Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | APA | |
Entity Registrant Name | APACHE CORP | |
Entity Central Index Key | 6,769 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 378,014,176 |
Statement of Consolidated Opera
Statement of Consolidated Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Oil and gas production revenues | ||||
Oil and gas production revenues | $ 1,572 | $ 3,181 | $ 5,162 | $ 10,043 |
Derivative instrument gains, net | 273 | 79 | ||
Other | (76) | (13) | (59) | (4) |
Total revenues and other | 1,496 | 3,441 | 5,103 | 10,118 |
Oil and gas property and equipment | ||||
Depreciation, depletion and amortization | 6,629 | 2,735 | 21,753 | 5,193 |
Asset retirement obligation accretion | 37 | 39 | 109 | 115 |
Lease operating expenses | 450 | 588 | 1,398 | 1,696 |
Gathering and transportation | 58 | 67 | 163 | 203 |
Taxes other than income | 104 | 124 | 232 | 482 |
Impairments | 367 | 367 | ||
General and administrative | 86 | 111 | 279 | 332 |
Transaction, reorganization, and separation | 34 | 120 | 66 | |
Financing costs, net | 107 | 60 | 240 | 157 |
Total operating expenses | 7,838 | 3,758 | 24,661 | 8,244 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,342) | (317) | (19,558) | 1,874 |
Current income tax provision (benefit) | (84) | 228 | 496 | 968 |
Deferred income tax provision (benefit) | (707) | 540 | (5,167) | 684 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (5,551) | (1,085) | (14,887) | 222 |
Net loss from discontinued operations, net of tax | (95) | (156) | (959) | (516) |
NET LOSS INCLUDING NONCONTROLLING INTEREST | (5,646) | (1,241) | (15,846) | (294) |
Net income attributable to noncontrolling interest | 9 | 89 | 60 | 295 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (5,655) | (1,330) | (15,906) | (589) |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS: | ||||
Net loss from continuing operations attributable to common shareholders | (5,560) | (1,174) | (14,947) | (73) |
Net loss from discontinued operations | (95) | (156) | (959) | (516) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (5,655) | $ (1,330) | $ (15,906) | $ (589) |
NET LOSS PER COMMON SHARE: | ||||
Basic net loss from continuing operations per share | $ (14.70) | $ (3.08) | $ (39.58) | $ (0.19) |
Basic net loss from discontinued operations per share | (0.25) | (0.42) | (2.54) | (1.33) |
Basic net loss per share | (14.95) | (3.50) | (42.12) | (1.52) |
DILUTED NET LOSS PER COMMON SHARE: | ||||
Diluted net loss from continuing operations per share | (14.70) | (3.08) | (39.58) | (0.19) |
Diluted net loss from discontinued operations per share | (0.25) | (0.42) | (2.54) | (1.33) |
Diluted net loss per share | $ (14.95) | $ (3.50) | $ (42.12) | $ (1.52) |
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
Basic | 378 | 381 | 378 | 387 |
Diluted | 378 | 381 | 378 | 387 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Other Assets [Member] | ||||
Oil and gas property and equipment | ||||
Depreciation, depletion and amortization | $ 79 | $ 87 | $ 245 | $ 246 |
Oil and Gas Property and Equipment Recurring [Member] | ||||
Oil and gas property and equipment | ||||
Depreciation, depletion and amortization | 829 | 1,086 | 2,751 | 3,182 |
Oil and Gas Property and Equipment Additional [Member] | ||||
Oil and gas property and equipment | ||||
Depreciation, depletion and amortization | 5,721 | 1,562 | 18,757 | 1,765 |
Oil Reserves [Member] | ||||
Oil and gas production revenues | ||||
Revenues | 1,213 | 2,553 | 4,092 | 7,995 |
Natural Gas [Member] | ||||
Oil and gas production revenues | ||||
Revenues | 309 | 451 | 904 | 1,516 |
Natural Gas Liquids [Member] | ||||
Oil and gas production revenues | ||||
Revenues | $ 50 | $ 177 | $ 166 | $ 532 |
Statement of Consolidated Compr
Statement of Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | $ (5,646) | $ (1,241) | $ (15,846) | $ (294) |
Commodity cash flow hedge activity, net of tax: | ||||
Change in fair value of derivative instruments | (1) | |||
Commodity cash flow hedge activity, net of tax | (1) | |||
COMPREHENSIVE LOSS INCLUDING NONCONTROLLING INTEREST | (5,646) | (1,241) | (15,846) | (295) |
Comprehensive income attributable to noncontrolling interest | 9 | 89 | 60 | 295 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK | $ (5,655) | $ (1,330) | $ (15,906) | $ (590) |
Statement of Consolidated Cash
Statement of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) including noncontrolling interest | $ (15,846) | $ (294) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss from discontinued operations | 959 | 516 |
Depreciation, depletion, and amortization | 21,753 | 5,193 |
Impairments | 367 | |
Asset retirement obligation accretion | 109 | 115 |
Provision for (benefit from) deferred income taxes | (5,167) | 684 |
Other | 80 | (271) |
Changes in operating assets and liabilities: | ||
Receivables | 585 | 591 |
Inventories | 54 | 74 |
Drilling advances | 125 | (107) |
Deferred charges and other | (207) | (244) |
Accounts payable | (463) | (268) |
Accrued expenses | 121 | (259) |
Deferred credits and noncurrent liabilities | 102 | 26 |
NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,572 | 5,756 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 150 | 772 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,722 | 6,528 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to oil and gas property | (3,844) | (6,585) |
Leasehold and property acquisitions | (254) | (638) |
Additions to gas gathering, transmission, and processing facilities | (113) | (503) |
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,367 | |
Restricted cash related to divestitures | (545) | |
Proceeds from sale of Kitimat LNG | 854 | |
Proceeds from sale of other oil and gas properties | 148 | 390 |
Other, net | (99) | (96) |
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (3,308) | (6,610) |
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 4,335 | (331) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,027 | (6,941) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Commercial paper and bank credit facilities, net | (1,570) | 1,246 |
Early redemption of fixed-rate debt | (939) | |
Distributions to noncontrolling interest | (97) | (124) |
Dividends paid | (283) | (271) |
Treasury stock activity, net | (1,830) | |
Other | 26 | 38 |
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | (2,863) | (941) |
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | |
NET CASH USED IN FINANCING ACTIVITIES | (2,863) | (983) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 886 | (1,396) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 769 | 1,906 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,655 | 510 |
SUPPLEMENTARY CASH FLOW DATA: | ||
Interest paid, net of capitalized interest | 222 | 143 |
Income taxes paid, net of refunds | $ 270 | $ 1,134 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,655 | $ 769 |
Receivables, net of allowance | 1,332 | 2,024 |
Inventories | 667 | 708 |
Drilling advances | 186 | 388 |
Assets held for sale | 79 | 1,628 |
Deferred tax asset | 84 | 769 |
Prepaid assets and other | 76 | 129 |
Total current assets | 4,079 | 6,415 |
Oil and gas, on the basis of full-cost accounting: | ||
Proved properties | 85,967 | 89,852 |
Unproved properties and properties under development, not being amortized | 4,857 | 7,014 |
Gathering, transmission and processing facilities | 4,226 | 5,440 |
Other | 1,071 | 1,152 |
Property and equipment, gross | 96,121 | 103,458 |
Less: Accumulated depreciation, depletion, and amortization | (73,744) | (55,382) |
Property and equipment, net | 22,377 | 48,076 |
OTHER ASSETS: | ||
Deferred charges and other | 1,356 | 1,461 |
Total assets | 27,812 | 55,952 |
CURRENT LIABILITIES: | ||
Accounts payable | 659 | 1,210 |
Other current liabilities (Note 3) | 1,508 | 2,454 |
Total current liabilities | 2,167 | 3,664 |
LONG-TERM DEBT | 8,777 | 11,245 |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||
Income taxes | 1,997 | 9,499 |
Asset retirement obligation | 2,567 | 3,048 |
Other | 332 | 359 |
Total deferred credits and other noncurrent liabilities | $ 4,896 | $ 12,906 |
COMMITMENTS AND CONTINGENCIES (Note 7) | ||
EQUITY: | ||
Common stock, $0.625 par, 860,000,000 shares authorized, 411,200,325 and 409,706,347 shares issued, respectively | $ 257 | $ 256 |
Paid-in capital | 12,497 | 12,438 |
Retained earnings | 60 | 16,249 |
Treasury stock, at cost, 33,181,176 and 33,201,455 shares, respectively | (2,889) | (2,890) |
Accumulated other comprehensive loss | (116) | (116) |
APACHE SHAREHOLDERS' EQUITY | 9,809 | 25,937 |
Noncontrolling interest | 2,163 | 2,200 |
TOTAL EQUITY | 11,972 | 28,137 |
TOTAL LIABILITIES AND EQUITY | $ 27,812 | $ 55,952 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.625 | $ 0.625 |
Common stock, shares authorized | 860,000,000 | 860,000,000 |
Common stock, shares issued | 411,200,325 | 409,706,347 |
Treasury stock, shares | 33,181,176 | 33,201,455 |
Statement of Consolidated Chang
Statement of Consolidated Changes in Equity (Unaudited) - USD ($) $ in Millions | 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] |
BALANCE at Dec. 31, 2013 | $ 35,393 | $ 255 | $ 12,251 | $ 22,032 | $ (1,027) | $ (115) | $ 33,396 | $ 1,997 |
Net income (loss) | (294) | (589) | (589) | 295 | ||||
Distributions to noncontrolling interest | (124) | (124) | ||||||
Commodity hedges, net of tax | (1) | (1) | (1) | |||||
Common dividends ($0.75 per share) | (287) | (287) | (287) | |||||
Common stock activity, net | (11) | 1 | (12) | (11) | ||||
Treasury stock activity, net | (1,831) | (1) | (1,830) | (1,831) | ||||
Compensation expense | 145 | 145 | 145 | |||||
Other | (4) | (4) | (4) | |||||
BALANCE at Sep. 30, 2014 | 32,986 | 256 | 12,379 | 21,156 | (2,857) | (116) | 30,818 | 2,168 |
BALANCE at Dec. 31, 2014 | 28,137 | 256 | 12,438 | 16,249 | (2,890) | (116) | 25,937 | 2,200 |
Net income (loss) | (15,846) | (15,906) | (15,906) | 60 | ||||
