | -294 | 491 | -84 |
Accrued expenses | -450 | -566 | -1,133 |
Deferred credits and noncurrent liabilities | 9 | 15 | -141 |
NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 8,379 | 9,603 | 8,281 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 82 | 232 | 223 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 8,461 | 9,835 | 8,504 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to oil and gas property | -9,721 | -9,612 | -7,428 |
Additions to gas gathering, transmission and processing facilities | -1,159 | -1,190 | -733 |
Leasehold and property acquisitions | -1,492 | -419 | -1,303 |
Acquisition of Cordillera Energy Partners III, LLC | -2,666 | ||
Acquisition of Yara Pilbara Holdings Pty Limited | -439 | ||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | ||
Proceeds from sale of Anadarko Basin and Southern Louisiana assets | 1,262 | ||
Proceeds from sale of Gulf of Mexico Shelf properties | 3,702 | ||
Proceeds from Kitimat LNG transaction, net | 396 | ||
Proceeds from sale of oil and gas properties, other | 470 | 307 | 27 |
Other, net | -272 | -90 | -555 |
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | -9,552 | -6,906 | -13,097 |
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 748 | -210 | -327 |
NET CASH USED IN INVESTING ACTIVITIES | -8,804 | -7,116 | -13,424 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Commercial paper, credit facilities and bank notes, net | 1,568 | -509 | 511 |
Fixed rate debt borrowings | 4,978 | ||
Payments on fixed rate debt | -2,072 | -400 | |
Distributions to noncontrolling interest | -140 | ||
Proceeds from sale of noncontrolling interest | 2,948 | ||
Dividends paid | -365 | -360 | -332 |
Treasury stock activity, net | -1,864 | -997 | |
Other | 49 | 21 | -10 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | -752 | -969 | 4,747 |
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | -42 | -4 | 38 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -794 | -973 | 4,785 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -1,137 | 1,746 | -135 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,906 | 160 | 295 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 769 | 1,906 | 160 |
SUPPLEMENTARY CASH FLOW DATA: | |||
Interest paid, net of capitalized interest | 134 | 192 | 146 |
Income taxes paid, net of refunds | $1,357 | $1,766 | $2,590 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $769 | $1,906 |
Receivables, net of allowance | 2,024 | 2,952 |
Inventories | 708 | 891 |
Drilling advances | 388 | 371 |
Assets held for sale | 1,628 | |
Deferred tax asset | 769 | 134 |
Prepaid assets and other | 129 | 112 |
Total current assets | 6,415 | 6,366 |
Oil and gas, on the basis of full-cost accounting: | ||
Proved properties | 89,852 | 83,390 |
Unproved properties and properties under development, not being amortized | 7,014 | 8,363 |
Gathering, transmission, and processing facilities | 5,440 | 6,995 |
Other | 1,152 | 1,071 |
Property and equipment, gross | 103,458 | 99,819 |
Less: Accumulated depreciation, depletion and amortization | -55,382 | -47,398 |
Property and equipment, net | 48,076 | 52,421 |
OTHER ASSETS: | ||
Goodwill | 87 | 1,369 |
Deferred charges and other | 1,374 | 1,481 |
Total assets | 55,952 | 61,637 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,210 | 1,616 |
Current debt | 53 | |
Current asset retirement obligation | 37 | 121 |
Derivative instruments | 299 | |
Other current liabilities | 2,417 | 2,611 |
Total current liabilities | 3,664 | 4,700 |
LONG-TERM DEBT | 11,245 | 9,672 |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||
Income taxes | 9,499 | 8,364 |
Asset retirement obligation | 3,048 | 3,101 |
Other | 359 | 407 |
Total deferred credits and other noncurrent liabilities | 12,906 | 11,872 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
EQUITY: | ||
Common stock, $0.625 par, 860,000,000 shares authorized, 409,706,347 and 408,041,088 shares issued, respectively | 256 | 255 |
Paid-in capital | 12,438 | 12,251 |
Retained earnings | 16,249 | 22,032 |
Treasury stock, at cost, 33,201,455 and 12,268,180 shares, respectively | -2,890 | -1,027 |
Accumulated other comprehensive loss | -116 | -115 |
APACHE SHAREHOLDERS' EQUITY | 25,937 | 33,396 |
Noncontrolling interest | 2,200 | 1,997 |
TOTAL EQUITY | 28,137 | 35,393 |
TOTAL LIABILITIES AND EQUITY | $55,952 | $61,637 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.63 | $0.63 |
Common stock, shares authorized | 860,000,000 | 860,000,000 |
Common stock, shares issued | 409,706,347 | 408,041,088 |
Treasury stock, shares | 33,201,455 | 12,268,180 |
Statement_of_Consolidated_Chan
Statement of Consolidated Changes in 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, 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 of $5 | -2 | -2 | -2 | ||||||
Commodity hedges, net of tax | -120 | -120 | -120 | ||||||
Preferred | -76 | -76 | -76 | ||||||
Common ($0.68 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 of $5 | 9 | 9 | 9 | ||||||
Commodity hedges, net of tax | 7 | 7 | 7 | ||||||
Preferred | -44 | -44 | -44 | ||||||
Common ($0.68 per share) | -317 | -317 | -317 | ||||||
Common stock activity, net | -21 | 1 | -22 | -21 | |||||
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 | |
Net income | -5,060 | -5,403 | -5,403 | 343 | |||||
Distributions to noncontrolling interest | -140 | -140 | |||||||
Commodity hedges, net of tax | -1 | -1 | -1 | ||||||
Common ($0.68 per share) | -380 | -380 | -380 | ||||||
Common stock activity, net | -10 | 1 | -11 | -10 | |||||
Treasury stock activity, net | -1,864 | -1 | -1,863 | -1,864 | |||||
Compensation expense | 202 | 202 | 202 | ||||||
Other | -3 | -3 | -3 | ||||||
BALANCE at Dec. 31, 2014 | $28,137 | $256 | $12,438 | $16,249 | ($2,890) | ($116) | $25,937 | $2,200 |
Statement_of_Consolidated_Chan1
Statement of Consolidated Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax benefit (expense) to post retirement | $9 | $5 | |
Tax (benefit) expense to commodity hedges | 4 | 35 | |
Common stock, dividends, per share | $1 | $0.80 | $0.68 |
Retained Earnings [Member] | |||
Income tax benefit (expense) to post retirement | 9 | 5 | |
Tax (benefit) expense to commodity hedges | 4 | 35 | |
Common stock, dividends, per share | $1 | $0.80 | $0.68 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Income tax benefit (expense) to post retirement | 9 | 5 | |
Tax (benefit) expense to commodity hedges | 4 | 35 | |
Common stock, dividends, per share | $1 | $0.80 | $0.68 |
Parent [Member] | |||
Income tax benefit (expense) to post retirement | 9 | 5 | |
Tax (benefit) expense to commodity hedges | $4 | $35 | |
Common stock, dividends, per share | $1 | $0.80 | $0.68 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
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. In March 2014, Apache completed the sale of all of its operations in Argentina. Results of operations and cash flows for Argentina operations are reflected as discontinued operations in the Company’s financial statements for all periods presented. 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. 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 and assets held for sale at year-end (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. | |
Apache also uses fair value measurements on a nonrecurring basis as indicated by certain qualitative assessments of its assets. For the year ended December 31, 2014, the Company recorded asset impairments totaling $2.4 billion in connection with fair value assessments, including $1.3 billion for the impairment of goodwill, $1.0 billion for the impairment of assets held for sale, and other asset impairments at December 31, 2014. For discussion of these impairments, see “Goodwill” below and Note 2 — Acquisitions and Divestitures. | |
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, 2014 and 2013, Apache had $769 million and $1.9 billion, 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 doubtful 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, 2014 and 2013, the Company had an allowance for doubtful accounts of $98 million and $96 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 $373 million, $401 million, and $402 million of internal costs in 2014, 2013, and 2012, 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. | |
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 2014, Apache recorded $4.4 billion ($2.8 billion net of tax) and $589 million ($224 million net of tax) in non-cash write-downs of the carrying value of the Company’s U.S. and North Sea proved oil and gas properties, respectively. During 2013, Apache recorded non-cash write-downs of the carrying value of the Company’s proved oil and gas properties for its continuing operations totaling $920 million. The after-tax impact of these write-downs was $356 million in the U.S. and $139 million in the North Sea. In addition, the Company recorded a non-cash write-down of $118 million, net of tax, in Argentina, which is reflected as discontinued operations in the Company’s consolidated financial statements. Cash flow hedges did not materially affect the 2014 and 2013 calculations. | |
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. During 2014, Apache recorded a $539 million loss related to the divestiture of operations in Argentina. No gain or loss was recorded on the Company’s divestitures in 2013 or 2012. | |
Gathering, Transmission, and Processing (GTP) Facilities | |
The Company assesses the carrying amount of its GTP 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. In December 2014, the Company recorded an impairment of its GTP assets related to the announced sale of Apache’s Wheatstone and Kitimat LNG projects, and the remaining carrying value was reclassified to “Assets Held for Sale” on the Company’s consolidated balance sheet. In total, GTP assets were reduced $2.5 billion in connection with this divestiture. Excluding assets held for sale, GTP facilities totaled $5.4 billion and $7.0 billion at December 31, 2014 and 2013, respectively. See Note 2 — Acquisitions and Divestitures for a discussion of GTP facilities held for sale as of December 31, 2014. No impairment of GTP facilities was recognized during 2013 or 2012. | |
During 2014, Apache recorded a loss on the sale of GTP facilities totaling $180 million associated with the Company’s divestitures of certain Anadarko basin and Southern Louisiana assets. No gain or loss on the sales of GTP facilities was recognized during 2013 or 2012. The costs of GTP facilities retired or otherwise disposed of and the applicable accumulated depreciation are removed from the Apache’s consolidated financial statements, and the resulting gain or loss is reflected in “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. | |
GTP facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GTP assets, whether Apache-operated or third party, as well as potential development plans by Apache for undeveloped acreage within or in close proximity to those fields. Accumulated depreciation for these assets totaled $1.7 billion and $1.5 billion at December 31, 2014 and 2013, respectively. | |
Other Property and Equipment | |
Other property and equipment includes computer software and equipment, buildings, vehicles, furniture and fixtures, land, and other equipment. These assets are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from 3 to 20 years. Accumulated depreciation for these assets totaled $673 million and $608 million at December 31, 2014 and 2013, 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. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. Apache assesses each country as a reporting unit. The fair value of each unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then goodwill is written down to the implied fair value of the goodwill through a charge to expense. | |
In order to determine the fair value of each reporting unit, the Company uses a combination of the income approach and the market approach. The income approach considers management views on current operating measures as well as assumptions pertaining to market forces in the oil and gas industry, such as future production, future commodity prices, and costs. These assumptions are applied to develop future cash flow projections that are then discounted to estimate fair value, using a discount rate similar to those used by the Company in the valuation of acquisitions and divestitures. To assess the reasonableness of its fair value estimate, the Company uses a market approach to compare the fair value to similar businesses whose securities are actively traded in the public market. This requires management to make certain judgments about the selection of comparable companies, recent comparable asset transactions, and transaction premiums. Associated market multiples are applied to various financial metrics of the reporting unit to estimate fair value. Apache has classified this reporting unit estimation as a non-recurring Level 3 fair value measurement in the fair value hierarchy. | |
As of December 31, 2013, goodwill totaled $1.4 billion, with approximately $1.0 billion, $163 million, $103 million, and $87 million recorded in the U.S., North Sea, Canada, and Egypt, respectively. Given the significant reduction in oil and gas commodity prices in December 2014, the Company tested goodwill for impairment as of December 31, 2014. Reductions in estimated net present value of expected future cash flows from oil and gas properties resulted in implied fair values below the carrying values of Apache’s U.S., North Sea, and Canada reporting units. No impairment was indicated for the Company’s Egypt reporting unit. As a result of these assessments, during the fourth quarter of 2014 the Company recognized non-cash impairments of the entire amount of recorded goodwill in the U.S., North Sea, and Canada reporting units of $1.0 billion, $163 million, and $103 million, respectively. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. As of December 31, 2014, total goodwill of $87 million remained recorded for the Egypt reporting unit. | |
No impairment of goodwill was recognized during 2013 and 2012. | |
Accounts Payable | |
Included in accounts payable at December 31, 2014 and 2013, are liabilities of approximately $229 million and $271 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 North American 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 $46 million, $34 million, and $27 million, for 2014, 2013, and 2012, 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. As of December 31, 2014, Apache had no open derivative positions. | |
When applicable, 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 is required to assess whether the undistributed earnings of its foreign subsidiaries will be permanently reinvested. In 2014, Apache evaluated its permanent reinvestment position and determined that undistributed earnings from certain subsidiaries located in Apache’s Australia, Egypt, and North Sea regions will no longer be permanently reinvested. As a result of this change in position, Apache recorded a U.S. deferred income tax liability of $1.7 billion on the undistributed earnings of subsidiaries located in these regions. Apache’s Canadian subsidiaries do not currently have undistributed earnings. Apache does not record U.S. deferred income taxes on foreign subsidiaries that are deemed to be permanently reinvested. When such earnings are no longer deemed permanently reinvested, Apache will recognize the appropriate U.S. current or deferred income tax liabilities. For more information, please refer to Note 7 — Income Taxes. | |
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 2014, Apache recorded a tax benefit of $56 million, including current and deferred taxes. In 2013 and 2012, the Company recorded a tax benefit of $154 million and a tax expense of $16 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 gain in 2014 of $8 million, a loss in 2013 of $30 million, and a gain in 2012 of $24 million. | |
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 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 year ended December 31, 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 $35,000, $1 million, and $4 million as financing cash inflows in 2014, 2013, and 2012, 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 April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 modifies the criteria for disposals to qualify as discontinued operations and expands related disclosures. The guidance is effective for annual and interim reporting periods beginning after December 15, 2014. Adoption of this amendment is not expected to have a material effect on our financial position or results of operations. | |
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The guidance requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company is currently evaluating the level of effort needed to implement the standard, the impact of adopting this standard on its consolidated financial statements, and whether to use the full retrospective approach or the modified retrospective approach. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions and Divestitures | 2. ACQUISITIONS AND DIVESTITURES | ||||||||||||
2014 Activity | |||||||||||||
LNG Projects Divestiture | |||||||||||||
In December 2014, Apache agreed to sell its interest in two LNG projects, Wheatstone LNG in Australia and Kitimat LNG in Canada, along with the associated upstream oil and gas assets, to Woodside Petroleum Limited for a purchase price of $2.75 billion plus recovery of Apache’s net expenditure in the Wheatstone and Kitimat LNG projects between June 30, 2014, and closing. This transaction is subject to necessary government and regulatory approvals and is expected to close in the first quarter of 2015. Under the terms of the agreement, Apache will sell its equity ownership in its Australian subsidiary Apache Julimar Pty Ltd, which owns a 13 percent interest in the Wheatstone LNG project and a 65 percent interest in the WA-49-L block, which includes the Julimar/Brunello offshore gas fields and the Balnaves oil development. The transaction also includes the sale of Apache’s entire interest in the Kitimat LNG plant, Pacific Trail Pipelines Limited Partnership (PTP) and related upstream acreage in the Horn River and Liard natural gas basins of British Columbia, Canada. | |||||||||||||
As a result of the announced sale of these projects, the LNG facilities and associated assets on Apache’s consolidated balance sheet and Apache’s investment in PTP qualify as held for sale as of December 31, 2014. A summary of the associated assets and liabilities classified as held for sale on our consolidated balance sheet as of December 31, 2014, is detailed below: | |||||||||||||
December 31, 2014 | |||||||||||||
Canada | Australia | Total | |||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 30 | $ | — | $ | 30 | |||||||
GTP assets, net of accumulated depreciation | 200 | 1,297 | 1,497 | ||||||||||
Other long-term assets | 101 | — | 101 | ||||||||||
Assets held for sale(1) | $ | 331 | $ | 1,297 | $ | 1,628 | |||||||
LIABILITIES | |||||||||||||
Current liabilities | $ | 12 | $ | — | $ | 12 | |||||||
Other long-term liabilities | 7 | — | 7 | ||||||||||
Liabilities held for sale(1) | $ | 19 | $ | — | $ | 19 | |||||||
-1 | Assets held for sale are classified as current assets in the Consolidated Balance Sheet. Liabilities held for sale are recorded in “Other current liabilities” in the Consolidated Balance Sheet. | ||||||||||||
In connection with classifying these assets to held for sale, a separate impairment analysis was performed for each long-lived asset within the disposal group. The analysis was based on the estimated fair value of the assets in the disposal group, which was equivalent to the allocated purchase price associated with the transaction. The transaction’s purchase price was allocated based on the fair value of each asset in the disposal group. Each asset’s fair value was determined using a combination of the income approach, specifically discounted cash flows, and the cost approach. The income approach considered management views on current operating measures as well as assumptions pertaining to market forces in the oil and gas industry, such as future production, future commodity prices, and costs. These assumptions were applied to develop future cash flow projections that were then discounted to estimate fair value, using a discount rate believed to be consistent with those used by principal market participants. The cost approach reflects the amount that would be required currently to replace the service capacity of an asset (often referred to as current replacement cost) and is typically used to measure the fair value of tangible assets that are used in combination with other assets. Apache has classified these non-recurring fair value measurements as Level 3 in the fair value hierarchy. | |||||||||||||
The net book value of the assets associated with the Wheatstone LNG and Kitimat LNG projects totaled approximately $1.7 billion and $712 million, respectively, as of December 31, 2014. The estimated fair value of these assets as of year-end was less than the carrying value, resulting in an impairment loss during the fourth quarter of $930 million. The carrying value of Apache’s investment in PTP was approximately $205 million with an estimated fair value of $101 million. Combined, Apache recognized an impairment loss on held for sale assets totaling $1.0 billion ($753 million net of tax). These impairments of assets held for sale have been recorded in “Impairments” in the Company’s statement of consolidated operations. | |||||||||||||
The upstream oil and natural gas properties associated with this sale are not presented as held for sale pursuant to the rules governing full cost accounting for oil and gas properties. Approximately $1.3 billion and $400 million of proceeds have been allocated to the Australia and Canada upstream assets, respectively. Apache expects to incur a loss on the sale of Australia upstream assets when the transaction closes during first quarter of 2015, as sold reserves are expected to represent greater than 25 percent of the Company’s Australian reserve quantities. | |||||||||||||
Anadarko Basin and Southern Louisiana Divestitures | |||||||||||||
In December 2014, Apache completed the sale of certain Anadarko basin and non-core southern Louisiana oil and gas assets for approximately $1.3 billion in two separate transactions. In the Anadarko basin, Apache sold approximately 115,000 net acres in Wheeler County, Texas, and western Oklahoma. In southern Louisiana, Apache sold its working interest in approximately 90,000 net acres. The effective date of both of these transactions is October 1, 2014. Apache’s net book value of oil and gas properties was reduced by approximately $1.2 billion of proved property costs as a result of the transactions. Approximately $72 million of proceeds were allocated to the GTP facilities, resulting in a loss on disposal of assets totaling $180 million ($116 million net of tax). | |||||||||||||
Gulf of Mexico Deepwater Divestiture | |||||||||||||
On June 30, 2014, Apache completed the sale of non-operated interests in the Lucius and Heidelberg development projects and 11 primary-term deepwater exploration blocks in the Gulf of Mexico for $1.4 billion. The effective date of the transaction was May 1, 2014. Apache’s net book value of oil and gas properties was reduced by $850 million of proved property costs and $518 million of unproved property costs as a result of the transaction. | |||||||||||||
Canada Divestiture | |||||||||||||
On April 30, 2014, Apache completed the sale of primarily dry gas producing hydrocarbon assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million. The assets comprise 328,400 net acres in the Ojay, Noel, and Wapiti areas. Apache retained 100 percent of its working interest in horizons below the Cretaceous in the Wapiti area, including rights to the liquids-rich Montney and other deeper horizons. The effective date of the transaction was January 1, 2014. | |||||||||||||
Argentina Divestiture | |||||||||||||
On March 12, 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina to YPF Sociedad Anónima for cash consideration of $800 million (subject to customary closing adjustments) plus the assumption of $52 million of bank debt as of June 30, 2013. The results of operations related to Argentina have been classified as discontinued operations in all periods presented in this Annual Report on Form 10-K. The carrying amounts of the major classes of assets and liabilities associated with the disposition were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 150 | |||||||||||
Net property and equipment | 1,416 | ||||||||||||
Other assets | 12 | ||||||||||||
Total assets | $ | 1,578 | |||||||||||
LIABILITIES | |||||||||||||
Current debt | $ | 51 | |||||||||||
Other current liabilities | 95 | ||||||||||||
Asset retirement obligations | 91 | ||||||||||||
Other long-term liabilities | 21 | ||||||||||||
Total liabilities | $ | 258 | |||||||||||
Sales and other operating revenues and loss from discontinued operations related to the Argentina disposition were as follows: | |||||||||||||
For the Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Revenues and other from discontinued operations | $ | 87 | $ | 494 | $ | 514 | |||||||
Loss from Argentina divestiture | (539 | ) | — | — | |||||||||
Income (loss) from operations in Argentina | (1 | ) | (192 | ) | 14 | ||||||||
Income tax benefit | 23 | — | — | ||||||||||
Income (loss) from discontinued operations, net of tax | $ | (517 | ) | $ | (192 | ) | $ | 14 | |||||
Leasehold Acquisitions | |||||||||||||
During 2014, Apache completed $1.3 billion of leasehold acquisitions, substantially increasing its drilling opportunities in key focus areas in North America including the Eagle Ford and Canyon Lime plays. | |||||||||||||
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. 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 years ended December 31, 2014 and 2013, is net income attributable to Sinopec’s interest totaling $343 million and $56 million, respectively, of which the Company distributed approximately $140 million to Sinopec during 2014. | |||||||||||||
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, and 644,000 gross undeveloped acres in the Horn River and Liard basins. Apache’s net proceeds from the transaction were $396 million after post-closing adjustments, and no gain or loss was recorded. | |||||||||||||
Leasehold Acquisitions | |||||||||||||
During 2013, Apache completed $215 million of leasehold acquisitions in North America. | |||||||||||||
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. | |||||||||||||
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. | |||||||||||||
Leasehold Acquisitions | |||||||||||||
During 2012, Apache completed $1.1 billion of leasehold acquisitions primarily in new and existing North American plays. | |||||||||||||
Acquisition, Divestiture and Separation Costs | |||||||||||||
Apache recorded $67 million and $33 million of expenses during 2014 and 2013, respectively, primarily related to separation costs, investment banking fees and other costs associated with recent divestitures. In 2012, the Company recorded $31 million of expenses reflecting costs related to our acquisition of Mobil North Sea and our acquisition of Cordillera. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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. When appropriate, 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. As of December 31, 2014, Apache had no open commodity derivative positions. | |||||||||||||||||||||||||
Counterparty Risk | |||||||||||||||||||||||||
The use of derivative instruments exposes the Company to credit loss in the event of nonperformance by the counterparty. As such, the Company executes commodity derivative transactions under master agreements that have netting provisions that provide for offsetting payables against receivables. Additionally, if a party 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, represented the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position. | |||||||||||||||||||||||||
Derivative Activity Recorded in the Consolidated Balance Sheet | |||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Current Assets: Prepaid assets and other | $ | — | $ | 1 | |||||||||||||||||||||
Total Assets | $ | — | $ | 1 | |||||||||||||||||||||
Current Liabilities: Derivative instruments | $ | — | $ | 299 | |||||||||||||||||||||
Total Liabilities | $ | — | $ | 299 | |||||||||||||||||||||
Derivative Activity Recorded in the 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 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive income (loss) | Oil and Gas Production Revenues | $ | — | $ | (16 | ) | $ | 268 | |||||||||||||||||
Loss for ineffectiveness on cash flow hedges | Revenues and Other: Other | $ | — | $ | (1 | ) | $ | — | |||||||||||||||||
Derivatives not designated as cash flow hedges: Realized Loss | $ | (16 | ) | $ | (178 | ) | $ | — | |||||||||||||||||
Unrealized Gain (loss) | 300 | (221 | ) | (79 | ) | ||||||||||||||||||||
Gain (loss) on derivatives not designated as cash flow hedges | Derivative instrument gains (losses), net | $ | 284 | $ | (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) | |||||||||||||||||||||||||
A reconciliation of the components of accumulated other comprehensive income (loss) in the statement of consolidated changes in equity related to Apache’s derivatives designated as cash flow hedges is presented in the table below: | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
tax | tax | tax | tax | tax | tax | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Unrealized gain (loss) on derivatives at beginning of year | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | |||||||||||
Realized amounts reclassified into earnings | — | — | 16 | 11 | (268 | ) | (199 | ) | |||||||||||||||||
Net change in derivative fair value | (1 | ) | (1 | ) | (6 | ) | (5 | ) | 113 | 79 | |||||||||||||||
Ineffectiveness reclassified into earnings | — | — | 1 | 1 | — | — | |||||||||||||||||||
Unrealized gain (loss) on derivatives at end of period | $ | — | $ | — | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | |||||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Accrued operating expenses | $ | 163 | $ | 190 | |||||
Accrued exploration and development | 1,606 | 1,582 | |||||||
Accrued compensation and benefits | 204 | 242 | |||||||
Accrued interest | 160 | 161 | |||||||
Accrued income taxes | 54 | 248 | |||||||
Other | 230 | 188 | |||||||
Total Other current liabilities | $ | 2,417 | $ | 2,611 | |||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Asset retirement obligation at beginning of year | $ | 3,222 | $ | 4,578 | |||||
Liabilities incurred | 171 | 481 | |||||||
Liabilities acquired | — | 53 | |||||||
Liabilities divested | (471 | ) | (1,692 | ) | |||||
Liabilities settled | (146 | ) | (497 | ) | |||||
Accretion expense | 181 | 243 | |||||||
Revisions in estimated liabilities | 128 | 56 | |||||||
Asset retirement obligation at end of year | 3,085 | 3,222 | |||||||
Less current portion | (37 | ) | (121 | ) | |||||
Asset retirement obligation, long-term | $ | 3,048 | $ | 3,101 | |||||
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. | |||||||||
Accretion expense for 2013 includes Argentina discontinued operations of $5 million, which is included in Net income (loss) from discontinued operations, net of tax. | |||||||||
During 2014 and 2013, the Company recorded $171 million and $481 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, 2014 | |||||||||||||||||
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. | |||||||||||||||||
The following table presents the carrying value of the Company’s debt at December 31, 2014 and 2013: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||
U.S.: | |||||||||||||||||
Commercial paper | 1,570 | — | |||||||||||||||
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 | 919 | |||||||||||||||
2.625% notes due 2023(1) | 531 | 531 | |||||||||||||||
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 | |||||||||||||||
11,000 | 9,430 | ||||||||||||||||
Subsidiary and other obligations: | |||||||||||||||||
Argentina overdraft lines of credit | — | 51 | |||||||||||||||
Canada lines of credit | — | 2 | |||||||||||||||
Notes due in 2016 and 2017 | 1 | 1 | |||||||||||||||
Apache Finance Canada 7.75% notes due 2029 | 300 | 300 | |||||||||||||||
301 | 354 | ||||||||||||||||
Debt before unamortized discount | 11,301 | 9,784 | |||||||||||||||
Unamortized discount | (56 | ) | (59 | ) | |||||||||||||
Total debt | $ | 11,245 | $ | 9,725 | |||||||||||||
Current maturities | $ | — | $ | (53 | ) | ||||||||||||
Long-term debt | $ | 11,245 | $ | 9,672 | |||||||||||||
-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, 2014, excluding discounts, are as follows: | |||||||||||||||||
(In millions) | |||||||||||||||||
2017 | $ | 901 | |||||||||||||||
2018 | 2,120 | ||||||||||||||||
2019 | 150 | ||||||||||||||||
Thereafter | 8,130 | ||||||||||||||||
Total Debt, excluding discounts | $ | 11,301 | |||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(In millions) | |||||||||||||||||
Money market lines of credit | $ | — | $ | — | $ | 53 | $ | 53 | |||||||||
Commercial paper | 1,570 | 1,570 | — | — | |||||||||||||
Notes and debentures | 9,675 | 9,944 | 9,672 | 10,247 | |||||||||||||
Total Debt | $ | 11,245 | $ | 11,514 | $ | 9,725 | $ | 10,300 | |||||||||
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, 2014, there was no outstanding balance on Apache’s lines of credit. As of December 31, 2013, a total of $2 million was drawn on facilities in Canada and $51 million in Argentina. | |||||||||||||||||
Unsecured Committed Bank Credit Facilities | |||||||||||||||||
As of December 31, 2014, the Company had unsecured committed revolving syndicated bank credit facilities totaling $5.3 billion, of which $2.0 billion matures in December 2015, $1.0 billion matures in August 2016, and $2.3 billion matures in June 2018 pursuant to a one-year extension approved in May 2014 under the terms of the $2.3 billion facilities. | |||||||||||||||||
In December 2014, the Company entered into a $2.0 billion 364-day revolving credit facility which matures in December 2015. At maturity, the 364-day credit facility allows the Company to convert the outstanding revolving loans into one-year term loans by paying a term-out fee of 1 percent. Proceeds from borrowings may be used for general corporate purposes. Apache’s available borrowing capacity under this facility and its other committed credit facilities support its commercial paper program which was increased from $3.0 billion to $5.0 billion in December 2014. The facilities consist of a $2.0 billion 364-day credit facility, $1.7 billion facility and $1.0 billion facility in the U.S., a $300 million facility in Australia, and a $300 million facility in Canada. As of December 31, 2014, aggregate available borrowing capacity under the Company’s credit facilities was $3.7 billion. | |||||||||||||||||
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, 2014, the margin over LIBOR for committed loans was 0.925 percent on the $2.0 billion 364-day credit facility, 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 0.075 percent on the total amount of the $2.0 billion 364-day credit facility, 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 margin over LIBOR and 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, 2014, the Company’s debt-to-capitalization ratio was 29 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 $2.8 billion as of December 31, 2014. 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. | |||||||||||||||||
The facilities do not 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, 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, 2014. | |||||||||||||||||
Commercial Paper Program | |||||||||||||||||
In December 2014, the Company increased its commercial paper program from $3.0 billion to $5.0 billion. The commercial paper program 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 2014 weighted-average interest rate for commercial paper was 0.31 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 2015, 2016, and 2018, are available as a 100 percent backstop. As of December 31, 2014, the Company had $1.6 billion in commercial paper outstanding. At December 31, 2013, the Company had no commercial paper outstanding. | |||||||||||||||||
Subsidiary Notes — Apache Finance Canada | |||||||||||||||||
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, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In millions) | |||||||||||||||||
Interest expense | $ | 499 | $ | 560 | $ | 501 | |||||||||||
Amortization of deferred loan costs | 6 | 8 | 7 | ||||||||||||||
Capitalized interest | (363 | ) | (364 | ) | (323 | ) | |||||||||||
Gain on extinguishment of debt | — | (16 | ) | — | |||||||||||||
Interest income | (12 | ) | (11 | ) | (13 | ) | |||||||||||
Financing costs, net | $ | 130 | $ | 177 | $ | 172 | |||||||||||
As of December 31, 2014, the Company has $56 million of debt discounts, which will be charged to interest expense over the life of the related debt issuances. Discount amortization of $3 million was recorded as interest expense in each of 2014, 2013, and 2012. | |||||||||||||||||