Distributions to noncontrolling interest | (97) | (97) | ||||||
Common dividends ($0.75 per share) | (283) | (283) | (283) | |||||
Other | 61 | 1 | 59 | 1 | 61 | |||
BALANCE at Sep. 30, 2015 | $ 11,972 | $ 257 | $ 12,497 | $ 60 | $ (2,889) | $ (116) | $ 9,809 | $ 2,163 |
Statement of Consolidated Chan8
Statement of Consolidated Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Common stock, dividends, per share | $ 0.75 | $ 0.75 |
Retained Earnings [Member] | ||
Common stock, dividends, per share | 0.75 | 0.75 |
Parent [Member] | ||
Common stock, dividends, per share | $ 0.75 | $ 0.75 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2015, Apache’s significant accounting policies are consistent with those discussed in Note 1—Summary of Significant Accounting Policies to the consolidated financial statements contained in Apache’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the 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. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities, the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom, assessing asset retirement obligations, and the estimate of income taxes. Actual results could differ from those estimates. 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. 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. 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. For a discussion of the calculation of estimated future net cash flows, please refer to Note 14—Supplemental Oil and Gas Disclosures to the consolidated financial statements contained in Apache’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. 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 depreciation, depletion, and amortization” (DD&A) in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. The following tables present non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for the third quarter and first nine months of 2015 and 2014: For the Quarter Ended For the Quarter Ended Before tax After tax Before tax After tax (In millions) U.S. $ 4,301 $ 2,774 $ 1,545 $ 995 Canada 973 719 — — North Sea 447 223 17 7 Total impairment $ 5,721 $ 3,716 $ 1,562 $ 1,002 For the Nine Months Ended For the Nine Months Ended Before tax After tax Before tax After tax (In millions) U.S. $ 13,855 $ 8,937 $ 1,545 $ 995 Canada 3,160 2,347 — — North Sea 1,742 871 220 84 Total impairment $ 18,757 $ 12,155 $ 1,765 $ 1,079 Asset Impairments For the quarter and nine months ended September 30, 2015, the Company recorded asset impairments totaling $367 million in connection with fair value assessments. Impairments included $210 million on certain gathering, transmission, and processing (GTP) facilities, which were written down to their fair values of $16 million in aggregate. The fair values of the impaired assets were determined using an income approach, which considered internal estimates of future throughput volumes, processing rates, 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 applied by market participants. Apache has classified these non-recurring fair value measurements as Level 3 in the fair value hierarchy. In addition, the Company recorded $148 million for the impairment of an equity method investment and $9 million for inventory write-downs. For discussion of the equity method investment impairment, see Note 2—Acquisitions and Divestitures. New Pronouncements Issued But Not Yet Adopted In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-16, which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2016. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, which simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Entities will continue to apply their existing impairment models to inventories that are accounted for using last-in first-out and the retail inventory method. Under current guidance, net realizable value is one of several calculations an entity needs to make to measure inventory at the lower of cost or market. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, which simplifies the presentation of debt issuance costs. The new standard requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability, whereas they are currently being presented as a component of “deferred charges and other” on the balance sheet. The new standard creates consistency in the way debt issuance costs and debt discounts are presented on the balance sheet and better aligns U.S. GAAP with International Financial Reporting Standards. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. The Company will apply the change retrospectively and does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. 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. In July 2015, the FASB announced a delay in the effective date of the revenue standard by one year. The deferral results in the new revenue standard being effective for annual and interim periods beginning after December 15, 2017. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 2. ACQUISITIONS AND DIVESTITURES 2015 Activity Yara Pilbara Holdings Pty Limited Sale On October 28, 2015, Apache completed the sale of its 49 percent interest in Yara Pilbara Holdings Pty Limited (YPHPL) for total cash proceeds of $391 million. The investment in YPHPL was 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 the results of operations recorded as a component of “Other” under “Revenue and other” in the Company’s statement of consolidated operations. As of September 30, 2015, Apache recognized an impairment of $148 million on the YPHPL equity investment based on negotiated sales proceeds. No additional gain or loss was recorded upon completion of the sale. Canada Divestiture In April 2015, Apache completed the sale of its 50 percent interest in the Kitimat LNG project and related upstream acreage in the Horn River and Liard natural gas basins to Woodside Petroleum Limited (Woodside). Proceeds at closing were $854 million, of which approximately $345 million were associated with LNG assets and $510 million were associated with upstream assets. The proceeds are subject to post-closing adjustments. For additional details related to post-closing adjustments, please see Note 7—Commitments and Contingencies. The Kitimat LNG assets were impaired in the fourth quarter of 2014 and classified as held for sale on the consolidated balance sheet as of December 31, 2014. No material gain or loss was recognized for the LNG assets upon completion of the sale. No gain or loss was recognized on the sale of the upstream assets. In accordance with full cost accounting rules, sales of oil and gas properties are accounted for as adjustments of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves. Australia Divestitures Woodside Sale The Wheatstone LNG assets were impaired in the fourth quarter of 2014 and classified as held for sale on the consolidated balance sheet as of December 31, 2014. No material gain or loss was recognized on the ultimate disposal of the LNG project. A loss of approximately $922 million was recognized on the sale of the Australian upstream assets. Consortium Sale Upon closing of the sale of substantially all Australian operations, the associated results of operations for the divested Australian assets and the losses on disposal were classified as discontinued operations in all periods presented in this Quarterly Report on Form 10-Q. The carrying amounts of the major classes of consolidated assets and liabilities associated with the Australia dispositions were as follows: December 31, ASSETS Current assets $ 1,992 Net property and equipment 6,516 Total assets $ 8,508 LIABILITIES Current liabilities $ 606 Asset retirement obligations 517 Non-current deferred tax liability 922 Other long-term liabilities 33 Total liabilities $ 2,078 Sales and other operating revenues and loss from discontinued operations related to the Australia dispositions were as follows: For the Quarter Ended For the Nine Months Ended 2015 2014 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 299 $ 288 $ 781 Loss on Woodside sale $ — $ — $ (922 ) $ — Loss on Consortium sale — — (1,329 ) — Income from divested Australian operations — 99 24 317 Income tax benefit (expense) (95 ) (255 ) 1,268 (316 ) Income (loss) from Australian discontinued operations, net of tax $ (95 ) $ (156 ) $ (959 ) $ 1 Leasehold and Property Acquisitions During the third quarter and first nine months of 2015, Apache completed $126 million and $254 million, respectively, of leasehold and property acquisitions primarily in our North America onshore regions. Transaction, Reorganization, and Separation During the first nine months of 2015, Apache recorded $120 million in expense related to various asset transactions, company reorganization, and employee separation. 2014 Activity 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 was October 1, 2014. Gulf of Mexico 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. Canada Divestiture On April 30, 2014, Apache completed the sale of producing oil and gas assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million. Apache sold primarily dry-gas producing properties comprising 328,400 net acres in the Ojay, Noel, and Wapiti areas. In the Wapiti area, Apache retained 100 percent of its working interest in horizons below the Cretaceous, 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 plus the assumption of $52 million of bank debt as of June 30, 2013. The results of operations during 2014 related to Argentina have been classified as discontinued operations in this Quarterly Report on Form 10-Q. The 2014 loss from Argentina discontinued operations of $517 million is included in “Net income (loss) from discontinued operations, net of tax” on the statement of consolidated operations. For the Nine Months Ended 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 87 Loss from Argentina divestiture — (539 ) Loss from operations in Argentina — (1 ) Income tax benefit — 23 Loss from discontinued operations, net of tax $ — $ (517 ) Leasehold and Property Acquisitions During the third quarter and first nine months of 2014, Apache completed $526 million and $638 million, respectively, of leasehold and property acquisitions primarily in our North America onshore regions. Transaction, Reorganization, and Separation During the third quarter and first nine months of 2014, Apache recorded $34 million and $66 million, respectively, in expense related to various asset transactions, company reorganization, and employee separation. |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | 3. OTHER CURRENT LIABILITIES The following table provides detail of our other current liabilities: September 30, December 31, (In millions) Accrued operating expenses $ 139 $ 163 Accrued exploration and development 668 1,606 Accrued compensation and benefits 158 204 Accrued interest 107 160 Accrued income taxes 296 54 Current asset retirement obligation 28 37 Other 112 230 Total Other current liabilities $ 1,508 $ 2,454 |
Asset Retirement Obligation
Asset Retirement Obligation | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | 4. ASSET RETIREMENT OBLIGATION The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the nine-month period ended September 30, 2015: (In millions) Asset retirement obligation at December 31, 2014 $ 3,085 Liabilities incurred 54 Liabilities divested (619 ) Liabilities settled (78 ) Accretion expense 122 Revisions in estimated liabilities 31 Asset retirement obligation at September 30, 2015 2,595 Less current portion (28 ) Asset retirement obligation, long-term $ 2,567 Accretion expense for 2015 includes Australia discontinued operations of $13 million, which is included in “Net income (loss) from discontinued operations, net of tax” on the statement of consolidated operations. |
Debt and Financing Costs
Debt and Financing Costs | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Financing Costs | 5. DEBT AND FINANCING COSTS The following table presents the carrying amounts and estimated fair values of the Company’s outstanding debt: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Commercial paper and committed bank facilities $ — $ — $ 1,570 $ 1,570 Notes and debentures 8,777 8,829 9,675 9,944 Total Debt $ 8,777 $ 8,829 $ 11,245 $ 11,514 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, committed bank facilities and uncommitted bank lines, and overdraft lines approximates 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 notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). In June 2015, the Company entered into a $3.5 billion five-year revolving credit facility which matures in June 2020. Proceeds from borrowings may be used for general corporate purposes. Apache’s available borrowing capacity under this facility supports its commercial paper program. In connection with entry into the $3.5 billion facility, Apache terminated existing credit facilities totaling $5.3 billion. The Company has available a $3.5 billion commercial paper program, which generally enables Apache to borrow funds for up to 270 days at competitive interest rates. As of September 30, 2015, the Company had no debt outstanding under commercial paper, committed bank facilities, and uncommitted bank lines. On September 1, 2015, the Company fully redeemed its $500 million 5.625% notes due in 2017 and its $400 million 1.75% notes due in 2017. The notes were redeemed pursuant to the provisions of each respective note’s indenture. Apache paid the holders an aggregate of $939 million in cash reflecting principal and the premium to par, and an additional $8 million in accrued and unpaid interest. Financing Costs, Net The following table presents the components of Apache’s financing costs, net: For the Quarter Ended For the Nine Months Ended 2015 2014 2015 2014 (In millions) Interest expense $ 120 $ 125 $ 371 $ 373 Amortization of deferred loan costs 6 2 10 5 Capitalized interest (56 ) (66 ) (173 ) (216 ) Loss on extinguishment of debt 39 — 39 — Interest income (2 ) (1 ) (7 ) (5 ) Financing costs, net $ 107 $ 60 $ 240 $ 157 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES The Company estimates its annual effective income tax rate for continuing operations in recording its quarterly provision for income taxes in the various jurisdictions in which the Company operates. Non-cash write-downs of the carrying value of the Company’s proved oil and gas properties, statutory tax rate changes, and other significant or unusual items are recognized as discrete items in the quarter in which they occur. During the third quarter of 2015 Apache’s effective tax rate was primarily impacted by an increase in the amount of valuation allowances. With the further commodity price declines since the second quarter, management continues to assess the potential realization of its deferred tax assets. In the third quarter, the Company recorded a deferred tax expense of $1.1 billion and $69 million related to an increase in valuation allowances associated with U.S. foreign tax credits and net operating loss carryforwards, respectively. In addition to the allowance recorded during the third quarter, the Company had previously recorded tax expense of $853 million in the second quarter of 2015 related to an increase in valuation allowance associated with management’s assessment on the realizability of U.S. foreign tax credits subsequent to repatriating the majority of net cash proceeds from the Kitimat LNG project and Australia divestitures. Apache’s year-to-date effective tax rate is primarily driven by the increase in U.S. valuation allowances described above and an increase in the valuation allowance on Canadian deferred tax assets, partially offset by a first-quarter 2015 deferred tax benefit from the previously announced U.K. tax rate change. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. 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. As of September 30, 2015, the Company has an accrued liability of approximately $20 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. For additional information on each of the Legal Matters described below, please see Note 8—Commitments and Contingencies to the consolidated financial statements contained in Apache’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Argentine Environmental Claims and Argentina Tariff No material change in the status of the YPF Sociedad Anónima and Pioneer Natural Resources Company indemnities matters has occurred since the filing of Apache’s Annual Report on Form 10-K for its 2014 fiscal year. Louisiana Restoration As more fully described in Apache’s Annual Report on Form 10-K for its 2014 fiscal year, 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, the companies are liable for damage measured by the cost of restoration of leased premises to their original condition as well as damages for contamination and cleanup. In a case captioned State of Louisiana and the Cameron Parish School Board v. Apache Corporation et al. th In respect of three lawsuits filed by the Parish of Plaquemines against the Company and other oil and gas producers in the 25 th Parish of Plaquemines v. Rozel Operating Company et al., Parish of Plaquemines v. Apache Oil Corporation et al., Parish of Plaquemines v. HHE Energy Company et al., No other material change in the status of these matters has occurred since the filing of Apache’s Annual Report on Form 10-K for its 2014 fiscal year. Australia Gas Pipeline Force Majeure In 2008, Company subsidiaries reported a pipeline explosion that interrupted deliveries of natural gas in Australia to customers under various long-term contracts. The civil lawsuits concerning the pipeline explosion, all of which were filed in the Supreme Court of Western Australia, have been resolved fully and dismissed on confidential terms, including for an exchange of consideration that is not material to Apache. The lawsuits are described in Apache’s Annual Report on Form 10-K for its 2014 fiscal year. On April 10, 2015, the court dismissed the lawsuits filed by plaintiffs Alcoa (Civ. 1481 of 2011), Barrick (Civ. 2656 of 2013), EDL LNG (Civ. 1751 of 2014), and Yara (Civ. 1742 of 2014). On April 9, 2015, plaintiffs Harvey (Civ. 1749 of 2014), Iluka (Civ. 1748 of 2014), Newmont (Civ. 1727 of 2014), and Wesfarmers (Civ. 1740 of 2014) discontinued their lawsuits, which were never served on the Apache defendants. All matters relating to the Australia gas pipeline force majeure are concluded. Apollo Exploration Lawsuit In a second amended petition filed on February 27, 2015, in a case captioned Apollo Exploration, LLC, Cogent Exploration, Ltd. Co. & SellmoCo, LLC v. Apache Corporation th Escheat Audits As part of its ongoing review of the books and records of the Company to determine the Company’s compliance with Delaware Escheat Laws, the State of Delaware, Department of Finance (Unclaimed Property) has advised the Company, by letter dated September 30, 2015, that the liability related to disbursements due to the State of Delaware for the years 2004 through 2009 is less than $237,000 and that its review for the years 1986 through 2003 is not complete. The exposure for the years 1986 through 2003 is not currently determinable. The Company will review the claim for the years 2004 through 2009, respond to the September 30 letter in due course, and continue to cooperate fully until the review is complete. There has been no other material change with respect to the review of the books and records of the Company and its subsidiaries and related entities by the State of Delaware, Department of Finance (Unclaimed Property), to determine compliance with the Delaware Escheat Laws, since the filing of Apache’s Annual Report on Form 10-K for its 2014 fiscal year. Burrup-Related Gas Supply Lawsuits In the lawsuit captioned Pankaj Oswal v. Apache Corporation In the cases captioned Radhika Oswal v. Australia and New Zealand Banking Group Limited et al. Pankaj Oswal v. Australia and New Zealand Banking Group Limited et al. Environmental Matters As of September 30, 2015, the Company had an undiscounted reserve for environmental remediation of approximately $62 million. The Company is not aware of any environmental claims existing as of September 30, 2015, that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity. 