As of December 31, 2014 and 2013, the Company had approximately $69 million and $73 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, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 7. INCOME TAXES | ||||||||||||
Income (loss) from continuing operations before income taxes is composed of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
U.S. | $ | (4,020 | ) | $ | 1,191 | $ | 1,605 | ||||||
Foreign | 1,114 | 3,213 | 3,235 | ||||||||||
Total | $ | (2,906 | ) | $ | 4,404 | $ | 4,840 | ||||||
The total provision for income taxes from continuing operations consists of the following: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Current taxes: | |||||||||||||
Federal | $ | (10 | ) | $ | (29 | ) | $ | (150 | ) | ||||
State | 1 | — | — | ||||||||||
Foreign | 1,151 | 1,692 | 2,349 | ||||||||||
1,142 | 1,663 | 2,199 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 961 | 509 | 596 | ||||||||||
State | (43 | ) | 44 | 10 | |||||||||
Foreign | (423 | ) | (292 | ) | 48 | ||||||||
495 | 261 | 654 | |||||||||||
Total | $ | 1,637 | $ | 1,924 | $ | 2,853 | |||||||
The total provision for income taxes differs from the amounts computed by applying the U.S. statutory income tax rate to income (loss) before income taxes. A reconciliation of the tax on the Company’s income from continuing operations before income taxes and total tax expense is shown below: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Income tax expense (benefit) at U.S. statutory rate | $ | (1,017 | ) | $ | 1,541 | $ | 1,694 | ||||||
State income tax, less federal benefit | (27 | ) | 29 | 6 | |||||||||
Taxes related to foreign operations | (144 | ) | 200 | 767 | |||||||||
Tax credits | — | 6 | (4 | ) | |||||||||
Deferred tax on distributed foreign earnings | 311 | 225 | — | ||||||||||
Deferred tax on undistributed foreign earnings | 1,654 | — | — | ||||||||||
Current and deferred taxes related to currency fluctuations | (56 | ) | (154 | ) | 16 | ||||||||
Goodwill impairment | 483 | — | — | ||||||||||
Change in U.K. tax rate | — | — | 118 | ||||||||||
Net change in tax contingencies | (3 | ) | (10 | ) | (115 | ) | |||||||
Valuation allowances | 478 | 132 | 341 | ||||||||||
All other, net | (42 | ) | (45 | ) | 30 | ||||||||
$ | 1,637 | $ | 1,924 | $ | 2,853 | ||||||||
The deferred net income tax liability reflects the net tax impact of timing differences between the assets and liability amounts carried on the books under the U.S. GAAP method of accounting and amounts utilized for income tax purposes. The net deferred income tax liability consists of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Deferred income | $ | — | $ | 153 | |||||||||
U.S. and state net operating loss carryforwards | 1,333 | 900 | |||||||||||
Foreign net operating loss carryforwards | 366 | 156 | |||||||||||
Tax credits | 42 | 66 | |||||||||||
Accrued expenses and liabilities | 68 | 162 | |||||||||||
Asset retirement obligation | 1,202 | 1,231 | |||||||||||
Total deferred tax assets | 3,011 | 2,668 | |||||||||||
Valuation allowance | (1,069 | ) | (651 | ) | |||||||||
Net deferred tax assets | 1,942 | 2,017 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | 19 | 29 | |||||||||||
Deferred income | 24 | — | |||||||||||
Investment in foreign subsidiaries | 1,654 | — | |||||||||||
Property and equipment | 8,986 | 10,224 | |||||||||||
Total deferred tax liabilities | 10,683 | 10,253 | |||||||||||
Net deferred income tax liability | $ | 8,741 | $ | 8,236 | |||||||||
Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Assets: | |||||||||||||
Deferred tax asset | $ | (769 | ) | $ | (134 | ) | |||||||
Deferred charges and other | (17 | ) | (33 | ) | |||||||||
Liabilities | |||||||||||||
Other current liabilities | 28 | 39 | |||||||||||
Deferred income taxes | 9,499 | 8,364 | |||||||||||
Net deferred income tax liability | $ | 8,741 | $ | 8,236 | |||||||||
The Company has recorded a valuation allowance against certain foreign net deferred tax assets, 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 and expectations for the future. In 2014, 2013, and 2012, the Company increased its valuation allowance by $418 million, $232 million, and $359 million, as detailed in the table below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 651 | $ | 419 | $ | 60 | |||||||
State(1) | 57 | 32 | 7 | ||||||||||
Foreign | 478 | 132 | 341 | ||||||||||
Discontinued operations(2) | (117 | ) | 68 | 11 | |||||||||
Balance at end of year | $ | 1,069 | $ | 651 | $ | 419 | |||||||
-1 | Reported as a component of state income taxes in the tax reconciliation. | ||||||||||||
-2 | In 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina. As such, the deferred tax assets, liabilities, and valuation allowance for Argentina were removed for 2014. | ||||||||||||
In the third quarter of 2014, Apache evaluated its permanent reinvestment position and determined that undistributed earnings from certain foreign subsidiaries located in Apache’s Australia, Egypt, and North Sea regions will no longer be permanently reinvested. As a result of this change in position, the Company recorded $1.7 billion of U.S. deferred income tax expense on undistributed earnings that were previously considered permanently reinvested. In addition, the Company recorded $311 million and $225 million of U.S. deferred income tax expense on foreign earnings that were distributed to the U.S. in 2014 and 2013, respectively. The Company’s Canadian subsidiaries do not currently have undistributed earnings. | |||||||||||||
On December 31, 2014, the Company had net operating losses as follows: | |||||||||||||
December 31, 2014 | |||||||||||||
Amount | Expiration | ||||||||||||
(In millions) | |||||||||||||
Net operating losses: | |||||||||||||
U.S. — Federal | $ | 2,701 | 2032 - 2035 | ||||||||||
U.S. — Federal (Mariner IRC §382 limited) | 464 | 2018 - 2030 | |||||||||||
U.S. — Federal (Cordillera IRC §382 limited) | 183 | 2027 - 2032 | |||||||||||
U.S. — State | 3,273 | Various | |||||||||||
Canada | 5 | 2015 | |||||||||||
Australia | 124 | Indefinite | |||||||||||
The Company has a U.S. net operating loss carryforward of $3.3 billion. Included in the U.S. net operating loss carryforward is $464 million of federal net operating losses related to the 2010 merger with Mariner Energy, Inc. (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 $123 million of capital loss carryforwards in Canada, which have an indefinite carryover period. | |||||||||||||
The tax benefits of net operating loss 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. | |||||||||||||
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. Tax positions generally refer to a position taken in a previously filed income tax return or expected to be included in a tax return to be filed in the future that is reflected in the measurement of current and deferred income tax assets and liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 3 | $ | 3 | $ | 97 | |||||||
Additions based on tax positions related to the current year | — | — | 4 | ||||||||||
Reductions for tax positions of prior years | (3 | ) | — | (33 | ) | ||||||||
Settlements with taxing authorities | — | — | (65 | ) | |||||||||
Balance at end of year | $ | — | $ | 3 | $ | 3 | |||||||
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, 2014, 2013, and 2012 the Company recorded tax benefit of $1 million, tax expense of $1 million, and tax expense of $5 million, respectively, for interest and penalties. As of December 31, 2013, the Company had approximately $1 million accrued for payment of interest and penalties and nothing was accrued as of December 31, 2014. | |||||||||||||
In 2014, the Internal Revenue Service concluded its audit of the 2011 and 2012 tax years. The Company reduced its unrecognized tax benefit by $3 million as a result of the conclusion of this audit. In 2013, the Company reached agreement with the IRS regarding an audit of the 2009 and 2010 tax years. There was no change in the Company’s unrecognized tax benefits as a result of this agreement. In 2012, the Company reached agreement with IRS Administrative Appeals office regarding the audits of tax years 2004 through 2008. As a result of this agreement, the Company reduced its unrecognized tax benefits 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.(1) | 2011 | ||||||||||||
Canada | 2010 | ||||||||||||
Egypt | 1998 | ||||||||||||
Australia | 2007 | ||||||||||||
U.K. | 2010 | ||||||||||||
-1 | Mariner’s tax returns for 1998 through 2010 remain open for purposes of determining its net operating loss. Cordillera’s tax returns for 2005 through 2012 remain open for purposes of determining its net operating loss. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 $8 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 Claims | |||||||||||||||||||||
On March 12, 2014, the Company and its subsidiaries completed the sale of all of the Company’s subsidiaries’ operations and properties in Argentina to YPF Sociedad Anonima (YPF). As part of that sale, YPF assumed responsibility for all of the past, present, and future litigation in Argentina involving Company subsidiaries, except that Company subsidiaries have agreed to indemnify YPF for certain environmental, tax, and royalty obligations capped at an aggregate of $100 million. The indemnity is subject to specific agreed conditions precedent, thresholds, contingencies, limitations, claim deadlines, loss sharing, and other terms and conditions. On April 11, 2014, YPF provided its first notice of claims pursuant to the indemnity. Company subsidiaries have not paid any amounts under the indemnity but will continue to review and consider claims presented by YPF. Further, Company subsidiaries retain the right to enforce certain Argentina-related indemnification obligations against Pioneer Natural Resources Company (Pioneer) in an amount up to $67.5 million pursuant to the terms and conditions of stock purchase agreements entered in 2006 between Company subsidiaries and subsidiaries of Pioneer. | |||||||||||||||||||||
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 damages 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. 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. 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. | |||||||||||||||||||||
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. 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 federal court has retained jurisdiction over the matter after denying plaintiff’s motion to remand on June 27, 2014. Further, in 2014 the Louisiana state government passed a law (SB 469) clarifying that only entities authorized under the Coastal Zone Management Act may bring litigation to assert claims arising out of the permitted activities. Plaintiff is not one of those authorized entities. On February 13, 2015, the federal court entered judgment in favor of defendants dismissing all of plaintiff’s claims with prejudice on various grounds, subject to appeal. The overall exposure related to this lawsuit is not currently determinable. While an adverse judgment against Apache might be possible, Apache intends to continue to vigorously oppose the claims, including by defending against any appeal of the trial court’s judgment. | |||||||||||||||||||||
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. Plaintiff alleges that defendants caused substantial damage to land and water bodies located in the coastal zone of Louisiana. 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 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. However, plaintiff’s motions to remand were granted in civil action Nos. 13-6722 and 13-6711. 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 oppose the claims. | |||||||||||||||||||||
Australia Gas Pipeline Force Majeure | |||||||||||||||||||||
In June 2008, Company subsidiaries reported a pipeline explosion in Western Australia 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 March 24, 2011, 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. Exclusive of interest and costs, Alcoa seeks approximately $158 million AUD for alleged economic losses in tort or, alternatively, contractual liquidated damages in the amount of approximately $5.7 million AUD. | |||||||||||||||||||||
A lawsuit filed by natural gas customer Burrup Fertilisers Pty Ltd (Burrup Fertilisers) in Texas in December 2009 was dismissed in March 2013 on the ground of forum non conveniens. On May 29, 2014, Yara Pilbara Fertilisers Pty Ltd (YPFPL, formerly Burrup Fertilisers) re-filed the lawsuit in Western Australia, captioned Yara Pilbara Fertilisers Pty Ltd vs. Apache Energy Limited & Ors, Civ. 1742 of 2014, in the Supreme Court of Western Australia. Exclusive of interest and costs, YPFPL seeks nearly $166 million USD for alleged economic losses in tort or, alternatively, contractual liquidated damages in the amount of approximately $13 million USD. | |||||||||||||||||||||
Six additional lawsuits concerning the pipeline explosion were filed in the Supreme Court of Western Australia prior to expiration of the applicable six-year limitations period on June 3, 2014. Plaintiffs are Iluka Resources Limited (Civ. 1748 of 2014), Barrick (Plutonic) Limited (Civ. 2656 of 2013), Newmont Mining Services Pty Ltd and certain of its affiliates (Civ. 1727 of 2014), EDL LNG (WA) Pty Ltd and an affiliate (Civ. 1751 of 2014), Wesfarmers LPG Pty Ltd and certain of its affiliates (Civ. 1740 of 2014), and Harvey Industries Group Pty Ltd (Civ. 1749 of 2014). The Iluka, Newmont, Wesfarmers, and Harvey plaintiffs have filed a short form of pleading that has not been served on the Apache defendants. Each plaintiff seeks to recover alleged economic losses in tort, including for lost production at their own facilities and/or replacement energy costs, and in the alternative contractual liquidated damages from Company subsidiaries (in the case of the EDL LNG plaintiffs) or Santos (BOL) Pty Ltd (in the case of the EDL LNG and Newmont plaintiffs). The amount of economic losses claimed in tort totals approximately $100 million AUD exclusive of interest and costs, and the amount of liquidated damages sought is not material. | |||||||||||||||||||||
The civil lawsuits are being pressed by plaintiffs’ subrogated insurers seeking relief primarily in tort, in circumvention of plaintiffs’ own positive arrangements regarding risk allocation and in contravention of the High Court’s October 8, 2014, decision in Brookfield Multiplex Ltd v. Owners Corporation Strata Plan 61288 & Anor, [2014] HCA 36 and the Victoria Supreme Court’s decision in Johnson Tiles Pty Ltd v. Esso Australia Pty Ltd [2003] VSC 27. | |||||||||||||||||||||
Contract prices under customer contracts were significantly below prices for natural gas in Australia during the force majeure period. 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. In respect of plaintiffs that filed claims prior to expiration of the six-year limitations period, contractual liquidated damages under the long-term contracts with such provisions would not be expected to exceed $20 million USD exclusive of interest. While an adverse judgment is possible against Company subsidiaries on the plaintiffs’ breach of contract and duty of care claims (and against the Company to the extent of liquidated damages, in the case of YPFPL), the Company and Company subsidiaries do not believe any of the claims have merit and will vigorously pursue their defenses against such claims. Further, Company subsidiaries have received confirmation of liability insurance coverage from their primary and excess insurers. | |||||||||||||||||||||
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. On April 5, 2013, the court 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 re-asserted claims against the Company under the Australian Trade Practices Act. Plaintiff alleged, among other things, that the Company induced him to make investments covering construction cost overruns on the Burrup Fertilisers ammonia plant in Western Australia (the Burrup plant), which was completed in 2006. Plaintiff sought damages in the amount of $491 million USD. On the eve of a trial that was to commence February 9, 2015, plaintiff decided to discontinue his lawsuit. Once the Court enters a final form of order, the lawsuit will be concluded in the Company’s favor. | |||||||||||||||||||||
The Western Australia lawsuit is one of a number of legal actions involving the Burrup plant. Oswal’s shares, and those of his wife Radhika Oswal, together representing 65 percent of Burrup Holdings Limited (BHL, as it was then known, 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 and associated entities by the Australia and New Zealand Banking Group Ltd (ANZ). As part of the sale process, on January 31, 2012, a Company affiliate acquired a 49 percent interest in BHL (now known as Yara Pilbara Holdings Pty Ltd, 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. The old gas sale agreement to supply natural gas to the ammonia plant, and to which a Company subsidiary was a party, has been modified with, among other things, new pricing, delivery quantities, and term. | |||||||||||||||||||||
YPHPL share ownership and the modified gas sale agreement continue to be the subject of ongoing litigation in Australia with third parties, including Pankaj and Radhika Oswal. In Radhika Oswal v. Australia and New Zealand Banking Group Limited & Ors, No. SCI 2011 4653, and Pankaj Oswal v. Australia and New Zealand Banking Group Limited & Ors, No. SCI 2012 01995, in the Supreme Court of Victoria, named defendants include the Company and certain of its subsidiaries. In these Victoria proceedings, the Oswal plaintiffs seek to set aside the YPHPL share sale, void the modified gas sale agreement, and recover unspecified damages. The cases are presently set for trial commencing August 2015. | |||||||||||||||||||||
The new gas sale agreement resolved counterclaims by Burrup Fertilisers against Apache and certain of its subsidiaries in Tap (Harriet) Pty Ltd (Tap) v. Burrup Fertilisers Pty Ltd & Ors, Civ. 2329 of 2009, in the Supreme Court of Western Australia (the Tap Action), which concerned the parties’ contractual rights and obligations under the old gas sale agreement between Burrup Fertilisers and the Harriet Joint Venture (the HJV, comprised of a Company subsidiary and two joint venture partners, Tap and Kufpec Australia Pty Ltd). 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. In 2014 Kufpec settled the remaining claims in the Tap Action, which has now been dismissed and is concluded. | |||||||||||||||||||||
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, 2014, the Company had an undiscounted reserve for environmental remediation of approximately $67 million. Apache is not aware of any environmental claims existing as of December 31, 2014 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 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. It is possible that the June 2013 leak together with additional discharges in the Zama Operations area, including several that have occurred since June 2013, could result in government fines or sanction. | |||||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||
At December 31, 2014, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: | |||||||||||||||||||||
Net Minimum Commitments | Total | 2015 | 2016-2017 | 2018-2019 | 2020 & | ||||||||||||||||
Beyond | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Drilling rig commitments(1) | $ | 999 | $ | 382 | $ | 573 | $ | 44 | $ | — | |||||||||||
Purchase obligations(2) | 1,248 | 527 | 428 | 255 | 38 | ||||||||||||||||
Firm transportation agreements(3) | 431 | 101 | 173 | 85 | 72 | ||||||||||||||||
Office and related equipment(4) | 343 | 49 | 98 | 80 | 116 | ||||||||||||||||
Other operating lease obligations(5) | 469 | 131 | 221 | 82 | 35 | ||||||||||||||||
Total Net Minimum Commitments | $ | 3,490 | $ | 1,190 | $ | 1,493 | $ | 546 | $ | 261 | |||||||||||
-1 | Includes day-rate and other contractual agreements with third party service providers for use of drilling, completion, and workover rigs. Drilling rig commitments will be reduced by $79 million upon the completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-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 NGL processing agreements. Of the total purchase obligations, $651 million will be relinquished upon completion of the sale of Apache’s interest in Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-3 | Relates to contractual obligations for capacity rights on third-party pipelines. Firm transportation commitments will be reduced by $51 million upon completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-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. Other operating lease commitments will be reduced by $291 million upon completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
The table above includes leases for buildings, facilities, and related equipment with varying expiration dates through 2035. Net rental expense, excluding discontinued operations in Argentina, was $58 million, $53 million, and $49 million for 2014, 2013, and 2012, respectively. Costs incurred under take-or-pay and throughput obligations were $96 million, $80 million, and $71 million for 2014, 2013, and 2012, respectively. |
Retirement_and_Deferred_Compen
Retirement and Deferred Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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 $107 million, $123 million, and $117 million for 2014, 2013, and 2012, 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, 2014, 2013, and 2012, 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. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
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 | $ | 189 | $ | 28 | $ | 177 | $ | 35 | $ | 150 | $ | 30 | |||||||||||||
Service cost | 5 | 3 | 5 | 4 | 5 | 4 | |||||||||||||||||||
Interest cost | 9 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Foreign currency exchange rate changes | (13 | ) | — | 4 | — | 7 | — | ||||||||||||||||||
Actuarial losses (gains) | 31 | (9 | ) | — | (8 | ) | 14 | 1 | |||||||||||||||||
Effect of curtailment and settlements | — | — | — | (3 | ) | — | — | ||||||||||||||||||
Benefits paid | (5 | ) | (2 | ) | (4 | ) | (2 | ) | (6 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | 1 | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | 216 | 22 | 189 | 28 | 177 | 35 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 191 | — | 170 | — | 145 | — | |||||||||||||||||||
Actual return on plan assets | 25 | — | 15 | — | 14 | — | |||||||||||||||||||
Foreign currency exchange rates | (13 | ) | — | 4 | — | 6 | — | ||||||||||||||||||
Employer contributions | 8 | 1 | 6 | 1 | 11 | 1 | |||||||||||||||||||
Benefits paid | (5 | ) | (2 | ) | (4 | ) | (2 | ) | (6 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | 1 | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 206 | — | 191 | — | 170 | — | |||||||||||||||||||
Funded status at end of year | $ | (10 | ) | $ | (22 | ) | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheet | |||||||||||||||||||||||||
Current liability | — | (1 | ) | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Non-current asset (liability) | (10 | ) | (21 | ) | 2 | (27 | ) | (7 | ) | (34 | ) | ||||||||||||||
$ | (10 | ) | $ | (22 | ) | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | |||||||||
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Accumulated gain (loss) | (37 | ) | 10 | (22 | ) | 1 | (32 | ) | (7 | ) | |||||||||||||||
$ | (37 | ) | $ | 10 | $ | (22 | ) | $ | 1 | $ | (32 | ) | $ | (7 | ) | ||||||||||
Weighted Average Assumptions used as of December 31 | |||||||||||||||||||||||||
Discount rate | 3.7 | % | 3.62 | % | 4.6 | % | 4.33 | % | 4.3 | % | 3.43 | % | |||||||||||||
Salary increases | 4.6 | % | N/A | 4.9 | % | N/A | 4.6 | % | N/A | ||||||||||||||||
Expected return on assets | 3.9 | % | N/A | 5.6 | % | N/A | 4.7 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7 | % | N/A | 7 | % | N/A | 7.25 | % | ||||||||||||||||
Ultimate in 2025 | N/A | 5 | % | N/A | 5 | % | N/A | 5 | % | ||||||||||||||||
As of December 31, 2014, 2013, and 2012, the accumulated benefit obligation for the U.K. Pension Plan was $183 million, $160 million, and $139 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 a 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 | |||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities | 14 | % | 14 | % | 18 | % | |||||||||||||||||||
Overseas quoted equities | 26 | % | 26 | % | 33 | % | |||||||||||||||||||
Total equity securities | 40 | % | 40 | % | 51 | % | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds | 48 | % | 48 | % | 29 | % | |||||||||||||||||||
U.K. corporate bonds | 12 | % | 12 | % | 20 | % | |||||||||||||||||||
Debt securities | 60 | % | 60 | % | 49 | % | |||||||||||||||||||
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, 2014 and December 31, 2013: | |||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Overseas quoted equities(2) | 54 | — | — | 54 | |||||||||||||||||||||
Total equity securities | 82 | — | — | 82 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 99 | — | — | 99 | |||||||||||||||||||||
U.K. corporate bonds(4) | 25 | — | — | 25 | |||||||||||||||||||||
Total debt securities | 124 | — | — | 124 | |||||||||||||||||||||
Fair value of plan assets | $ | 206 | $ | — | $ | — | $ | 206 | |||||||||||||||||
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 | |||||||||||||||||
-1 | This category comprises U.K. passive equities, which are benchmarked against the FTSE 350 Index. | ||||||||||||||||||||||||
-2 | This category includes overseas equities, which comprises 30.3 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12.1 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30.3 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12.1 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 15.2 percent emerging markets benchmarked against the MSCI Emerging Markets (NDR) Index, which has 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, which comprises 48 percent index-linked gilts benchmarked against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index, 37 percent sterling nominal LDI bonds, and 15 percent sterling inflation linked LDI bonds, both benchmarked against ILIM Custom Benchmark index. | ||||||||||||||||||||||||
-4 | This category comprises U.K. corporate bonds: 12 percent benchmarked against the BofAML Sterling Corporate & Collaterlised (excluding Subordinated) 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, outperformance 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, 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Component of Net Periodic Benefit Costs | |||||||||||||||||||||||||
Service cost | $ | 5 | $ | 3 | $ | 5 | $ | 4 | $ | 5 | $ | 4 | |||||||||||||
Interest cost | 9 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Expected return on assets | (11 | ) | — | (8 | ) | — | (7 | ) | — | ||||||||||||||||
Amortization of actuarial (gain) loss | 1 | — | 2 | — | 1 | — | |||||||||||||||||||
Curtailment (gain) loss | — | — | — | (3 | ) | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 4 | $ | 4 | $ | 6 | $ | 2 | $ | 6 | $ | 5 | |||||||||||||
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 2025 | 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 | 3 | (3 | ) | ||||||||||||||||||||||
Apache expects to contribute approximately $8 million to its pension plan and $1 million to its postretirement benefit plan in 2015. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2015 | $ | 5 | $ | 1 | |||||||||||||||||||||
2016 | 5 | 1 | |||||||||||||||||||||||
2017 | 5 | 1 | |||||||||||||||||||||||
2018 | 5 | 2 | |||||||||||||||||||||||
2019 | 5 | 2 | |||||||||||||||||||||||
Years 2020-2024 | 30 | 10 |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Capital Stock | 10. CAPITAL STOCK | ||||||||||||||||||||||||||||||||||||
Common Stock Outstanding | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 395,772,908 | 391,640,770 | 384,117,643 | ||||||||||||||||||||||||||||||||||
Shares issued for stock-based compensation plans: | |||||||||||||||||||||||||||||||||||||
Treasury shares issued | 17,454 | 25,214 | 60,767 | ||||||||||||||||||||||||||||||||||
Common shares issued | 1,665,259 | 929,596 | 1,189,693 | ||||||||||||||||||||||||||||||||||
Common shares issued for conversion of preferred shares | — | 14,399,247 | — | ||||||||||||||||||||||||||||||||||
Treasury shares acquired | (20,950,729 | ) | (11,221,919 | ) | — | ||||||||||||||||||||||||||||||||
Cordillera consideration (Note 2) | — | — | 6,272,667 | ||||||||||||||||||||||||||||||||||
Balance, end of year | 376,504,892 | 395,772,908 | 391,640,770 | ||||||||||||||||||||||||||||||||||
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, 2014, 2013, and 2012 is presented in the table below. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (4,886 | ) | 384 | $ | (12.72 | ) | $ | 2,380 | 395 | $ | 6.02 | $ | 1,911 | 389 | $ | 4.91 | ||||||||||||||||||||
Income (loss) from discontinued operations | (517 | ) | 384 | (1.34 | ) | (192 | ) | 395 | (0.49 | ) | 14 | 389 | 0.04 | ||||||||||||||||||||||||
Income (loss) attributable to common stock | $ | (5,403 | ) | 384 | $ | (14.06 | ) | $ | 2,188 | 395 | $ | 5.53 | $ | 1,925 | 389 | $ | 4.95 | ||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||
Mandatory Convertible Preferred Stock | $ | — | — | $ | 44 | 9 | $ | — | — | ||||||||||||||||||||||||||||
Stock options and other | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (4,886 | ) | 384 | $ | (12.72 | ) | $ | 2,424 | 406 | $ | 5.97 | $ | 1,911 | 391 | $ | 4.89 | ||||||||||||||||||||
Income (loss) from discontinued operations | (517 | ) | 384 | (1.34 | ) | (192 | ) | 406 | (0.47 | ) | 14 | 391 | 0.03 | ||||||||||||||||||||||||
Income (loss) attributable to common stock | $ | (5,403 | ) | 384 | $ | (14.06 | ) | $ | 2,232 | 406 | $ | 5.5 | $ | 1,925 | 391 | $ | 4.92 | ||||||||||||||||||||
The diluted EPS calculation excludes options and restricted shares that were anti-dilutive totaling 4.5 million, 4.9 million, and 4.4 million for the years ended December 31, 2014, 2013, and 2012, 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 | |||||||||||||||||||||||||||||||||||||
Apache’s Board of Directors has authorized the purchase of up to 40 million shares of the Company’s common stock. 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, and through December 31, 2014, has repurchased a total of 32.2 million shares at an average price of $88.96 per share. For the year ended December 31, 2014, the Company repurchased a total of 21.0 million shares at an average price of $89.00 per share. The Company is not obligated to acquire any specific number of shares. | |||||||||||||||||||||||||||||||||||||
Common Stock Dividend | |||||||||||||||||||||||||||||||||||||
The Company paid common stock dividends of $0.95 per share in 2014, $0.77 per share in 2013, and $0.66 per share in 2012. | |||||||||||||||||||||||||||||||||||||
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 18.3 million shares were authorized and available for grant under the 2011 Plan as of December 31, 2014. 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 2014, 2013, and 2012, stock-based compensation expensed was $148 million, $136 million, and $167 million ($95 million, $94 million, and $119 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: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expensed: | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 107 | $ | 89 | $ | 104 | |||||||||||||||||||||||||||||||
Lease operating expenses | 41 | 47 | 63 | ||||||||||||||||||||||||||||||||||
Stock-based compensation capitalized | 62 | 55 | 67 | ||||||||||||||||||||||||||||||||||
$ | 210 | $ | 191 | $ | 234 | ||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company had issued 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: | |||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||||||||||||||
Under Option | Exercise Price | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 7,563 | $ | 89.71 | ||||||||||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||||||||||
Exercised | (664 | ) | 74.32 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (454 | ) | 103.48 | ||||||||||||||||||||||||||||||||||
Outstanding, end of year(1) | 6,445 | 90.34 | |||||||||||||||||||||||||||||||||||
Expected to vest(1) | 1,366 | 89.3 | |||||||||||||||||||||||||||||||||||
Exercisable, end of year(1) | 4,876 | 90.88 | |||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2014, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 5.2 years, 7.5 years, and 4.4 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was $2 million, $0, and $2 million, 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. | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Expected volatility | N/A | 33.6 | % | 34.94 | % | ||||||||||||||||||||||||||||||||
Expected dividend yields | N/A | 0.99 | % | 0.82 | % | ||||||||||||||||||||||||||||||||
Expected term (in years) | N/A | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||
Risk-free rate | N/A | 0.79 | % | 0.78 | % | ||||||||||||||||||||||||||||||||
Weighted-average grant-date fair value | N/A | $ | 23.18 | $ | 26.41 | ||||||||||||||||||||||||||||||||
The intrinsic value of options exercised during 2014, 2013, and 2012 was approximately $13 million, $4 million and $12 million, respectively. The cash received from exercise of options during 2014 was approximately $49 million. The Company realized an additional tax benefit of approximately $4.7 million for the amount of intrinsic value in excess of compensation cost recognized in 2014. As of December 31, 2014, the total compensation cost related to non-vested options not yet recognized was $24 million, which will be recognized over the remaining vesting period of the options. | |||||||||||||||||||||||||||||||||||||
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 2014, the Company awarded 3,046,744 restricted stock units at a weighted-average per-share market price of $86.87. In 2013 and 2012, the Company awarded 3,098,029 and 1,219,886 restricted stock units at a weighted-average per-share market price of $82.95 and $85.67, 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 2014, 2013, and 2012, $93 million ($60 million after tax), $82 million ($53 million after tax), and $74 million ($48 million after tax), respectively, was charged to expense. In 2014, 2013, and 2012, $43 million, $30 million, and $25 million was capitalized, respectively. As of December 31, 2014, there was $316 million of total unrecognized compensation cost related to 4,783,524 unvested restricted stock units. The weighted-average remaining life of unvested restricted stock units is approximately 1.2 years. | |||||||||||||||||||||||||||||||||||||
The fair value of the awards vested during 2014, 2013 and 2012 was approximately $138 million, $88 million, and $114 million, respectively. A summary of restricted stock activity for the year ended December 31, 2014, is presented below. | |||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2014 | 3,953 | $ | 86.7 | ||||||||||||||||||||||||||||||||||
Granted | 3,047 | 86.87 | |||||||||||||||||||||||||||||||||||
Vested | (1,597 | ) | 86.42 | ||||||||||||||||||||||||||||||||||
Forfeited | (619 | ) | 85.89 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2014 | 4,784 | 85.18 | |||||||||||||||||||||||||||||||||||
Total Shareholder Return and 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 total shareholder return programs were outstanding at December 31, 2014, as described below: | |||||||||||||||||||||||||||||||||||||
• | 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. Based on measurements of total shareholder return relative to the designated peer group at December 31, 2014, 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 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 236,704 awards were outstanding at December 31, 2014, from which a minimum of zero and a maximum of 591,760 units could be awarded. | ||||||||||||||||||||||||||||||||||||
• | In January 2014 the Company’s Board of Directors approved the 2014 Performance Program, pursuant to the 2011 Plan. In January 2014 eligible employees received initial conditional restricted stock unit awards totaling 157,406 units. A total of 117,007 awards were outstanding at December 31, 2014, from which a minimum of zero and a maximum of 234,014 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 2014, 2013, and 2012, $18 million ($11 million after tax), $27 million ($17 million after tax), and $47 million ($31 million after tax), respectively, was charged to expense. During 2014, 2013, and 2012, $7 million, $13 million, and $21 million was capitalized, respectively. As of December 31, 2014, there was $15 million of total unrecognized compensation cost related to 353,711 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, 2014 | 1,021 | $ | 72.45 | ||||||||||||||||||||||||||||||||||
Granted | 158 | 79.66 | |||||||||||||||||||||||||||||||||||
Vested | (1 | ) | 70.3 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (824 | ) | 71.39 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2014 | 354 | 78.13 | |||||||||||||||||||||||||||||||||||