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. With respect to the June 1, 2013, leak of produced water from a below ground pipeline in the Zama Operations area in northern Alberta, the Alberta Energy Regulator has completed its investigation of the incident and issued an administrative penalty to Apache Canada Ltd. in the amount of $16,500 CAD. On October 19, 2015, the Crown served Apache Canada Ltd. with a notice to attend to answer a charge relating to a leak of produced water in the Zama area that occurred on or between October 3, 2013 and October 25, 2013. The leak resulted from a riser that was damaged by force by an independent agent following Apache Canada Ltd.’s discontinued use of the pipeline segment. The seven-count charge could result in the levying of a fine. Apache Canada Ltd. will review the charge and respond in due course. It is possible that additional discharges in Apache Canada Ltd. operating areas, including in the Zama Operations area, could result in additional government fines or sanction. No other material change in the status of these matters has occurred since the filing of Apache’s Annual Report on Form 10-K for its 2014 fiscal year. LNG Divestiture Dispute In respect of the purchase by Woodside of the Wheatstone and Kitimat LNG projects and accompanying upstream oil and gas reserves from the Company and its subsidiaries, the base purchase price is subject to adjustment in accordance with the terms of the applicable sale and purchase agreement. Woodside has notified the Company and its subsidiaries that it seeks purchase price adjustments in the net amounts of $175 million (for working capital adjustments), which the Company and its subsidiaries believe is time-barred, and $214 million (for all other adjustments). To the extent the parties are unable to resolve their differences through settlement or court proceedings, the dispute will be referred to an independent accounting expert for final determination under the terms of the applicable sale and purchase agreement. The Company believes that under the terms of the sale and purchase agreements, Woodside’s requests for payment of purchase price adjustments lack merit; therefore, the Company has not recorded a liability associated with this dispute. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Capital Stock | 8. CAPITAL STOCK Net Income (Loss) per Common Share A reconciliation of the components of basic and diluted net income (loss) per common share for the quarters and nine-month periods ended September 30, 2015, and 2014 is presented in the table below. For the Quarter Ended September 30, 2015 2014 Loss Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic: Loss from continuing operations $ (5,560 ) 378 $ (14.70 ) $ (1,174 ) 381 $ (3.08 ) Loss from discontinued operations (95 ) 378 (0.25 ) (156 ) 381 (0.42 ) Loss attributable to common stock $ (5,655 ) 378 $ (14.95 ) $ (1,330 ) 381 $ (3.50 ) Effect of Dilutive Securities: Stock options and other — — Diluted: Loss from continuing operations $ (5,560 ) 378 $ (14.70 ) $ (1,174 ) 381 $ (3.08 ) Loss from discontinued operations (95 ) 378 (0.25 ) (156 ) 381 (0.42 ) Loss attributable to common stock $ (5,655 ) 378 $ (14.95 ) $ (1,330 ) 381 $ (3.50 ) For the Nine Months Ended September 30, 2015 2014 Loss Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic: Loss from continuing operations $ (14,947 ) 378 $ (39.58 ) $ (73 ) 387 $ (0.19 ) Loss from discontinued operations (959 ) 378 (2.54 ) (516 ) 387 (1.33 ) Loss attributable to common stock $ (15,906 ) 378 $ (42.12 ) $ (589 ) 387 $ (1.52 ) Effect of Dilutive Securities: Stock options and other — — — — Diluted: Loss from continuing operations $ (14,947 ) 378 $ (39.58 ) $ (73 ) 387 $ (0.19 ) Loss from discontinued operations (959 ) 378 (2.54 ) (516 ) 387 (1.33 ) Loss attributable to common stock $ (15,906 ) 378 $ (42.12 ) $ (589 ) 387 $ (1.52 ) The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 10.4 million and 4.7 million for the quarters ended September 30, 2015 and 2014, respectively, and 8.9 million and 5.5 million for the nine months ended September 30, 2015, and 2014, respectively. Common Stock Dividends For each of the quarters ended September 30, 2015, and 2014, Apache paid $95 million in dividends on its common stock. For the nine months ended September 30, 2015, and 2014, Apache paid $283 million and $271 million, respectively. 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, had repurchased a total of 32.2 million shares at an average price of $88.96 per share. The Company has not purchased any additional shares during 2015, and is not obligated to acquire any specific number of shares. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 9. 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 September 30, 2015, the Company had production in four countries: the United States, Canada, Egypt, and the United Kingdom (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 Other States Canada Egypt (1) North Sea International Total (3) (In millions) For the Quarter Ended September 30, 2015 Oil and Gas Production Revenues $ 639 $ 116 $ 500 $ 317 $ — $ 1,572 Operating Income (Loss) (2) $ (4,253 ) $ (1,022 ) $ 43 $ (474 ) $ — $ (5,706 ) Other Income (Expense): Other (76 ) General and administrative (86 ) Impairments (367 ) Financing costs, net (107 ) Loss Before Income Taxes $ (6,342 ) For the Nine Months Ended September 30, 2015 Oil and Gas Production Revenues $ 2,066 $ 387 $ 1,696 $ 1,013 $ — $ 5,162 Operating Income (Loss) (2) $ (13,800 ) $ (3,336 ) $ 361 $ (1,718 ) $ — $ (18,493 ) Other Income (Expense): Other (59 ) General and administrative (279 ) Impairments (367 ) Transaction, reorganization, and separation (120 ) Financing costs, net (240 ) Loss Before Income Taxes $ (19,558 ) Total Assets $ 12,806 $ 2,438 $ 7,788 $ 4,323 $ 457 $ 27,812 For the Quarter Ended September 30, 2014 Oil and Gas Production Revenues $ 1,481 $ 268 $ 910 $ 522 $ — $ 3,181 Operating Income (Loss) (2) $ (988 ) $ 11 $ 481 $ 124 $ — $ (372 ) Other Income (Expense): Derivative instrument gains (losses), net 273 Other (13 ) General and administrative (111 ) Transaction, reorganization, and separation (34 ) Financing costs, net (60 ) Income Before Income Taxes $ (317 ) For the Nine Months Ended September 30, 2014 Oil and Gas Production Revenues $ 4,515 $ 879 $ 2,849 $ 1,800 $ — $ 10,043 Operating Income (2) $ 354 $ 131 $ 1,601 $ 268 $ — $ 2,354 Other Income (Expense): Derivative instrument gains (losses), net 79 Other (4 ) General and administrative (332 ) Transaction, reorganization, and separation (66 ) Financing costs, net (157 ) Income Before Income Taxes $ 1,874 Total Assets $ 30,613 $ 7,100 $ 7,246 $ 6,824 $ 557 $ 52,340 (1) Includes a noncontrolling interest in Egypt. (2) Operating Income (Loss) consists of oil and gas production revenues less depreciation, depletion, and amortization, asset retirement obligation accretion, lease operating expenses, gathering and transportation costs, and taxes other than income. The operating income (loss) of U.S., Canada, and North Sea for the third quarter of 2015 includes non-cash write-downs of each region’s carrying value of oil and gas properties of $4.3 billion, $973 million and $447 million, respectively. For the first nine months of 2015, operating income (loss) of U.S., Canada, and North Sea includes non-cash write-downs of each region’s carrying value of oil and gas properties of $13.9 billion, $3.2 billion, and $1.7 billion, respectively. During the third quarter of 2014, U.S.’s operating income (loss) includes $1.5 billion of non-cash write-downs of the carrying value of oil and gas properties. North Sea’s operating income for the third quarter and first nine months of 2014 include non-cash write-downs of the carrying value of oil and gas properties totaling $17 million and $220 million, respectively. (3) Amounts for 2014 have been restated to exclude Argentina and Australia discontinued operations. Total Assets for the 2014 periods also excludes $8.7 billion of divested Australian assets. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Supplemental Guarantor Information | 10. SUPPLEMENTAL GUARANTOR INFORMATION In December 1999, Apache Finance Canada issued approximately $300 million of publicly-traded notes due in 2029. The notes 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 the notes thereto, of which this note is an integral part. APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Quarter Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 344 $ — $ 1,228 $ — $ 1,572 Equity in net income of affiliates (1,759 ) (520 ) — 2,279 — Other (63 ) 14 (27 ) — (76 ) (1,478 ) (506 ) 1,201 2,279 1,496 OPERATING EXPENSES: Depreciation, depletion, and amortization 4,195 — 2,434 — 6,629 Asset retirement obligation accretion 4 — 33 — 37 Lease operating expenses 97 — 353 — 450 Gathering and transportation 9 — 49 — 58 Taxes other than income 30 — 74 — 104 Impairments 110 — 257 — 367 General and administrative 76 — 10 — 86 Financing costs, net 112 10 (15 ) — 107 4,633 10 3,195 — 7,838 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (6,111 ) (516 ) (1,994 ) 2,279 (6,342 ) Provision (benefit) for income taxes (463 ) 4 (332 ) — (791 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (5,648 ) (520 ) (1,662 ) 2,279 (5,551 ) Net income (loss) from discontinued operations, net of tax (7 ) — (88 ) — (95 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (5,655 ) (520 ) (1,750 ) 2,279 (5,646 ) Net income attributable to noncontrolling interest — — 9 — 9 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,655 ) $ (520 ) $ (1,759 ) $ 2,279 $ (5,655 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Quarter Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 882 $ — $ 2,299 $ — $ 3,181 Equity in net income (loss) of affiliates 491 5 1 (497 ) — Derivative instrument gains (losses), net 320 — (47 ) — 273 Other (34 ) 14 5 2 (13 ) 1,659 19 2,258 (495 ) 3,441 OPERATING EXPENSES: Depreciation, depletion, and amortization 1,914 — 821 — 2,735 Asset retirement obligation accretion 8 — 31 — 39 Lease operating expenses 137 — 451 — 588 Gathering and transportation 15 — 52 — 67 Taxes other than income 67 — 57 — 124 General and administrative 89 — 20 2 111 Transaction, reorganization, and separation 34 — — — 34 Financing costs, net 45 11 4 — 60 2,309 11 1,436 2 3,758 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (650 ) 8 822 (497 ) (317 ) Provision (benefit) for income taxes 678 2 88 — 768 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,328 ) 6 734 (497 ) (1,085 ) Net income from discontinued operations, net of tax — — (156 ) — (156 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (1,328 ) 6 578 (497 ) (1,241 ) Net income attributable to noncontrolling interest — — 89 — 89 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,328 ) $ 6 $ 489 $ (497 ) $ (1,330 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,143 $ — $ 4,019 $ — $ 5,162 Equity in net income (loss) of affiliates (4,831 ) (1,567 ) — 6,398 — Other (113 ) 40 (5 ) 19 (59 ) (3,801 ) (1,527 ) 4,014 6,417 5,103 OPERATING EXPENSES: Depreciation, depletion, and amortization 14,040 — 7,713 — 21,753 Asset retirement obligation accretion 11 — 98 — 109 Lease operating expenses 329 — 1,069 — 1,398 Gathering and transportation 25 — 138 — 163 Taxes other than income 97 — 135 — 232 Impairments 110 — 257 — 367 General and administrative 214 — 46 19 279 Transaction, reorganization, and separation 120 — — — 120 Financing costs, net 235 31 (26 ) — 240 15,181 31 9,430 19 24,661 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (18,982 ) (1,558 ) (5,416 ) 6,398 (19,558 ) Provision (benefit) for income taxes (3,255 ) 9 (1,425 ) — (4,671 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (15,727 ) (1,567 ) (3,991 ) 6,398 (14,887 ) Net loss from discontinued operations, net of tax (179 ) — (780 ) — (959 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (15,906 ) (1,567 ) (4,771 ) 6,398 (15,846 ) Net income attributable to noncontrolling interest — — 60 — 60 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (15,906 ) $ (1,567 ) $ (4,831 ) $ 6,398 $ (15,906 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 2,669 $ — $ 7,374 $ — $ 10,043 Equity in net income (loss) of affiliates 1,233 58 6 (1,297 ) — Derivative instrument gains (losses), net 175 — (96 ) — 79 Other (106 ) 41 56 5 (4 ) 3,971 99 7,340 (1,292 ) 10,118 OPERATING EXPENSES: Depreciation, depletion, and amortization 2,598 — 2,595 — 5,193 Asset retirement obligation accretion 23 — 92 — 115 Lease operating expenses 386 — 1,310 — 1,696 Gathering and transportation 43 — 160 — 203 Taxes other than income 193 — 289 — 482 General and administrative 276 — 51 5 332 Transaction, reorganization, and separation 66 — — — 66 Financing costs, net 118 31 8 — 157 3,703 31 4,505 5 8,244 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 268 68 2,835 (1,297 ) 1,874 Provision for income taxes 730 4 918 — 1,652 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (462 ) 64 1,917 (1,297 ) 222 Net loss from discontinued operations, net of tax (127 ) — (389 ) — (516 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (589 ) 64 1,528 (1,297 ) (294 ) Net income attributable to noncontrolling interest — — 295 — 295 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (589 ) $ 64 $ 1,233 $ (1,297 ) $ (589 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK (1) $ (590 ) $ 64 $ 1,233 $ (1,297 ) $ (590 ) (1) Comprehensive income (loss) activity is recorded on the Apache Corporation entity and consists of derivative instrument reclassifications and changes in fair value as reflected on our statement of consolidated comprehensive income. APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES $ 77 $ (25 ) $ 2,520 $ — $ 2,572 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 150 — 150 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 77 (25 ) 2,670 — 2,722 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,517 ) — (2,327 ) — (3,844 ) Leasehold and property acquisitions (243 ) — (11 ) — (254 ) Additions to gas gathering, transmission, and processing facilities (25 ) — (88 ) — (113 ) Proceeds from sale of Kitimat LNG — — 854 — 854 Proceeds from sale of other oil and gas properties 8 — 140 — 148 Investment in subsidiaries, net 274 — — (274 ) — Other (16 ) — (83 ) — (99 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (1,519 ) — (1,515 ) (274 ) (3,308 ) NET CASH PROVIDED BY DISCONTINUED OPERATIONS — — 4,335 — 4,335 NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,519 ) — 2,820 (274 ) 1,027 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper and bank credit facilities, net (1,570 ) — — — (1,570 ) Intercompany borrowings 4,416 (10 ) (4,680 ) 274 — Early redemption of fixed-rate debt (939 ) — — — (939 ) Distributions to noncontrolling interest — — (97 ) — (97 ) Dividends paid (283 ) — — — (283 ) Treasury stock activity, net — — — — — Other 2 35 (11 ) — 26 NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES 1,626 25 (4,788 ) 274 (2,863 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,626 25 (4,788 ) 274 (2,863 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 184 — 702 — 886 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 — 502 — 769 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 451 $ — $ 1,204 $ — $ 1,655 APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES $ 3,574 $ (37 ) $ 2,219 $ — $ 5,756 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 772 — 772 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 3,574 (37 ) 2,991 — 6,528 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (5,425 ) — (1,160 ) — (6,585 ) Leasehold and property acquisitions (503 ) — (135 ) — (638 ) Additions to gas gathering, transmission, and processing facilities (21 ) — (482 ) — (503 ) Proceeds from sale of Deepwater Gulf of Mexico assets 1,367 — — — 1,367 Restricted cash related to divestitures (545 ) — — — (545 ) Proceeds from sale of other oil and gas properties 35 — 355 — 390 Investment in subsidiaries, net 2,303 — — (2,303 ) — Other (67 ) — (29 ) — (96 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (2,856 ) — (1,451 ) (2,303 ) (6,610 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (331 ) — (331 ) NET CASH USED IN INVESTING ACTIVITIES (2,856 ) — (1,782 ) (2,303 ) (6,941 ) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper and bank credit facilities, net 1,248 — (2 ) — 1,246 Intercompany borrowings — 10 (2,322 ) 2,312 — Distributions to noncontrolling interest — — (124 ) — (124 ) Dividends paid (271 ) — — — (271 ) Treasury stock activity, net (1,830 ) — — — (1,830 ) Other — 24 23 (9 ) 38 NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES (853 ) 34 (2,425 ) 2,303 (941 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (42 ) — (42 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (853 ) 34 (2,467 ) 2,303 (983 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (135 ) (3 ) (1,258 ) — (1,396 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 — 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 20 $ — $ 490 $ — $ 510 APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 451 $ — $ 1,204 $ — $ 1,655 Receivables, net of allowance 392 — 940 — 1,332 Inventories 35 — 632 — 667 Drilling advances 17 — 169 — 186 Assets held for sale 79 — — — 79 Deferred tax asset 72 — 12 — 84 Prepaid assets and other 19 — 57 — 76 Intercompany receivable 5,580 — — (5,580 ) — 6,645 — 3,014 (5,580 ) 4,079 PROPERTY AND EQUIPMENT, NET 1,156 — 21,221 — 22,377 OTHER ASSETS: Intercompany receivable — — 882 (882 ) — Equity in affiliates 19,993 (702 ) 442 (19,733 ) — Deferred charges and other 157 998 1,201 (1,000 ) 1,356 $ 27,951 $ 296 $ 26,760 $ (27,195 ) $ 27,812 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 416 $ — $ 243 $ — $ 659 Other current liabilities 851 8 649 — 1,508 Intercompany payable — — 5,580 (5,580 ) — 1,267 8 6,472 (5,580 ) 2,167 LONG-TERM DEBT 8,480 298 (1 ) — 8,777 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 882 — — (882 ) — Income taxes 109 — 1,888 — 1,997 Asset retirement obligation 225 — 2,342 — 2,567 Other 7,179 250 (6,097 ) (1,000 ) 332 8,395 250 (1,867 ) (1,882 ) 4,896 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 9,809 (260 ) 19,993 (19,733 ) 9,809 Noncontrolling interest — — 2,163 — 2,163 TOTAL EQUITY 9,809 (260 ) 22,156 (19,733 ) 11,972 $ 27,951 $ 296 $ 26,760 $ (27,195 ) $ 27,812 APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 Apache Apache All Other Reclassifications Consolidated (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 — — 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 SHAREHOLDERS’ 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 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the 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. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities, the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom, assessing asset retirement obligations, and the estimate of income taxes. Actual results could differ from those estimates. |