-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_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Currency translation adjustment(1) | $ | (109 | ) | $ | (109 | ) | $ | (109 | ) | ||||
Unrealized gain (loss) on derivatives (Note 3) | — | 1 | (6 | ) | |||||||||
Unfunded pension and postretirement benefit plan (Note 9) | (7 | ) | (7 | ) | (16 | ) | |||||||
Accumulated other comprehensive loss | $ | (116 | ) | $ | (115 | ) | $ | (131 | ) | ||||
-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, 2014 | |
Text Block [Abstract] | |
Major Customers | 12. MAJOR CUSTOMERS |
In 2014, 2013, and 2012, purchases by Royal Dutch Shell plc and its subsidiaries accounted for 19 percent, 24 percent, and 20 percent, respectively, of the Company’s worldwide oil and gas production revenues. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
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, 2014, the Company had production in five countries: the United States, Canada, Egypt, Australia, and the U.K. North Sea. 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 | Other | Total(1) | |||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 5,744 | $ | 1,092 | $ | 3,539 | $ | 1,058 | $ | 2,316 | $ | — | $ | 13,749 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,170 | 400 | 1,151 | 438 | 998 | — | 5,157 | ||||||||||||||||||||||
Additional | 4,412 | — | — | — | 589 | — | 5,001 | ||||||||||||||||||||||
Asset retirement obligation accretion | 43 | 39 | — | 27 | 72 | — | 181 | ||||||||||||||||||||||
Lease operating expenses | 921 | 384 | 499 | 241 | 434 | — | 2,479 | ||||||||||||||||||||||
Gathering and transportation | 93 | 123 | 40 | — | 17 | — | 273 | ||||||||||||||||||||||
Taxes other than income | 350 | 31 | 11 | 101 | 185 | — | 678 | ||||||||||||||||||||||
Operating Income (Loss) | $ | (2,245 | ) | $ | 115 | $ | 1,838 | $ | 251 | $ | 21 | $ | — | (20 | ) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Derivative instrument gains, net | 284 | ||||||||||||||||||||||||||||
Other | (182 | ) | |||||||||||||||||||||||||||
Impairments | (2,357 | ) | |||||||||||||||||||||||||||
General and administrative | (434 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (67 | ) | |||||||||||||||||||||||||||
Financing costs, net | (130 | ) | |||||||||||||||||||||||||||
Net Loss From Continuing Operations Before Income Taxes | $ | (2,906 | ) | ||||||||||||||||||||||||||
Net Property and Equipment | $ | 24,627 | $ | 6,107 | $ | 5,700 | $ | 6,516 | $ | 5,103 | $ | 23 | $ | 48,076 | |||||||||||||||
Total Assets | $ | 26,852 | $ | 6,640 | $ | 7,292 | $ | 9,020 | $ | 6,102 | $ | 46 | $ | 55,952 | |||||||||||||||
Additions to Net Property and Equipment | $ | 7,294 | $ | 963 | $ | 1,397 | $ | 1,419 | $ | 1,071 | $ | (28 | ) | $ | 12,116 | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Oil and gas production revenues(2) | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | — | $ | 15,911 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,338 | 505 | 1,005 | 423 | 1,022 | 1 | 5,294 | ||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 76 | 995 | ||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | — | 238 | ||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | — | 2,864 | ||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | — | 288 | ||||||||||||||||||||||
Taxes other than income | 335 | 45 | 8 | 13 | 384 | — | 785 | ||||||||||||||||||||||
Operating Income (Loss)(2) | $ | 2,179 | $ | 11 | $ | 2,391 | $ | 463 | $ | 480 | $ | (77 | ) | 5,447 | |||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Derivative instrument losses, net | (399 | ) | |||||||||||||||||||||||||||
Other | 48 | ||||||||||||||||||||||||||||
General and administrative | (482 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (33 | ) | |||||||||||||||||||||||||||
Financing costs, net | (177 | ) | |||||||||||||||||||||||||||
Net Income From Continuing Operations Before Income Taxes(2) | $ | 4,404 | |||||||||||||||||||||||||||
Net Property and Equipment(2) | $ | 27,010 | $ | 6,058 | $ | 5,454 | $ | 6,838 | $ | 5,622 | $ | 23 | $ | 51,005 | |||||||||||||||
Total Assets(2) | $ | 29,940 | $ | 6,952 | $ | 8,121 | $ | 8,094 | $ | 6,902 | $ | 51 | $ | 60,060 | |||||||||||||||
Additions to Net Property and Equipment(2) | $ | 6,404 | $ | 1,082 | $ | 1,309 | $ | 1,954 | $ | 1,084 | $ | 24 | $ | 11,857 | |||||||||||||||
United States | Canada | Egypt | Australia | North | Other | Total | |||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Oil and gas production revenues(2) | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | — | $ | 16,428 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,056 | 594 | 925 | 466 | 914 | — | 4,955 | ||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | 43 | 1,926 | ||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | — | 228 | ||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | — | 2,784 | ||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | — | 295 | ||||||||||||||||||||||
Taxes other than income | 292 | 50 | 14 | 11 | 451 | — | 818 | ||||||||||||||||||||||
Operating Income (Loss)(2) | $ | 2,311 | $ | (1,867 | ) | $ | 3,166 | $ | 866 | $ | 989 | $ | (43 | ) | 5,422 | ||||||||||||||
Other Expense: | |||||||||||||||||||||||||||||
Derivative instrument losses, net | (79 | ) | |||||||||||||||||||||||||||
Other | 215 | ||||||||||||||||||||||||||||
General and administrative | (515 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (31 | ) | |||||||||||||||||||||||||||
Financing costs, net | (172 | ) | |||||||||||||||||||||||||||
Net Income From Continuing Operations Before Income Taxes(2) | $ | 4,840 | |||||||||||||||||||||||||||
Net Property and Equipment(2) | $ | 28,552 | $ | 6,640 | $ | 5,151 | $ | 5,312 | $ | 5,927 | $ | 77 | $ | 51,659 | |||||||||||||||
Total Assets(2) | $ | 31,175 | $ | 7,142 | $ | 7,311 | $ | 6,280 | $ | 6,874 | $ | 120 | $ | 58,902 | |||||||||||||||
Additions to Net Property and Equipment(2) | $ | 9,586 | $ | 1,096 | $ | 1,153 | $ | 1,581 | $ | 1,104 | $ | 98 | $ | 14,618 | |||||||||||||||
-1 | 2014 and 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||
-2 | 2013 and 2012 amounts have been recast to exclude discontinued operations. |
Supplemental_Oil_and_Gas_Discl
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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 | Other | Total(3)(4) | |||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions, except per boe) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 5,744 | $ | 1,092 | $ | 3,539 | $ | 1,058 | $ | 2,316 | $ | — | $ | 13,749 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,056 | 343 | 1,014 | 359 | 975 | — | 4,747 | ||||||||||||||||||||||||||
Additional | 4,412 | — | — | — | 589 | — | 5,001 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 43 | 39 | — | 27 | 72 | — | 181 | ||||||||||||||||||||||||||
Lease operating expenses | 921 | 384 | 499 | 241 | 434 | — | 2,479 | ||||||||||||||||||||||||||
Gathering and transportation | 93 | 123 | 40 | — | 17 | — | 273 | ||||||||||||||||||||||||||
Production taxes(2) | 342 | 27 | — | 101 | 177 | — | 647 | ||||||||||||||||||||||||||
Income tax | (754 | ) | 44 | 894 | 99 | 32 | — | 315 | |||||||||||||||||||||||||
7,113 | 960 | 2,447 | 827 | 2,296 | — | 13,643 | |||||||||||||||||||||||||||
Results of operation | $ | (1,369 | ) | $ | 132 | $ | 1,092 | $ | 231 | $ | 20 | $ | — | $ | 106 | ||||||||||||||||||
Amortization rate per boe | $ | 19.35 | $ | 12.11 | $ | 18.48 | $ | 17.49 | $ | 37.41 | $ | — | $ | 20.11 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | — | $ | 15,911 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,227 | 426 | 881 | 361 | 999 | — | 4,894 | ||||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 76 | 995 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | — | 238 | ||||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | — | 2,864 | ||||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | — | 288 | ||||||||||||||||||||||||||
Production taxes(2) | 324 | 40 | — | 14 | 382 | — | 760 | ||||||||||||||||||||||||||
Income tax | 817 | 24 | 1,161 | 157 | 313 | — | 2,472 | ||||||||||||||||||||||||||
5,418 | 1,153 | 2,555 | 773 | 2,536 | 76 | 12,511 | |||||||||||||||||||||||||||
Results of operation | $ | 1,484 | $ | 71 | $ | 1,362 | $ | 367 | $ | 192 | $ | (76 | ) | $ | 3,400 | ||||||||||||||||||
Amortization rate per boe | $ | 18.39 | $ | 10.89 | $ | 16.21 | $ | 17.47 | $ | 37.25 | $ | — | $ | 18.67 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | — | $ | 16,428 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,984 | 580 | 924 | 460 | 912 | — | 4,860 | ||||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | 43 | 1,926 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | — | 228 | ||||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | — | 2,784 | ||||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | — | 295 | ||||||||||||||||||||||||||
Production taxes(2) | 279 | 42 | — | 11 | 451 | — | 783 | ||||||||||||||||||||||||||
Income tax | 851 | (466 | ) | 1,527 | 262 | 614 | — | 2,788 | |||||||||||||||||||||||||
4,681 | 2,701 | 2,900 | 965 | 2,374 | 43 | 13,664 | |||||||||||||||||||||||||||
Results of operation | $ | 1,545 | $ | (1,379 | ) | $ | 1,654 | $ | 610 | $ | 377 | $ | (43 | ) | $ | 2,764 | |||||||||||||||||
Amortization rate per boe | $ | 17.24 | $ | 11.66 | $ | 13.81 | $ | 17.67 | $ | 32.65 | $ | — | $ | 17.18 | |||||||||||||||||||
-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 | 2014 and 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
-4 | 2013 and 2012 amounts have been recast to exclude discontinued operations. | ||||||||||||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(2) | Australia | North | Argentina | Other | Total(2) | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 102 | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 104 | |||||||||||||||||
Unproved | 1,221 | 141 | 10 | 16 | — | — | — | 1,388 | |||||||||||||||||||||||||
Exploration | 467 | 82 | 193 | 137 | 84 | 9 | 1 | 973 | |||||||||||||||||||||||||
Development | 5,301 | 846 | 1,142 | 914 | 971 | 6 | — | 9,180 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 7,091 | $ | 1,069 | $ | 1,346 | $ | 1,068 | $ | 1,055 | $ | 15 | $ | 1 | $ | 11,645 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 209 | $ | 38 | $ | 15 | $ | 20 | $ | 25 | $ | 3 | $ | — | $ | 310 | |||||||||||||||||
Asset retirement costs | 43 | 175 | — | 55 | 34 | — | — | 307 | |||||||||||||||||||||||||
(2) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 17 | $ | — | $ | 35 | $ | — | $ | 125 | $ | — | $ | — | $ | 177 | |||||||||||||||||
Unproved | 195 | 151 | 15 | (10 | ) | 17 | 11 | — | 379 | ||||||||||||||||||||||||
Exploration | 562 | 36 | 559 | 179 | 278 | 42 | 22 | 1,678 | |||||||||||||||||||||||||
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 | 3,334 | 17 | 6 | 7 | 26 | 2 | 15 | 3,407 | |||||||||||||||||||||||||
Exploration | 364 | 94 | 690 | 142 | 111 | 155 | 81 | 1,637 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 47,001 | $ | 14,003 | $ | 9,895 | $ | 8,289 | $ | 10,463 | $ | — | $ | 201 | $ | 89,852 | |||||||||||||||||
Unproved properties | 4,151 | 1,090 | 529 | 549 | 672 | — | 23 | 7,014 | |||||||||||||||||||||||||
51,152 | 15,093 | 10,424 | 8,838 | 11,135 | — | 224 | 96,866 | ||||||||||||||||||||||||||
Accumulated DD&A | (27,205 | ) | (9,653 | ) | (6,369 | ) | (3,198 | ) | (6,375 | ) | — | (201 | ) | (53,001 | ) | ||||||||||||||||||
$ | 23,947 | $ | 5,440 | $ | 4,055 | $ | 5,640 | $ | 4,760 | $ | — | $ | 23 | $ | 43,865 | ||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
Costs Not Being Amortized | |||||||||||||||||||||||||||||||||
The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2014, 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 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
and Prior | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Property acquisition costs | $ | 5,013 | $ | 1,770 | $ | 242 | $ | 2,079 | $ | 922 | |||||||||||||||||||||||
Exploration and development | 1,777 | 1,285 | 402 | 65 | 25 | ||||||||||||||||||||||||||||
Capitalized interest | 224 | 43 | 43 | 47 | 91 | ||||||||||||||||||||||||||||
Total | $ | 7,014 | $ | 3,098 | $ | 687 | $ | 2,191 | $ | 1,038 | |||||||||||||||||||||||
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 Sea | Argentina | Total(1) | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 428,251 | 81,846 | 105,840 | 35,725 | 136,990 | 16,001 | 804,653 | ||||||||||||||||||||||||||
31-Dec-12 | 474,837 | 79,695 | 106,746 | 29,053 | 119,635 | 15,845 | 825,811 | ||||||||||||||||||||||||||
31-Dec-13 | 457,981 | 80,526 | 119,242 | 22,524 | 100,327 | 14,195 | 794,795 | ||||||||||||||||||||||||||
31-Dec-14 | 444,440 | 75,876 | 128,712 | 29,996 | 105,746 | — | 784,770 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 205,763 | 59,746 | 22,195 | 32,220 | 32,415 | 4,585 | 356,924 | ||||||||||||||||||||||||||
31-Dec-12 | 203,068 | 70,650 | 17,288 | 34,808 | 28,019 | 2,981 | 356,814 | ||||||||||||||||||||||||||
31-Dec-13 | 195,835 | 56,366 | 16,302 | 36,703 | 29,253 | 2,231 | 336,690 | ||||||||||||||||||||||||||
31-Dec-14 | 170,125 | 59,923 | 14,617 | 25,775 | 19,059 | — | 289,499 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 57,011 | 9,657 | 38,074 | 4,254 | 17,386 | 5 | 126,387 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 15,240 | — | — | — | — | — | 15,240 | ||||||||||||||||||||||||||
Revisions of previous estimates | 3,083 | (812 | ) | 1,801 | (216 | ) | (7 | ) | — | 3,849 | |||||||||||||||||||||||
Production | (48,789 | ) | (6,421 | ) | (32,090 | ) | (7,494 | ) | (22,154 | ) | (620 | ) | (117,568 | ) | |||||||||||||||||||
Sale of properties | (65,796 | ) | (3,517 | ) | — | — | — | (15,811 | ) | (85,124 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 614,565 | 135,799 | 143,329 | 55,771 | 124,805 | — | 1,074,269 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 includes proved reserves of 48 MMbbls and 45 MMbbls, respectively, attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North Sea | Argentina | Total(1) | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 107,490 | 23,256 | — | — | 8,753 | 5,939 | 145,438 | ||||||||||||||||||||||||||
31-Dec-12 | 154,508 | 21,996 | — | — | 2,438 | 5,007 | 183,949 | ||||||||||||||||||||||||||
31-Dec-13 | 184,485 | 26,099 | — | — | 2,435 | 4,110 | 217,129 | ||||||||||||||||||||||||||
31-Dec-14 | 183,565 | 17,947 | 1,346 | — | 1,770 | — | 204,628 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 52,543 | 8,193 | — | — | 509 | 1,215 | 62,460 | ||||||||||||||||||||||||||
31-Dec-12 | 60,889 | 12,258 | — | — | 380 | 876 | 74,403 | ||||||||||||||||||||||||||
31-Dec-13 | 63,538 | 9,970 | — | — | 215 | 1,009 | 74,732 | ||||||||||||||||||||||||||
31-Dec-14 | 69,828 | 7,168 | 212 | — | 371 | — | 77,579 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 47,516 | 1,163 | 1,820 | — | 1 | — | 50,500 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 2,916 | — | — | — | — | — | 2,916 | ||||||||||||||||||||||||||
Revisions of previous estimates | 2,594 | 116 | (17 | ) | — | (2 | ) | — | 2,691 | ||||||||||||||||||||||||
Production | (21,464 | ) | (2,256 | ) | (245 | ) | — | (508 | ) | (116 | ) | (24,589 | ) | ||||||||||||||||||||
Sale of properties | (26,192 | ) | (9,977 | ) | — | — | — | (5,003 | ) | (41,172 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 253,393 | 25,115 | 1,558 | — | 2,141 | — | 282,207 | ||||||||||||||||||||||||||
-1 | 2014 includes proved reserves of 519 Mbbls attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||||||
(Millions of cubic feet) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 2,215,973 | 2,108,801 | 700,866 | 675,618 | 105,028 | 447,132 | 6,253,418 | ||||||||||||||||||||||||||
31-Dec-12 | 2,353,587 | 1,734,657 | 690,436 | 596,052 | 93,319 | 365,054 | 5,833,105 | ||||||||||||||||||||||||||
31-Dec-13 | 2,005,966 | 1,294,420 | 621,825 | 626,543 | 88,177 | 289,133 | 4,926,064 | ||||||||||||||||||||||||||
31-Dec-14 | 1,616,504 | 990,145 | 637,187 | 640,265 | 87,259 | — | 3,971,360 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 760,238 | 1,438,710 | 282,100 | 893,966 | 3,414 | 90,427 | 3,468,855 | ||||||||||||||||||||||||||
31-Dec-12 | 832,320 | 403,227 | 205,055 | 1,074,018 | 18,985 | 97,496 | 2,631,101 | ||||||||||||||||||||||||||
31-Dec-13 | 667,160 | 439,037 | 190,355 | 975,224 | 18,988 | 121,584 | 2,412,348 | ||||||||||||||||||||||||||
31-Dec-14 | 580,299 | 527,623 | 171,696 | 964,554 | 23,228 | — | 2,267,400 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 203,318 | 383,077 | 125,899 | 81,156 | 23,803 | — | 817,253 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 21,337 | — | — | — | — | — | 21,337 | ||||||||||||||||||||||||||
Revisions of previous estimates | 35,910 | (12,626 | ) | 5,949 | — | (54 | ) | — | 29,179 | ||||||||||||||||||||||||
Production | (215,829 | ) | (117,816 | ) | (135,145 | ) | (78,104 | ) | (20,427 | ) | (12,722 | ) | (580,043 | ) | |||||||||||||||||||
Sale of properties | (521,059 | ) | (468,324 | ) | — | — | — | (397,995 | ) | (1,387,378 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 2,196,803 | 1,517,768 | 808,883 | 1,604,819 | 110,487 | — | 6,238,760 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 include proved reserves of 270 Bcf and 271 Bcf, respectively, 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: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 905,069 | 456,569 | 222,651 | 148,328 | 163,248 | 96,462 | 1,992,327 | ||||||||||||||||||||||||||
31-Dec-12 | 1,021,610 | 390,800 | 221,819 | 128,395 | 137,626 | 81,695 | 1,981,945 | ||||||||||||||||||||||||||
31-Dec-13 | 976,795 | 322,362 | 222,880 | 126,948 | 117,457 | 66,494 | 1,832,936 | ||||||||||||||||||||||||||
31-Dec-14 | 897,422 | 258,848 | 236,256 | 136,707 | 122,058 | — | 1,651,291 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 385,013 | 307,724 | 69,212 | 181,214 | 33,493 | 20,871 | 997,527 | ||||||||||||||||||||||||||
31-Dec-12 | 402,677 | 150,113 | 51,464 | 213,811 | 31,563 | 20,106 | 869,734 | ||||||||||||||||||||||||||
31-Dec-13 | 370,566 | 139,509 | 48,028 | 199,240 | 32,633 | 23,504 | 813,480 | ||||||||||||||||||||||||||
31-Dec-14 | 336,670 | 155,028 | 43,446 | 186,534 | 23,301 | — | 744,979 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 138,413 | 74,666 | 60,877 | 17,780 | 21,354 | 5 | 313,095 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 21,712 | — | — | — | — | — | 21,712 | ||||||||||||||||||||||||||
Revisions of previous estimates | 11,662 | (2,800 | ) | 2,776 | (216 | ) | (18 | ) | — | 11,404 | |||||||||||||||||||||||
Production | (106,225 | ) | (28,313 | ) | (54,859 | ) | (20,511 | ) | (26,067 | ) | (2,856 | ) | (238,831 | ) | |||||||||||||||||||
Sale of properties | (178,831 | ) | (91,548 | ) | — | — | — | (87,147 | ) | (357,526 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 1,234,092 | 413,876 | 279,702 | 323,241 | 145,359 | — | 2,396,270 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 include total proved reserves of 93 MMboe and 90 MMboe, respectively, attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
During 2014, Apache added 22 MMboe of estimated proved reserves through purchases of minerals in-place. We sold 357 MMboe through several divestiture transactions, including all of our operations in Argentina and certain fields in Canada, the Anadarko basin, southern Louisiana, and the deepwater Gulf of Mexico. During 2014, Apache also added 313 MMboe from extensions, discoveries and other additions. In the U.S., the Company recorded 138 MMboe primarily associated with drilling successes in the Permian and Anadarko basins, which added 94 MMboe and 18 MMboe, respectively, and 22 MMboe from the Eagle Ford shale. In Canada, additions of 75 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 61 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. The Australia and North Sea regions contributed 39 MMboe from their combined drilling programs. | |||||||||||||||||||||||||||||||||
Approximately 9 percent of Apache’s year-end 2014 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, 2014 and 2013 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) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 73,859 | $ | 18,966 | $ | 16,802 | $ | 19,391 | $ | 13,916 | $ | — | $ | 142,934 | |||||||||||||||||||
Production costs | (25,875 | ) | (7,537 | ) | (2,924 | ) | (4,105 | ) | (7,121 | ) | — | (47,562 | ) | ||||||||||||||||||||
Development costs | (4,422 | ) | (2,453 | ) | (1,683 | ) | (1,173 | ) | (2,776 | ) | — | (12,507 | ) | ||||||||||||||||||||
Income tax expense | (10,657 | ) | (1,070 | ) | (4,091 | ) | (3,202 | ) | (2,445 | ) | — | (21,465 | ) | ||||||||||||||||||||
Net cash flows | 32,905 | 7,906 | 8,104 | 10,911 | 1,574 | — | 61,400 | ||||||||||||||||||||||||||
10 percent discount rate | (17,639 | ) | (3,983 | ) | (2,099 | ) | (5,875 | ) | (146 | ) | — | (29,742 | ) | ||||||||||||||||||||
Discounted future net cash flows(1) | $ | 15,266 | $ | 3,923 | $ | 6,005 | $ | 5,036 | $ | 1,428 | $ | — | $ | 31,658 | |||||||||||||||||||
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 | ) | (50,544 | ) | |||||||||||||||||||
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 | |||||||||||||||||||
-1 | Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $43.0 billion and $45.4 billion as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes discounted future net cash flows of approximately $2.00 billion and $1.95 billion in 2014 and 2013, respectively, 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, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Sales, net of production costs | $ | (10,350 | ) | $ | (12,271 | ) | $ | (12,589 | ) | ||||||||||||||||||||||||
Net change in prices and production costs | (1,029 | ) | 1,438 | (1,941 | ) | ||||||||||||||||||||||||||||
Discoveries and improved recovery, net of related costs | 6,297 | 6,892 | 6,742 | ||||||||||||||||||||||||||||||
Change in future development costs | (1,136 | ) | (2,017 | ) | (935 | ) | |||||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 4,462 | 4,654 | 4,359 | ||||||||||||||||||||||||||||||
Revision of quantities | 256 | 500 | (4,065 | ) | |||||||||||||||||||||||||||||
Purchases of minerals in-place | 508 | 227 | 1,181 | ||||||||||||||||||||||||||||||
Accretion of discount | 4,442 | 4,823 | 5,234 | ||||||||||||||||||||||||||||||
Change in income taxes | 836 | 855 | 2,711 | ||||||||||||||||||||||||||||||
Sales of properties | (4,780 | ) | (6,232 | ) | (3 | ) | |||||||||||||||||||||||||||
Change in production rates and other | (442 | ) | (828 | ) | (2,088 | ) | |||||||||||||||||||||||||||
$ | (936 | ) | $ | (1,959 | ) | $ | (1,394 | ) | |||||||||||||||||||||||||
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues and other | $ | 3,675 | $ | 3,484 | $ | 3,740 | $ | 2,952 | $ | 13,851 | |||||||||||
Expenses(2)(3) | 2,824 | 2,871 | 4,981 | 7,718 | 18,394 | ||||||||||||||||
Net income (loss) from continuing operations including noncontrolling interest | 851 | 613 | (1,241 | ) | (4,766 | ) | (4,543 | ) | |||||||||||||
Net loss from discontinued operations, net of tax | (517 | ) | — | — | — | (517 | ) | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | 334 | $ | 613 | $ | (1,241 | ) | $ | (4,766 | ) | $ | (5,060 | ) | ||||||||
Net income (loss) attributable to common stock | $ | 236 | $ | 505 | $ | (1,330 | ) | $ | (4,814 | ) | $ | (5,403 | ) | ||||||||
Basic net income (loss) per common share(1): | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 1.92 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (12.72 | ) | ||||||||
Net loss from discontinued operations | (1.32 | ) | — | — | — | (1.34 | ) | ||||||||||||||
Net income (loss) per share | $ | 0.6 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (14.06 | ) | ||||||||
Diluted net income (loss) per common share(1): | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 1.9 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (12.72 | ) | ||||||||
Net loss from discontinued operations | (1.30 | ) | — | — | — | (1.34 | ) | ||||||||||||||
Net income (loss) per share | $ | 0.6 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (14.06 | ) | ||||||||
2013 | |||||||||||||||||||||
Revenues and other | $ | 3,946 | $ | 4,268 | $ | 3,900 | $ | 3,446 | $ | 15,560 | |||||||||||
Expenses(2) | 3,168 | 3,231 | 3,464 | 3,217 | 13,080 | ||||||||||||||||
Net income from continuing operations including noncontrolling interest | 778 | 1,037 | 436 | 229 | 2,480 | ||||||||||||||||
Net income (loss) from discontinued operations, net of tax | (61 | ) | (2 | ) | (130 | ) | 1 | (192 | ) | ||||||||||||
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 | |||||||||||
Basic net income per common share(1): | |||||||||||||||||||||
Net income from continuing operations | $ | 1.94 | $ | 2.6 | $ | 1.08 | $ | 0.43 | $ | 6.02 | |||||||||||
Net income (loss) from discontinued operations | (0.16 | ) | (0.01 | ) | (0.33 | ) | 0.01 | (0.49 | ) | ||||||||||||
Net income per share | $ | 1.78 | $ | 2.59 | $ | 0.75 | $ | 0.44 | $ | 5.53 | |||||||||||
Diluted net income per common share(1): | |||||||||||||||||||||
Net income from continuing operations | $ | 1.91 | $ | 2.54 | $ | 1.07 | $ | 0.43 | $ | 5.97 | |||||||||||
Net income (loss) from discontinued operations | (0.15 | ) | — | (0.32 | ) | — | (0.47 | ) | |||||||||||||
Net income per share | $ | 1.76 | $ | 2.54 | $ | 0.75 | $ | 0.43 | $ | 5.5 | |||||||||||
-1 | The sum of the individual quarterly net income per common share amounts may not agree with full-year 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 2014, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $3.1 billion, net of tax, in the U.S. and North Sea regions. In 2013, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $541 million, net of tax, in the U.S. and North Sea regions and also the Company’s exit of operations in Kenya. | ||||||||||||||||||||
-3 | In the fourth quarter of 2014, operating expenses include non-cash asset impairments totaling $2.4 billion, including $1.3 billion for the impairment of goodwill, $1.0 billion for the impairment of assets held for sale, and other asset impairments. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 is 100 percent owned by Apache Corporation. As such, these condensed consolidating financial statements should be read in conjunction with Apache’s consolidated financial statements 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, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 3,399 | $ | — | $ | 10,350 | $ | — | $ | 13,749 | |||||||||||
Equity in net income (loss) of affiliates | 25 | (209 | ) | 73 | 111 | — | |||||||||||||||
Derivative instrument losses, net | 141 | — | 143 | — | 284 | ||||||||||||||||
Other | 54 | 55 | (296 | ) | 5 | (182 | ) | ||||||||||||||
3,619 | (154 | ) | 10,270 | 116 | 13,851 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 5,845 | — | 4,313 | — | 10,158 | ||||||||||||||||
Asset retirement obligation accretion | 31 | — | 150 | — | 181 | ||||||||||||||||
Lease operating expenses | 509 | — | 1,970 | — | 2,479 | ||||||||||||||||
Gathering and transportation | 58 | — | 215 | — | 273 | ||||||||||||||||
Taxes other than income | 206 | — | 472 | — | 678 | ||||||||||||||||
Impairments | 175 | — | 2,182 | — | 2,357 | ||||||||||||||||
General and administrative | 377 | — | 52 | 5 | 434 | ||||||||||||||||
Acquisition, divestiture, and separation costs | 67 | — | — | — | 67 | ||||||||||||||||
Financing costs, net | 158 | (24 | ) | (4 | ) | — | 130 | ||||||||||||||
7,426 | (24 | ) | 9,350 | 5 | 16,757 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (3,807 | ) | (130 | ) | 920 | 111 | (2,906 | ) | |||||||||||||
Provision for income taxes | 1,472 | 6 | 159 | — | 1,637 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (5,279 | ) | (136 | ) | 761 | 111 | (4,543 | ) | |||||||||||||
Net loss from discontinued operations, net of tax | (127 | ) | — | (390 | ) | — | (517 | ) | |||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (5,406 | ) | (136 | ) | 371 | 111 | (5,060 | ) | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 343 | — | 343 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | (5,406 | ) | $ | (136 | ) | $ | 28 | $ | 111 | $ | (5,403 | ) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | (5,407 | ) | $ | (136 | ) | $ | 28 | $ | 111 | $ | (5,404 | ) | ||||||||
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 | $ | — | $ | 11,326 | $ | — | $ | 15,911 | |||||||||||
Equity in net income (loss) of affiliates | 2,313 | 17 | 36 | (2,366 | ) | — | |||||||||||||||
Derivative instrument losses, net | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Other | — | 61 | (9 | ) | (4 | ) | 48 | ||||||||||||||
6,499 | 78 | 11,353 | (2,370 | ) | 15,560 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 2,250 | — | 4,039 | — | 6,289 | ||||||||||||||||
Asset retirement obligation accretion | 67 | — | 171 | — | 238 | ||||||||||||||||
Lease operating expenses | 939 | — | 1,925 | — | 2,864 | ||||||||||||||||
Gathering and transportation | 61 | — | 227 | — | 288 | ||||||||||||||||
Taxes other than income | 190 | — | 595 | — | 785 | ||||||||||||||||
General and administrative | 408 | — | 78 | (4 | ) | 482 | |||||||||||||||
Acquisition, divestiture, and separation costs | 33 | — | — | — | 33 | ||||||||||||||||
Financing costs, net | 97 | 5 | 75 | — | 177 | ||||||||||||||||
4,045 | 5 | 7,110 | (4 | ) | 11,156 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,454 | 73 | 4,243 | (2,366 | ) | 4,404 | |||||||||||||||
Provision for income taxes | 222 | 20 | 1,682 | — | 1,924 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 2,232 | 53 | 2,561 | (2,366 | ) | 2,480 | |||||||||||||||
Net income from discontinued operations, net of tax | — | — | (192 | ) | — | (192 | ) | ||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 2,232 | 53 | 2,369 | (2,366 | ) | 2,288 | |||||||||||||||
Preferred stock dividends | 44 | — | — | — | 44 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | 56 | — | 56 | ||||||||||||||||
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 | $ | — | $ | 12,191 | $ | — | $ | 16,428 | |||||||||||
Equity in net income (loss) of affiliates | 1,523 | (737 | ) | 248 | (1,034 | ) | — | ||||||||||||||
Other | (80 | ) | 69 | 151 | (4 | ) | 136 | ||||||||||||||
5,680 | (668 | ) | 12,590 | (1,038 | ) | 16,564 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,391 | — | 5,490 | — | 6,881 | ||||||||||||||||
Asset retirement obligation accretion | 76 | — | 152 | — | 228 | ||||||||||||||||
Lease operating expenses | 957 | — | 1,827 | — | 2,784 | ||||||||||||||||
Gathering and transportation | 51 | — | 244 | — | 295 | ||||||||||||||||
Taxes other than income | 185 | — | 633 | — | 818 | ||||||||||||||||
General and administrative | 425 | — | 94 | (4 | ) | 515 | |||||||||||||||
Acquisition, divestiture, and separation costs | 25 | — | 6 | — | 31 | ||||||||||||||||
Financing costs, net | 94 | (20 | ) | 98 | — | 172 | |||||||||||||||
3,204 | (20 | ) | 8,544 | (4 | ) | 11,724 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,476 | (648 | ) | 4,046 | (1,034 | ) | 4,840 | ||||||||||||||
Provision (benefit) for income taxes | 475 | (159 | ) | 2,537 | — | 2,853 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 2,001 | (489 | ) | 1,509 | (1,034 | ) | 1,987 | ||||||||||||||
Net income from discontinued operations, net of tax | — | — | 14 | — | 14 | ||||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 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 CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $ | 6,691 | $ | 17 | $ | 1,671 | $ | — | $ | 8,379 | |||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 82 | — | 82 | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 6,691 | 17 | 1,753 | — | 8,461 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (9,706 | ) | — | (15 | ) | — | (9,721 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | 49 | — | (1,208 | ) | — | (1,159 | ) | ||||||||||||||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | — | — | — | 1,360 | ||||||||||||||||
Proceeds from sale of Anadarko Basin and Southern Louisiana assets | 1,262 | — | — | — | 1,262 | ||||||||||||||||
Leasehold and property acquisitions | (1,087 | ) | — | (405 | ) | — | (1,492 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 15 | — | 455 | — | 470 | ||||||||||||||||
Investment in subsidiaries, net | 2,168 | — | — | (2,168 | ) | — | |||||||||||||||
Other | (278 | ) | — | 6 | — | (272 | ) | ||||||||||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (6,217 | ) | — | (1,167 | ) | (2,168 | ) | (9,552 | ) | ||||||||||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 748 | — | 748 | ||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (6,217 | ) | — | (419 | ) | (2,168 | ) | (8,804 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | 1,570 | — | (2 | ) | — | 1,568 | |||||||||||||||
Intercompany borrowings | — | 8 | (2,188 | ) | 2,180 | — | |||||||||||||||
Dividends paid | (365 | ) | — | — | — | (365 | ) | ||||||||||||||
Distributions to noncontrolling interest | — | — | (140 | ) | — | (140 | ) | ||||||||||||||
Treasury stock activity, net | (1,864 | ) | — | — | — | (1,864 | ) | ||||||||||||||
Other | (5 | ) | (28 | ) | 94 | (12 | ) | 49 | |||||||||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (664 | ) | (20 | ) | (2,236 | ) | 2,168 | (752 | ) | ||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (42 | ) | — | (42 | ) | ||||||||||||||
NET CASH USED IN FINANCING ACTIVITIES | (664 | ) | (20 | ) | (2,278 | ) | 2,168 | (794 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (190 | ) | (3 | ) | (944 | ) | — | (1,137 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 155 | 3 | 1,748 | — | 1,906 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | (35 | ) | $ | — | $ | 804 | $ | — | $ | 769 | ||||||||||
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 CONTINUING OPERATING ACTIVITIES | $ | 1,421 | $ | 315 | $ | 7,867 | $ | — | $ | 9,603 | |||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 232 | — | 232 | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 1,421 | 315 | 8,099 | — | 9,835 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (4,096 | ) | — | (5,516 | ) | — | (9,612 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (124 | ) | — | (1,066 | ) | — | (1,190 | ) | |||||||||||||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | — | — | — | 3,702 | ||||||||||||||||
Leasehold and property acquisitions | (195 | ) | — | (224 | ) | — | (419 | ) | |||||||||||||
Proceeds from Kitimat LNG transaction, net | — | — | 396 | — | 396 | ||||||||||||||||
Proceeds from sale of oil and gas properties | — | — | 307 | — | 307 | ||||||||||||||||
Other | (58 | ) | — | (32 | ) | — | (90 | ) | |||||||||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (771 | ) | — | (6,135 | ) | — | (6,906 | ) | |||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (210 | ) | — | (210 | ) | ||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (771 | ) | — | (6,345 | ) | — | (7,116 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (501 | ) | — | (8 | ) | — | (509 | ) | |||||||||||||
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 USED IN CONTINUING FINANCING ACTIVITIES | (495 | ) | (312 | ) | (162 | ) | — | (969 | ) | ||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
NET CASH USED IN FINANCING ACTIVITIES | (495 | ) | (312 | ) | (166 | ) | — | (973 | ) | ||||||||||||
NET INCREASE 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 (USED IN) CONTINUING OPERATING ACTIVITIES | $ | 2,357 | $ | (40 | ) | $ | 5,964 | $ | — | $ | 8,281 | ||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 223 | — | 223 | ||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,357 | (40 | ) | 6,187 | — | 8,504 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (2,308 | ) | — | (5,120 | ) | — | (7,428 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (48 | ) | — | (685 | ) | — | (733 | ) | |||||||||||||
Acquisition of Cordillera | (2,666 | ) | — | — | — | (2,666 | ) | ||||||||||||||
Equity investment in Yara Pilbara Holdings Pty Limited | — | — | (439 | ) | — | (439 | ) | ||||||||||||||
Leasehold and property acquisitions | (1,071 | ) | — | (232 | ) | — | (1,303 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 25 | — | 2 | — | 27 | ||||||||||||||||
Investment in subsidiaries, net | (657 | ) | — | — | 657 | — | |||||||||||||||
Other | (450 | ) | — | (105 | ) | — | (555 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | (7,175 | ) | — | (6,579 | ) | 657 | (13,097 | ) | |||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (327 | ) | — | (327 | ) | ||||||||||||||
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 | — | 9 | — | 511 | ||||||||||||||||
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) | |||||||||||||||||||||
CONTINUING FINANCING ACTIVITIES | 4,777 | 35 | 592 | (657 | ) | 4,747 | |||||||||||||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 38 | — | 38 | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,777 | 35 | 630 | (657 | ) | 4,785 | |||||||||||||||
NET 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 BALANCE SHEET | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 267 | $ | — | $ | 502 | $ | — | $ | 769 | |||||||||||
Receivables, net of allowance | 837 | — | 1,187 | — | 2,024 | ||||||||||||||||