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. 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. 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. For a discussion of the calculation of estimated future net cash flows, please refer to Note 14—Supplemental Oil and Gas Disclosures to the consolidated financial statements contained in Apache’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. 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 depreciation, depletion, and amortization” (DD&A) in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. The following tables present non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for the third quarter and first nine months of 2015 and 2014: For the Quarter Ended For the Nine Months Ended Before tax After tax Before tax After tax (In millions) U.S. $ 4,301 $ 2,774 $ 13,855 $ 8,937 Canada 973 719 3,160 2,346 North Sea 447 224 1,742 871 Total impairment $ 5,721 $ 3,717 $ 18,757 $ 12,154 For the Quarter Ended For the Nine Months Ended Before tax After tax Before tax After tax (In millions) U.S. $ 1,545 $ 995 $ 1,545 $ 995 North Sea 17 7 220 84 Total impairment $ 1,562 $ 1,002 $ 1,765 $ 1,079 |
New Pronouncements Issued But Not Yet Adopted | New Pronouncements Issued But Not Yet Adopted In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-16, which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2016. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, which simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Entities will continue to apply their existing impairment models to inventories that are accounted for using last-in first-out and the retail inventory method. Under current guidance, net realizable value is one of several calculations an entity needs to make to measure inventory at the lower of cost or market. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, which simplifies the presentation of debt issuance costs. The new standard requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability, whereas they are currently being presented as a component of “deferred charges and other” on the balance sheet. The new standard creates consistency in the way debt issuance costs and debt discounts are presented on the balance sheet and better aligns U.S. GAAP with International Financial Reporting Standards. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. The Company will apply the change retrospectively and does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. 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. In July 2015, the FASB announced a delay in the effective date of the revenue standard by one year. The deferral results in the new revenue standard being effective for annual and interim periods beginning after December 15, 2017. 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. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Non-Cash Write-Downs of Carrying Value of Proved Oil and Gas Properties by Country | The following tables present non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for the third quarter and first nine months of 2015 and 2014: For the Quarter Ended For the Quarter Ended Before tax After tax Before tax After tax (In millions) U.S. $ 4,301 $ 2,774 $ 1,545 $ 995 Canada 973 719 — — North Sea 447 223 17 7 Total impairment $ 5,721 $ 3,716 $ 1,562 $ 1,002 For the Nine Months Ended For the Nine Months Ended Before tax After tax Before tax After tax (In millions) U.S. $ 13,855 $ 8,937 $ 1,545 $ 995 Canada 3,160 2,347 — — North Sea 1,742 871 220 84 Total impairment $ 18,757 $ 12,155 $ 1,765 $ 1,079 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Carrying Amount of Major Assets and Liabilities Associated with Disposition | The carrying amounts of the major classes of consolidated assets and liabilities associated with the Australia dispositions were as follows: December 31, ASSETS Current assets $ 1,992 Net property and equipment 6,516 Total assets $ 8,508 LIABILITIES Current liabilities $ 606 Asset retirement obligations 517 Non-current deferred tax liability 922 Other long-term liabilities 33 Total liabilities $ 2,078 |
Australia [Member] | Divestiture [Member] | |
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 Australia dispositions were as follows: For the Quarter Ended For the Nine Months Ended 2015 2014 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 299 $ 288 $ 781 Loss on Woodside sale $ — $ — $ (922 ) $ — Loss on Consortium sale — — (1,329 ) — Income from divested Australian operations — 99 24 317 Income tax benefit (expense) (95 ) (255 ) 1,268 (316 ) Income (loss) from Australian discontinued operations, net of tax $ (95 ) $ (156 ) $ (959 ) $ 1 |
Argentina [Member] | Divestiture [Member] | |
Summary of Sales and Other Operating Revenue and Loss from Discontinued Operation Related to Disposition | The results of operations during 2014 related to Argentina have been classified as discontinued operations in this Quarterly Report on Form 10-Q. The 2014 loss from Argentina discontinued operations of $517 million is included in “Net income (loss) from discontinued operations, net of tax” on the statement of consolidated operations. For the Nine Months Ended 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 87 Loss from Argentina divestiture — (539 ) Loss from operations in Argentina — (1 ) Income tax benefit — 23 Loss from discontinued operations, net of tax $ — $ (517 ) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Detail of Other Current Liabilities | The following table provides detail of our other current liabilities: September 30, December 31, (In millions) Accrued operating expenses $ 139 $ 163 Accrued exploration and development 668 1,606 Accrued compensation and benefits 158 204 Accrued interest 107 160 Accrued income taxes 296 54 Current asset retirement obligation 28 37 Other 112 230 Total Other current liabilities $ 1,508 $ 2,454 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the nine-month period ended September 30, 2015: (In millions) Asset retirement obligation at December 31, 2014 $ 3,085 Liabilities incurred 54 Liabilities divested (619 ) Liabilities settled (78 ) Accretion expense 122 Revisions in estimated liabilities 31 Asset retirement obligation at September 30, 2015 2,595 Less current portion (28 ) Asset retirement obligation, long-term $ 2,567 |
Debt and Financing Costs (Table
Debt and Financing Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Carrying Amounts and Estimated Fair Values | The following table presents the carrying amounts and estimated fair values of the Company’s outstanding debt: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Commercial paper and committed bank facilities $ — $ — $ 1,570 $ 1,570 Notes and debentures 8,777 8,829 9,675 9,944 Total Debt $ 8,777 $ 8,829 $ 11,245 $ 11,514 |
Components of Financing Costs, Net | Financing Costs, Net The following table presents the components of Apache’s financing costs, net: For the Quarter Ended For the Nine Months Ended 2015 2014 2015 2014 (In millions) Interest expense $ 120 $ 125 $ 371 $ 373 Amortization of deferred loan costs 6 2 10 5 Capitalized interest (56 ) (66 ) (173 ) (216 ) Loss on extinguishment of debt 39 — 39 — Interest income (2 ) (1 ) (7 ) (5 ) Financing costs, net $ 107 $ 60 $ 240 $ 157 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Net Income (loss) Per Common Share | A reconciliation of the components of basic and diluted net income (loss) per common share for the quarters and nine-month periods ended September 30, 2015, and 2014 is presented in the table below. For the Quarter Ended September 30, 2015 2014 Loss Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic: Loss from continuing operations $ (5,560 ) 378 $ (14.70 ) $ (1,174 ) 381 $ (3.08 ) Loss from discontinued operations (95 ) 378 (0.25 ) (156 ) 381 (0.42 ) Loss attributable to common stock $ (5,655 ) 378 $ (14.95 ) $ (1,330 ) 381 $ (3.50 ) Effect of Dilutive Securities: Stock options and other — — Diluted: Loss from continuing operations $ (5,560 ) 378 $ (14.70 ) $ (1,174 ) 381 $ (3.08 ) Loss from discontinued operations (95 ) 378 (0.25 ) (156 ) 381 (0.42 ) Loss attributable to common stock $ (5,655 ) 378 $ (14.95 ) $ (1,330 ) 381 $ (3.50 ) For the Nine Months Ended September 30, 2015 2014 Loss Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic: Loss from continuing operations $ (14,947 ) 378 $ (39.58 ) $ (73 ) 387 $ (0.19 ) Loss from discontinued operations (959 ) 378 (2.54 ) (516 ) 387 (1.33 ) Loss attributable to common stock $ (15,906 ) 378 $ (42.12 ) $ (589 ) 387 $ (1.52 ) Effect of Dilutive Securities: Stock options and other — — — — Diluted: Loss from continuing operations $ (14,947 ) 378 $ (39.58 ) $ (73 ) 387 $ (0.19 ) Loss from discontinued operations (959 ) 378 (2.54 ) (516 ) 387 (1.33 ) Loss attributable to common stock $ (15,906 ) 378 $ (42.12 ) $ (589 ) 387 $ (1.52 ) |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Financial Segment Information | Financial information for each country is presented below: United Other States Canada Egypt (1) North Sea International Total (3) (In millions) For the Quarter Ended September 30, 2015 Oil and Gas Production Revenues $ 639 $ 116 $ 500 $ 317 $ — $ 1,572 Operating Income (Loss) (2) $ (4,253 ) $ (1,022 ) $ 43 $ (474 ) $ — $ (5,706 ) Other Income (Expense): Other (76 ) General and administrative (86 ) Impairments (367 ) Financing costs, net (107 ) Loss Before Income Taxes $ (6,342 ) For the Nine Months Ended September 30, 2015 Oil and Gas Production Revenues $ 2,066 $ 387 $ 1,696 $ 1,013 $ — $ 5,162 Operating Income (Loss) (2) $ (13,800 ) $ (3,336 ) $ 361 $ (1,718 ) $ — $ (18,493 ) Other Income (Expense): Other (59 ) General and administrative (279 ) Impairments (367 ) Transaction, reorganization, and separation (120 ) Financing costs, net (240 ) Loss Before Income Taxes $ (19,558 ) Total Assets $ 12,806 $ 2,438 $ 7,788 $ 4,323 $ 457 $ 27,812 For the Quarter Ended September 30, 2014 Oil and Gas Production Revenues $ 1,481 $ 268 $ 910 $ 522 $ — $ 3,181 Operating Income (Loss) (2) $ (988 ) $ 11 $ 481 $ 124 $ — $ (372 ) Other Income (Expense): Derivative instrument gains (losses), net 273 Other (13 ) General and administrative (111 ) Transaction, reorganization, and separation (34 ) Financing costs, net (60 ) Income Before Income Taxes $ (317 ) For the Nine Months Ended September 30, 2014 Oil and Gas Production Revenues $ 4,515 $ 879 $ 2,849 $ 1,800 $ — $ 10,043 Operating Income (2) $ 354 $ 131 $ 1,601 $ 268 $ — $ 2,354 Other Income (Expense): Derivative instrument gains (losses), net 79 Other (4 ) General and administrative (332 ) Transaction, reorganization, and separation (66 ) Financing costs, net (157 ) Income Before Income Taxes $ 1,874 Total Assets $ 30,613 $ 7,100 $ 7,246 $ 6,824 $ 557 $ 52,340 (1) Includes a noncontrolling interest in Egypt. (2) Operating Income (Loss) consists of oil and gas production revenues less depreciation, depletion, and amortization, asset retirement obligation accretion, lease operating expenses, gathering and transportation costs, and taxes other than income. The operating income (loss) of U.S., Canada, and North Sea for the third quarter of 2015 includes non-cash write-downs of each region’s carrying value of oil and gas properties of $4.3 billion, $973 million and $447 million, respectively. For the first nine months of 2015, operating income (loss) of U.S., Canada, and North Sea includes non-cash write-downs of each region’s carrying value of oil and gas properties of $13.9 billion, $3.2 billion, and $1.7 billion, respectively. During the third quarter of 2014, U.S.’s operating income (loss) includes $1.5 billion of non-cash write-downs of the carrying value of oil and gas properties. North Sea’s operating income for the third quarter and first nine months of 2014 include non-cash write-downs of the carrying value of oil and gas properties totaling $17 million and $220 million, respectively. (3) Amounts for 2014 have been restated to exclude Argentina and Australia discontinued operations. Total Assets for the 2014 periods also excludes $8.7 billion of divested Australian assets. |
Supplemental Guarantor Inform27
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations | APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Quarter Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 344 $ — $ 1,228 $ — $ 1,572 Equity in net income of affiliates (1,759 ) (520 ) — 2,279 — Other (63 ) 14 (27 ) — (76 ) (1,478 ) (506 ) 1,201 2,279 1,496 OPERATING EXPENSES: Depreciation, depletion, and amortization 4,195 — 2,434 — 6,629 Asset retirement obligation accretion 4 — 33 — 37 Lease operating expenses 97 — 353 — 450 Gathering and transportation 9 — 49 — 58 Taxes other than income 30 — 74 — 104 Impairments 110 — 257 — 367 General and administrative 76 — 10 — 86 Financing costs, net 112 10 (15 ) — 107 4,633 10 3,195 — 7,838 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (6,111 ) (516 ) (1,994 ) 2,279 (6,342 ) Provision (benefit) for income taxes (463 ) 4 (332 ) — (791 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (5,648 ) (520 ) (1,662 ) 2,279 (5,551 ) Net income (loss) from discontinued operations, net of tax (7 ) — (88 ) — (95 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (5,655 ) (520 ) (1,750 ) 2,279 (5,646 ) Net income attributable to noncontrolling interest — — 9 — 9 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,655 ) $ (520 ) $ (1,759 ) $ 2,279 $ (5,655 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Quarter Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 882 $ — $ 2,299 $ — $ 3,181 Equity in net income (loss) of affiliates 491 5 1 (497 ) — Derivative instrument gains (losses), net 320 — (47 ) — 273 Other (34 ) 14 5 2 (13 ) 1,659 19 2,258 (495 ) 3,441 OPERATING EXPENSES: Depreciation, depletion, and amortization 1,914 — 821 — 2,735 Asset retirement obligation accretion 8 — 31 — 39 Lease operating expenses 137 — 451 — 588 Gathering and transportation 15 — 52 — 67 Taxes other than income 67 — 57 — 124 General and administrative 89 — 20 2 111 Transaction, reorganization, and separation 34 — — — 34 Financing costs, net 45 11 4 — 60 2,309 11 1,436 2 3,758 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (650 ) 8 822 (497 ) (317 ) Provision (benefit) for income taxes 678 2 88 — 768 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,328 ) 6 734 (497 ) (1,085 ) Net income from discontinued operations, net of tax — — (156 ) — (156 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (1,328 ) 6 578 (497 ) (1,241 ) Net income attributable to noncontrolling interest — — 89 — 89 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,328 ) $ 6 $ 489 $ (497 ) $ (1,330 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,143 $ — $ 4,019 $ — $ 5,162 Equity in net income (loss) of affiliates (4,831 ) (1,567 ) — 6,398 — Other (113 ) 40 (5 ) 19 (59 ) (3,801 ) (1,527 ) 4,014 6,417 5,103 OPERATING EXPENSES: Depreciation, depletion, and amortization 14,040 — 7,713 — 21,753 Asset retirement obligation accretion 11 — 98 — 109 Lease operating expenses 329 — 1,069 — 1,398 Gathering and transportation 25 — 138 — 163 Taxes other than income 97 — 135 — 232 Impairments 110 — 257 — 367 General and administrative 214 — 46 19 279 Transaction, reorganization, and separation 120 — — — 120 Financing costs, net 235 31 (26 ) — 240 15,181 31 9,430 19 24,661 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (18,982 ) (1,558 ) (5,416 ) 6,398 (19,558 ) Provision (benefit) for income taxes (3,255 ) 9 (1,425 ) — (4,671 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (15,727 ) (1,567 ) (3,991 ) 6,398 (14,887 ) Net loss from discontinued operations, net of tax (179 ) — (780 ) — (959 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (15,906 ) (1,567 ) (4,771 ) 6,398 (15,846 ) Net income attributable to noncontrolling interest — — 60 — 60 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (15,906 ) $ (1,567 ) $ (4,831 ) $ 6,398 $ (15,906 ) APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 2,669 $ — $ 7,374 $ — $ 10,043 Equity in net income (loss) of affiliates 1,233 58 6 (1,297 ) — Derivative instrument gains (losses), net 175 — (96 ) — 79 Other (106 ) 41 56 5 (4 ) 3,971 99 7,340 (1,292 ) 10,118 OPERATING EXPENSES: Depreciation, depletion, and amortization 2,598 — 2,595 — 5,193 Asset retirement obligation accretion 23 — 92 — 115 Lease operating expenses 386 — 1,310 — 1,696 Gathering and transportation 43 — 160 — 203 Taxes other than income 193 — 289 — 482 General and administrative 276 — 51 5 332 Transaction, reorganization, and separation 66 — — — 66 Financing costs, net 118 31 8 — 157 3,703 31 4,505 5 8,244 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 268 68 2,835 (1,297 ) 1,874 Provision for income taxes 730 4 918 — 1,652 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (462 ) 64 1,917 (1,297 ) 222 Net loss from discontinued operations, net of tax (127 ) — (389 ) — (516 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (589 ) 64 1,528 (1,297 ) (294 ) Net income attributable to noncontrolling interest — — 295 — 295 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (589 ) $ 64 $ 1,233 $ (1,297 ) $ (589 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK (1) $ (590 ) $ 64 $ 1,233 $ (1,297 ) $ (590 ) (1) Comprehensive income (loss) activity is recorded on the Apache Corporation entity and consists of derivative instrument reclassifications and changes in fair value as reflected on our statement of consolidated comprehensive income. |
Supplemental Condensed Consolidating Statement of Cash Flows | APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES $ 77 $ (25 ) $ 2,520 $ — $ 2,572 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 150 — 150 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 77 (25 ) 2,670 — 2,722 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,517 ) — (2,327 ) — (3,844 ) Leasehold and property acquisitions (243 ) — (11 ) — (254 ) Additions to gas gathering, transmission, and processing facilities (25 ) — (88 ) — (113 ) Proceeds from sale of Kitimat LNG — — 854 — 854 Proceeds from sale of other oil and gas properties 8 — 140 — 148 Investment in subsidiaries, net 274 — — (274 ) — Other (16 ) — (83 ) — (99 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (1,519 ) — (1,515 ) (274 ) (3,308 ) NET CASH PROVIDED BY DISCONTINUED OPERATIONS — — 4,335 — 4,335 NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,519 ) — 2,820 (274 ) 1,027 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper and bank credit facilities, net (1,570 ) — — — (1,570 ) Intercompany borrowings 4,416 (10 ) (4,680 ) 274 — Early redemption of fixed-rate debt (939 ) — — — (939 ) Distributions to noncontrolling interest — — (97 ) — (97 ) Dividends paid (283 ) — — — (283 ) Treasury stock activity, net — — — — — Other 2 35 (11 ) — 26 NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES 1,626 25 (4,788 ) 274 (2,863 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,626 25 (4,788 ) 274 (2,863 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 184 — 702 — 886 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 — 502 — 769 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 451 $ — $ 1,204 $ — $ 1,655 APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES $ 3,574 $ (37 ) $ 2,219 $ — $ 5,756 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 772 — 772 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 3,574 (37 ) 2,991 — 6,528 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (5,425 ) — (1,160 ) — (6,585 ) Leasehold and property acquisitions (503 ) — (135 ) — (638 ) Additions to gas gathering, transmission, and processing facilities (21 ) — (482 ) — (503 ) Proceeds from sale of Deepwater Gulf of Mexico assets 1,367 — — — 1,367 Restricted cash related to divestitures (545 ) — — — (545 ) Proceeds from sale of other oil and gas properties 35 — 355 — 390 Investment in subsidiaries, net 2,303 — — (2,303 ) — Other (67 ) — (29 ) — (96 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (2,856 ) — (1,451 ) (2,303 ) (6,610 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (331 ) — (331 ) NET CASH USED IN INVESTING ACTIVITIES (2,856 ) — (1,782 ) (2,303 ) (6,941 ) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper and bank credit facilities, net 1,248 — (2 ) — 1,246 Intercompany borrowings — 10 (2,322 ) 2,312 — Distributions to noncontrolling interest — — (124 ) — (124 ) Dividends paid (271 ) — — — (271 ) Treasury stock activity, net (1,830 ) — — — (1,830 ) Other — 24 23 (9 ) 38 NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES (853 ) 34 (2,425 ) 2,303 (941 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (42 ) — (42 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (853 ) 34 (2,467 ) 2,303 (983 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (135 ) (3 ) (1,258 ) — (1,396 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 — 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 20 $ — $ 490 $ — $ 510 |