Inventories | 24 | — | 684 | — | 708 | ||||||||||||||||
Drilling advances | 34 | 1 | 353 | — | 388 | ||||||||||||||||
Assets held for sale | — | — | 1,628 | — | 1,628 | ||||||||||||||||
Deferred tax asset | 612 | — | 157 | — | 769 | ||||||||||||||||
Prepaid assets and other | 32 | — | 97 | — | 129 | ||||||||||||||||
Intercompany receivable | 4,939 | — | — | (4,939 | ) | — | |||||||||||||||
6,745 | 1 | 4,608 | (4,939 | ) | 6,415 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,940 | — | 34,136 | — | 48,076 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | — | — | 608 | (608 | ) | — | |||||||||||||||
Equity in affiliates | 25,791 | 869 | 444 | (27,104 | ) | — | |||||||||||||||
Goodwill, net | — | — | 87 | — | 87 | ||||||||||||||||
Deferred charges and other | 175 | 1,002 | 1,197 | (1,000 | ) | 1,374 | |||||||||||||||
$ | 46,651 | $ | 1,872 | $ | 41,080 | $ | (33,651 | ) | $ | 55,952 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 748 | $ | 10 | $ | 452 | $ | — | $ | 1,210 | |||||||||||
Asset retirement obligation | 28 | — | 9 | — | 37 | ||||||||||||||||
Other current liabilities | 1,014 | 1 | 1,402 | — | 2,417 | ||||||||||||||||
Intercompany payable | — | — | 4,939 | (4,939 | ) | — | |||||||||||||||
1,790 | 11 | 6,802 | (4,939 | ) | 3,664 | ||||||||||||||||
LONG-TERM DEBT | 10,947 | 298 | — | — | 11,245 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | 608 | — | — | (608 | ) | — | |||||||||||||||
Income taxes | 5,076 | — | 4,423 | — | 9,499 | ||||||||||||||||
Asset retirement obligation | 211 | — | 2,837 | — | 3,048 | ||||||||||||||||
Other | 2,082 | 250 | (973 | ) | (1,000 | ) | 359 | ||||||||||||||
7,977 | 250 | 6,287 | (1,608 | ) | 12,906 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY | 25,937 | 1,313 | 25,791 | (27,104 | ) | 25,937 | |||||||||||||||
Noncontrolling interest | — | — | 2,200 | — | 2,200 | ||||||||||||||||
TOTAL EQUITY | 25,937 | 1,313 | 27,991 | (27,104 | ) | 28,137 | |||||||||||||||
$ | 46,651 | $ | 1,872 | $ | 41,080 | $ | (33,651 | ) | $ | 55,952 | |||||||||||
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 | ||||||||||||||||
Deferred tax asset | 68 | — | 66 | — | 134 | ||||||||||||||||
Prepaid assets and other | 32 | — | 80 | — | 112 | ||||||||||||||||
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 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
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. 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 and assets held for sale at year-end (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. | |
Apache also uses fair value measurements on a nonrecurring basis as indicated by certain qualitative assessments of its assets. For the year ended December 31, 2014, the Company recorded asset impairments totaling $2.4 billion in connection with fair value assessments, including $1.3 billion for the impairment of goodwill, $1.0 billion for the impairment of assets held for sale, and other asset impairments at December 31, 2014. For discussion of these impairments, see “Goodwill” below and Note 2 — Acquisitions and Divestitures. | |
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, 2014 and 2013, Apache had $769 million and $1.9 billion, 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 doubtful 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, 2014 and 2013, the Company had an allowance for doubtful accounts of $98 million and $96 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 $373 million, $401 million, and $402 million of internal costs in 2014, 2013, and 2012, 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. | |
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 2014, Apache recorded $4.4 billion ($2.8 billion net of tax) and $589 million ($224 million net of tax) in non-cash write-downs of the carrying value of the Company’s U.S. and North Sea proved oil and gas properties, respectively. During 2013, Apache recorded non-cash write-downs of the carrying value of the Company’s proved oil and gas properties for its continuing operations totaling $920 million. The after-tax impact of these write-downs was $356 million in the U.S. and $139 million in the North Sea. In addition, the Company recorded a non-cash write-down of $118 million, net of tax, in Argentina, which is reflected as discontinued operations in the Company’s consolidated financial statements. Cash flow hedges did not materially affect the 2014 and 2013 calculations. | |
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. During 2014, Apache recorded a $539 million loss related to the divestiture of operations in Argentina. No gain or loss was recorded on the Company’s divestitures in 2013 or 2012. | |
Gathering, Transmission, and Processing (GTP) Facilities | Gathering, Transmission, and Processing (GTP) Facilities |
The Company assesses the carrying amount of its GTP 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. In December 2014, the Company recorded an impairment of its GTP assets related to the announced sale of Apache’s Wheatstone and Kitimat LNG projects, and the remaining carrying value was reclassified to “Assets Held for Sale” on the Company’s consolidated balance sheet. In total, GTP assets were reduced $2.5 billion in connection with this divestiture. Excluding assets held for sale, GTP facilities totaled $5.4 billion and $7.0 billion at December 31, 2014 and 2013, respectively. See Note 2 — Acquisitions and Divestitures for a discussion of GTP facilities held for sale as of December 31, 2014. No impairment of GTP facilities was recognized during 2013 or 2012. | |
During 2014, Apache recorded a loss on the sale of GTP facilities totaling $180 million associated with the Company’s divestitures of certain Anadarko basin and Southern Louisiana assets. No gain or loss on the sales of GTP facilities was recognized during 2013 or 2012. The costs of GTP facilities retired or otherwise disposed of and the applicable accumulated depreciation are removed from the Apache’s consolidated financial statements, and the resulting gain or loss is reflected in “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. | |
GTP facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GTP assets, whether Apache-operated or third party, as well as potential development plans by Apache for undeveloped acreage within or in close proximity to those fields. Accumulated depreciation for these assets totaled $1.7 billion and $1.5 billion at December 31, 2014 and 2013, respectively. | |
Other Property and Equipment | Other Property and Equipment |
Other property and equipment includes computer software and equipment, buildings, vehicles, furniture and fixtures, land, and other equipment. These assets are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from 3 to 20 years. Accumulated depreciation for these assets totaled $673 million and $608 million at December 31, 2014 and 2013, 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. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. Apache assesses each country as a reporting unit. The fair value of each unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then goodwill is written down to the implied fair value of the goodwill through a charge to expense. | |
In order to determine the fair value of each reporting unit, the Company uses a combination of the income approach and the market approach. The income approach considers management views on current operating measures as well as assumptions pertaining to market forces in the oil and gas industry, such as future production, future commodity prices, and costs. These assumptions are applied to develop future cash flow projections that are then discounted to estimate fair value, using a discount rate similar to those used by the Company in the valuation of acquisitions and divestitures. To assess the reasonableness of its fair value estimate, the Company uses a market approach to compare the fair value to similar businesses whose securities are actively traded in the public market. This requires management to make certain judgments about the selection of comparable companies, recent comparable asset transactions, and transaction premiums. Associated market multiples are applied to various financial metrics of the reporting unit to estimate fair value. Apache has classified this reporting unit estimation as a non-recurring Level 3 fair value measurement in the fair value hierarchy. | |
As of December 31, 2013, goodwill totaled $1.4 billion, with approximately $1.0 billion, $163 million, $103 million, and $87 million recorded in the U.S., North Sea, Canada, and Egypt, respectively. Given the significant reduction in oil and gas commodity prices in December 2014, the Company tested goodwill for impairment as of December 31, 2014. Reductions in estimated net present value of expected future cash flows from oil and gas properties resulted in implied fair values below the carrying values of Apache’s U.S., North Sea, and Canada reporting units. No impairment was indicated for the Company’s Egypt reporting unit. As a result of these assessments, during the fourth quarter of 2014 the Company recognized non-cash impairments of the entire amount of recorded goodwill in the U.S., North Sea, and Canada reporting units of $1.0 billion, $163 million, and $103 million, respectively. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. As of December 31, 2014, total goodwill of $87 million remained recorded for the Egypt reporting unit. | |
No impairment of goodwill was recognized during 2013 and 2012. | |
Accounts Payable | Accounts Payable |
Included in accounts payable at December 31, 2014 and 2013, are liabilities of approximately $229 million and $271 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 North American 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 $46 million, $34 million, and $27 million, for 2014, 2013, and 2012, 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. As of December 31, 2014, Apache had no open derivative positions. | |
When applicable, 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 is required to assess whether the undistributed earnings of its foreign subsidiaries will be permanently reinvested. In 2014, Apache evaluated its permanent reinvestment position and determined that undistributed earnings from certain subsidiaries located in Apache’s Australia, Egypt, and North Sea regions will no longer be permanently reinvested. As a result of this change in position, Apache recorded a U.S. deferred income tax liability of $1.7 billion on the undistributed earnings of subsidiaries located in these regions. Apache’s Canadian subsidiaries do not currently have undistributed earnings. Apache does not record U.S. deferred income taxes on foreign subsidiaries that are deemed to be permanently reinvested. When such earnings are no longer deemed permanently reinvested, Apache will recognize the appropriate U.S. current or deferred income tax liabilities. For more information, please refer to Note 7 — Income Taxes. | |
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 2014, Apache recorded a tax benefit of $56 million, including current and deferred taxes. In 2013 and 2012, the Company recorded a tax benefit of $154 million and a tax expense of $16 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 gain in 2014 of $8 million, a loss in 2013 of $30 million, and a gain in 2012 of $24 million. | |
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 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 year ended December 31, 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. | |
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 $35,000, $1 million, and $4 million as financing cash inflows in 2014, 2013, and 2012, respectively. | |
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 April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 modifies the criteria for disposals to qualify as discontinued operations and expands related disclosures. The guidance is effective for annual and interim reporting periods beginning after December 15, 2014. Adoption of this amendment is not expected to have a material effect on our financial position or results of operations. | |
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The guidance requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company is currently evaluating the level of effort needed to implement the standard, the impact of adopting this standard on its consolidated financial statements, and whether to use the full retrospective approach or the modified retrospective approach. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Summary of Associated Assets and Liabilities Classified as Held for Sale | A summary of the associated assets and liabilities classified as held for sale on our consolidated balance sheet as of December 31, 2014, is detailed below: | ||||||||||||
December 31, 2014 | |||||||||||||
Canada | Australia | Total | |||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 30 | $ | — | $ | 30 | |||||||
GTP assets, net of accumulated depreciation | 200 | 1,297 | 1,497 | ||||||||||
Other long-term assets | 101 | — | 101 | ||||||||||
Assets held for sale(1) | $ | 331 | $ | 1,297 | $ | 1,628 | |||||||
LIABILITIES | |||||||||||||
Current liabilities | $ | 12 | $ | — | $ | 12 | |||||||
Other long-term liabilities | 7 | — | 7 | ||||||||||
Liabilities held for sale(1) | $ | 19 | $ | — | $ | 19 | |||||||
-1 | Assets held for sale are classified as current assets in the Consolidated Balance Sheet. Liabilities held for sale are recorded in “Other current liabilities” in the Consolidated Balance Sheet. | ||||||||||||
Summary of Carrying Amount of Major Assets and Liabilities Associated with Disposition | The carrying amounts of the major classes of assets and liabilities associated with the disposition were as follows: | ||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
(In millions) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 150 | |||||||||||
Net property and equipment | 1,416 | ||||||||||||
Other assets | 12 | ||||||||||||
Total assets | $ | 1,578 | |||||||||||
LIABILITIES | |||||||||||||
Current debt | $ | 51 | |||||||||||
Other current liabilities | 95 | ||||||||||||
Asset retirement obligations | 91 | ||||||||||||
Other long-term liabilities | 21 | ||||||||||||
Total liabilities | $ | 258 | |||||||||||
Summary of Sales and Other Operating Revenue and Loss from Discontinued Operation Related to Disposition | Sales and other operating revenues and loss from discontinued operations related to the Argentina disposition were as follows: | ||||||||||||
For the Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Revenues and other from discontinued operations | $ | 87 | $ | 494 | $ | 514 | |||||||
Loss from Argentina divestiture | (539 | ) | — | — | |||||||||
Income (loss) from operations in Argentina | (1 | ) | (192 | ) | 14 | ||||||||
Income tax benefit | 23 | — | — | ||||||||||
Income (loss) from discontinued operations, net of tax | $ | (517 | ) | $ | (192 | ) | $ | 14 | |||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Current Assets: Prepaid assets and other | $ | — | $ | 1 | |||||||||||||||||||||
Total Assets | $ | — | $ | 1 | |||||||||||||||||||||
Current Liabilities: Derivative instruments | $ | — | $ | 299 | |||||||||||||||||||||
Total Liabilities | $ | — | $ | 299 | |||||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive income (loss) | Oil and Gas Production Revenues | $ | — | $ | (16 | ) | $ | 268 | |||||||||||||||||
Loss for ineffectiveness on cash flow hedges | Revenues and Other: Other | $ | — | $ | (1 | ) | $ | — | |||||||||||||||||
Derivatives not designated as cash flow hedges: Realized Loss | $ | (16 | ) | $ | (178 | ) | $ | — | |||||||||||||||||
Unrealized Gain (loss) | 300 | (221 | ) | (79 | ) | ||||||||||||||||||||
Gain (loss) on derivatives not designated as cash flow hedges | Derivative instrument gains (losses), net | $ | 284 | $ | (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 derivatives designated as cash flow hedges is presented in the table below: | ||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
tax | tax | tax | tax | tax | tax | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Unrealized gain (loss) on derivatives at beginning of year | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | $ | 145 | $ | 114 | |||||||||||
Realized amounts reclassified into earnings | — | — | 16 | 11 | (268 | ) | (199 | ) | |||||||||||||||||
Net change in derivative fair value | (1 | ) | (1 | ) | (6 | ) | (5 | ) | 113 | 79 | |||||||||||||||
Ineffectiveness reclassified into earnings | — | — | 1 | 1 | — | — | |||||||||||||||||||
Unrealized gain (loss) on derivatives at end of period | $ | — | $ | — | $ | 1 | $ | 1 | $ | (10 | ) | $ | (6 | ) | |||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Detail of Other Current Liabilities | The following table provides detail of the Company’s other current liabilities at December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Accrued operating expenses | $ | 163 | $ | 190 | |||||
Accrued exploration and development | 1,606 | 1,582 | |||||||
Accrued compensation and benefits | 204 | 242 | |||||||
Accrued interest | 160 | 161 | |||||||
Accrued income taxes | 54 | 248 | |||||||
Other | 230 | 188 | |||||||
Total Other current liabilities | $ | 2,417 | $ | 2,611 | |||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Asset retirement obligation at beginning of year | $ | 3,222 | $ | 4,578 | |||||
Liabilities incurred | 171 | 481 | |||||||
Liabilities acquired | — | 53 | |||||||
Liabilities divested | (471 | ) | (1,692 | ) | |||||
Liabilities settled | (146 | ) | (497 | ) | |||||
Accretion expense | 181 | 243 | |||||||
Revisions in estimated liabilities | 128 | 56 | |||||||
Asset retirement obligation at end of year | 3,085 | 3,222 | |||||||
Less current portion | (37 | ) | (121 | ) | |||||
Asset retirement obligation, long-term | $ | 3,048 | $ | 3,101 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt for Apache and Subsidiaries | The following table presents the carrying value of the Company’s debt at December 31, 2014 and 2013: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||
U.S.: | |||||||||||||||||
Commercial paper | 1,570 | — | |||||||||||||||
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 | 919 | |||||||||||||||
2.625% notes due 2023(1) | 531 | 531 | |||||||||||||||
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 | |||||||||||||||
11,000 | 9,430 | ||||||||||||||||
Subsidiary and other obligations: | |||||||||||||||||
Argentina overdraft lines of credit | — | 51 | |||||||||||||||
Canada lines of credit | — | 2 | |||||||||||||||
Notes due in 2016 and 2017 | 1 | 1 | |||||||||||||||
Apache Finance Canada 7.75% notes due 2029 | 300 | 300 | |||||||||||||||
301 | 354 | ||||||||||||||||
Debt before unamortized discount | 11,301 | 9,784 | |||||||||||||||
Unamortized discount | (56 | ) | (59 | ) | |||||||||||||
Total debt | $ | 11,245 | $ | 9,725 | |||||||||||||
Current maturities | $ | — | $ | (53 | ) | ||||||||||||
Long-term debt | $ | 11,245 | $ | 9,672 | |||||||||||||
-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, 2014, excluding discounts, are as follows: | ||||||||||||||||
(In millions) | |||||||||||||||||
2017 | $ | 901 | |||||||||||||||
2018 | 2,120 | ||||||||||||||||
2019 | 150 | ||||||||||||||||
Thereafter | 8,130 | ||||||||||||||||
Total Debt, excluding discounts | $ | 11,301 | |||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(In millions) | |||||||||||||||||
Money market lines of credit | $ | — | $ | — | $ | 53 | $ | 53 | |||||||||
Commercial paper | 1,570 | 1,570 | — | — | |||||||||||||
Notes and debentures | 9,675 | 9,944 | 9,672 | 10,247 | |||||||||||||
Total Debt | $ | 11,245 | $ | 11,514 | $ | 9,725 | $ | 10,300 | |||||||||
Components of Financing Costs, Net | Financing Costs, Net | ||||||||||||||||
The following table presents the components of Apache’s financing costs, net: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In millions) | |||||||||||||||||
Interest expense | $ | 499 | $ | 560 | $ | 501 | |||||||||||
Amortization of deferred loan costs | 6 | 8 | 7 | ||||||||||||||
Capitalized interest | (363 | ) | (364 | ) | (323 | ) | |||||||||||
Gain on extinguishment of debt | — | (16 | ) | — | |||||||||||||
Interest income | (12 | ) | (11 | ) | (13 | ) | |||||||||||
Financing costs, net | $ | 130 | $ | 177 | $ | 172 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income (Loss) Before Income Taxes | Income (loss) from continuing operations before income taxes is composed of the following: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
U.S. | $ | (4,020 | ) | $ | 1,191 | $ | 1,605 | ||||||
Foreign | 1,114 | 3,213 | 3,235 | ||||||||||
Total | $ | (2,906 | ) | $ | 4,404 | $ | 4,840 | ||||||
Total Provision for Income Taxes | The total provision for income taxes from continuing operations consists of the following: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Current taxes: | |||||||||||||
Federal | $ | (10 | ) | $ | (29 | ) | $ | (150 | ) | ||||
State | 1 | — | — | ||||||||||
Foreign | 1,151 | 1,692 | 2,349 | ||||||||||
1,142 | 1,663 | 2,199 | |||||||||||
Deferred taxes: | |||||||||||||
Federal | 961 | 509 | 596 | ||||||||||
State | (43 | ) | 44 | 10 | |||||||||
Foreign | (423 | ) | (292 | ) | 48 | ||||||||
495 | 261 | 654 | |||||||||||
Total | $ | 1,637 | $ | 1,924 | $ | 2,853 | |||||||
Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense | A reconciliation of the tax on the Company’s income from continuing operations before income taxes and total tax expense is shown below: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Income tax expense (benefit) at U.S. statutory rate | $ | (1,017 | ) | $ | 1,541 | $ | 1,694 | ||||||
State income tax, less federal benefit | (27 | ) | 29 | 6 | |||||||||
Taxes related to foreign operations | (144 | ) | 200 | 767 | |||||||||
Tax credits | — | 6 | (4 | ) | |||||||||
Deferred tax on distributed foreign earnings | 311 | 225 | — | ||||||||||
Deferred tax on undistributed foreign earnings | 1,654 | — | — | ||||||||||
Current and deferred taxes related to currency fluctuations | (56 | ) | (154 | ) | 16 | ||||||||
Goodwill impairment | 483 | — | — | ||||||||||
Change in U.K. tax rate | — | — | 118 | ||||||||||
Net change in tax contingencies | (3 | ) | (10 | ) | (115 | ) | |||||||
Valuation allowances | 478 | 132 | 341 | ||||||||||
All other, net | (42 | ) | (45 | ) | 30 | ||||||||
$ | 1,637 | $ | 1,924 | $ | 2,853 | ||||||||
Net Deferred Tax Liability | The net deferred income tax liability consists of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Deferred income | $ | — | $ | 153 | |||||||||
U.S. and state net operating loss carryforwards | 1,333 | 900 | |||||||||||
Foreign net operating loss carryforwards | 366 | 156 | |||||||||||
Tax credits | 42 | 66 | |||||||||||
Accrued expenses and liabilities | 68 | 162 | |||||||||||
Asset retirement obligation | 1,202 | 1,231 | |||||||||||
Total deferred tax assets | 3,011 | 2,668 | |||||||||||
Valuation allowance | (1,069 | ) | (651 | ) | |||||||||
Net deferred tax assets | 1,942 | 2,017 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other | 19 | 29 | |||||||||||
Deferred income | 24 | — | |||||||||||
Investment in foreign subsidiaries | 1,654 | — | |||||||||||
Property and equipment | 8,986 | 10,224 | |||||||||||
Total deferred tax liabilities | 10,683 | 10,253 | |||||||||||
Net deferred income tax liability | $ | 8,741 | $ | 8,236 | |||||||||
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Assets: | |||||||||||||
Deferred tax asset | $ | (769 | ) | $ | (134 | ) | |||||||
Deferred charges and other | (17 | ) | (33 | ) | |||||||||
Liabilities | |||||||||||||
Other current liabilities | 28 | 39 | |||||||||||
Deferred income taxes | 9,499 | 8,364 | |||||||||||
Net deferred income tax liability | $ | 8,741 | $ | 8,236 | |||||||||
Summary of Valuation Allowance Against Certain Foreign Net Deferred Tax Assets and State Net Operating Losses | In 2014, 2013, and 2012, the Company increased its valuation allowance by $418 million, $232 million, and $359 million, as detailed in the table below: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 651 | $ | 419 | $ | 60 | |||||||
State(1) | 57 | 32 | 7 | ||||||||||
Foreign | 478 | 132 | 341 | ||||||||||
Discontinued operations(2) | (117 | ) | 68 | 11 | |||||||||
Balance at end of year | $ | 1,069 | $ | 651 | $ | 419 | |||||||
-1 | Reported as a component of state income taxes in the tax reconciliation. | ||||||||||||
-2 | In 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina. As such, the deferred tax assets, liabilities, and valuation allowance for Argentina were removed for 2014. | ||||||||||||
Net Operating Losses | On December 31, 2014, the Company had net operating losses as follows: | ||||||||||||
December 31, 2014 | |||||||||||||
Amount | Expiration | ||||||||||||
(In millions) | |||||||||||||
Net operating losses: | |||||||||||||
U.S. — Federal | $ | 2,701 | 2032 - 2035 | ||||||||||
U.S. — Federal (Mariner IRC §382 limited) | 464 | 2018 - 2030 | |||||||||||
U.S. — Federal (Cordillera IRC §382 limited) | 183 | 2027 - 2032 | |||||||||||
U.S. — State | 3,273 | Various | |||||||||||
Canada | 5 | 2015 | |||||||||||
Australia | 124 | Indefinite | |||||||||||
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: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at beginning of year | $ | 3 | $ | 3 | $ | 97 | |||||||
Additions based on tax positions related to the current year | — | — | 4 | ||||||||||
Reductions for tax positions of prior years | (3 | ) | — | (33 | ) | ||||||||
Settlements with taxing authorities | — | — | (65 | ) | |||||||||
Balance at end of year | $ | — | $ | 3 | $ | 3 | |||||||
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.(1) | 2011 | ||||||||||||
Canada | 2010 | ||||||||||||
Egypt | 1998 | ||||||||||||
Australia | 2007 | ||||||||||||
U.K. | 2010 | ||||||||||||
-1 | Mariner’s tax returns for 1998 through 2010 remain open for purposes of determining its net operating loss. Cordillera’s tax returns for 2005 through 2012 remain open for purposes of determining its net operating loss. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Contractual Obligations | At December 31, 2014, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: | ||||||||||||||||||||
Net Minimum Commitments | Total | 2015 | 2016-2017 | 2018-2019 | 2020 & | ||||||||||||||||
Beyond | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Drilling rig commitments(1) | $ | 999 | $ | 382 | $ | 573 | $ | 44 | $ | — | |||||||||||
Purchase obligations(2) | 1,248 | 527 | 428 | 255 | 38 | ||||||||||||||||
Firm transportation agreements(3) | 431 | 101 | 173 | 85 | 72 | ||||||||||||||||
Office and related equipment(4) | 343 | 49 | 98 | 80 | 116 | ||||||||||||||||
Other operating lease obligations(5) | 469 | 131 | 221 | 82 | 35 | ||||||||||||||||
Total Net Minimum Commitments | $ | 3,490 | $ | 1,190 | $ | 1,493 | $ | 546 | $ | 261 | |||||||||||
-1 | Includes day-rate and other contractual agreements with third party service providers for use of drilling, completion, and workover rigs. Drilling rig commitments will be reduced by $79 million upon the completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-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 NGL processing agreements. Of the total purchase obligations, $651 million will be relinquished upon completion of the sale of Apache’s interest in Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-3 | Relates to contractual obligations for capacity rights on third-party pipelines. Firm transportation commitments will be reduced by $51 million upon completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. | ||||||||||||||||||||
-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. Other operating lease commitments will be reduced by $291 million upon completion of the sale of Apache’s interest in the Kitimat and Wheatstone LNG projects. |
Retirement_and_Deferred_Compen1
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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, 2014, 2013, and 2012, 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. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
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 | $ | 189 | $ | 28 | $ | 177 | $ | 35 | $ | 150 | $ | 30 | |||||||||||||
Service cost | 5 | 3 | 5 | 4 | 5 | 4 | |||||||||||||||||||
Interest cost | 9 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Foreign currency exchange rate changes | (13 | ) | — | 4 | — | 7 | — | ||||||||||||||||||
Actuarial losses (gains) | 31 | (9 | ) | — | (8 | ) | 14 | 1 | |||||||||||||||||
Effect of curtailment and settlements | — | — | — | (3 | ) | — | — | ||||||||||||||||||
Benefits paid | (5 | ) | (2 | ) | (4 | ) | (2 | ) | (6 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | 1 | — | — | |||||||||||||||||||
Projected benefit obligation at end of year | 216 | 22 | 189 | 28 | 177 | 35 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 191 | — | 170 | — | 145 | — | |||||||||||||||||||
Actual return on plan assets | 25 | — | 15 | — | 14 | — | |||||||||||||||||||
Foreign currency exchange rates | (13 | ) | — | 4 | — | 6 | — | ||||||||||||||||||
Employer contributions | 8 | 1 | 6 | 1 | 11 | 1 | |||||||||||||||||||
Benefits paid | (5 | ) | (2 | ) | (4 | ) | (2 | ) | (6 | ) | (1 | ) | |||||||||||||
Retiree contributions | — | 1 | — | 1 | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 206 | — | 191 | — | 170 | — | |||||||||||||||||||
Funded status at end of year | $ | (10 | ) | $ | (22 | ) | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheet | |||||||||||||||||||||||||
Current liability | — | (1 | ) | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Non-current asset (liability) | (10 | ) | (21 | ) | 2 | (27 | ) | (7 | ) | (34 | ) | ||||||||||||||
$ | (10 | ) | $ | (22 | ) | $ | 2 | $ | (28 | ) | $ | (7 | ) | $ | (35 | ) | |||||||||
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Accumulated gain (loss) | (37 | ) | 10 | (22 | ) | 1 | (32 | ) | (7 | ) | |||||||||||||||
$ | (37 | ) | $ | 10 | $ | (22 | ) | $ | 1 | $ | (32 | ) | $ | (7 | ) | ||||||||||
Weighted Average Assumptions used as of December 31 | |||||||||||||||||||||||||
Discount rate | 3.7 | % | 3.62 | % | 4.6 | % | 4.33 | % | 4.3 | % | 3.43 | % | |||||||||||||
Salary increases | 4.6 | % | N/A | 4.9 | % | N/A | 4.6 | % | N/A | ||||||||||||||||
Expected return on assets | 3.9 | % | N/A | 5.6 | % | N/A | 4.7 | % | N/A | ||||||||||||||||
Healthcare cost trend | |||||||||||||||||||||||||
Initial | N/A | 7 | % | N/A | 7 | % | N/A | 7.25 | % | ||||||||||||||||
Ultimate in 2025 | 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 | |||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities | 14 | % | 14 | % | 18 | % | |||||||||||||||||||
Overseas quoted equities | 26 | % | 26 | % | 33 | % | |||||||||||||||||||
Total equity securities | 40 | % | 40 | % | 51 | % | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds | 48 | % | 48 | % | 29 | % | |||||||||||||||||||
U.K. corporate bonds | 12 | % | 12 | % | 20 | % | |||||||||||||||||||
Debt securities | 60 | % | 60 | % | 49 | % | |||||||||||||||||||
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, 2014 and December 31, 2013: | ||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.K. quoted equities(1) | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Overseas quoted equities(2) | 54 | — | — | 54 | |||||||||||||||||||||
Total equity securities | 82 | — | — | 82 | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.K. Government bonds(3) | 99 | — | — | 99 | |||||||||||||||||||||
U.K. corporate bonds(4) | 25 | — | — | 25 | |||||||||||||||||||||
Total debt securities | 124 | — | — | 124 | |||||||||||||||||||||
Fair value of plan assets | $ | 206 | $ | — | $ | — | $ | 206 | |||||||||||||||||
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 | |||||||||||||||||
-1 | This category comprises U.K. passive equities, which are benchmarked against the FTSE 350 Index. | ||||||||||||||||||||||||
-2 | This category includes overseas equities, which comprises 30.3 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12.1 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30.3 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12.1 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 15.2 percent emerging markets benchmarked against the MSCI Emerging Markets (NDR) Index, which has 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, which comprises 48 percent index-linked gilts benchmarked against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index, 37 percent sterling nominal LDI bonds, and 15 percent sterling inflation linked LDI bonds, both benchmarked against ILIM Custom Benchmark index. | ||||||||||||||||||||||||
-4 | This category comprises U.K. corporate bonds: 12 percent benchmarked against the BofAML Sterling Corporate & Collaterlised (excluding Subordinated) 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, 2014, 2013, and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | ||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Component of Net Periodic Benefit Costs | |||||||||||||||||||||||||
Service cost | $ | 5 | $ | 3 | $ | 5 | $ | 4 | $ | 5 | $ | 4 | |||||||||||||
Interest cost | 9 | 1 | 7 | 1 | 7 | 1 | |||||||||||||||||||
Expected return on assets | (11 | ) | — | (8 | ) | — | (7 | ) | — | ||||||||||||||||
Amortization of actuarial (gain) loss | 1 | — | 2 | — | 1 | — | |||||||||||||||||||
Curtailment (gain) loss | — | — | — | (3 | ) | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 4 | $ | 4 | $ | 6 | $ | 2 | $ | 6 | $ | 5 | |||||||||||||
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 2025 | 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 | 3 | (3 | ) | ||||||||||||||||||||||
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) | |||||||||||||||||||||||||
2015 | $ | 5 | $ | 1 | |||||||||||||||||||||
2016 | 5 | 1 | |||||||||||||||||||||||
2017 | 5 | 1 | |||||||||||||||||||||||
2018 | 5 | 2 | |||||||||||||||||||||||
2019 | 5 | 2 | |||||||||||||||||||||||
Years 2020-2024 | 30 | 10 |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Common Stock Outstanding | Common Stock Outstanding | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance, beginning of year | 395,772,908 | 391,640,770 | 384,117,643 | ||||||||||||||||||||||||||||||||||
Shares issued for stock-based compensation plans: | |||||||||||||||||||||||||||||||||||||
Treasury shares issued | 17,454 | 25,214 | 60,767 | ||||||||||||||||||||||||||||||||||
Common shares issued | 1,665,259 | 929,596 | 1,189,693 | ||||||||||||||||||||||||||||||||||
Common shares issued for conversion of preferred shares | — | 14,399,247 | — | ||||||||||||||||||||||||||||||||||
Treasury shares acquired | (20,950,729 | ) | (11,221,919 | ) | — | ||||||||||||||||||||||||||||||||
Cordillera consideration (Note 2) | — | — | 6,272,667 | ||||||||||||||||||||||||||||||||||
Balance, end of year | 376,504,892 | 395,772,908 | 391,640,770 | ||||||||||||||||||||||||||||||||||
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, 2014, 2013, and 2012 is presented in the table below. | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (4,886 | ) | 384 | $ | (12.72 | ) | $ | 2,380 | 395 | $ | 6.02 | $ | 1,911 | 389 | $ | 4.91 | ||||||||||||||||||||
Income (loss) from discontinued operations | (517 | ) | 384 | (1.34 | ) | (192 | ) | 395 | (0.49 | ) | 14 | 389 | 0.04 | ||||||||||||||||||||||||
Income (loss) attributable to common stock | $ | (5,403 | ) | 384 | $ | (14.06 | ) | $ | 2,188 | 395 | $ | 5.53 | $ | 1,925 | 389 | $ | 4.95 | ||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||||
Mandatory Convertible Preferred Stock | $ | — | — | $ | 44 | 9 | $ | — | — | ||||||||||||||||||||||||||||
Stock options and other | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (4,886 | ) | 384 | $ | (12.72 | ) | $ | 2,424 | 406 | $ | 5.97 | $ | 1,911 | 391 | $ | 4.89 | ||||||||||||||||||||
Income (loss) from discontinued operations | (517 | ) | 384 | (1.34 | ) | (192 | ) | 406 | (0.47 | ) | 14 | 391 | 0.03 | ||||||||||||||||||||||||
Income (loss) attributable to common stock | $ | (5,403 | ) | 384 | $ | (14.06 | ) | $ | 2,232 | 406 | $ | 5.5 | $ | 1,925 | 391 | $ | 4.92 | ||||||||||||||||||||
Description of Stock Based Compensation Plans and Related Costs | A description of the Company’s stock-based compensation plans and related costs follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expensed: | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 107 | $ | 89 | $ | 104 | |||||||||||||||||||||||||||||||
Lease operating expenses | 41 | 47 | 63 | ||||||||||||||||||||||||||||||||||
Stock-based compensation capitalized | 62 | 55 | 67 | ||||||||||||||||||||||||||||||||||
$ | 210 | $ | 191 | $ | 234 | ||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||||||||||||||
Under Option | Exercise Price | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 7,563 | $ | 89.71 | ||||||||||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||||||||||
Exercised | (664 | ) | 74.32 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (454 | ) | 103.48 | ||||||||||||||||||||||||||||||||||
Outstanding, end of year(1) | 6,445 | 90.34 | |||||||||||||||||||||||||||||||||||
Expected to vest(1) | 1,366 | 89.3 | |||||||||||||||||||||||||||||||||||
Exercisable, end of year(1) | 4,876 | 90.88 | |||||||||||||||||||||||||||||||||||
-1 | As of December 31, 2014, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 5.2 years, 7.5 years, and 4.4 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was $2 million, $0, and $2 million, 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. | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Expected volatility | N/A | 33.6 | % | 34.94 | % | ||||||||||||||||||||||||||||||||
Expected dividend yields | N/A | 0.99 | % | 0.82 | % | ||||||||||||||||||||||||||||||||
Expected term (in years) | N/A | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||
Risk-free rate | N/A | 0.79 | % | 0.78 | % | ||||||||||||||||||||||||||||||||
Weighted-average grant-date fair value | N/A | $ | 23.18 | $ | 26.41 | ||||||||||||||||||||||||||||||||
Restricted Stock | A summary of restricted stock activity for the year ended December 31, 2014, is presented below. | ||||||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||||||
Average Grant- | |||||||||||||||||||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Non-vested at January 1, 2014 | 3,953 | $ | 86.7 | ||||||||||||||||||||||||||||||||||
Granted | 3,047 | 86.87 | |||||||||||||||||||||||||||||||||||
Vested | (1,597 | ) | 86.42 | ||||||||||||||||||||||||||||||||||
Forfeited | (619 | ) | 85.89 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2014 | 4,784 | 85.18 | |||||||||||||||||||||||||||||||||||
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, 2014 | 1,021 | $ | 72.45 | ||||||||||||||||||||||||||||||||||
Granted | 158 | 79.66 | |||||||||||||||||||||||||||||||||||
Vested | (1 | ) | 70.3 | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (824 | ) | 71.39 | ||||||||||||||||||||||||||||||||||
Non-vested at December 31, 2014 | 354 | 78.13 | |||||||||||||||||||||||||||||||||||
-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, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive loss include the following: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Currency translation adjustment(1) | $ | (109 | ) | $ | (109 | ) | $ | (109 | ) | ||||
Unrealized gain (loss) on derivatives (Note 3) | — | 1 | (6 | ) | |||||||||
Unfunded pension and postretirement benefit plan (Note 9) | (7 | ) | (7 | ) | (16 | ) | |||||||
Accumulated other comprehensive loss | $ | (116 | ) | $ | (115 | ) | $ | (131 | ) | ||||
-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, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Financial Segment Information | Financial information for each country is presented below: | ||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Other | Total(1) | |||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 5,744 | $ | 1,092 | $ | 3,539 | $ | 1,058 | $ | 2,316 | $ | — | $ | 13,749 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,170 | 400 | 1,151 | 438 | 998 | — | 5,157 | ||||||||||||||||||||||
Additional | 4,412 | — | — | — | 589 | — | 5,001 | ||||||||||||||||||||||
Asset retirement obligation accretion | 43 | 39 | — | 27 | 72 | — | 181 | ||||||||||||||||||||||
Lease operating expenses | 921 | 384 | 499 | 241 | 434 | — | 2,479 | ||||||||||||||||||||||
Gathering and transportation | 93 | 123 | 40 | — | 17 | — | 273 | ||||||||||||||||||||||
Taxes other than income | 350 | 31 | 11 | 101 | 185 | — | 678 | ||||||||||||||||||||||
Operating Income (Loss) | $ | (2,245 | ) | $ | 115 | $ | 1,838 | $ | 251 | $ | 21 | $ | — | (20 | ) | ||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Derivative instrument gains, net | 284 | ||||||||||||||||||||||||||||
Other | (182 | ) | |||||||||||||||||||||||||||
Impairments | (2,357 | ) | |||||||||||||||||||||||||||
General and administrative | (434 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (67 | ) | |||||||||||||||||||||||||||
Financing costs, net | (130 | ) | |||||||||||||||||||||||||||
Net Loss From Continuing Operations Before Income Taxes | $ | (2,906 | ) | ||||||||||||||||||||||||||
Net Property and Equipment | $ | 24,627 | $ | 6,107 | $ | 5,700 | $ | 6,516 | $ | 5,103 | $ | 23 | $ | 48,076 | |||||||||||||||
Total Assets | $ | 26,852 | $ | 6,640 | $ | 7,292 | $ | 9,020 | $ | 6,102 | $ | 46 | $ | 55,952 | |||||||||||||||
Additions to Net Property and Equipment | $ | 7,294 | $ | 963 | $ | 1,397 | $ | 1,419 | $ | 1,071 | $ | (28 | ) | $ | 12,116 | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Oil and gas production revenues(2) | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | — | $ | 15,911 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,338 | 505 | 1,005 | 423 | 1,022 | 1 | 5,294 | ||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 76 | 995 | ||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | — | 238 | ||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | — | 2,864 | ||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | — | 288 | ||||||||||||||||||||||
Taxes other than income | 335 | 45 | 8 | 13 | 384 | — | 785 | ||||||||||||||||||||||
Operating Income (Loss)(2) | $ | 2,179 | $ | 11 | $ | 2,391 | $ | 463 | $ | 480 | $ | (77 | ) | 5,447 | |||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||
Derivative instrument losses, net | (399 | ) | |||||||||||||||||||||||||||
Other | 48 | ||||||||||||||||||||||||||||
General and administrative | (482 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (33 | ) | |||||||||||||||||||||||||||
Financing costs, net | (177 | ) | |||||||||||||||||||||||||||
Net Income From Continuing Operations Before Income Taxes(2) | $ | 4,404 | |||||||||||||||||||||||||||
Net Property and Equipment(2) | $ | 27,010 | $ | 6,058 | $ | 5,454 | $ | 6,838 | $ | 5,622 | $ | 23 | $ | 51,005 | |||||||||||||||
Total Assets(2) | $ | 29,940 | $ | 6,952 | $ | 8,121 | $ | 8,094 | $ | 6,902 | $ | 51 | $ | 60,060 | |||||||||||||||
Additions to Net Property and Equipment(2) | $ | 6,404 | $ | 1,082 | $ | 1,309 | $ | 1,954 | $ | 1,084 | $ | 24 | $ | 11,857 | |||||||||||||||
United States | Canada | Egypt | Australia | North | Other | Total | |||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Oil and gas production revenues(2) | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | — | $ | 16,428 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion, and amortization: | |||||||||||||||||||||||||||||
Recurring | 2,056 | 594 | 925 | 466 | 914 | — | 4,955 | ||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | 43 | 1,926 | ||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | — | 228 | ||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | — | 2,784 | ||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | — | 295 | ||||||||||||||||||||||
Taxes other than income | 292 | 50 | 14 | 11 | 451 | — | 818 | ||||||||||||||||||||||
Operating Income (Loss)(2) | $ | 2,311 | $ | (1,867 | ) | $ | 3,166 | $ | 866 | $ | 989 | $ | (43 | ) | 5,422 | ||||||||||||||
Other Expense: | |||||||||||||||||||||||||||||
Derivative instrument losses, net | (79 | ) | |||||||||||||||||||||||||||
Other | 215 | ||||||||||||||||||||||||||||
General and administrative | (515 | ) | |||||||||||||||||||||||||||
Acquisition, divestiture, and separation costs | (31 | ) | |||||||||||||||||||||||||||
Financing costs, net | (172 | ) | |||||||||||||||||||||||||||
Net Income From Continuing Operations Before Income Taxes(2) | $ | 4,840 | |||||||||||||||||||||||||||
Net Property and Equipment(2) | $ | 28,552 | $ | 6,640 | $ | 5,151 | $ | 5,312 | $ | 5,927 | $ | 77 | $ | 51,659 | |||||||||||||||
Total Assets(2) | $ | 31,175 | $ | 7,142 | $ | 7,311 | $ | 6,280 | $ | 6,874 | $ | 120 | $ | 58,902 | |||||||||||||||
Additions to Net Property and Equipment(2) | $ | 9,586 | $ | 1,096 | $ | 1,153 | $ | 1,581 | $ | 1,104 | $ | 98 | $ | 14,618 | |||||||||||||||
-1 | 2014 and 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||
-2 | 2013 and 2012 amounts have been recast to exclude discontinued operations. |
Supplemental_Oil_and_Gas_Discl1
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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 | Other | Total(3)(4) | |||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||
(In millions, except per boe) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 5,744 | $ | 1,092 | $ | 3,539 | $ | 1,058 | $ | 2,316 | $ | — | $ | 13,749 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,056 | 343 | 1,014 | 359 | 975 | — | 4,747 | ||||||||||||||||||||||||||
Additional | 4,412 | — | — | — | 589 | — | 5,001 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 43 | 39 | — | 27 | 72 | — | 181 | ||||||||||||||||||||||||||
Lease operating expenses | 921 | 384 | 499 | 241 | 434 | — | 2,479 | ||||||||||||||||||||||||||
Gathering and transportation | 93 | 123 | 40 | — | 17 | — | 273 | ||||||||||||||||||||||||||
Production taxes(2) | 342 | 27 | — | 101 | 177 | — | 647 | ||||||||||||||||||||||||||
Income tax | (754 | ) | 44 | 894 | 99 | 32 | — | 315 | |||||||||||||||||||||||||
7,113 | 960 | 2,447 | 827 | 2,296 | — | 13,643 | |||||||||||||||||||||||||||
Results of operation | $ | (1,369 | ) | $ | 132 | $ | 1,092 | $ | 231 | $ | 20 | $ | — | $ | 106 | ||||||||||||||||||
Amortization rate per boe | $ | 19.35 | $ | 12.11 | $ | 18.48 | $ | 17.49 | $ | 37.41 | $ | — | $ | 20.11 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,902 | $ | 1,224 | $ | 3,917 | $ | 1,140 | $ | 2,728 | $ | — | $ | 15,911 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 2,227 | 426 | 881 | 361 | 999 | — | 4,894 | ||||||||||||||||||||||||||
Additional | 552 | — | — | — | 367 | 76 | 995 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 94 | 49 | — | 27 | 68 | — | 238 | ||||||||||||||||||||||||||
Lease operating expenses | 1,320 | 459 | 471 | 214 | 400 | — | 2,864 | ||||||||||||||||||||||||||
Gathering and transportation | 84 | 155 | 42 | — | 7 | — | 288 | ||||||||||||||||||||||||||
Production taxes(2) | 324 | 40 | — | 14 | 382 | — | 760 | ||||||||||||||||||||||||||
Income tax | 817 | 24 | 1,161 | 157 | 313 | — | 2,472 | ||||||||||||||||||||||||||
5,418 | 1,153 | 2,555 | 773 | 2,536 | 76 | 12,511 | |||||||||||||||||||||||||||
Results of operation | $ | 1,484 | $ | 71 | $ | 1,362 | $ | 367 | $ | 192 | $ | (76 | ) | $ | 3,400 | ||||||||||||||||||
Amortization rate per boe | $ | 18.39 | $ | 10.89 | $ | 16.21 | $ | 17.47 | $ | 37.25 | $ | — | $ | 18.67 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Oil and gas production revenues | $ | 6,226 | $ | 1,322 | $ | 4,554 | $ | 1,575 | $ | 2,751 | $ | — | $ | 16,428 | |||||||||||||||||||
Operating cost: | |||||||||||||||||||||||||||||||||
Depreciation, depletion, and amortization | |||||||||||||||||||||||||||||||||
Recurring(1) | 1,984 | 580 | 924 | 460 | 912 | — | 4,860 | ||||||||||||||||||||||||||
Additional | — | 1,883 | — | — | — | 43 | 1,926 | ||||||||||||||||||||||||||
Asset retirement obligation accretion | 112 | 41 | — | 17 | 58 | — | 228 | ||||||||||||||||||||||||||
Lease operating expenses | 1,386 | 458 | 410 | 215 | 315 | — | 2,784 | ||||||||||||||||||||||||||
Gathering and transportation | 69 | 163 | 39 | — | 24 | — | 295 | ||||||||||||||||||||||||||
Production taxes(2) | 279 | 42 | — | 11 | 451 | — | 783 | ||||||||||||||||||||||||||
Income tax | 851 | (466 | ) | 1,527 | 262 | 614 | — | 2,788 | |||||||||||||||||||||||||
4,681 | 2,701 | 2,900 | 965 | 2,374 | 43 | 13,664 | |||||||||||||||||||||||||||
Results of operation | $ | 1,545 | $ | (1,379 | ) | $ | 1,654 | $ | 610 | $ | 377 | $ | (43 | ) | $ | 2,764 | |||||||||||||||||
Amortization rate per boe | $ | 17.24 | $ | 11.66 | $ | 13.81 | $ | 17.67 | $ | 32.65 | $ | — | $ | 17.18 | |||||||||||||||||||
-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 | 2014 and 2013 includes a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
-4 | 2013 and 2012 amounts have been recast to exclude discontinued operations. | ||||||||||||||||||||||||||||||||
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 | Argentina | Other | Total(2) | ||||||||||||||||||||||||||
Sea | International | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 102 | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 104 | |||||||||||||||||
Unproved | 1,221 | 141 | 10 | 16 | — | — | — | 1,388 | |||||||||||||||||||||||||
Exploration | 467 | 82 | 193 | 137 | 84 | 9 | 1 | 973 | |||||||||||||||||||||||||
Development | 5,301 | 846 | 1,142 | 914 | 971 | 6 | — | 9,180 | |||||||||||||||||||||||||
Costs incurred(1) | $ | 7,091 | $ | 1,069 | $ | 1,346 | $ | 1,068 | $ | 1,055 | $ | 15 | $ | 1 | $ | 11,645 | |||||||||||||||||
(1) Includes capitalized interest and asset retirement costs as follows: | |||||||||||||||||||||||||||||||||
Capitalized interest | $ | 209 | $ | 38 | $ | 15 | $ | 20 | $ | 25 | $ | 3 | $ | — | $ | 310 | |||||||||||||||||
Asset retirement costs | 43 | 175 | — | 55 | 34 | — | — | 307 | |||||||||||||||||||||||||
(2) Includes a noncontrolling interest in Egypt. | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquisitions: | |||||||||||||||||||||||||||||||||
Proved | $ | 17 | $ | — | $ | 35 | $ | — | $ | 125 | $ | — | $ | — | $ | 177 | |||||||||||||||||
Unproved | 195 | 151 | 15 | (10 | ) | 17 | 11 | — | 379 | ||||||||||||||||||||||||
Exploration | 562 | 36 | 559 | 179 | 278 | 42 | 22 | 1,678 | |||||||||||||||||||||||||
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 | 3,334 | 17 | 6 | 7 | 26 | 2 | 15 | 3,407 | |||||||||||||||||||||||||
Exploration | 364 | 94 | 690 | 142 | 111 | 155 | 81 | 1,637 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Proved properties | $ | 47,001 | $ | 14,003 | $ | 9,895 | $ | 8,289 | $ | 10,463 | $ | — | $ | 201 | $ | 89,852 | |||||||||||||||||
Unproved properties | 4,151 | 1,090 | 529 | 549 | 672 | — | 23 | 7,014 | |||||||||||||||||||||||||
51,152 | 15,093 | 10,424 | 8,838 | 11,135 | — | 224 | 96,866 | ||||||||||||||||||||||||||
Accumulated DD&A | (27,205 | ) | (9,653 | ) | (6,369 | ) | (3,198 | ) | (6,375 | ) | — | (201 | ) | (53,001 | ) | ||||||||||||||||||
$ | 23,947 | $ | 5,440 | $ | 4,055 | $ | 5,640 | $ | 4,760 | $ | — | $ | 23 | $ | 43,865 | ||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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, 2014, 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 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
and Prior | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Property acquisition costs | $ | 5,013 | $ | 1,770 | $ | 242 | $ | 2,079 | $ | 922 | |||||||||||||||||||||||
Exploration and development | 1,777 | 1,285 | 402 | 65 | 25 | ||||||||||||||||||||||||||||
Capitalized interest | 224 | 43 | 43 | 47 | 91 | ||||||||||||||||||||||||||||
Total | $ | 7,014 | $ | 3,098 | $ | 687 | $ | 2,191 | $ | 1,038 | |||||||||||||||||||||||
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 Sea | Argentina | Total(1) | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 428,251 | 81,846 | 105,840 | 35,725 | 136,990 | 16,001 | 804,653 | ||||||||||||||||||||||||||
31-Dec-12 | 474,837 | 79,695 | 106,746 | 29,053 | 119,635 | 15,845 | 825,811 | ||||||||||||||||||||||||||
31-Dec-13 | 457,981 | 80,526 | 119,242 | 22,524 | 100,327 | 14,195 | 794,795 | ||||||||||||||||||||||||||
31-Dec-14 | 444,440 | 75,876 | 128,712 | 29,996 | 105,746 | — | 784,770 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 205,763 | 59,746 | 22,195 | 32,220 | 32,415 | 4,585 | 356,924 | ||||||||||||||||||||||||||
31-Dec-12 | 203,068 | 70,650 | 17,288 | 34,808 | 28,019 | 2,981 | 356,814 | ||||||||||||||||||||||||||
31-Dec-13 | 195,835 | 56,366 | 16,302 | 36,703 | 29,253 | 2,231 | 336,690 | ||||||||||||||||||||||||||
31-Dec-14 | 170,125 | 59,923 | 14,617 | 25,775 | 19,059 | — | 289,499 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 57,011 | 9,657 | 38,074 | 4,254 | 17,386 | 5 | 126,387 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 15,240 | — | — | — | — | — | 15,240 | ||||||||||||||||||||||||||
Revisions of previous estimates | 3,083 | (812 | ) | 1,801 | (216 | ) | (7 | ) | — | 3,849 | |||||||||||||||||||||||
Production | (48,789 | ) | (6,421 | ) | (32,090 | ) | (7,494 | ) | (22,154 | ) | (620 | ) | (117,568 | ) | |||||||||||||||||||
Sale of properties | (65,796 | ) | (3,517 | ) | — | — | — | (15,811 | ) | (85,124 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 614,565 | 135,799 | 143,329 | 55,771 | 124,805 | — | 1,074,269 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 includes proved reserves of 48 MMbbls and 45 MMbbls, respectively, attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||||||
(Thousands of barrels) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North Sea | Argentina | Total(1) | |||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 107,490 | 23,256 | — | — | 8,753 | 5,939 | 145,438 | ||||||||||||||||||||||||||
31-Dec-12 | 154,508 | 21,996 | — | — | 2,438 | 5,007 | 183,949 | ||||||||||||||||||||||||||
31-Dec-13 | 184,485 | 26,099 | — | — | 2,435 | 4,110 | 217,129 | ||||||||||||||||||||||||||
31-Dec-14 | 183,565 | 17,947 | 1,346 | — | 1,770 | — | 204,628 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 52,543 | 8,193 | — | — | 509 | 1,215 | 62,460 | ||||||||||||||||||||||||||
31-Dec-12 | 60,889 | 12,258 | — | — | 380 | 876 | 74,403 | ||||||||||||||||||||||||||
31-Dec-13 | 63,538 | 9,970 | — | — | 215 | 1,009 | 74,732 | ||||||||||||||||||||||||||
31-Dec-14 | 69,828 | 7,168 | 212 | — | 371 | — | 77,579 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 47,516 | 1,163 | 1,820 | — | 1 | — | 50,500 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 2,916 | — | — | — | — | — | 2,916 | ||||||||||||||||||||||||||
Revisions of previous estimates | 2,594 | 116 | (17 | ) | — | (2 | ) | — | 2,691 | ||||||||||||||||||||||||
Production | (21,464 | ) | (2,256 | ) | (245 | ) | — | (508 | ) | (116 | ) | (24,589 | ) | ||||||||||||||||||||
Sale of properties | (26,192 | ) | (9,977 | ) | — | — | — | (5,003 | ) | (41,172 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 253,393 | 25,115 | 1,558 | — | 2,141 | — | 282,207 | ||||||||||||||||||||||||||
-1 | 2014 includes proved reserves of 519 Mbbls attributable to a noncontrolling interest in Egypt. | ||||||||||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||||||
(Millions of cubic feet) | |||||||||||||||||||||||||||||||||
United States | Canada | Egypt(1) | Australia | North | Argentina | Total(1) | |||||||||||||||||||||||||||
Sea | |||||||||||||||||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 2,215,973 | 2,108,801 | 700,866 | 675,618 | 105,028 | 447,132 | 6,253,418 | ||||||||||||||||||||||||||
31-Dec-12 | 2,353,587 | 1,734,657 | 690,436 | 596,052 | 93,319 | 365,054 | 5,833,105 | ||||||||||||||||||||||||||
31-Dec-13 | 2,005,966 | 1,294,420 | 621,825 | 626,543 | 88,177 | 289,133 | 4,926,064 | ||||||||||||||||||||||||||
31-Dec-14 | 1,616,504 | 990,145 | 637,187 | 640,265 | 87,259 | — | 3,971,360 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 760,238 | 1,438,710 | 282,100 | 893,966 | 3,414 | 90,427 | 3,468,855 | ||||||||||||||||||||||||||
31-Dec-12 | 832,320 | 403,227 | 205,055 | 1,074,018 | 18,985 | 97,496 | 2,631,101 | ||||||||||||||||||||||||||
31-Dec-13 | 667,160 | 439,037 | 190,355 | 975,224 | 18,988 | 121,584 | 2,412,348 | ||||||||||||||||||||||||||
31-Dec-14 | 580,299 | 527,623 | 171,696 | 964,554 | 23,228 | — | 2,267,400 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 203,318 | 383,077 | 125,899 | 81,156 | 23,803 | — | 817,253 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 21,337 | — | — | — | — | — | 21,337 | ||||||||||||||||||||||||||
Revisions of previous estimates | 35,910 | (12,626 | ) | 5,949 | — | (54 | ) | — | 29,179 | ||||||||||||||||||||||||
Production | (215,829 | ) | (117,816 | ) | (135,145 | ) | (78,104 | ) | (20,427 | ) | (12,722 | ) | (580,043 | ) | |||||||||||||||||||
Sale of properties | (521,059 | ) | (468,324 | ) | — | — | — | (397,995 | ) | (1,387,378 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 2,196,803 | 1,517,768 | 808,883 | 1,604,819 | 110,487 | — | 6,238,760 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 include proved reserves of 270 Bcf and 271 Bcf, respectively, 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: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 905,069 | 456,569 | 222,651 | 148,328 | 163,248 | 96,462 | 1,992,327 | ||||||||||||||||||||||||||
31-Dec-12 | 1,021,610 | 390,800 | 221,819 | 128,395 | 137,626 | 81,695 | 1,981,945 | ||||||||||||||||||||||||||
31-Dec-13 | 976,795 | 322,362 | 222,880 | 126,948 | 117,457 | 66,494 | 1,832,936 | ||||||||||||||||||||||||||
31-Dec-14 | 897,422 | 258,848 | 236,256 | 136,707 | 122,058 | — | 1,651,291 | ||||||||||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||||||||||||
31-Dec-11 | 385,013 | 307,724 | 69,212 | 181,214 | 33,493 | 20,871 | 997,527 | ||||||||||||||||||||||||||
31-Dec-12 | 402,677 | 150,113 | 51,464 | 213,811 | 31,563 | 20,106 | 869,734 | ||||||||||||||||||||||||||
31-Dec-13 | 370,566 | 139,509 | 48,028 | 199,240 | 32,633 | 23,504 | 813,480 | ||||||||||||||||||||||||||
31-Dec-14 | 336,670 | 155,028 | 43,446 | 186,534 | 23,301 | — | 744,979 | ||||||||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Extensions, discoveries and other additions | 138,413 | 74,666 | 60,877 | 17,780 | 21,354 | 5 | 313,095 | ||||||||||||||||||||||||||
Purchase of minerals in-place | 21,712 | — | — | — | — | — | 21,712 | ||||||||||||||||||||||||||
Revisions of previous estimates | 11,662 | (2,800 | ) | 2,776 | (216 | ) | (18 | ) | — | 11,404 | |||||||||||||||||||||||
Production | (106,225 | ) | (28,313 | ) | (54,859 | ) | (20,511 | ) | (26,067 | ) | (2,856 | ) | (238,831 | ) | |||||||||||||||||||
Sale of properties | (178,831 | ) | (91,548 | ) | — | — | — | (87,147 | ) | (357,526 | ) | ||||||||||||||||||||||
Balance December 31, 2014 | 1,234,092 | 413,876 | 279,702 | 323,241 | 145,359 | — | 2,396,270 | ||||||||||||||||||||||||||
-1 | 2014 and 2013 include total proved reserves of 93 MMboe and 90 MMboe, respectively, 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) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Cash inflows | $ | 73,859 | $ | 18,966 | $ | 16,802 | $ | 19,391 | $ | 13,916 | $ | — | $ | 142,934 | |||||||||||||||||||
Production costs | (25,875 | ) | (7,537 | ) | (2,924 | ) | (4,105 | ) | (7,121 | ) | — | (47,562 | ) | ||||||||||||||||||||
Development costs | (4,422 | ) | (2,453 | ) | (1,683 | ) | (1,173 | ) | (2,776 | ) | — | (12,507 | ) | ||||||||||||||||||||
Income tax expense | (10,657 | ) | (1,070 | ) | (4,091 | ) | (3,202 | ) | (2,445 | ) | — | (21,465 | ) | ||||||||||||||||||||
Net cash flows | 32,905 | 7,906 | 8,104 | 10,911 | 1,574 | — | 61,400 | ||||||||||||||||||||||||||
10 percent discount rate | (17,639 | ) | (3,983 | ) | (2,099 | ) | (5,875 | ) | (146 | ) | — | (29,742 | ) | ||||||||||||||||||||
Discounted future net cash flows(1) | $ | 15,266 | $ | 3,923 | $ | 6,005 | $ | 5,036 | $ | 1,428 | $ | — | $ | 31,658 | |||||||||||||||||||
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 | ) | (50,544 | ) | |||||||||||||||||||
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 | |||||||||||||||||||
-1 | Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $43.0 billion and $45.4 billion as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes discounted future net cash flows of approximately $2.00 billion and $1.95 billion in 2014 and 2013, respectively, 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, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Sales, net of production costs | $ | (10,350 | ) | $ | (12,271 | ) | $ | (12,589 | ) | ||||||||||||||||||||||||
Net change in prices and production costs | (1,029 | ) | 1,438 | (1,941 | ) | ||||||||||||||||||||||||||||
Discoveries and improved recovery, net of related costs | 6,297 | 6,892 | 6,742 | ||||||||||||||||||||||||||||||
Change in future development costs | (1,136 | ) | (2,017 | ) | (935 | ) | |||||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 4,462 | 4,654 | 4,359 | ||||||||||||||||||||||||||||||
Revision of quantities | 256 | 500 | (4,065 | ) | |||||||||||||||||||||||||||||
Purchases of minerals in-place | 508 | 227 | 1,181 | ||||||||||||||||||||||||||||||
Accretion of discount | 4,442 | 4,823 | 5,234 | ||||||||||||||||||||||||||||||
Change in income taxes | 836 | 855 | 2,711 | ||||||||||||||||||||||||||||||
Sales of properties | (4,780 | ) | (6,232 | ) | (3 | ) | |||||||||||||||||||||||||||
Change in production rates and other | (442 | ) | (828 | ) | (2,088 | ) | |||||||||||||||||||||||||||
$ | (936 | ) | $ | (1,959 | ) | $ | (1,394 | ) | |||||||||||||||||||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Supplemental Quarterly Financial Data | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues and other | $ | 3,675 | $ | 3,484 | $ | 3,740 | $ | 2,952 | $ | 13,851 | |||||||||||
Expenses(2)(3) | 2,824 | 2,871 | 4,981 | 7,718 | 18,394 | ||||||||||||||||
Net income (loss) from continuing operations including noncontrolling interest | 851 | 613 | (1,241 | ) | (4,766 | ) | (4,543 | ) | |||||||||||||
Net loss from discontinued operations, net of tax | (517 | ) | — | — | — | (517 | ) | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | 334 | $ | 613 | $ | (1,241 | ) | $ | (4,766 | ) | $ | (5,060 | ) | ||||||||
Net income (loss) attributable to common stock | $ | 236 | $ | 505 | $ | (1,330 | ) | $ | (4,814 | ) | $ | (5,403 | ) | ||||||||
Basic net income (loss) per common share(1): | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 1.92 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (12.72 | ) | ||||||||
Net loss from discontinued operations | (1.32 | ) | — | — | — | (1.34 | ) | ||||||||||||||
Net income (loss) per share | $ | 0.6 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (14.06 | ) | ||||||||
Diluted net income (loss) per common share(1): | |||||||||||||||||||||
Net income (loss) from continuing operations | $ | 1.9 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (12.72 | ) | ||||||||
Net loss from discontinued operations | (1.30 | ) | — | — | — | (1.34 | ) | ||||||||||||||
Net income (loss) per share | $ | 0.6 | $ | 1.31 | $ | (3.50 | ) | $ | (12.78 | ) | $ | (14.06 | ) | ||||||||
2013 | |||||||||||||||||||||
Revenues and other | $ | 3,946 | $ | 4,268 | $ | 3,900 | $ | 3,446 | $ | 15,560 | |||||||||||
Expenses(2) | 3,168 | 3,231 | 3,464 | 3,217 | 13,080 | ||||||||||||||||
Net income from continuing operations including noncontrolling interest | 778 | 1,037 | 436 | 229 | 2,480 | ||||||||||||||||
Net income (loss) from discontinued operations, net of tax | (61 | ) | (2 | ) | (130 | ) | 1 | (192 | ) | ||||||||||||
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 | |||||||||||
Basic net income per common share(1): | |||||||||||||||||||||
Net income from continuing operations | $ | 1.94 | $ | 2.6 | $ | 1.08 | $ | 0.43 | $ | 6.02 | |||||||||||
Net income (loss) from discontinued operations | (0.16 | ) | (0.01 | ) | (0.33 | ) | 0.01 | (0.49 | ) | ||||||||||||
Net income per share | $ | 1.78 | $ | 2.59 | $ | 0.75 | $ | 0.44 | $ | 5.53 | |||||||||||
Diluted net income per common share(1): | |||||||||||||||||||||
Net income from continuing operations | $ | 1.91 | $ | 2.54 | $ | 1.07 | $ | 0.43 | $ | 5.97 | |||||||||||
Net income (loss) from discontinued operations | (0.15 | ) | — | (0.32 | ) | — | (0.47 | ) | |||||||||||||
Net income per share | $ | 1.76 | $ | 2.54 | $ | 0.75 | $ | 0.43 | $ | 5.5 | |||||||||||
-1 | The sum of the individual quarterly net income per common share amounts may not agree with full-year 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 2014, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $3.1 billion, net of tax, in the U.S. and North Sea regions. In 2013, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $541 million, net of tax, in the U.S. and North Sea regions and also the Company’s exit of operations in Kenya. | ||||||||||||||||||||
-3 | In the fourth quarter of 2014, operating expenses include non-cash asset impairments totaling $2.4 billion, including $1.3 billion for the impairment of goodwill, $1.0 billion for the impairment of assets held for sale, and other asset impairments. |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES AND OTHER: | |||||||||||||||||||||
Oil and gas production revenues | $ | 3,399 | $ | — | $ | 10,350 | $ | — | $ | 13,749 | |||||||||||
Equity in net income (loss) of affiliates | 25 | (209 | ) | 73 | 111 | — | |||||||||||||||
Derivative instrument losses, net | 141 | — | 143 | — | 284 | ||||||||||||||||
Other | 54 | 55 | (296 | ) | 5 | (182 | ) | ||||||||||||||
3,619 | (154 | ) | 10,270 | 116 | 13,851 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 5,845 | — | 4,313 | — | 10,158 | ||||||||||||||||
Asset retirement obligation accretion | 31 | — | 150 | — | 181 | ||||||||||||||||
Lease operating expenses | 509 | — | 1,970 | — | 2,479 | ||||||||||||||||
Gathering and transportation | 58 | — | 215 | — | 273 | ||||||||||||||||
Taxes other than income | 206 | — | 472 | — | 678 | ||||||||||||||||
Impairments | 175 | — | 2,182 | — | 2,357 | ||||||||||||||||
General and administrative | 377 | — | 52 | 5 | 434 | ||||||||||||||||
Acquisition, divestiture, and separation costs | 67 | — | — | — | 67 | ||||||||||||||||
Financing costs, net | 158 | (24 | ) | (4 | ) | — | 130 | ||||||||||||||
7,426 | (24 | ) | 9,350 | 5 | 16,757 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (3,807 | ) | (130 | ) | 920 | 111 | (2,906 | ) | |||||||||||||
Provision for income taxes | 1,472 | 6 | 159 | — | 1,637 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (5,279 | ) | (136 | ) | 761 | 111 | (4,543 | ) | |||||||||||||
Net loss from discontinued operations, net of tax | (127 | ) | — | (390 | ) | — | (517 | ) | |||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (5,406 | ) | (136 | ) | 371 | 111 | (5,060 | ) | |||||||||||||
Net income attributable to noncontrolling interest | — | — | 343 | — | 343 | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | (5,406 | ) | $ | (136 | ) | $ | 28 | $ | 111 | $ | (5,403 | ) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ | (5,407 | ) | $ | (136 | ) | $ | 28 | $ | 111 | $ | (5,404 | ) | ||||||||
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 | $ | — | $ | 11,326 | $ | — | $ | 15,911 | |||||||||||
Equity in net income (loss) of affiliates | 2,313 | 17 | 36 | (2,366 | ) | — | |||||||||||||||
Derivative instrument losses, net | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Other | — | 61 | (9 | ) | (4 | ) | 48 | ||||||||||||||
6,499 | 78 | 11,353 | (2,370 | ) | 15,560 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 2,250 | — | 4,039 | — | 6,289 | ||||||||||||||||
Asset retirement obligation accretion | 67 | — | 171 | — | 238 | ||||||||||||||||
Lease operating expenses | 939 | — | 1,925 | — | 2,864 | ||||||||||||||||
Gathering and transportation | 61 | — | 227 | — | 288 | ||||||||||||||||
Taxes other than income | 190 | — | 595 | — | 785 | ||||||||||||||||
General and administrative | 408 | — | 78 | (4 | ) | 482 | |||||||||||||||
Acquisition, divestiture, and separation costs | 33 | — | — | — | 33 | ||||||||||||||||
Financing costs, net | 97 | 5 | 75 | — | 177 | ||||||||||||||||
4,045 | 5 | 7,110 | (4 | ) | 11,156 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,454 | 73 | 4,243 | (2,366 | ) | 4,404 | |||||||||||||||
Provision for income taxes | 222 | 20 | 1,682 | — | 1,924 | ||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 2,232 | 53 | 2,561 | (2,366 | ) | 2,480 | |||||||||||||||
Net income from discontinued operations, net of tax | — | — | (192 | ) | — | (192 | ) | ||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 2,232 | 53 | 2,369 | (2,366 | ) | 2,288 | |||||||||||||||
Preferred stock dividends | 44 | — | — | — | 44 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | 56 | — | 56 | ||||||||||||||||
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 | $ | — | $ | 12,191 | $ | — | $ | 16,428 | |||||||||||
Equity in net income (loss) of affiliates | 1,523 | (737 | ) | 248 | (1,034 | ) | — | ||||||||||||||
Other | (80 | ) | 69 | 151 | (4 | ) | 136 | ||||||||||||||
5,680 | (668 | ) | 12,590 | (1,038 | ) | 16,564 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Depreciation, depletion, and amortization | 1,391 | — | 5,490 | — | 6,881 | ||||||||||||||||
Asset retirement obligation accretion | 76 | — | 152 | — | 228 | ||||||||||||||||
Lease operating expenses | 957 | — | 1,827 | — | 2,784 | ||||||||||||||||
Gathering and transportation | 51 | — | 244 | — | 295 | ||||||||||||||||
Taxes other than income | 185 | — | 633 | — | 818 | ||||||||||||||||
General and administrative | 425 | — | 94 | (4 | ) | 515 | |||||||||||||||
Acquisition, divestiture, and separation costs | 25 | — | 6 | — | 31 | ||||||||||||||||
Financing costs, net | 94 | (20 | ) | 98 | — | 172 | |||||||||||||||
3,204 | (20 | ) | 8,544 | (4 | ) | 11,724 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,476 | (648 | ) | 4,046 | (1,034 | ) | 4,840 | ||||||||||||||
Provision (benefit) for income taxes | 475 | (159 | ) | 2,537 | — | 2,853 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 2,001 | (489 | ) | 1,509 | (1,034 | ) | 1,987 | ||||||||||||||
Net income from discontinued operations, net of tax | — | — | 14 | — | 14 | ||||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 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 | |||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $ | 6,691 | $ | 17 | $ | 1,671 | $ | — | $ | 8,379 | |||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 82 | — | 82 | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 6,691 | 17 | 1,753 | — | 8,461 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (9,706 | ) | — | (15 | ) | — | (9,721 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | 49 | — | (1,208 | ) | — | (1,159 | ) | ||||||||||||||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | — | — | — | 1,360 | ||||||||||||||||
Proceeds from sale of Anadarko Basin and Southern Louisiana assets | 1,262 | — | — | — | 1,262 | ||||||||||||||||
Leasehold and property acquisitions | (1,087 | ) | — | (405 | ) | — | (1,492 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 15 | — | 455 | — | 470 | ||||||||||||||||
Investment in subsidiaries, net | 2,168 | — | — | (2,168 | ) | — | |||||||||||||||
Other | (278 | ) | — | 6 | — | (272 | ) | ||||||||||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (6,217 | ) | — | (1,167 | ) | (2,168 | ) | (9,552 | ) | ||||||||||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 748 | — | 748 | ||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (6,217 | ) | — | (419 | ) | (2,168 | ) | (8,804 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | 1,570 | — | (2 | ) | — | 1,568 | |||||||||||||||
Intercompany borrowings | — | 8 | (2,188 | ) | 2,180 | — | |||||||||||||||
Dividends paid | (365 | ) | — | — | — | (365 | ) | ||||||||||||||
Distributions to noncontrolling interest | — | — | (140 | ) | — | (140 | ) | ||||||||||||||
Treasury stock activity, net | (1,864 | ) | — | — | — | (1,864 | ) | ||||||||||||||
Other | (5 | ) | (28 | ) | 94 | (12 | ) | 49 | |||||||||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (664 | ) | (20 | ) | (2,236 | ) | 2,168 | (752 | ) | ||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (42 | ) | — | (42 | ) | ||||||||||||||
NET CASH USED IN FINANCING ACTIVITIES | (664 | ) | (20 | ) | (2,278 | ) | 2,168 | (794 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (190 | ) | (3 | ) | (944 | ) | — | (1,137 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 155 | 3 | 1,748 | — | 1,906 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | (35 | ) | $ | — | $ | 804 | $ | — | $ | 769 | ||||||||||
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 CONTINUING OPERATING ACTIVITIES | $ | 1,421 | $ | 315 | $ | 7,867 | $ | — | $ | 9,603 | |||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 232 | — | 232 | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 1,421 | 315 | 8,099 | — | 9,835 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (4,096 | ) | — | (5,516 | ) | — | (9,612 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (124 | ) | — | (1,066 | ) | — | (1,190 | ) | |||||||||||||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | — | — | — | 3,702 | ||||||||||||||||
Leasehold and property acquisitions | (195 | ) | — | (224 | ) | — | (419 | ) | |||||||||||||
Proceeds from Kitimat LNG transaction, net | — | — | 396 | — | 396 | ||||||||||||||||
Proceeds from sale of oil and gas properties | — | — | 307 | — | 307 | ||||||||||||||||
Other | (58 | ) | — | (32 | ) | — | (90 | ) | |||||||||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (771 | ) | — | (6,135 | ) | — | (6,906 | ) | |||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (210 | ) | — | (210 | ) | ||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (771 | ) | — | (6,345 | ) | — | (7,116 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Commercial paper, credit facility, and bank notes, net | (501 | ) | — | (8 | ) | — | (509 | ) | |||||||||||||
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 USED IN CONTINUING FINANCING ACTIVITIES | (495 | ) | (312 | ) | (162 | ) | — | (969 | ) | ||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
NET CASH USED IN FINANCING ACTIVITIES | (495 | ) | (312 | ) | (166 | ) | — | (973 | ) | ||||||||||||
NET INCREASE 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 (USED IN) CONTINUING OPERATING ACTIVITIES | $ | 2,357 | $ | (40 | ) | $ | 5,964 | $ | — | $ | 8,281 | ||||||||||
CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 223 | — | 223 | ||||||||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,357 | (40 | ) | 6,187 | — | 8,504 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Additions to oil and gas property | (2,308 | ) | — | (5,120 | ) | — | (7,428 | ) | |||||||||||||
Additions to gas gathering, transmission, and processing facilities | (48 | ) | — | (685 | ) | — | (733 | ) | |||||||||||||
Acquisition of Cordillera | (2,666 | ) | — | — | — | (2,666 | ) | ||||||||||||||
Equity investment in Yara Pilbara Holdings Pty Limited | — | — | (439 | ) | — | (439 | ) | ||||||||||||||
Leasehold and property acquisitions | (1,071 | ) | — | (232 | ) | — | (1,303 | ) | |||||||||||||
Proceeds from sale of oil and gas properties | 25 | — | 2 | — | 27 | ||||||||||||||||
Investment in subsidiaries, net | (657 | ) | — | — | 657 | — | |||||||||||||||
Other | (450 | ) | — | (105 | ) | — | (555 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | (7,175 | ) | — | (6,579 | ) | 657 | (13,097 | ) | |||||||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | — | — | (327 | ) | — | (327 | ) | ||||||||||||||
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 | — | 9 | — | 511 | ||||||||||||||||
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) | |||||||||||||||||||||
CONTINUING FINANCING ACTIVITIES | 4,777 | 35 | 592 | (657 | ) | 4,747 | |||||||||||||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | — | — | 38 | — | 38 | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,777 | 35 | 630 | (657 | ) | 4,785 | |||||||||||||||
NET 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 | |||||||||||
Supplemental Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Apache | Apache | All Other | Reclassifications | Consolidated | |||||||||||||||||
Corporation | Finance | Subsidiaries | & Eliminations | ||||||||||||||||||
Canada | of Apache | ||||||||||||||||||||
Corporation | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 267 | $ | — | $ | 502 | $ | — | $ | 769 | |||||||||||
Receivables, net of allowance | 837 | — | 1,187 | — | 2,024 | ||||||||||||||||
Inventories | 24 | — | 684 | — | 708 | ||||||||||||||||
Drilling advances | 34 | 1 | 353 | — | 388 | ||||||||||||||||
Assets held for sale | — | — | 1,628 | — | 1,628 | ||||||||||||||||
Deferred tax asset | 612 | — | 157 | — | 769 | ||||||||||||||||
Prepaid assets and other | 32 | — | 97 | — | 129 | ||||||||||||||||
Intercompany receivable | 4,939 | — | — | (4,939 | ) | — | |||||||||||||||
6,745 | 1 | 4,608 | (4,939 | ) | 6,415 | ||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,940 | — | 34,136 | — | 48,076 | ||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||
Intercompany receivable | — | — | 608 | (608 | ) | — | |||||||||||||||
Equity in affiliates | 25,791 | 869 | 444 | (27,104 | ) | — | |||||||||||||||
Goodwill, net | — | — | 87 | — | 87 | ||||||||||||||||
Deferred charges and other | 175 | 1,002 | 1,197 | (1,000 | ) | 1,374 | |||||||||||||||
$ | 46,651 | $ | 1,872 | $ | 41,080 | $ | (33,651 | ) | $ | 55,952 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Accounts payable | $ | 748 | $ | 10 | $ | 452 | $ | — | $ | 1,210 | |||||||||||
Asset retirement obligation | 28 | — | 9 | — | 37 | ||||||||||||||||
Other current liabilities | 1,014 | 1 | 1,402 | — | 2,417 | ||||||||||||||||
Intercompany payable | — | — | 4,939 | (4,939 | ) | — | |||||||||||||||
1,790 | 11 | 6,802 | (4,939 | ) | 3,664 | ||||||||||||||||
LONG-TERM DEBT | 10,947 | 298 | — | — | 11,245 | ||||||||||||||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||||||||||||||||
Intercompany payable | 608 | — | — | (608 | ) | — | |||||||||||||||
Income taxes | 5,076 | — | 4,423 | — | 9,499 | ||||||||||||||||
Asset retirement obligation | 211 | — | 2,837 | — | 3,048 | ||||||||||||||||
Other | 2,082 | 250 | (973 | ) | (1,000 | ) | 359 | ||||||||||||||
7,977 | 250 | 6,287 | (1,608 | ) | 12,906 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY | 25,937 | 1,313 | 25,791 | (27,104 | ) | 25,937 | |||||||||||||||
Noncontrolling interest | — | — | 2,200 | — | 2,200 | ||||||||||||||||
TOTAL EQUITY | 25,937 | 1,313 | 27,991 | (27,104 | ) | 28,137 | |||||||||||||||
$ | 46,651 | $ | 1,872 | $ | 41,080 | $ | (33,651 | ) | $ | 55,952 | |||||||||||
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 | ||||||||||||||||
Deferred tax asset | 68 | — | 66 | — | 134 | ||||||||||||||||
Prepaid assets and other | 32 | — | 80 | — | 112 | ||||||||||||||||
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 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Asset impairment total | $2,400,000,000 | $2,357,000,000 | $0 | $0 | |
Goodwill impairment charges | 1,300,000,000 | 1,300,000,000 | 0 | 0 | |
Impairment of assets held for sale and other assets | 1,000,000,000 | 1,000,000,000 | |||
Cash and cash equivalents | 769,000,000 | 769,000,000 | 1,906,000,000 | 160,000,000 | 295,000,000 |
Allowance for Doubtful Accounts | 98,000,000 | 98,000,000 | 96,000,000 | ||
Capitalized internal costs | 43,865,000,000 | 43,865,000,000 | 46,500,000,000 | ||
Impairment of operations | 5,001,000,000 | 995,000,000 | 1,926,000,000 | ||
Discount rate | 10.00% | ||||
Write-down of the carrying value of Oil and Gas properties | 920,000,000 | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | 3,100,000,000 | 541,000,000 | |||
Significant portion of reserve quantity | Greater than 25 percent | ||||
Gain (loss) recorded on divestitures | -539,000,000 | 0 | 0 | ||
Gathering, transmission and processing facilities | 5,440,000,000 | 5,440,000,000 | 6,995,000,000 | ||
Accumulated depreciation | 55,382,000,000 | 55,382,000,000 | 47,398,000,000 | ||
Goodwill | 87,000,000 | 87,000,000 | 1,369,000,000 | ||
Accounts payable | 229,000,000 | 271,000,000 | |||
Net cost of third party gas | 46,000,000 | 34,000,000 | 27,000,000 | ||
Maximum percentage of production available to contract partners | 40.00% | ||||
Deferred income tax liability | 1,700,000,000 | 1,700,000,000 | |||
Additional net tax expense (benefit) related to foreign currency translation gains and losses | -56,000,000 | -154,000,000 | 16,000,000 | ||
Other foreign currency gains and (losses) | 8,000,000 | -30,000,000 | 24,000,000 | ||
Benefit of tax deductions in excess of recognized compensation cost | 35,000 | 1,000,000 | 4,000,000 | ||
Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accumulated depreciation | 673,000,000 | 673,000,000 | 608,000,000 | ||
GTP Facilities [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Assets reduced in connection with divestiture | 2,500,000,000 | 2,500,000,000 | |||
Gathering, transmission and processing facilities | 5,400,000,000 | 5,400,000,000 | 7,000,000,000 | ||
Loss on the sale of GTP facilities | 180,000,000 | 0 | 0 | ||
Accumulated depreciation | 1,700,000,000 | 1,700,000,000 | 1,500,000,000 | ||
Kenya [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Impairment of operations | 75,000,000 | ||||
United States [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Capitalized internal costs | 23,947,000,000 | 23,947,000,000 | 26,201,000,000 | ||
Impairment of operations | 4,412,000,000 | 552,000,000 | |||
Write-down of the carrying value of Oil and Gas properties | 4,400,000,000 | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | 2,800,000,000 | 356,000,000 | |||
Goodwill | 1,000,000,000 | ||||
Non-cash impairments of goodwill | 1,000,000,000 | ||||
North Sea [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Capitalized internal costs | 4,760,000,000 | 4,760,000,000 | 5,269,000,000 | ||
Impairment of operations | 589,000,000 | 367,000,000 | |||
Write-down of the carrying value of Oil and Gas properties | 589,000,000 | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | 224,000,000 | 139,000,000 | |||
Argentina [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Capitalized internal costs | 1,318,000,000 | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | 118,000,000 | ||||
Canada, Dollars | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 103,000,000 | ||||
Non-cash impairments of goodwill | 103,000,000 | ||||
Egypt [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment charges | 0 | ||||
Capitalized internal costs | 4,055,000,000 | 4,055,000,000 | 3,722,000,000 | ||
Goodwill | 87,000,000 | 87,000,000 | 87,000,000 | ||
Mobil North Sea Limited [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 163,000,000 | ||||
Non-cash impairments of goodwill | 163,000,000 | ||||
Apache Corporation [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Asset impairment total | 175,000,000 | ||||
Cash and cash equivalents | 267,000,000 | 267,000,000 | 155,000,000 | 41,000,000 | |
Capitalized internal costs | 373,000,000 | 373,000,000 | 401,000,000 | 402,000,000 | |
Goodwill | $173,000,000 | ||||
Minimum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Voting interest required for consolidation of investments | 50.00% | 50.00% | |||
Minimum [Member] | Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Useful lives of gas gathering, transmission and processing facilities | 3 years | ||||
Maximum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Voting interest required for consolidation of investments | 50.00% | 50.00% | |||
Maximum [Member] | Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Useful lives of gas gathering, transmission and processing facilities | 20 years |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Apr. 30, 2014 | Apr. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 12, 2014 | Feb. 28, 2013 | Nov. 14, 2013 | Jan. 31, 2012 | Jun. 30, 2013 | |
acre | acre | acre | acre | |||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Asset impairment charges | $1,000,000,000 | $1,000,000,000 | ||||||||||||
Proceeds from sale of oil and gas properties | -1,200,000,000 | 470,000,000 | 307,000,000 | 27,000,000 | ||||||||||
Minimum percentage of expected sold reserve quantities | 25.00% | |||||||||||||
Decrease in net book value of proved oil and gas properties | 1,300,000,000 | -850,000,000 | ||||||||||||
Gas properties sold | 328,400 | 115,000 | 115,000 | 115,000 | ||||||||||
Loss on disposal of assets, before tax | -180,000,000 | |||||||||||||
Loss on disposal of assets, net of tax | -116,000,000 | |||||||||||||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,400,000,000 | 1,360,000,000 | ||||||||||||
Decrease in net book value of unproved oil and gas properties | -518,000,000 | |||||||||||||
Sale of oil and gas assets | 374,000,000 | 10,350,000,000 | 12,271,000,000 | 12,589,000,000 | ||||||||||
Working interest percentage | 100.00% | |||||||||||||
Effective date of the transaction | 1-Jan-14 | |||||||||||||
Leasehold acquisitions | 11,645,000,000 | 10,782,000,000 | 13,831,000,000 | |||||||||||
Proceeds as noncontrolling interest | 2,200,000,000 | 2,200,000,000 | 2,200,000,000 | 1,997,000,000 | ||||||||||
Net income attributable to noncontrolling interest | 343,000,000 | 56,000,000 | ||||||||||||
Distribution to partners | -140,000,000 | |||||||||||||
Proved properties | 89,852,000,000 | 89,852,000,000 | 89,852,000,000 | 83,390,000,000 | ||||||||||
Unproved properties | 7,014,000,000 | 7,014,000,000 | 7,014,000,000 | 8,363,000,000 | ||||||||||
Proceeds from transaction | 396,000,000 | |||||||||||||
Cordillera's properties | 312,000 | |||||||||||||
Shares of common stock issued seller | 6,272,667 | |||||||||||||
Cash paid to seller | 2,700,000,000 | |||||||||||||
Separation costs, investment banking fees and other costs | 67,000,000 | 33,000,000 | ||||||||||||
Expenses in connection with Apache's merger, transition and acquisition activity | 67,000,000 | 33,000,000 | 31,000,000 | |||||||||||
Australia [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of oil and gas properties | 1,300,000,000 | |||||||||||||
Leasehold acquisitions | 1,068,000,000 | 1,165,000,000 | 1,096,000,000 | |||||||||||
Proved properties | 8,289,000,000 | 8,289,000,000 | 8,289,000,000 | 7,298,000,000 | ||||||||||
Unproved properties | 549,000,000 | 549,000,000 | 549,000,000 | 471,000,000 | ||||||||||
Canada [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of oil and gas properties | 400,000,000 | |||||||||||||
Leasehold acquisitions | 1,069,000,000 | 909,000,000 | 878,000,000 | |||||||||||
Proved properties | 14,003,000,000 | 14,003,000,000 | 14,003,000,000 | 13,231,000,000 | ||||||||||
Unproved properties | 1,090,000,000 | 1,090,000,000 | 1,090,000,000 | 1,116,000,000 | ||||||||||
Southern Louisiana [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Gas properties sold | 90,000 | 90,000 | 90,000 | |||||||||||
Fieldwood Energy Llc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of operations | 3,700,000,000 | |||||||||||||
Effective date of the transaction | 1-Jul-13 | |||||||||||||
Liabilities assumed | 1,500,000,000 | |||||||||||||
Percentage of ownership interest in assets | 50.00% | |||||||||||||
YPF Sociedad Anonima [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of operations | 800,000,000 | |||||||||||||
Liabilities assumed | 52,000,000 | |||||||||||||
Sinopec [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net income attributable to noncontrolling interest | 343,000,000 | 56,000,000 | ||||||||||||
Distribution to partners | 140,000,000 | |||||||||||||
Chevron Canada and Apache Canada [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Leasehold acquisitions | 215,000,000 | |||||||||||||
GTP Facilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of oil and gas properties | 72,000,000 | |||||||||||||
LNG Projects [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Asset impairment charges | -930,000,000 | |||||||||||||
LNG Projects [Member] | Woodside Petroleum Limited [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of operations | 2,750,000,000 | |||||||||||||
Wheatstone LNG [Member] | Australian Subsidiary Apache Julimar [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity ownership interest rate | 13.00% | 13.00% | 13.00% | |||||||||||
WA-49-L Block [Member] | Australian Subsidiary Apache Julimar [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity ownership interest rate | 65.00% | 65.00% | 65.00% | |||||||||||
Pacific Trail Pipelines[Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Asset impairment charges | 1,000,000,000 | |||||||||||||
Carrying value of investment | 205,000,000 | 205,000,000 | 205,000,000 | |||||||||||
Fair value of investment | 101,000,000 | 101,000,000 | 101,000,000 | |||||||||||
Impairment loss assets net | 753,000,000 | |||||||||||||
Argentina Divestiture [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Leasehold acquisitions | 1,300,000,000 | |||||||||||||
Kitimat LNG [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Book value of the assets sold | 712,000,000 | |||||||||||||
Proved properties | 4,600,000,000 | |||||||||||||
Unproved properties | 473,000,000 | |||||||||||||
Proceeds from transaction | 396,000,000 | |||||||||||||
Kitimat LNG [Member] | Horn River and Liard Basins [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business properties held | 644,000 | |||||||||||||
Kitimat LNG [Member] | Chevron Canada and Apache Canada [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity ownership interest rate | 50.00% | |||||||||||||
Proceeds from limited partnership | 0 | |||||||||||||
Wheatstone LNG [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Book value of the assets sold | 1,700,000,000 | |||||||||||||
Egypt Oil and Gas [Member] | Sinopec [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Proceeds from sale of operations | 2,950,000,000 | |||||||||||||
Proceeds as noncontrolling interest | 1,900,000,000 | |||||||||||||
Yara International [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity ownership interest rate | 49.00% | |||||||||||||
Leasehold acquisitions | 1,100,000,000 | |||||||||||||
Amount paid for acquisition | $439,000,000 | |||||||||||||
Ownership percentage by other party | 51.00% |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures - Summary of Associated Assets and Liabilities Classified as Held for Sale (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
ASSETS | |
Current assets | $1,628 |
LNG Projects [Member] | |
ASSETS | |
Current assets | 30 |
GTP assets, net of accumulated depreciation | 1,497 |
Other long-term assets | 101 |
Assets held for sale | 1,628 |
LIABILITIES | |
Current liabilities | 12 |
Other long-term liabilities | 7 |
Liabilities held for sale | 19 |
Canada [Member] | LNG Projects [Member] | |
ASSETS | |
Current assets | 30 |
GTP assets, net of accumulated depreciation | 200 |
Other long-term assets | 101 |
Assets held for sale | 331 |
LIABILITIES | |
Current liabilities | 12 |
Other long-term liabilities | 7 |
Liabilities held for sale | 19 |
Australia [Member] | LNG Projects [Member] | |
ASSETS | |
GTP assets, net of accumulated depreciation | 1,297 |
Assets held for sale | $1,297 |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures - Summary of Carrying Amount of Major Assets and Liabilities Associated with Disposition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
ASSETS | |||
Current assets | $6,415 | $6,366 | |
Net property and equipment | 48,076 | 51,005 | 51,659 |
Total assets | 55,952 | 61,637 | 58,902 |
LIABILITIES | |||
Current debt | 53 | ||
Other current liabilities | 2,417 | 2,611 | |
Asset retirement obligations | 3,048 | 3,101 | |
Argentina Divestiture [Member] | |||
ASSETS | |||
Current assets | 150 | ||
Net property and equipment | 1,416 | ||
Other assets | 12 | ||
Total assets | 1,578 | ||
LIABILITIES | |||
Current debt | 51 | ||
Other current liabilities | 95 | ||
Asset retirement obligations | 91 | ||
Other long-term liabilities | 21 | ||
Total liabilities | $258 |
Acquisitions_and_Divestitures_4
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition (Detail) (Argentina Divestiture [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Argentina Divestiture [Member] | |||
Discontinued Operations [Line Items] | |||
Revenues and other from discontinued operations | $87 | $494 | $514 |
Loss from Argentina divestiture | -539 | ||
Income (loss) from operations in Argentina | -1 | -192 | 14 |
Income tax benefit | 23 | ||
Income (loss) from discontinued operations, net of tax | ($517) | ($192) | $14 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Fair Values of Derivative Instruments Recorded in Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total Assets | $1 |
Total Liabilities | 299 |
Prepaid Expenses and Other Current Assets [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Current Assets: Prepaid assets and other | 1 |
Derivative Instruments [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Current Liabilities: Derivative instruments | $299 |
Derivative_Instruments_and_Hed3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on cash flow hedges reclassified from accumulated other comprehensive income (loss) | ($16) | $268 | |
Loss for ineffectiveness on cash flow hedges | -1 | ||
Realized Loss | -284 | 399 | 79 |
Gain (loss) on derivatives not designated as cash flow hedges | 284 | -399 | -79 |
Derivatives Not Designated as Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Loss | -16 | -178 | |
Unrealized Gain (loss) | $300 | ($221) | ($79) |
Derivative_Instruments_and_Hed4
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Unrealized gain (loss) on derivatives at beginning of year, Before tax | $1 | ($10) | $145 |
Realized amounts reclassified into earnings, Before tax | 16 | -268 | |
Net change in derivative fair value, Before tax | -1 | -6 | 113 |
Ineffectiveness reclassified into earnings, Before tax | 1 | ||
Unrealized gain (loss) on derivatives at end of year, Before tax | 1 | -10 | |
Unrealized gain (loss) on derivatives at beginning of year, After tax | 1 | -6 | 114 |
Realized amounts reclassified into earnings, After tax | 11 | -199 | |
Net change in derivative fair value, After tax | -1 | -5 | 79 |
Ineffectiveness reclassified into earnings, After tax | 1 | ||
Unrealized gain (loss) on derivatives at end of year, After tax | $1 | ($6) |
Other_Current_Liabilities_Deta
Other Current Liabilities - Details of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued operating expenses | $163 | $190 |
Accrued exploration and development | 1,606 | 1,582 |
Accrued compensation and benefits | 204 | 242 |
Accrued interest | 160 | 161 |
Accrued income taxes | 54 | 248 |
Other | 230 | 188 |
Total Other current liabilities | $2,417 | $2,611 |
Asset_Retirement_Obligation_As
Asset Retirement Obligation - Asset Retirement Obligation (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation at beginning of year | $3,222 | $4,578 |
Liabilities incurred | 171 | 481 |
Liabilities acquired | 53 | |
Liabilities divested | -471 | -1,692 |
Liabilities settled | -146 | -497 |
Accretion expense | 181 | 243 |
Revisions in estimated liabilities | 128 | 56 |
Asset retirement obligation at end of year | 3,085 | 3,222 |
Less current portion | -37 | -121 |
Asset retirement obligation, long-term | $3,048 | $3,101 |
Asset_Retirement_Obligation_Ad
Asset Retirement Obligation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation accretion | $181 | $238 | $228 |
Additional abandonment liabilities associated with its drilling and development program | 171 | 481 | |
Argentina Divestiture [Member] | |||
Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation accretion | $5 |
Debt_Debt_for_Apache_and_Subsi
Debt - Debt for Apache and Subsidiaries (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | $11,301 | $9,784 |
Unamortized discount | -56 | -59 |
Total debt | 11,245 | 9,725 |
Current maturities | -53 | |
LONG-TERM DEBT | 11,245 | 9,672 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,570 | |
United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 11,000 | 9,430 |
Argentina Overdraft Lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 51 | |
Canada Lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 2 | |
5.625% notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | 500 |
One Point Seven Five Percentage Notes Due Twenty Seventeen [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 400 | 400 |
6.9% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 400 | 400 |
7.0% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
7.625% notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
3.625% notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | 500 |
3.25% notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 919 | 919 |
Two Point Six Two Five Percentage Notes Due Twenty Twenty Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 531 | 531 |
7.7% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 100 | 100 |
7.95% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 180 | 180 |
6.0% notes due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,000 | 1,000 |
5.1% notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,500 | 1,500 |
5.25% notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | 500 |
4.75% notes due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,500 | 1,500 |
4.75% notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 800 | 800 |
7.375% debentures due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
7.625% debentures due 2096 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
Notes Due In Twenty Sixteen And Twenty Seventeen [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1 | 1 |
Apache finance Canada 7.75% notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 300 | 300 |
Subsidiary And Other Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | $301 | $354 |
Debt_Debt_for_Apache_and_Subsi1
Debt - Debt for Apache and Subsidiaries (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 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 |
3.25% notes due 2022 [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 |
4.75% notes due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 4.75% | 4.75% |
Debt maturity year | 2043 | 2043 |
4.75% notes due 2044 [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 | 7.38% | 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 |
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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2017 | $901 | |
2018 | 2,120 | |
2019 | 150 | |
Thereafter | 8,130 | |
Total Debt, excluding discounts | $11,301 | $9,784 |
Debt_NonRecurring_Fair_Value_M
Debt - Non-Recurring Fair Value Measurement (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Commercial paper, Carrying Amount | $1,600 | $0 |
Total Debt, Carrying Amount | 11,245 | 9,725 |
Total Debt, Fair Value | 11,514 | 10,300 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Commercial paper, Carrying Amount | 1,570 | |
Total Debt, Fair Value | 1,570 | |
Money Market Lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Money market lines of credit, Carrying Amount | 53 | |
Total Debt, Fair Value | 53 | |
Notes and Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Notes and debentures, Carrying Amount | 9,675 | 9,672 |
Total Debt, Fair Value | $9,944 | $10,247 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Unsecured credit facility available to Company | $5,300,000,000 | ||
Financing period extension period | 1 year | ||
Revolving bank facility | 1,700,000,000 | ||
Percentage of term-out fee for conversion of revolving credit facility to term loan | 1.00% | ||
Line of credit facility, remaining borrowing capacity | 3,700,000,000 | ||
Line of Credit Facility, Interest Rate Description | At December 31, 2014, the margin over LIBOR for committed loans was 0.925 percent on the $2.0 billion 364-day credit facility, 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 | 0.29 | ||
Percentage of liens of companies consolidated asset | 5.00% | ||
Maximum potential lien on assets located in specified regions | 2,800,000,000 | ||
Weighted average interest rate for commercial paper | 0.31% | ||
Available backstops | 100.00% | ||
Carrying Amount, Commercial paper | 1,600,000,000 | 0 | |
Debt before unamortized discount | 11,301,000,000 | 9,784,000,000 | |
Unamortized discount | 56,000,000 | 59,000,000 | |
Amortization of Debt Discount (Premium) | 3,000,000 | 3,000,000 | 3,000,000 |
Unamortized deferred loan costs associated with its various debt obligations | 69,000,000 | 73,000,000 | |
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 | |
Canada [Member] | |||
Debt Instrument [Line Items] | |||
Revolving bank facility | 300,000,000 | ||
United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | 11,000,000,000 | 9,430,000,000 | |
Australia [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 | 0 | ||
Money Market Lines of Credit [Member] | Canada [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance under the facility secured revolving syndicated | 2,000,000 | ||
364-Day Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility maturity date | 31-Dec-15 | ||
Revolving bank facility | 2,000,000,000 | ||
Credit facility maturity period | 364 days | ||
Term loan period | 1 year | ||
Revolving credit facility description | At maturity, the 364-day credit facility allows the Company to convert the outstanding revolving loans into one-year term loans by paying a term-out fee of 1 percent. | ||
Margin over LIBOR for committed loans | 0.93% | ||
Quarterly facility fees | 0.075 percent on the total amount | ||
Credit Facility One [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 | ||
Argentina Divestiture [Member] | Money Market Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance under the facility secured revolving syndicated | 51,000,000 | ||
Revolving Credit Facility Due December 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured credit facility available to Company | 2,000,000,000 | ||
Credit facility maturity date | 31-Dec-15 | ||
Revolving Credit Facility Due August 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured credit facility available to Company | 1,000,000,000 | ||
Credit facility maturity date | 31-Aug-16 | ||
Revolving Credit Facility Due June 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured credit facility available to Company | 2,300,000,000 | ||
Credit facility maturity date | 30-Jun-18 | ||
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 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt to Capitalization ratio | 0.6 | ||
Commercial paper program | 5,000,000,000 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Commercial paper program | $3,000,000,000 |
Debt_Components_of_Financing_C
Debt - Components of Financing Costs, Net (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Interest expense | $499 | $560 | $501 |
Amortization of deferred loan costs | 6 | 8 | 7 |
Capitalized interest | -363 | -364 | -323 |
Gain on extinguishment of debt | -16 | ||
Interest income | -12 | -11 | -13 |
Financing costs, net | $130 | $177 | $172 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($4,020) | $1,191 | $1,605 |
Foreign | 1,114 | 3,213 | 3,235 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ($2,906) | $4,404 | $4,840 |
Income_Taxes_Total_Provision_f
Income Taxes - Total Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current taxes: | |||
Federal | ($10) | ($29) | ($150) |
State | 1 | ||
Foreign | 1,151 | 1,692 | 2,349 |
Current tax, net | 1,142 | 1,663 | 2,199 |
Deferred taxes: | |||
Federal | 961 | 509 | 596 |
State | -43 | 44 | 10 |
Foreign | -423 | -292 | 48 |
Deferred taxes, net | 495 | 261 | 654 |
Total | $1,637 | $1,924 | $2,853 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at U.S. statutory rate | ($1,017) | $1,541 | $1,694 |
State income tax, less federal benefit | -27 | 29 | 6 |
Taxes related to foreign operations | -144 | 200 | 767 |
Tax credits | 6 | -4 | |
Deferred tax on distributed foreign earnings | 311 | 225 | |
Deferred tax on undistributed foreign earnings | 1,654 | ||
Current and deferred taxes related to currency fluctuations | -56 | -154 | 16 |
Goodwill impairment | 483 | ||
Change in U.K. tax rate | 118 | ||
Net change in tax contingencies | -3 | -10 | -115 |
Valuation allowances | 478 | 132 | 341 |
All other, net | -42 | -45 | 30 |
Provision (benefit) for income taxes | $1,637 | $1,924 | $2,853 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Deferred tax assets: | ||||
Deferred income | $153 | |||
U.S. and state net operating loss carryforwards | 1,333 | 900 | ||
Foreign net operating loss carryforwards | 366 | 156 | ||
Tax credits | 42 | 66 | ||
Accrued expenses and liabilities | 68 | 162 | ||
Asset retirement obligation | 1,202 | 1,231 | ||
Total deferred tax assets | 3,011 | 2,668 | ||
Valuation allowance | -1,069 | -651 | -419 | -60 |
Net deferred tax assets | 1,942 | 2,017 | ||
Deferred tax liabilities: | ||||
Other | 19 | 29 | ||
Deferred income | 24 | |||
Investment in foreign subsidiaries | 1,654 | |||
Property and equipment | 8,986 | 10,224 | ||
Total deferred tax liabilities | 10,683 | 10,253 | ||
Net deferred income tax liability | $8,741 | $8,236 |
Income_Taxes_Net_Deferred_Tax_1
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Deferred tax asset | ($769) | ($134) |
Deferred charges and other | -17 | -33 |
Liabilities | ||
Other current liabilities | 28 | 39 |
Deferred income taxes | 9,499 | 8,364 |
Net deferred income tax liability | $8,741 | $8,236 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||
Increase in valuation allowances | $418 | $232 | $359 |
Deferred income tax expense on foreign undistributed earnings | 1,654 | ||
Deferred income tax expense on foreign undistributed earnings | 311 | 225 | |
Tax expenses recorded | 1 | 1 | 5 |
Accrued for payment of interest and penalties | 1 | ||
Settlements | 3 | 65 | |
United States [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 2,701 | ||
Mariner Energy Inc [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 464 | ||
Cordillera Energy Partners [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 183 | ||
Canada [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 5 | ||
Capital loss carryforwards | $123 |
Income_Taxes_Summary_of_Valuat
Income Taxes - Summary of Valuation Allowance Against Certain Foreign Net Deferred Tax Assets and State Net Operating Losses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $651 | $419 | $60 |
State | 57 | 32 | 7 |
Foreign | 478 | 132 | 341 |
Discontinued operations | -117 | 68 | 11 |
Balance at end of year | $1,069 | $651 | $419 |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Losses (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
United States [Member] | |
Net operating losses: | |
Net operating losses | $2,701 |
United States State [Member] | |
Net operating losses: | |
Net operating losses | 3,273 |
Net operating losses, Expiration | Various |
Canada [Member] | |
Net operating losses: | |
Net operating losses | 5 |
Net operating losses, Expiration | 2015 |
Australia [Member] | |
Net operating losses: | |
Net operating losses | 124 |
Net operating losses, Expiration | Indefinite |
Mariner Energy Inc [Member] | United States [Member] | |
Net operating losses: | |
Net operating losses | 464 |
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 | 2027 |
Maximum [Member] | United States [Member] | |
Net operating losses: | |
Net operating losses, Expiration | 2035 |
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, 2014 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $3 | $97 |
Additions based on tax positions related to the current year | 4 | |
Reductions for tax positions of prior years | -3 | -33 |
Settlements with taxing authorities | -3 | -65 |
Balance at end of year | $3 |
Income_Taxes_Key_Jurisdictions
Income Taxes - Key Jurisdictions of Company's Earliest Open Tax Years (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
United States [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2011 |
Canada [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2010 |
Egypt [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 1998 |
Australia [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2007 |
United Kingdom [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2010 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | |||||||||
Jun. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 12, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2012 | Jan. 31, 2012 | |
MBbls | USD ($) | USD ($) | USD ($) | AUD | USD ($) | Alcoa [Member] | Oswal [Member] | Burrup Holdings Limited (Yara Pilbara Holdings Pty Limited ) [Member] | Burrup Holdings Limited (Yara Pilbara Holdings Pty Limited ) [Member] | Yara International [Member] | |
Defendant | AUD | USD ($) | USD ($) | ||||||||
Commitment And Contingencies [Line Items] | |||||||||||
Accrued liability for legal contingencies | $8,000,000 | ||||||||||
Environmental tax and royalty obligations | 100,000,000 | ||||||||||
Retain right of obligations | 67,500,000 | ||||||||||
Number of defendants | 100 | ||||||||||
Expected contractual general damages | 100,000,000 | 158,000,000 | 491,000,000 | 166,000,000 | |||||||
Maximum expected contractual liquidated damages under long term contracts | 20,000,000 | 5,700,000 | 13,000,000 | ||||||||
Approximate percentage of natural gas volumes sold under long-term contracts that have liquidated damages provisions | 90.00% | ||||||||||
Percentage of combined ownership held by the plaintiff in the company | 65.00% | ||||||||||
Percentage of acquisition | 49.00% | 51.00% | |||||||||
Maximum cost considered to be recognized for additional reserve | 300,000 | ||||||||||
Undiscounted reserve for environmental remediation | 67,000,000 | ||||||||||
Quantity of water spill | 97,000 | ||||||||||
Net rental expenses | 58,000,000 | 53,000,000 | 49,000,000 | ||||||||
Lease expiration | 2035 | ||||||||||
Contractual obligation cost incurred | $96,000,000 | $80,000,000 | $71,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Contractual Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | $3,490 |
2015 | 1,190 |
2016-2017 | 1,493 |
2018-2019 | 546 |
2020 & Beyond | 261 |
Office Equipment [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 343 |
2015 | 49 |
2016-2017 | 98 |
2018-2019 | 80 |
2020 & Beyond | 116 |
Drilling Rig Commitments [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 999 |
2015 | 382 |
2016-2017 | 573 |
2018-2019 | 44 |
Purchase Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 1,248 |
2015 | 527 |
2016-2017 | 428 |
2018-2019 | 255 |
2020 & Beyond | 38 |
Firm Transportation Agreements [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 431 |
2015 | 101 |
2016-2017 | 173 |
2018-2019 | 85 |
2020 & Beyond | 72 |
Other Contractual Obligation [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 469 |
2015 | 131 |
2016-2017 | 221 |
2018-2019 | 82 |
2020 & Beyond | $35 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Contractual Obligations (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | $3,490 |
Reduction of other operating lease commitments | 291 |
Drilling Rig Commitments [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | 999 |
Drilling Rig Commitments [Member] | Kitimat LNG [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | 79 |
Purchase Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | 1,248 |
Purchase Obligations [Member] | Kitimat LNG [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | 651 |
Firm Transportation Agreements [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | 431 |
Firm Transportation Agreements [Member] | Kitimat LNG [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Decrease in commitments | $51 |
Retirement_and_Deferred_Compen2
Retirement and Deferred Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $107 | $123 | $117 |
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 | 183 | 160 | 139 |
Expected contribution towards pension and postretirement plan | 8 | ||
Postretirement Benefits [Member] | |||
Commitment And Contingencies [Line Items] | |||
Expected contribution towards pension and postretirement plan | $1 |
Retirement_and_Deferred_Compen3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Plan Assets | |||
Fair value of plan assets at end of year | $206 | $191 | |
Pension Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | 189 | 177 | 150 |
Service cost | 5 | 5 | 5 |
Interest cost | 9 | 7 | 7 |
Foreign currency exchange rate changes | -13 | 4 | 7 |
Actuarial losses (gains) | 31 | 14 | |
Benefits paid | -5 | -4 | -6 |
Projected benefit obligation at end of year | 216 | 189 | 177 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 191 | 170 | 145 |
Actual return on plan assets | 25 | 15 | 14 |
Foreign currency exchange rates | -13 | 4 | 6 |
Employer contributions | 8 | 6 | 11 |
Benefits paid | -5 | -4 | -6 |
Fair value of plan assets at end of year | 206 | 191 | 170 |
Funded status at end of year | -10 | 2 | -7 |
Amounts recognized in Consolidated Balance Sheet | |||
Non-current asset (liability) | -10 | 2 | -7 |
Defined Benefit Plans, Liabilities, Total | -10 | 2 | -7 |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | -37 | -22 | -32 |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | -37 | -22 | -32 |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 3.70% | 4.60% | 4.30% |
Salary increases | 4.60% | 4.90% | 4.60% |
Expected return on assets | 3.90% | 5.60% | 4.70% |
Healthcare cost trend | |||
Initial | |||
Ultimate in 2025 | |||
Postretirement Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | 28 | 35 | 30 |
Service cost | 3 | 4 | 4 |
Interest cost | 1 | 1 | 1 |
Actuarial losses (gains) | -9 | -8 | 1 |
Effect of curtailment and settlements | -3 | ||
Benefits paid | -2 | -2 | -1 |
Retiree contributions | 1 | 1 | |
Projected benefit obligation at end of year | 22 | 28 | 35 |
Change in Plan Assets | |||
Employer contributions | 1 | 1 | 1 |
Benefits paid | -2 | -2 | -1 |
Retiree contributions | 1 | 1 | |
Funded status at end of year | -22 | -28 | -35 |
Amounts recognized in Consolidated Balance Sheet | |||
Current liability | -1 | -1 | -1 |
Non-current asset (liability) | -21 | -27 | -34 |
Defined Benefit Plans, Liabilities, Total | -22 | -28 | -35 |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | 10 | 1 | -7 |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | $10 | $1 | ($7) |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 3.62% | 4.33% | 3.43% |
Salary increases | |||
Expected return on assets | |||
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.25% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Retirement_and_Deferred_Compen4
Retirement and Deferred Compensation Plans - Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets at Year-End | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 40.00% | |
Percentage of Plan Assets at Year-End | 40.00% | 51.00% |
Equity Securities [Member] | UK Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 14.00% | |
Percentage of Plan Assets at Year-End | 14.00% | 18.00% |
Equity Securities [Member] | Overseas Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 26.00% | |
Percentage of Plan Assets at Year-End | 26.00% | 33.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60.00% | |
Percentage of Plan Assets at Year-End | 60.00% | 49.00% |
Debt Securities [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 48.00% | |
Percentage of Plan Assets at Year-End | 48.00% | 29.00% |
Debt Securities [Member] | U.K. Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 12.00% | |
Percentage of Plan Assets at Year-End | 12.00% | 20.00% |
Retirement_and_Deferred_Compen5
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $206 | $191 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82 | 98 |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 124 | 92 |
Quoted Price in Active Markets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 206 | 191 |
Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82 | 98 |
Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 124 | 92 |
UK Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 28 | 35 |
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 | 28 | 35 |
Overseas Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54 | 63 |
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 | 54 | 63 |
U.K. Government Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 99 | 54 |
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 | 99 | 54 |
U.K. Corporate Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25 | 38 |
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 | 25 | 38 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1 | |
Cash [Member] | Quoted Price in Active Markets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $1 |
Retirement_and_Deferred_Compen6
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, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 100.00% | 100.00% |
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. Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against BofAML Sterling Corporate & Collateralised (excluding Subordinated) Index | 12 | 12 |
Performance target over the benchmark | 0.75% | 0.75% |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | 5 years | 5 years |
MSCI World Index [Member] | Passive Global Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.30% | 30.30% |
MSCI World Index [Member] | Passive Global Equities Hedged [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.10% | 12.10% |
MSCI World Index [Member] | Emerging Markets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 15.20% | 15.20% |
Ftse Rafi Developed Thousand Index [Member] | Fundamental Indexation Global Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.30% | 30.30% |
Ftse Rafi Developed Thousand Index [Member] | Fundamental Indexation Global Equities Hedged [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.10% | 12.10% |
Index - Linked Index [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of debt securities government bonds and corporate bonds benchmarked against FTSE | 48.00% | 48.00% |
FTSE Actuaries Government Securities Index [Member] | U.K. Government Bonds [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 |
Sterling Nominal LDI Bonds [Member] | Nominal LDI Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against ILIM Custom Benchmark index | 37.00% | 37.00% |
Sterling Inflation Linked LDI Bonds [Member] | Inflation Linked LDI Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against ILIM Custom Benchmark index | 15.00% | 15.00% |
Retirement_and_Deferred_Compen7
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $5 | $5 | $5 |
Interest cost | 9 | 7 | 7 |
Healthcare cost trend | |||
Initial | |||
Ultimate in 2025 | |||
Pension Benefits [Member] | Periodic Cost [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | 5 | 5 | 5 |
Interest cost | 9 | 7 | 7 |
Expected return on assets | -11 | -8 | -7 |
Amortization of actuarial (gain) loss | 1 | 2 | 1 |
Net periodic benefit cost | 4 | 6 | 6 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 2025 | |||
Postretirement Benefits [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | 3 | 4 | 4 |
Interest cost | 1 | 1 | 1 |
Curtailment (gain) loss | -3 | ||
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.25% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Postretirement Benefits [Member] | Periodic Cost [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | 3 | 4 | 4 |
Interest cost | 1 | 1 | 1 |
Curtailment (gain) loss | -3 | ||
Net periodic benefit cost | $4 | $2 | $5 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 2025 | 5.00% | 5.00% | 5.00% |
Retirement_and_Deferred_Compen8
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, 2014 |
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 | 3 |
Effect on service and interest cost components, 1% Decrease | -1 |
Effect on postretirement benefit obligation, 1% Decrease | ($3) |
Retirement_and_Deferred_Compen9
Retirement and Deferred Compensation Plans - Expected Future Benefit Payment (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $5 |
2016 | 5 |
2017 | 5 |
2018 | 5 |
2019 | 5 |
Years 2020-2024 | 30 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 2 |
2019 | 2 |
Years 2020-2024 | $10 |
Capital_Stock_Common_Stock_Out
Capital Stock - Common Stock Outstanding (Detail) | 0 Months Ended | 12 Months Ended | ||
Jun. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ||||
Balance, beginning of year | 395,772,908 | 391,640,770 | 384,117,643 | |
Shares issued for stock-based compensation plans: | ||||
Treasury shares issued | 17,454 | 25,214 | 60,767 | |
Common shares issued | 1,665,259 | 929,596 | 1,189,693 | |
Common shares issued for conversion of preferred shares | 14,399,247 | |||
Treasury shares acquired | -32,200,000 | -20,950,729 | -11,221,919 | |
Cordillera consideration | 6,272,667 | |||
Balance, end of year | 376,504,892 | 395,772,908 | 391,640,770 |
Capital_Stock_Net_Income_Per_C
Capital Stock - Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Income (loss) from continuing operations | ($4,886) | $2,380 | $1,911 | ||||||||
Income (loss) from discontinued operations | -517 | -192 | 14 | ||||||||
Net income (loss) attributable to common shareholders | -4,814 | -1,330 | 505 | 236 | 174 | 300 | 1,016 | 698 | -5,403 | 2,188 | 1,925 |
Mandatory Convertible Preferred Stock | 44 | 76 | |||||||||
Income (loss) from continuing operations | -4,886 | 2,424 | 1,911 | ||||||||
Income (loss) from discontinued operations | -517 | -192 | 14 | ||||||||
Net income (loss) attributable to common stock | ($5,403) | $2,232 | $1,925 | ||||||||
Income (loss) from continuing operations, shares | 384 | 395 | 389 | ||||||||
Income (loss) from discontinued operations, shares | 384 | 395 | 389 | ||||||||
Net income (loss) attributable to common stock, shares | 384 | 395 | 389 | ||||||||
Mandatory Convertible Preferred Stock, shares | 9 | ||||||||||
Stock options and other, shares | 2 | 2 | |||||||||
Income (loss) from continuing operations, shares | 384 | 406 | 391 | ||||||||
Income (loss) from discontinued operations, shares | 384 | 406 | 391 | ||||||||
Net income (loss) attributable to common stock, shares | 384 | 406 | 391 | ||||||||
Basic income (loss) from continuing operations per share | ($12.78) | ($3.50) | $1.31 | $1.92 | $0.43 | $1.08 | $2.60 | $1.94 | ($12.72) | $6.02 | $4.91 |
Basic income (loss) from discontinued operations per share | ($1.32) | $0.01 | ($0.33) | ($0.01) | ($0.16) | ($1.34) | ($0.49) | $0.04 | |||
Net income (loss) attributable to common stock, per share | ($12.78) | ($3.50) | $1.31 | $0.60 | $0.44 | $0.75 | $2.59 | $1.78 | ($14.06) | $5.53 | $4.95 |
Diluted income (loss) from continuing operations per share | ($12.78) | ($3.50) | $1.31 | $1.90 | $0.43 | $1.07 | $2.54 | $1.91 | ($12.72) | $5.97 | $4.89 |
Diluted income (loss) from discontinued operations per share | ($1.30) | ($0.32) | ($0.15) | ($1.34) | ($0.47) | $0.03 | |||||
Net income (loss) attributable to common stock, per share | ($12.78) | ($3.50) | $1.31 | $0.60 | $0.43 | $0.75 | $2.54 | $1.76 | ($14.06) | $5.50 | $4.92 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options and restricted stock, anti-dilutive | 4,500,000 | 4,900,000 | 4,400,000 | |
Common stock share purchase, shares | 40,000,000 | |||
Common stock share repurchase, shares | 32,200,000 | 20,950,729 | 11,221,919 | |
Common stock share repurchase, per share | $88.96 | $89 | ||
Dividends, Common stock | $0.95 | $0.77 | $0.66 | |
Shares authorized and available for grant under 2011 Plan | 18,300,000 | |||
Compensation expense | $148 | $136 | $167 | |
Stock-based compensation expenses, after tax | 95 | 94 | 119 | |
Intrinsic value of options exercised | 13 | 4 | 12 | |
Cash received from exercise of options | 49 | |||
Additional tax benefit for the amount of intrinsic value in excess of compensation cost | 4.7 | |||
Granted, Weighted Average Grant-Date Fair Value | $86.87 | |||
Restricted stock, capitalized | 62 | 55 | 67 | |
Percentage of additional vest on succeeding anniversaries | 25.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 93 | 82 | 74 | |
Stock-based compensation expenses, after tax | 60 | 53 | 48 | |
Total compensation cost related to non-vested options not yet recognized | 316 | |||
Restricted stock units awarded | 3,047,000 | 3,098,029 | 1,219,886 | |
Granted, Weighted Average Grant-Date Fair Value | $86.87 | $82.95 | $85.67 | |
Restricted stock, capitalized | 43 | 30 | 25 | |
Weighted-average remaining life of unvested restricted stock units | 1 year 2 months 12 days | |||
Unvested restricted stock units | 4,783,524 | |||
Total fair value of restricted stock awards vested | 138 | 88 | 114 | |
Non Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units, vested (Percentage) | 50.00% | |||
Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period in which stock options become exercisable | 4 years | |||
Period in which stock options expires after grant date | 10 years | |||
Total compensation cost related to non-vested options not yet recognized | $24 | |||
Convertible Preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options and restricted stock, anti-dilutive | 14,300,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | $148 | $136 | $167 |
Restricted stock, capitalized | 62 | 55 | 67 |
Total | 210 | 191 | 234 |
General and Administrative Expense [Member] | |||
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | 107 | 89 | 104 |
Lease Operating Expenses [Member] | |||
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | $41 | $47 | $63 |
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, 2014 |
Equity [Abstract] | |
Outstanding, beginning of year, Shares | 7,563 |
Granted, Shares | 0 |
Exercised, Shares | -664 |
Forfeited or expired, Shares | -454 |
Outstanding, end of year, Shares | 6,445 |
Expected to vest, Shares | 1,366 |
Exercisable, end of year, Shares | 4,876 |
Outstanding, beginning of year, Weighted Average exercise Price | $89.71 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $74.32 |
Forfeited or expired, Weighted Average Exercise Price | $103.48 |
Outstanding, end of year, Weighted Average Exercise Price | $90.34 |
Expected to vest, Weighted Average Exercise Price | $89.30 |
Exercisable, end of year, Weighted Average Exercise Price | $90.88 |
Capital_Stock_Summary_of_Stock1
Capital Stock - Summary of Stock Options Issued Under Stock Option Plans (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Equity [Abstract] | |
Weighted average remaining contractual life for options outstanding | 5 years 2 months 12 days |
Weighted average remaining contractual life for expected to vest | 7 years 6 months |
Weighted average remaining contractual life for exercisable | 4 years 4 months 24 days |
Aggregate intrinsic value of options outstanding | $2 |
Aggregate intrinsic value of expected to vest | 0 |
Aggregate intrinsic value of exercisable | $2 |
Capital_Stock_RiskFree_Rate_Ba
Capital Stock - Risk-Free Rate Based on U S Treasury Yield Curve (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ||
Expected volatility | 33.60% | 34.94% |
Expected dividend yields | 0.99% | 0.82% |
Expected term (in years) | 5 years 6 months | 5 years 6 months |
Risk-free rate | 0.79% | 0.78% |
Weighted-average grant-date fair value | $23.18 | $26.41 |
Capital_Stock_Restricted_Stock
Capital Stock - Restricted Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $86.70 | ||
Granted, Weighted Average Grant-Date Fair Value | $86.87 | ||
Vested, Weighted Average Grant-Date Fair Value | $86.42 | ||
Forfeited, Weighted Average Grant-Date Fair Value | $85.89 | ||
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $85.18 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Shares, nonvested, Beginning Balance, Shares | 3,953,000 | ||
Granted, Shares | 3,047,000 | 3,098,029 | 1,219,886 |
Vested, Shares | -1,597,000 | ||
Forfeited or cancelled, Shares | -619,000 | ||
Restricted Shares, nonvested, Ending Balance, Shares | 4,784,000 | 3,953,000 | |
Granted, Weighted Average Grant-Date Fair Value | $86.87 | $82.95 | $85.67 |
Capital_Stock_Additional_Infor1
Capital Stock - Additional Information 1 (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2013 | 31-May-13 | Jan. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $148 | $136 | $167 | ||||
Stock-based compensation expenses, after tax | 95 | 94 | 119 | ||||
Restricted stock capitalized | 62 | 55 | 67 | ||||
Performance Program 2011 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Initial conditional restricted stock unit awards granted to eligible employees | 851,985 | ||||||
Number of restricted stock units awarded | 0 | ||||||
Performance Program 2012 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Initial conditional restricted stock unit awards granted to eligible employees | 1,232,176 | ||||||
Nonvested shares outstanding | 918,016 | ||||||
Minimum units awarded based upon measurement | 0 | ||||||
Maximum units awarded based upon measurement | 591,760 | ||||||
Range of ultimate number of restricted stock units awarded | Zero and a maximum of 591,760 units | ||||||
Total awards, outstanding | 236,704 | ||||||
Performance Program 2013 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards cancelled | 918,016 | ||||||
Performance Program 2014 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Initial conditional restricted stock unit awards granted to eligible employees | 157,406 | ||||||
Minimum units awarded based upon measurement | 0 | ||||||
Maximum units awarded based upon measurement | 234,014 | ||||||
Range of ultimate number of restricted stock units awarded | Zero and a maximum of 234,014 units | ||||||
Total awards, outstanding | 117,007 | ||||||
Conditional Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Nonvested shares outstanding | 354,000 | 1,021,000 | |||||
Stock-based compensation expense | 18 | 27 | 47 | ||||
Stock-based compensation expenses, after tax | 11 | 17 | 31 | ||||
Restricted stock capitalized | 7 | 13 | 21 | ||||
Total compensation cost related to non-vested options not yet recognized | $15 | ||||||
Weighted-average remaining life of unvested restricted stock units | 2 years 1 month 6 days |
Capital_Stock_Conditional_Rest
Capital Stock - Conditional Restricted Stock (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $86.70 |
Granted, Weighted Average Grant-Date Fair Value | $86.87 |
Vested, Weighted Average Grant-Date Fair Value | $86.42 |
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $85.18 |
Conditional Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Shares, nonvested, Beginning Balance, Shares | 1,021,000 |
Granted, Shares | 158,000 |
Vested, Shares | -1,000 |
Forfeited or expired, Shares | -824,000 |
Restricted Shares, nonvested, Ending Balance, Shares | 354,000 |
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $72.45 |
Granted, Weighted Average Grant-Date Fair Value | $79.66 |
Vested, Weighted Average Grant-Date Fair Value | $70.30 |
Forfeited or expired, Weighted Average Grant-Date Fair Value | $71.39 |
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $78.13 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Statement of Comprehensive Income [Abstract] | ||||
Currency translation adjustment | ($109) | ($109) | ($109) | |
Unrealized gain (loss) on derivatives | 1 | -6 | 114 | |
Unfunded pension and postretirement benefit plan | -7 | -7 | -16 | |
Accumulated other comprehensive loss | ($116) | ($115) | ($131) |
Major_Customers_Additional_Inf
Major Customers - Additional Information (Detail) (Shell Plc [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Shell Plc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity wide revenue major customer percentage | 19.00% | 24.00% | 20.00% |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Country | |
Segment Reporting [Abstract] | |
Production in number of countries | 5 |
Business_Segment_Information_F
Business Segment Information - Financial Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | $13,749 | $15,911 | $16,428 | |
Depreciation, depletion, and amortization | ||||
Recurring | 5,157 | 5,294 | 4,955 | |
Additional | 5,001 | 995 | 1,926 | |
Asset retirement obligation accretion | 181 | 238 | 228 | |
Lease operating expenses | 2,479 | 2,864 | 2,784 | |
Gathering and transportation | 273 | 288 | 295 | |
Taxes other than income | 678 | 785 | 818 | |
Operating Income (Loss) | -20 | 5,447 | 5,422 | |
Other Expense: | ||||
Derivative instrument gains (losses), net | 284 | -399 | -79 | |
Other | -182 | 48 | 215 | |
Impairments | -2,400 | -2,357 | 0 | 0 |
General and administrative | -434 | -482 | -515 | |
Acquisition, divestiture and separation | -67 | -33 | -31 | |
Financing costs, net | -130 | -177 | -172 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -2,906 | 4,404 | 4,840 | |
Net property and equipment | 48,076 | 48,076 | 51,005 | 51,659 |
Total Assets | 55,952 | 55,952 | 61,637 | 58,902 |
Additions to Net Property and Equipment | 12,116 | 12,116 | 11,857 | 14,618 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 5,744 | 6,902 | 6,226 | |
Depreciation, depletion, and amortization | ||||
Recurring | 2,170 | 2,338 | 2,056 | |
Additional | 4,412 | 552 | ||
Asset retirement obligation accretion | 43 | 94 | 112 | |
Lease operating expenses | 921 | 1,320 | 1,386 | |
Gathering and transportation | 93 | 84 | 69 | |
Taxes other than income | 350 | 335 | 292 | |
Operating Income (Loss) | -2,245 | 2,179 | 2,311 | |
Other Expense: | ||||
Net property and equipment | 24,627 | 24,627 | 27,010 | 28,552 |
Total Assets | 26,852 | 26,852 | 29,940 | 31,175 |
Additions to Net Property and Equipment | 7,294 | 7,294 | 6,404 | 9,586 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 1,092 | 1,224 | 1,322 | |
Depreciation, depletion, and amortization | ||||
Recurring | 400 | 505 | 594 | |
Additional | 1,883 | |||
Asset retirement obligation accretion | 39 | 49 | 41 | |
Lease operating expenses | 384 | 459 | 458 | |
Gathering and transportation | 123 | 155 | 163 | |
Taxes other than income | 31 | 45 | 50 | |
Operating Income (Loss) | 115 | 11 | -1,867 | |
Other Expense: | ||||
Net property and equipment | 6,107 | 6,107 | 6,058 | 6,640 |
Total Assets | 6,640 | 6,640 | 6,952 | 7,142 |
Additions to Net Property and Equipment | 963 | 963 | 1,082 | 1,096 |
Egypt [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 3,539 | 3,917 | 4,554 | |
Depreciation, depletion, and amortization | ||||
Recurring | 1,151 | 1,005 | 925 | |
Lease operating expenses | 499 | 471 | 410 | |
Gathering and transportation | 40 | 42 | 39 | |
Taxes other than income | 11 | 8 | 14 | |
Operating Income (Loss) | 1,838 | 2,391 | 3,166 | |
Other Expense: | ||||
Net property and equipment | 5,700 | 5,700 | 5,454 | 5,151 |
Total Assets | 7,292 | 7,292 | 8,121 | 7,311 |
Additions to Net Property and Equipment | 1,397 | 1,397 | 1,309 | 1,153 |
Australia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 1,058 | 1,140 | 1,575 | |
Depreciation, depletion, and amortization | ||||
Recurring | 438 | 423 | 466 | |
Asset retirement obligation accretion | 27 | 27 | 17 | |
Lease operating expenses | 241 | 214 | 215 | |
Taxes other than income | 101 | 13 | 11 | |
Operating Income (Loss) | 251 | 463 | 866 | |
Other Expense: | ||||
Net property and equipment | 6,516 | 6,516 | 6,838 | 5,312 |
Total Assets | 9,020 | 9,020 | 8,094 | 6,280 |
Additions to Net Property and Equipment | 1,419 | 1,419 | 1,954 | 1,581 |
North Sea [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 2,316 | 2,728 | 2,751 | |
Depreciation, depletion, and amortization | ||||
Recurring | 998 | 1,022 | 914 | |
Additional | 589 | 367 | ||
Asset retirement obligation accretion | 72 | 68 | 58 | |
Lease operating expenses | 434 | 400 | 315 | |
Gathering and transportation | 17 | 7 | 24 | |
Taxes other than income | 185 | 384 | 451 | |
Operating Income (Loss) | 21 | 480 | 989 | |
Other Expense: | ||||
Net property and equipment | 5,103 | 5,103 | 5,622 | 5,927 |
Total Assets | 6,102 | 6,102 | 6,902 | 6,874 |
Additions to Net Property and Equipment | 1,071 | 1,071 | 1,084 | 1,104 |
Other International [Member] | ||||
Depreciation, depletion, and amortization | ||||
Recurring | 1 | |||
Additional | 76 | 43 | ||
Operating Income (Loss) | -77 | -43 | ||
Other Expense: | ||||
Net property and equipment | 23 | 23 | 23 | 77 |
Total Assets | 46 | 46 | 51 | 120 |
Additions to Net Property and Equipment | ($28) | ($28) | $24 | $98 |
Supplemental_Oil_and_Gas_Discl2
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $13,749 | $15,911 | $16,428 |
Depreciation, depletion, and amortization | |||
Recurring | 4,747 | 4,894 | 4,860 |
Additional | 5,001 | 995 | 1,926 |
Asset retirement obligation accretion | 181 | 238 | 228 |
Lease operating expenses | 2,479 | 2,864 | 2,784 |
Gathering and transportation | 273 | 288 | 295 |
Production taxes | 647 | 760 | 783 |
Income tax | 315 | 2,472 | 2,788 |
Oil and gas properties production expense | 13,643 | 12,511 | 13,664 |
Results of operation | 106 | 3,400 | 2,764 |
Amortization rate per boe | 20.11 | 18.67 | 17.18 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | 5,744 | 6,902 | 6,226 |
Depreciation, depletion, and amortization | |||
Recurring | 2,056 | 2,227 | 1,984 |
Additional | 4,412 | 552 | |
Asset retirement obligation accretion | 43 | 94 | 112 |
Lease operating expenses | 921 | 1,320 | 1,386 |
Gathering and transportation | 93 | 84 | 69 |
Production taxes | 342 | 324 | 279 |
Income tax | -754 | 817 | 851 |
Oil and gas properties production expense | 7,113 | 5,418 | 4,681 |
Results of operation | -1,369 | 1,484 | 1,545 |
Amortization rate per boe | 19.35 | 18.39 | 17.24 |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | 1,092 | 1,224 | 1,322 |
Depreciation, depletion, and amortization | |||
Recurring | 343 | 426 | 580 |
Additional | 1,883 | ||
Asset retirement obligation accretion | 39 | 49 | 41 |
Lease operating expenses | 384 | 459 | 458 |
Gathering and transportation | 123 | 155 | 163 |
Production taxes | 27 | 40 | 42 |
Income tax | 44 | 24 | -466 |
Oil and gas properties production expense | 960 | 1,153 | 2,701 |
Results of operation | 132 | 71 | -1,379 |
Amortization rate per boe | 12.11 | 10.89 | 11.66 |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | 3,539 | 3,917 | 4,554 |
Depreciation, depletion, and amortization | |||
Recurring | 1,014 | 881 | 924 |
Lease operating expenses | 499 | 471 | 410 |
Gathering and transportation | 40 | 42 | 39 |
Income tax | 894 | 1,161 | 1,527 |
Oil and gas properties production expense | 2,447 | 2,555 | 2,900 |
Results of operation | 1,092 | 1,362 | 1,654 |
Amortization rate per boe | 18.48 | 16.21 | 13.81 |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | 1,058 | 1,140 | 1,575 |
Depreciation, depletion, and amortization | |||
Recurring | 359 | 361 | 460 |
Asset retirement obligation accretion | 27 | 27 | 17 |
Lease operating expenses | 241 | 214 | 215 |
Production taxes | 101 | 14 | 11 |
Income tax | 99 | 157 | 262 |
Oil and gas properties production expense | 827 | 773 | 965 |
Results of operation | 231 | 367 | 610 |
Amortization rate per boe | 17.49 | 17.47 | 17.67 |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | 2,316 | 2,728 | 2,751 |
Depreciation, depletion, and amortization | |||
Recurring | 975 | 999 | 912 |
Additional | 589 | 367 | |
Asset retirement obligation accretion | 72 | 68 | 58 |
Lease operating expenses | 434 | 400 | 315 |
Gathering and transportation | 17 | 7 | 24 |
Production taxes | 177 | 382 | 451 |
Income tax | 32 | 313 | 614 |
Oil and gas properties production expense | 2,296 | 2,536 | 2,374 |
Results of operation | 20 | 192 | 377 |
Amortization rate per boe | 37.41 | 37.25 | 32.65 |
Other International [Member] | |||
Depreciation, depletion, and amortization | |||
Additional | 76 | 43 | |
Oil and gas properties production expense | 76 | 43 | |
Results of operation | ($76) | ($43) |
Supplemental_Oil_and_Gas_Discl3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | $104 | $177 | $1,251 |
Unproved | 1,388 | 379 | 3,407 |
Exploration | 973 | 1,678 | 1,637 |
Development | 9,180 | 8,548 | 7,536 |
Costs incurred | 11,645 | 10,782 | 13,831 |
Proved properties | 89,852 | 83,390 | |
Unproved properties | 7,014 | 8,363 | |
Capitalized costs, gross | 96,866 | 91,753 | |
Accumulated DD&A | -53,001 | -45,253 | |
Capitalized costs, net | 43,865 | 46,500 | |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 102 | 17 | 1,076 |
Unproved | 1,221 | 195 | 3,334 |
Exploration | 467 | 562 | 364 |
Development | 5,301 | 5,435 | 4,465 |
Costs incurred | 7,091 | 6,209 | 9,239 |
Proved properties | 47,001 | 41,904 | |
Unproved properties | 4,151 | 5,042 | |
Capitalized costs, gross | 51,152 | 46,946 | |
Accumulated DD&A | -27,205 | -20,745 | |
Capitalized costs, net | 23,947 | 26,201 | |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 5 | ||
Unproved | 141 | 151 | 17 |
Exploration | 82 | 36 | 94 |
Development | 846 | 722 | 762 |
Costs incurred | 1,069 | 909 | 878 |
Proved properties | 14,003 | 13,231 | |
Unproved properties | 1,090 | 1,116 | |
Capitalized costs, gross | 15,093 | 14,347 | |
Accumulated DD&A | -9,653 | -9,310 | |
Capitalized costs, net | 5,440 | 5,037 | |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 1 | 35 | 28 |
Unproved | 10 | 15 | 6 |
Exploration | 193 | 559 | 690 |
Development | 1,142 | 618 | 394 |
Costs incurred | 1,346 | 1,227 | 1,118 |
Proved properties | 9,895 | 8,418 | |
Unproved properties | 529 | 660 | |
Capitalized costs, gross | 10,424 | 9,078 | |
Accumulated DD&A | -6,369 | -5,356 | |
Capitalized costs, net | 4,055 | 3,722 | |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 1 | 32 | |
Unproved | 16 | -10 | 7 |
Exploration | 137 | 179 | 142 |
Development | 914 | 996 | 915 |
Costs incurred | 1,068 | 1,165 | 1,096 |
Proved properties | 8,289 | 7,298 | |
Unproved properties | 549 | 471 | |
Capitalized costs, gross | 8,838 | 7,769 | |
Accumulated DD&A | -3,198 | -2,839 | |
Capitalized costs, net | 5,640 | 4,930 | |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 125 | 110 | |
Unproved | 17 | 26 | |
Exploration | 84 | 278 | 111 |
Development | 971 | 635 | 837 |
Costs incurred | 1,055 | 1,055 | 1,084 |
Proved properties | 10,463 | 9,378 | |
Unproved properties | 672 | 702 | |
Capitalized costs, gross | 11,135 | 10,080 | |
Accumulated DD&A | -6,375 | -4,811 | |
Capitalized costs, net | 4,760 | 5,269 | |
Argentina [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Unproved | 11 | 2 | |
Exploration | 9 | 42 | 155 |
Development | 6 | 142 | 161 |
Costs incurred | 15 | 195 | 318 |
Proved properties | 2,933 | ||
Unproved properties | 349 | ||
Capitalized costs, gross | 3,282 | ||
Accumulated DD&A | -1,964 | ||
Capitalized costs, net | 1,318 | ||
Other International [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Unproved | 15 | ||
Exploration | 1 | 22 | 81 |
Development | 2 | ||
Costs incurred | 1 | 22 | 98 |
Proved properties | 201 | 228 | |
Unproved properties | 23 | 23 | |
Capitalized costs, gross | 224 | 251 | |
Accumulated DD&A | -201 | -228 | |
Capitalized costs, net | $23 | $23 |
Supplemental_Oil_and_Gas_Discl4
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | $310 | $340 | $316 |
Asset retirement costs | 307 | 537 | 1,032 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 209 | 239 | 215 |
Asset retirement costs | 43 | 480 | 473 |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 38 | 35 | 38 |
Asset retirement costs | 175 | 17 | 245 |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 15 | 15 | 16 |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 20 | 16 | 12 |
Asset retirement costs | 55 | -30 | 207 |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 25 | 25 | 24 |
Asset retirement costs | 34 | 67 | 89 |
Argentina [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 3 | 10 | 11 |
Asset retirement costs | $3 | $18 |
Supplemental_Oil_and_Gas_Discl5
Supplemental Oil and Gas Disclosures - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 22 | ||
Extensions, discoveries and other additions | 313 | ||
Sale of minerals in-place | -357,526 | -355,431 | -316 |
Percentage of estimated proved developed reserves classified as proved not producing | 9.00% | ||
United States [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 138 | ||
Sale of minerals in-place | -178,831 | -223,185 | -246 |
Eagle Ford Shale [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 22 | ||
Canada [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 75 | ||
Sale of minerals in-place | -91,548 | -132,246 | -70 |
Egypt [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 61 | ||
Australia and North Sea [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 39 | ||
Permian Basin [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 94 | ||
Anadarko Basin [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | 18 |
Supplemental_Oil_and_Gas_Discl6
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, 2014 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |
Property acquisition costs | $5,013 |
Exploration and development | 1,777 |
Capitalized interest | 224 |
Costs incurred | 7,014 |
2014 [Member] | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |
Property acquisition costs | 1,770 |
Exploration and development | 1,285 |
Capitalized interest | 43 |
Costs incurred | 3,098 |
2013 [Member] | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |
Property acquisition costs | 242 |
Exploration and development | 402 |
Capitalized interest | 43 |
Costs incurred | 687 |
2012 [Member] | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |
Property acquisition costs | 2,079 |
Exploration and development | 65 |
Capitalized interest | 47 |
Costs incurred | 2,191 |
2011 and Prior [Member] | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | |
Property acquisition costs | 922 |
Exploration and development | 25 |
Capitalized interest | 91 |
Costs incurred | $1,038 |
Supplemental_Oil_and_Gas_Discl7
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Detail) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MBbls | MBbls | MBbls | MBbls | |
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,651,291 | 1,832,936 | 1,981,945 | 1,992,327 |
Proved undeveloped reserves | 744,979 | 813,480 | 869,734 | 997,527 |
Beginning balance | 2,646,416 | 2,851,679 | 2,989,854 | |
Extensions, discoveries and other additions | 313,095 | 389,336 | 372,393 | |
Purchase of minerals in-place | 21,712 | 5,976 | 73,457 | |
Revisions of previous estimates | 11,404 | 32,539 | -298,712 | |
Production | -238,831 | -277,683 | -284,997 | |
Sale of properties | -357,526 | -355,431 | -316 | |
Ending balance | 2,396,270 | 2,646,416 | 2,851,679 | |
United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 897,422 | 976,795 | 1,021,610 | 905,069 |
Proved undeveloped reserves | 336,670 | 370,566 | 402,677 | 385,013 |
Beginning balance | 1,347,361 | 1,424,287 | 1,290,082 | |
Extensions, discoveries and other additions | 138,413 | 253,578 | 217,598 | |
Purchase of minerals in-place | 21,712 | 273 | 68,486 | |
Revisions of previous estimates | 11,662 | 13,482 | -38,172 | |
Production | -106,225 | -121,074 | -113,461 | |
Sale of properties | -178,831 | -223,185 | -246 | |
Ending balance | 1,234,092 | 1,347,361 | 1,424,287 | |
Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 258,848 | 322,362 | 390,800 | 456,569 |
Proved undeveloped reserves | 155,028 | 139,509 | 150,113 | 307,724 |
Beginning balance | 461,871 | 540,913 | 764,293 | |
Extensions, discoveries and other additions | 74,666 | 74,107 | 68,612 | |
Purchase of minerals in-place | 614 | |||
Revisions of previous estimates | -2,800 | 18,274 | -247,811 | |
Production | -28,313 | -39,177 | -44,725 | |
Sale of properties | -91,548 | -132,246 | -70 | |
Ending balance | 413,876 | 461,871 | 540,913 | |
Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 236,256 | 222,880 | 221,819 | 222,651 |
Proved undeveloped reserves | 43,446 | 48,028 | 51,464 | 69,212 |
Beginning balance | 270,908 | 273,283 | 291,863 | |
Extensions, discoveries and other additions | 60,877 | 51,135 | 45,516 | |
Purchase of minerals in-place | 5 | |||
Revisions of previous estimates | 2,776 | 859 | -6,007 | |
Production | -54,859 | -54,374 | -58,089 | |
Ending balance | 279,702 | 270,908 | 273,283 | |
Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 136,707 | 126,948 | 128,395 | 148,328 |
Proved undeveloped reserves | 186,534 | 199,240 | 213,811 | 181,214 |
Beginning balance | 326,188 | 342,206 | 329,542 | |
Extensions, discoveries and other additions | 17,780 | 4,764 | 35,772 | |
Purchase of minerals in-place | 567 | |||
Revisions of previous estimates | -216 | -135 | -49 | |
Production | -20,511 | -20,647 | -23,626 | |
Ending balance | 323,241 | 326,188 | 342,206 | |
North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 122,058 | 117,457 | 137,626 | 163,248 |
Proved undeveloped reserves | 23,301 | 32,633 | 31,563 | 33,493 |
Beginning balance | 150,090 | 169,189 | 196,741 | |
Extensions, discoveries and other additions | 21,354 | 2,001 | 3,325 | |
Purchase of minerals in-place | 5,698 | 3,790 | ||
Revisions of previous estimates | -18 | 24 | -7,258 | |
Production | -26,067 | -26,822 | -27,409 | |
Ending balance | 145,359 | 150,090 | 169,189 | |
Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 66,494 | 81,695 | 96,462 | |
Proved undeveloped reserves | 23,504 | 20,106 | 20,871 | |
Beginning balance | 89,998 | 101,801 | 117,333 | |
Extensions, discoveries and other additions | 5 | 3,751 | 1,570 | |
Revisions of previous estimates | 35 | 585 | ||
Production | -2,856 | -15,589 | -17,687 | |
Sale of properties | -87,147 | |||
Ending balance | 89,998 | 101,801 | ||
Crude Oil and Condensate [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 784,770 | 794,795 | 825,811 | 804,653 |
Proved undeveloped reserves | 289,499 | 336,690 | 356,814 | 356,924 |
Beginning balance | 1,131,485 | 1,182,625 | 1,161,577 | |
Extensions, discoveries and other additions | 126,387 | 192,222 | 147,535 | |
Purchase of minerals in-place | 15,240 | 3,713 | 18,549 | |
Revisions of previous estimates | 3,849 | 1,533 | -16,052 | |
Production | -117,568 | -126,515 | -128,840 | |
Sale of properties | -85,124 | -122,093 | -144 | |
Ending balance | 1,074,269 | 1,131,485 | 1,182,625 | |
Crude Oil and Condensate [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 444,440 | 457,981 | 474,837 | 428,251 |
Proved undeveloped reserves | 170,125 | 195,835 | 203,068 | 205,763 |
Beginning balance | 653,816 | 677,905 | 634,014 | |
Extensions, discoveries and other additions | 57,011 | 133,227 | 84,656 | |
Purchase of minerals in-place | 15,240 | 85 | 15,942 | |
Revisions of previous estimates | 3,083 | 1,683 | -7,474 | |
Production | -48,789 | -53,621 | -49,089 | |
Sale of properties | -65,796 | -105,463 | -144 | |
Ending balance | 614,565 | 653,816 | 677,905 | |
Crude Oil and Condensate [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 75,876 | 80,526 | 79,695 | 81,846 |
Proved undeveloped reserves | 59,923 | 56,366 | 70,650 | 59,746 |
Beginning balance | 136,892 | 150,345 | 141,591 | |
Extensions, discoveries and other additions | 9,657 | 10,177 | 18,935 | |
Purchase of minerals in-place | 188 | |||
Revisions of previous estimates | -812 | -531 | -4,577 | |
Production | -6,421 | -6,469 | -5,792 | |
Sale of properties | -3,517 | -16,630 | ||
Ending balance | 135,799 | 136,892 | 150,345 | |
Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 128,712 | 119,242 | 106,746 | 105,840 |
Proved undeveloped reserves | 14,617 | 16,302 | 17,288 | 22,195 |
Beginning balance | 135,544 | 124,034 | 128,035 | |
Extensions, discoveries and other additions | 38,074 | 43,738 | 36,188 | |
Purchase of minerals in-place | 5 | |||
Revisions of previous estimates | 1,801 | 457 | -3,678 | |
Production | -32,090 | -32,690 | -36,511 | |
Ending balance | 143,329 | 135,544 | 124,034 | |
Crude Oil and Condensate [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 29,996 | 22,524 | 29,053 | 35,725 |
Proved undeveloped reserves | 25,775 | 36,703 | 34,808 | 32,220 |
Beginning balance | 59,227 | 63,861 | 67,945 | |
Extensions, discoveries and other additions | 4,254 | 2,539 | 6,277 | |
Purchase of minerals in-place | 276 | |||
Revisions of previous estimates | -216 | -118 | -66 | |
Production | -7,494 | -7,055 | -10,571 | |
Ending balance | 55,771 | 59,227 | 63,861 | |
Crude Oil and Condensate [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 105,746 | 100,327 | 119,635 | 136,990 |
Proved undeveloped reserves | 19,059 | 29,253 | 28,019 | 32,415 |
Beginning balance | 129,580 | 147,654 | 169,405 | |
Extensions, discoveries and other additions | 17,386 | 1,543 | 346 | |
Purchase of minerals in-place | 3,623 | 2,143 | ||
Revisions of previous estimates | -7 | 18 | -928 | |
Production | -22,154 | -23,258 | -23,312 | |
Ending balance | 124,805 | 129,580 | 147,654 | |
Crude Oil and Condensate [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 14,195 | 15,845 | 16,001 | |
Proved undeveloped reserves | 2,231 | 2,981 | 4,585 | |
Beginning balance | 16,426 | 18,826 | 20,587 | |
Extensions, discoveries and other additions | 5 | 998 | 1,133 | |
Revisions of previous estimates | 24 | 671 | ||
Production | -620 | -3,422 | -3,565 | |
Sale of properties | -15,811 | |||
Ending balance | 16,426 | 18,826 | ||
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 204,628 | 217,129 | 183,949 | 145,438 |
Proved undeveloped reserves | 77,579 | 74,732 | 74,403 | 62,460 |
Beginning balance | 291,861 | 258,352 | 207,898 | |
Extensions, discoveries and other additions | 50,500 | 73,245 | 79,866 | |
Purchase of minerals in-place | 2,916 | 340 | 470 | |
Revisions of previous estimates | 2,691 | 2,141 | -13,626 | |
Production | -24,589 | -23,595 | -16,256 | |
Sale of properties | -41,172 | -18,622 | ||
Ending balance | 282,207 | 291,861 | 258,352 | |
Natural Gas Liquids [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 183,565 | 184,485 | 154,508 | 107,490 |
Proved undeveloped reserves | 69,828 | 63,538 | 60,889 | 52,543 |
Beginning balance | 248,023 | 215,397 | 160,033 | |
Extensions, discoveries and other additions | 47,516 | 69,231 | 71,965 | |
Purchase of minerals in-place | 2,916 | 45 | 230 | |
Revisions of previous estimates | 2,594 | 1,591 | -4,559 | |
Production | -21,464 | -19,922 | -12,272 | |
Sale of properties | -26,192 | -18,319 | ||
Ending balance | 253,393 | 248,023 | 215,397 | |
Natural Gas Liquids [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 17,947 | 26,099 | 21,996 | 23,256 |
Proved undeveloped reserves | 7,168 | 9,970 | 12,258 | 8,193 |
Beginning balance | 36,069 | 34,254 | 31,450 | |
Extensions, discoveries and other additions | 1,163 | 4,014 | 7,655 | |
Purchase of minerals in-place | 9 | |||
Revisions of previous estimates | 116 | 546 | -2,569 | |
Production | -2,256 | -2,442 | -2,291 | |
Sale of properties | -9,977 | -303 | ||
Ending balance | 25,115 | 36,069 | 34,254 | |
Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,346 | |||
Proved undeveloped reserves | 212 | |||
Extensions, discoveries and other additions | 1,820 | |||
Revisions of previous estimates | -17 | |||
Production | -245 | |||
Ending balance | 1,558 | |||
Natural Gas Liquids [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,770 | 2,435 | 2,438 | 8,753 |
Proved undeveloped reserves | 371 | 215 | 380 | 509 |
Beginning balance | 2,650 | 2,818 | 9,262 | |
Extensions, discoveries and other additions | 1 | 246 | ||
Purchase of minerals in-place | 295 | 231 | ||
Revisions of previous estimates | -2 | 1 | -6,329 | |
Production | -508 | -464 | -592 | |
Ending balance | 2,141 | 2,650 | 2,818 | |
Natural Gas Liquids [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 4,110 | 5,007 | 5,939 | |
Proved undeveloped reserves | 1,009 | 876 | 1,215 | |
Beginning balance | 5,119 | 5,883 | 7,153 | |
Revisions of previous estimates | 3 | -169 | ||
Production | -116 | -767 | -1,101 | |
Sale of properties | -5,003 | |||
Ending balance | 5,119 | 5,883 | ||
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 3,971,360 | 4,926,064 | 5,833,105 | 6,253,418 |
Proved undeveloped reserves | 2,267,400 | 2,412,348 | 2,631,101 | 3,468,855 |
Beginning balance | 7,338,412 | 8,464,206 | 9,722,273 | |
Extensions, discoveries and other additions | 817,253 | 743,212 | 869,949 | |
Purchase of minerals in-place | 21,337 | 11,535 | 326,627 | |
Revisions of previous estimates | 29,179 | 173,191 | -1,614,206 | |
Production | -580,043 | -765,437 | -839,403 | |
Sale of properties | -1,387,378 | -1,288,295 | -1,034 | |
Ending balance | 6,238,760 | 7,338,412 | 8,464,206 | |
Natural Gas [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,616,504 | 2,005,966 | 2,353,587 | 2,215,973 |
Proved undeveloped reserves | 580,299 | 667,160 | 832,320 | 760,238 |
Beginning balance | 2,673,126 | 3,185,907 | 2,976,211 | |
Extensions, discoveries and other additions | 203,318 | 306,721 | 365,863 | |
Purchase of minerals in-place | 21,337 | 855 | 313,885 | |
Revisions of previous estimates | 35,910 | 61,247 | -156,840 | |
Production | -215,829 | -285,187 | -312,600 | |
Sale of properties | -521,059 | -596,417 | -612 | |
Ending balance | 2,196,803 | 2,673,126 | 3,185,907 | |
Natural Gas [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 990,145 | 1,294,420 | 1,734,657 | 2,108,801 |
Proved undeveloped reserves | 527,623 | 439,037 | 403,227 | 1,438,710 |
Beginning balance | 1,733,457 | 2,137,884 | 3,547,511 | |
Extensions, discoveries and other additions | 383,077 | 359,493 | 252,130 | |
Purchase of minerals in-place | 2,503 | |||
Revisions of previous estimates | -12,626 | 109,551 | -1,443,989 | |
Production | -117,816 | -181,593 | -219,849 | |
Sale of properties | -468,324 | -691,878 | -422 | |
Ending balance | 1,517,768 | 1,733,457 | 2,137,884 | |
Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 637,187 | 621,825 | 690,436 | 700,866 |
Proved undeveloped reserves | 171,696 | 190,355 | 205,055 | 282,100 |
Beginning balance | 812,180 | 895,491 | 982,966 | |
Extensions, discoveries and other additions | 125,899 | 44,382 | 55,967 | |
Revisions of previous estimates | 5,949 | 2,413 | -13,974 | |
Production | -135,145 | -130,106 | -129,468 | |
Ending balance | 808,883 | 812,180 | 895,491 | |
Natural Gas [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 640,265 | 626,543 | 596,052 | 675,618 |
Proved undeveloped reserves | 964,554 | 975,224 | 1,074,018 | 893,966 |
Beginning balance | 1,601,767 | 1,670,070 | 1,569,584 | |
Extensions, discoveries and other additions | 81,156 | 13,351 | 176,969 | |
Purchase of minerals in-place | 1,745 | |||
Revisions of previous estimates | -101 | 101 | ||
Production | -78,104 | -81,553 | -78,329 | |
Ending balance | 1,604,819 | 1,601,767 | 1,670,070 | |
Natural Gas [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 87,259 | 88,177 | 93,319 | 105,028 |
Proved undeveloped reserves | 23,228 | 18,988 | 18,985 | 3,414 |
Beginning balance | 107,165 | 112,304 | 108,442 | |
Extensions, discoveries and other additions | 23,803 | 2,750 | 16,397 | |
Purchase of minerals in-place | 10,680 | 8,494 | ||
Revisions of previous estimates | -54 | 32 | ||
Production | -20,427 | -18,601 | -21,029 | |
Ending balance | 110,487 | 107,165 | 112,304 | |
Natural Gas [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 289,133 | 365,054 | 447,132 | |
Proved undeveloped reserves | 121,584 | 97,496 | 90,427 | |
Beginning balance | 410,717 | 462,550 | 537,559 | |
Extensions, discoveries and other additions | 16,515 | 2,623 | ||
Revisions of previous estimates | 49 | 496 | ||
Production | -12,722 | -68,397 | -78,128 | |
Sale of properties | -397,995 | |||
Ending balance | 410,717 | 462,550 |
Supplemental_Oil_and_Gas_Discl8
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
MBbls | MBbls | MBbls | MBbls | |
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,651,291 | 1,832,936 | 1,981,945 | 1,992,327 |
Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 236,256 | 222,880 | 221,819 | 222,651 |
Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 93 | 90 | ||
Crude Oil and Condensate [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 784,770 | 794,795 | 825,811 | 804,653 |
Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 128,712 | 119,242 | 106,746 | 105,840 |
Crude Oil and Condensate [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 48,000 | 45,000 | ||
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 204,628 | 217,129 | 183,949 | 145,438 |
Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,346 | |||
Natural Gas Liquids [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 519 | |||
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 3,971,360 | 4,926,064 | 5,833,105 | 6,253,418 |
Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 637,187 | 621,825 | 690,436 | 700,866 |
Natural Gas [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 270 | 271 |
Supplemental_Oil_and_Gas_Discl9
Supplemental Oil and Gas Disclosures - Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | $142,934 | $154,598 |
Production costs | -47,562 | -50,544 |
Development costs | -12,507 | -15,155 |
Income tax expense | -21,465 | -23,428 |
Net cash flows | 61,400 | 65,471 |
10 percent discount rate | -29,742 | -32,877 |
Discounted future net cash flows | 31,658 | 32,594 |
United States [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 73,859 | 79,654 |
Production costs | -25,875 | -26,032 |
Development costs | -4,422 | -4,834 |
Income tax expense | -10,657 | -12,832 |
Net cash flows | 32,905 | 35,956 |
10 percent discount rate | -17,639 | -20,117 |
Discounted future net cash flows | 15,266 | 15,839 |
Canada [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 18,966 | 19,260 |
Production costs | -7,537 | -8,105 |
Development costs | -2,453 | -2,458 |
Income tax expense | -1,070 | -678 |
Net cash flows | 7,906 | 8,019 |
10 percent discount rate | -3,983 | -3,987 |
Discounted future net cash flows | 3,923 | 4,032 |
Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 16,802 | 16,864 |
Production costs | -2,924 | -2,590 |
Development costs | -1,683 | -1,899 |
Income tax expense | -4,091 | -4,328 |
Net cash flows | 8,104 | 8,047 |
10 percent discount rate | -2,099 | -2,193 |
Discounted future net cash flows | 6,005 | 5,854 |
Australia [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 19,391 | 20,637 |
Production costs | -4,105 | -4,494 |
Development costs | -1,173 | -2,283 |
Income tax expense | -3,202 | -3,072 |
Net cash flows | 10,911 | 10,788 |
10 percent discount rate | -5,875 | -6,423 |
Discounted future net cash flows | 5,036 | 4,365 |
North Sea [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 13,916 | 15,359 |
Production costs | -7,121 | -8,147 |
Development costs | -2,776 | -3,284 |
Income tax expense | -2,445 | -2,376 |
Net cash flows | 1,574 | 1,552 |
10 percent discount rate | -146 | 85 |
Discounted future net cash flows | 1,428 | 1,637 |
Argentina [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 2,824 | |
Production costs | -1,176 | |
Development costs | -397 | |
Income tax expense | -142 | |
Net cash flows | 1,109 | |
10 percent discount rate | -242 | |
Discounted future net cash flows | $867 |
Recovered_Sheet1
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 | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
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 | $43,000,000,000 | $45,400,000,000 |
Total estimated future net cash flows | 31,658,000,000 | 32,594,000,000 |
Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Total estimated future net cash flows | 6,005,000,000 | 5,854,000,000 |
Egypt [Member] | Noncontrolling Interest [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Total estimated future net cash flows | $2,000,000,000 | $1,950,000,000 |
Recovered_Sheet2
Supplemental Oil and Gas Disclosures - Principal Sources of Change In Discounted Future Net Cash Flows (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Extractive Industries [Abstract] | ||||
Sales, net of production costs | ($374) | ($10,350) | ($12,271) | ($12,589) |
Net change in prices and production costs | -1,029 | 1,438 | -1,941 | |
Discoveries and improved recovery, net of related costs | 6,297 | 6,892 | 6,742 | |
Change in future development costs | 1,136 | -2,017 | -935 | |
Previously estimated development costs incurred during the period | 4,462 | 4,654 | 4,359 | |
Revision of quantities | 256 | 500 | -4,065 | |
Purchases of minerals in-place | 508 | 227 | 1,181 | |
Accretion of discount | 4,442 | 4,823 | 5,234 | |
Change in income taxes | 836 | 855 | 2,711 | |
Sales of properties | -4,780 | -6,232 | -3 | |
Change in production rates and other | -442 | -828 | -2,088 | |
Change in the discounted future net cash flows, Total | ($936) | ($1,959) | ($1,394) |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Data - Supplemental Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues and other | $2,952,000,000 | $3,740,000,000 | $3,484,000,000 | $3,675,000,000 | $3,446,000,000 | $3,900,000,000 | $4,268,000,000 | $3,946,000,000 | $13,851,000,000 | $15,560,000,000 | $16,564,000,000 |
Expenses | 7,718,000,000 | 4,981,000,000 | 2,871,000,000 | 2,824,000,000 | 3,217,000,000 | 3,464,000,000 | 3,231,000,000 | 3,168,000,000 | 16,757,000,000 | 11,156,000,000 | 11,724,000,000 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | -4,766,000,000 | -1,241,000,000 | 613,000,000 | 851,000,000 | 229,000,000 | 436,000,000 | 1,037,000,000 | 778,000,000 | -4,543,000,000 | 2,480,000,000 | 1,987,000,000 |
Net income (loss) from discontinued operations, net of tax | -517,000,000 | 1,000,000 | -130,000,000 | -2,000,000 | -61,000,000 | -517,000,000 | -192,000,000 | 14,000,000 | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -4,766,000,000 | -1,241,000,000 | 613,000,000 | 334,000,000 | 230,000,000 | 306,000,000 | 1,035,000,000 | 717,000,000 | -5,060,000,000 | 2,288,000,000 | 2,001,000,000 |
Net income (loss) attributable to common stock | -4,814,000,000 | -1,330,000,000 | 505,000,000 | 236,000,000 | 174,000,000 | 300,000,000 | 1,016,000,000 | 698,000,000 | -5,403,000,000 | 2,188,000,000 | 1,925,000,000 |
Basic net income (loss) per common share: | |||||||||||
Net income (loss) from continuing operations | ($12.78) | ($3.50) | $1.31 | $1.92 | $0.43 | $1.08 | $2.60 | $1.94 | ($12.72) | $6.02 | $4.91 |
Net income (loss) from discontinued operations | ($1.32) | $0.01 | ($0.33) | ($0.01) | ($0.16) | ($1.34) | ($0.49) | $0.04 | |||
Net income (loss) per share | ($12.78) | ($3.50) | $1.31 | $0.60 | $0.44 | $0.75 | $2.59 | $1.78 | ($14.06) | $5.53 | $4.95 |
DILUTED NET INCOME (LOSS) PER COMMON SHARE: | |||||||||||
Net income (loss) from continuing operations | ($12.78) | ($3.50) | $1.31 | $1.90 | $0.43 | $1.07 | $2.54 | $1.91 | ($12.72) | $5.97 | $4.89 |
Net income (loss) from discontinued operations | ($1.30) | ($0.32) | ($0.15) | ($1.34) | ($0.47) | $0.03 | |||||
Net income (loss) per share | ($12.78) | ($3.50) | $1.31 | $0.60 | $0.43 | $0.75 | $2.54 | $1.76 | ($14.06) | $5.50 | $4.92 |
Write-down of the carrying value of Oil and Gas properties, net of tax | 3,100,000,000 | 541,000,000 | |||||||||
Asset impairments total | 2,400,000,000 | 2,357,000,000 | 0 | 0 | |||||||
Impairment of goodwill | 1,300,000,000 | 1,300,000,000 | 0 | 0 | |||||||
Impairment of assets held for sale and other assets | $1,000,000,000 | $1,000,000,000 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Apache Finance Canada [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Equity ownership percentage | 100.00% |
Notes Due 2029 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Publicly traded notes | $300 |
Publicly-traded notes maturity date | 2029 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | $13,749 | $15,911 | $16,428 | ||||||||
Derivative instrument losses, net | 284 | -399 | -79 | ||||||||
Other | -182 | 48 | 215 | ||||||||
Total revenues and other | 2,952 | 3,740 | 3,484 | 3,675 | 3,446 | 3,900 | 4,268 | 3,946 | 13,851 | 15,560 | 16,564 |
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 10,158 | 6,289 | 6,881 | ||||||||
Asset retirement obligation accretion | 181 | 238 | 228 | ||||||||
Lease operating expenses | 2,479 | 2,864 | 2,784 | ||||||||
Gathering and transportation | 273 | 288 | 295 | ||||||||
Taxes other than income | 678 | 785 | 818 | ||||||||
Impairments | 2,400 | 2,357 | 0 | 0 | |||||||
General and administrative | 434 | 482 | 515 | ||||||||
Acquisition, divestiture, and separation costs | 67 | 33 | 31 | ||||||||
Financing costs, net | 130 | 177 | 172 | ||||||||
Total operating expenses | 7,718 | 4,981 | 2,871 | 2,824 | 3,217 | 3,464 | 3,231 | 3,168 | 16,757 | 11,156 | 11,724 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -2,906 | 4,404 | 4,840 | ||||||||
Provision (benefit) for income taxes | 1,637 | 1,924 | 2,853 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | -4,766 | -1,241 | 613 | 851 | 229 | 436 | 1,037 | 778 | -4,543 | 2,480 | 1,987 |
Net income (loss) from discontinued operations, net of tax | -517 | 1 | -130 | -2 | -61 | -517 | -192 | 14 | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -4,766 | -1,241 | 613 | 334 | 230 | 306 | 1,035 | 717 | -5,060 | 2,288 | 2,001 |
Preferred stock dividends | 44 | 76 | |||||||||
Net income attributable to noncontrolling interest | 343 | 56 | |||||||||
Net income (loss) attributable to common shareholders | -4,814 | -1,330 | 505 | 236 | 174 | 300 | 1,016 | 698 | -5,403 | 2,188 | 1,925 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | -5,404 | 2,204 | 1,803 | ||||||||
Reclassifications & Eliminations [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Equity in net income (loss) of affiliates | 111 | -2,366 | -1,034 | ||||||||
Other | 5 | -4 | -4 | ||||||||
Total revenues and other | 116 | -2,370 | -1,038 | ||||||||
OPERATING EXPENSES: | |||||||||||
General and administrative | 5 | -4 | -4 | ||||||||
Total operating expenses | 5 | -4 | -4 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 111 | -2,366 | -1,034 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 111 | -2,366 | -1,034 | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 111 | -2,366 | -1,034 | ||||||||
Net income (loss) attributable to common shareholders | 111 | -2,366 | -1,034 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 111 | -2,366 | -1,034 | ||||||||
Apache Corporation [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | 3,399 | 4,585 | 4,237 | ||||||||
Equity in net income (loss) of affiliates | 25 | 2,313 | 1,523 | ||||||||
Derivative instrument losses, net | 141 | -399 | |||||||||
Other | 54 | -80 | |||||||||
Total revenues and other | 3,619 | 6,499 | 5,680 | ||||||||
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 5,845 | 2,250 | 1,391 | ||||||||
Asset retirement obligation accretion | 31 | 67 | 76 | ||||||||
Lease operating expenses | 509 | 939 | 957 | ||||||||
Gathering and transportation | 58 | 61 | 51 | ||||||||
Taxes other than income | 206 | 190 | 185 | ||||||||
Impairments | 175 | ||||||||||
General and administrative | 377 | 408 | 425 | ||||||||
Acquisition, divestiture, and separation costs | 67 | 33 | 25 | ||||||||
Financing costs, net | 158 | 97 | 94 | ||||||||
Total operating expenses | 7,426 | 4,045 | 3,204 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -3,807 | 2,454 | 2,476 | ||||||||
Provision (benefit) for income taxes | 1,472 | 222 | 475 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | -5,279 | 2,232 | 2,001 | ||||||||
Net income (loss) from discontinued operations, net of tax | -127 | ||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -5,406 | 2,232 | 2,001 | ||||||||
Preferred stock dividends | 44 | 76 | |||||||||
Net income (loss) attributable to common shareholders | -5,406 | 2,188 | 1,925 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | -5,407 | 2,204 | 1,803 | ||||||||
Apache Finance Canada [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Equity in net income (loss) of affiliates | -209 | 17 | -737 | ||||||||
Other | 55 | 61 | 69 | ||||||||
Total revenues and other | -154 | 78 | -668 | ||||||||
OPERATING EXPENSES: | |||||||||||
Financing costs, net | -24 | 5 | -20 | ||||||||
Total operating expenses | -24 | 5 | -20 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -130 | 73 | -648 | ||||||||
Provision (benefit) for income taxes | 6 | 20 | -159 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | -136 | 53 | -489 | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | -136 | 53 | -489 | ||||||||
Net income (loss) attributable to common shareholders | -136 | 53 | -489 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | -136 | 53 | -489 | ||||||||
All Other Subsidiaries of Apache Corporation [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | 10,350 | 11,326 | 12,191 | ||||||||
Equity in net income (loss) of affiliates | 73 | 36 | 248 | ||||||||
Derivative instrument losses, net | 143 | ||||||||||
Other | -296 | -9 | 151 | ||||||||
Total revenues and other | 10,270 | 11,353 | 12,590 | ||||||||
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 4,313 | 4,039 | 5,490 | ||||||||
Asset retirement obligation accretion | 150 | 171 | 152 | ||||||||
Lease operating expenses | 1,970 | 1,925 | 1,827 | ||||||||
Gathering and transportation | 215 | 227 | 244 | ||||||||
Taxes other than income | 472 | 595 | 633 | ||||||||
Impairments | 2,182 | ||||||||||
General and administrative | 52 | 78 | 94 | ||||||||
Acquisition, divestiture, and separation costs | 6 | ||||||||||
Financing costs, net | -4 | 75 | 98 | ||||||||
Total operating expenses | 9,350 | 7,110 | 8,544 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 920 | 4,243 | 4,046 | ||||||||
Provision (benefit) for income taxes | 159 | 1,682 | 2,537 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 761 | 2,561 | 1,509 | ||||||||
Net income (loss) from discontinued operations, net of tax | -390 | -192 | 14 | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 371 | 2,369 | 1,523 | ||||||||
Net income attributable to noncontrolling interest | 343 | 56 | |||||||||
Net income (loss) attributable to common shareholders | 28 | 2,313 | 1,523 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $28 | $2,313 | $1,523 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | $8,379 | $9,603 | $8,281 |
CASH PROVIDED BY DISCONTINUED OPERATIONS | 82 | 232 | 223 |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 8,461 | 9,835 | 8,504 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to oil and gas property | -9,721 | -9,612 | -7,428 |
Additions to gas gathering, transmission, and processing facilities | -1,159 | -1,190 | -733 |
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | ||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | ||
Acquisition of Cordillera | -2,666 | ||
Proceeds from sale of Anadarko Basin and Southern Louisiana assets | 1,262 | ||
Equity investment in Yara Pilbara Holdings Pty Limited | -439 | ||
Leasehold and property acquisitions | -1,492 | -419 | -1,303 |
Proceeds from Kitimat LNG transaction, net | 396 | ||
Proceeds from sale of oil and gas properties | 470 | 307 | 27 |
Other | -272 | -90 | -555 |
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | -9,552 | -6,906 | -13,097 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 748 | -210 | -327 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -8,804 | -7,116 | -13,424 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Commercial paper, credit facility, and bank notes, net | 1,568 | -509 | 511 |
Fixed rate debt borrowings | 4,978 | ||
Payments on fixed rate debt | -2,072 | -400 | |
Dividends paid | -365 | -360 | -332 |
Distributions to noncontrolling interest | -140 | ||
Proceeds from sale of noncontrolling interest | 2,948 | ||
Treasury stock activity, net | -1,864 | ||
Shares repurchased | -1,864 | -997 | |
Other | 49 | 21 | -10 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | -752 | -969 | 4,747 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | -42 | -4 | 38 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -794 | -973 | 4,785 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -1,137 | 1,746 | -135 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,906 | 160 | 295 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 769 | 1,906 | 160 |
Reclassifications & Eliminations [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in subsidiaries, net | -2,168 | 657 | |
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | -2,168 | 657 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -2,168 | 657 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Intercompany borrowings | 2,180 | -697 | |
Other | -12 | 40 | |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | 2,168 | -657 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 2,168 | -657 | |
Apache Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | 6,691 | 1,421 | 2,357 |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 6,691 | 1,421 | 2,357 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to oil and gas property | -9,706 | -4,096 | -2,308 |
Additions to gas gathering, transmission, and processing facilities | 49 | -124 | -48 |
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | ||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 3,702 | ||
Acquisition of Cordillera | -2,666 | ||
Proceeds from sale of Anadarko Basin and Southern Louisiana assets | 1,262 | ||
Leasehold and property acquisitions | -1,087 | -195 | -1,071 |
Proceeds from sale of oil and gas properties | 15 | 25 | |
Investment in subsidiaries, net | 2,168 | -657 | |
Other | -278 | -58 | -450 |
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | -6,217 | -771 | -7,175 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -6,217 | -771 | -7,175 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Commercial paper, credit facility, and bank notes, net | 1,570 | -501 | 502 |
Intercompany borrowings | 3,056 | ||
Fixed rate debt borrowings | 4,978 | ||
Payments on fixed rate debt | -1,722 | -400 | |
Dividends paid | -365 | -360 | -332 |
Treasury stock activity, net | -1,864 | ||
Shares repurchased | -997 | ||
Other | -5 | 29 | 29 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | -664 | -495 | 4,777 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -664 | -495 | 4,777 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -190 | 155 | -41 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 155 | 41 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 267 | 155 | |
Apache Finance Canada [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | 17 | 315 | -40 |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 17 | 315 | -40 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Intercompany borrowings | 8 | 1 | |
Payments on fixed rate debt | -350 | ||
Other | -28 | 37 | 35 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | -20 | -312 | 35 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -20 | -312 | 35 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -3 | 3 | -5 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3 | 5 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3 | ||
All Other Subsidiaries of Apache Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | 1,671 | 7,867 | 5,964 |
CASH PROVIDED BY DISCONTINUED OPERATIONS | 82 | 232 | 223 |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,753 | 8,099 | 6,187 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to oil and gas property | -15 | -5,516 | -5,120 |
Additions to gas gathering, transmission, and processing facilities | -1,208 | -1,066 | -685 |
Equity investment in Yara Pilbara Holdings Pty Limited | -439 | ||
Leasehold and property acquisitions | -405 | -224 | -232 |
Proceeds from Kitimat LNG transaction, net | 396 | ||
Proceeds from sale of oil and gas properties | 455 | 307 | 2 |
Other | 6 | -32 | -105 |
NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES | -1,167 | -6,135 | -6,579 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 748 | -210 | -327 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -419 | -6,345 | -6,906 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Commercial paper, credit facility, and bank notes, net | -2 | -8 | 9 |
Intercompany borrowings | -2,188 | -3,057 | 697 |
Distributions to noncontrolling interest | -140 | ||
Proceeds from sale of noncontrolling interest | 2,948 | ||
Other | 94 | -45 | -114 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | -2,236 | -162 | 592 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | -42 | -4 | 38 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -2,278 | -166 | 630 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -944 | 1,588 | -89 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,748 | 160 | 249 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $502 | $1,748 | $160 |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $769 | $1,906 | $160 | $295 |
Receivables, net of allowance | 2,024 | 2,952 | ||
Inventories | 708 | 891 | ||
Drilling advances | 388 | 371 | ||
Assets held for sale | 1,628 | |||
Deferred tax asset | 769 | 134 | ||
Prepaid assets and other | 129 | 112 | ||
Total current assets | 6,415 | 6,366 | ||
PROPERTY AND EQUIPMENT, NET | 48,076 | 52,421 | ||
OTHER ASSETS: | ||||
Goodwill, net | 87 | 1,369 | ||
Deferred charges and other | 1,374 | 1,481 | ||
Total assets | 55,952 | 61,637 | 58,902 | |
CURRENT LIABILITIES: | ||||
Accounts payable | 1,210 | 1,616 | ||
Current debt | 53 | |||
Asset retirement obligation | 37 | 121 | ||
Derivative instruments | 299 | |||
Other current liabilities | 2,417 | 2,611 | ||
Total current liabilities | 3,664 | 4,700 | ||
LONG-TERM DEBT | 11,245 | 9,672 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 9,499 | 8,364 | ||
Asset retirement obligation | 3,048 | 3,101 | ||
Other | 359 | 407 | ||
Total deferred credits and other noncurrent liabilities | 12,906 | 11,872 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | 25,937 | 33,396 | ||
Noncontrolling interest | 2,200 | 1,997 | ||
TOTAL EQUITY | 28,137 | 35,393 | 31,331 | 28,993 |
Total liabilities and shareholders' equity | 55,952 | 61,637 | ||
Reclassifications & Eliminations [Member] | ||||
CURRENT ASSETS: | ||||
Intercompany receivable | -4,939 | -5,357 | ||
Total current assets | -4,939 | -5,357 | ||
OTHER ASSETS: | ||||
Intercompany receivable | -608 | -1,572 | ||
Equity in affiliates | -27,104 | -26,347 | ||
Deferred charges and other | -1,000 | -1,000 | ||
Total assets | -33,651 | -34,276 | ||
CURRENT LIABILITIES: | ||||
Intercompany payable | -4,939 | -5,357 | ||
Total current liabilities | -4,939 | -5,357 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | -608 | -1,572 | ||
Other | -1,000 | -1,000 | ||
Total deferred credits and other noncurrent liabilities | -1,608 | -2,572 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | -27,104 | -26,347 | ||
TOTAL EQUITY | -27,104 | -26,347 | ||
Total liabilities and shareholders' equity | -33,651 | -34,276 | ||
Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 267 | 155 | 41 | |
Receivables, net of allowance | 837 | 1,043 | ||
Inventories | 24 | 48 | ||
Drilling advances | 34 | 49 | ||
Deferred tax asset | 612 | 68 | ||
Prepaid assets and other | 32 | 32 | ||
Intercompany receivable | 4,939 | 5,357 | ||
Total current assets | 6,745 | 6,752 | ||
PROPERTY AND EQUIPMENT, NET | 13,940 | 16,092 | ||
OTHER ASSETS: | ||||
Intercompany receivable | 1,572 | |||
Equity in affiliates | 25,791 | 24,743 | ||
Goodwill, net | 173 | |||
Deferred charges and other | 175 | 166 | ||
Total assets | 46,651 | 49,498 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 748 | 956 | ||
Asset retirement obligation | 28 | 115 | ||
Derivative instruments | 299 | |||
Other current liabilities | 1,014 | 896 | ||
Total current liabilities | 1,790 | 2,266 | ||
LONG-TERM DEBT | 10,947 | 9,374 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | 608 | |||
Income taxes | 5,076 | 3,586 | ||
Asset retirement obligation | 211 | 430 | ||
Other | 2,082 | 446 | ||
Total deferred credits and other noncurrent liabilities | 7,977 | 4,462 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | 25,937 | 33,396 | ||
TOTAL EQUITY | 25,937 | 33,396 | ||
Total liabilities and shareholders' equity | 46,651 | 49,498 | ||
Apache Finance Canada [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 3 | 5 | ||
Drilling advances | 1 | |||
Total current assets | 1 | 3 | ||
OTHER ASSETS: | ||||
Equity in affiliates | 869 | 1,155 | ||
Deferred charges and other | 1,002 | 1,006 | ||
Total assets | 1,872 | 2,164 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 10 | 2 | ||
Other current liabilities | 1 | 10 | ||
Total current liabilities | 11 | 12 | ||
LONG-TERM DEBT | 298 | 298 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Other | 250 | 250 | ||
Total deferred credits and other noncurrent liabilities | 250 | 250 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | 1,313 | 1,604 | ||
TOTAL EQUITY | 1,313 | 1,604 | ||
Total liabilities and shareholders' equity | 1,872 | 2,164 | ||
All Other Subsidiaries of Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 502 | 1,748 | 160 | 249 |
Receivables, net of allowance | 1,187 | 1,909 | ||
Inventories | 684 | 843 | ||
Drilling advances | 353 | 322 | ||
Assets held for sale | 1,628 | |||
Deferred tax asset | 157 | 66 | ||
Prepaid assets and other | 97 | 80 | ||
Total current assets | 4,608 | 4,968 | ||
PROPERTY AND EQUIPMENT, NET | 34,136 | 36,329 | ||
OTHER ASSETS: | ||||
Intercompany receivable | 608 | |||
Equity in affiliates | 444 | 449 | ||
Goodwill, net | 87 | 1,196 | ||
Deferred charges and other | 1,197 | 1,309 | ||
Total assets | 41,080 | 44,251 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 452 | 658 | ||
Current debt | 53 | |||
Asset retirement obligation | 9 | 6 | ||
Other current liabilities | 1,402 | 1,705 | ||
Intercompany payable | 4,939 | 5,357 | ||
Total current liabilities | 6,802 | 7,779 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | 1,572 | |||
Income taxes | 4,423 | 4,778 | ||
Asset retirement obligation | 2,837 | 2,671 | ||
Other | -973 | 711 | ||
Total deferred credits and other noncurrent liabilities | 6,287 | 9,732 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | 25,791 | 24,743 | ||
Noncontrolling interest | 2,200 | 1,997 | ||
TOTAL EQUITY | 27,991 | 26,740 | ||
Total liabilities and shareholders' equity | $41,080 | $44,251 |