Supplemental Condensed Consolidating Balance Sheet | APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 451 $ — $ 1,204 $ — $ 1,655 Receivables, net of allowance 392 — 940 — 1,332 Inventories 35 — 632 — 667 Drilling advances 17 — 169 — 186 Assets held for sale 79 — — — 79 Deferred tax asset 72 — 12 — 84 Prepaid assets and other 19 — 57 — 76 Intercompany receivable 5,580 — — (5,580 ) — 6,645 — 3,014 (5,580 ) 4,079 PROPERTY AND EQUIPMENT, NET 1,156 — 21,221 — 22,377 OTHER ASSETS: Intercompany receivable — — 882 (882 ) — Equity in affiliates 19,993 (702 ) 442 (19,733 ) — Deferred charges and other 157 998 1,201 (1,000 ) 1,356 $ 27,951 $ 296 $ 26,760 $ (27,195 ) $ 27,812 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 416 $ — $ 243 $ — $ 659 Other current liabilities 851 8 649 — 1,508 Intercompany payable — — 5,580 (5,580 ) — 1,267 8 6,472 (5,580 ) 2,167 LONG-TERM DEBT 8,480 298 (1 ) — 8,777 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 882 — — (882 ) — Income taxes 109 — 1,888 — 1,997 Asset retirement obligation 225 — 2,342 — 2,567 Other 7,179 250 (6,097 ) (1,000 ) 332 8,395 250 (1,867 ) (1,882 ) 4,896 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 9,809 (260 ) 19,993 (19,733 ) 9,809 Noncontrolling interest — — 2,163 — 2,163 TOTAL EQUITY 9,809 (260 ) 22,156 (19,733 ) 11,972 $ 27,951 $ 296 $ 26,760 $ (27,195 ) $ 27,812 APACHE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 Apache Apache All Other Reclassifications Consolidated (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 — — 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 SHAREHOLDERS’ 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 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Regulatory Assets [Abstract] | ||
Discount rate | 10.00% | |
Asset impairments | $ 367 | $ 367 |
Impairment of gathering, transmission, and processing (GTP) facilities | 210 | 210 |
Impairment of gathering, transmission, and processing (GTP) facilities, fair value | 16 | 16 |
Impairment of equity method investment | 148 | 148 |
Inventory write-downs | $ 9 | $ 9 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Non-Cash Write-Downs of Carrying Value Of Proved Oil And Gas Properties By Country (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule Of Significant Accounting Policies [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties, Before tax | $ 5,721 | $ 1,562 | $ 18,757 | $ 1,765 |
Write-down of the carrying value of Oil and Gas properties, After tax | 3,716 | 1,002 | 12,155 | 1,079 |
United States [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties, Before tax | 4,301 | 1,545 | 13,855 | 1,545 |
Write-down of the carrying value of Oil and Gas properties, After tax | 2,774 | 995 | 8,937 | 995 |
Canada [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties, Before tax | 973 | 3,160 | ||
Write-down of the carrying value of Oil and Gas properties, After tax | 719 | 2,347 | ||
North Sea [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties, Before tax | 447 | 17 | 1,742 | 220 |
Write-down of the carrying value of Oil and Gas properties, After tax | $ 223 | $ 7 | $ 871 | $ 84 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information - 2015 Activity - Yara Pilbara Holdings Pty Limited Sale (Detail) - USD ($) $ in Millions | Oct. 28, 2015 | Sep. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percentage of ownership | 100.00% | |
Yara Pilbara Holdings Pty Limited [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment on equity method investment | $ 148 | |
Scenario, Forecast [Member] | Yara Pilbara Holdings Pty Limited [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percentage of ownership | 49.00% | |
Proceed from sale of equity method investments | $ 391 |
Acquisitions and Divestitures31
Acquisitions and Divestitures - Additional Information - 2015 Activity - Canada Divestiture (Detail) - USD ($) $ in Millions | 1 Months Ended | |
Apr. 30, 2015 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percentage of ownership | 100.00% | |
Canada [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds form sale of operations | $ 854 | |
Kitimat LNG [Member] | Canada [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percentage of ownership | 50.00% | |
Proceeds form sale of operations | $ 345 | |
Upstream Assets [Member] | Canada [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds form sale of operations | $ 510 |
Acquisitions and Divestitures32
Acquisitions and Divestitures - Additional Information - 2015 Activity - Australia Divestiture (Detail) - Australia [Member] - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2015 | Apr. 30, 2015 | Sep. 30, 2015 | |
Wheatstone LNG [Member] | Oil and Gas Properties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on sale of upstream assets | $ 922 | ||
Woodside Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds form sale of operations | $ 2,800 | ||
Consortium Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds form sale of operations | $ 1,900 | ||
Loss on sale of upstream assets | $ 1,300 | ||
LNG Assets [Member] | Woodside Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds form sale of operations | 1,400 | ||
Upstream Assets [Member] | Woodside Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds form sale of operations | $ 1,400 |
Acquisitions and Divestitures33
Acquisitions and Divestitures - Summary of Carrying Amount of Major Assets and Liabilities Associated with Disposition - Australia Divestitures (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
ASSETS | |||
Current assets | $ 4,079 | $ 6,415 | |
Total assets | 27,812 | 55,952 | $ 52,340 |
LIABILITIES | |||
Current liabilities | 2,167 | 3,664 | |
Asset retirement obligations | 2,567 | 3,048 | |
Non-current deferred tax liability | 1,997 | 9,499 | |
Other long-term liabilities | $ 332 | 359 | |
Divestiture [Member] | Australia [Member] | |||
ASSETS | |||
Current assets | 1,992 | ||
Net property and equipment | 6,516 | ||
Total assets | 8,508 | ||
LIABILITIES | |||
Current liabilities | 606 | ||
Asset retirement obligations | 517 | ||
Non-current deferred tax liability | 922 | ||
Other long-term liabilities | 33 | ||
Total liabilities | $ 2,078 |
Acquisitions and Divestitures34
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition - Australia Divestitures (Detail) - Australia [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consortium Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from divestiture | $ (1,300) | ||||
Divestiture [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenues and other from discontinued operations | $ 299 | $ 288 | $ 781 | ||
Income from divested Australian operations | 99 | 24 | 317 | ||
Income tax benefit (expense) | $ (95) | (255) | 1,268 | (316) | |
Income (Loss) from discontinued operations, net of tax | $ (95) | $ (156) | (959) | $ 1 | |
Divestiture [Member] | Woodside Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from divestiture | (922) | ||||
Divestiture [Member] | Consortium Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from divestiture | $ (1,329) |
Acquisitions and Divestitures35
Acquisitions and Divestitures - Additional Information - 2015 Activity - Leasehold and Property Acquisitions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | ||||
Leasehold and property acquisition | $ 126 | $ 526 | $ 254 | $ 638 |
Acquisitions and Divestitures36
Acquisitions and Divestitures - Additional Information - 2015 Activity - Transaction, Reorganization, and Separation (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | |||
Transaction, reorganization, and separation expense | $ 34 | $ 120 | $ 66 |
Acquisitions and Divestitures37
Acquisitions and Divestitures - Additional Information - 2014 Activity - Anadarko Basin and Southern Louisiana Divestitures (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2014USD ($)a | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of oil and gas assets | $ 148 | $ 390 | |
Anadarko Basin and Southern Louisiana Divestitures [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of oil and gas assets | $ 1,300 | ||
Effective date of sale | Oct. 1, 2014 | ||
Anadarko Basin [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Oil and gas properties sold | a | 115,000 | ||
Southern Louisiana [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Oil and gas properties sold | a | 90,000 |
Acquisitions and Divestitures38
Acquisitions and Divestitures - Additional Information - 2014 Activity - Gulf of Mexico Divestiture (Detail) - USD ($) $ in Millions | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale of 11 primary-term deepwater exploration blocks | $ 148 | $ 390 | |
Gulf of Mexico Divestiture [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale of 11 primary-term deepwater exploration blocks | $ 1,400 | ||
Effective date of sale | May 1, 2014 |
Acquisitions and Divestitures39
Acquisitions and Divestitures - Additional Information - 2014 Activity - Canada Divestiture (Detail) $ in Millions | Apr. 30, 2014USD ($)a | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale of oil and gas assets | $ 148 | $ 390 | |
Natural Gas [Member] | Canada [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale of oil and gas assets | $ 374 | ||
Oil and gas properties sold | a | 328,400 | ||
Effective date of sale | Jan. 1, 2014 | ||
Natural Gas Liquids [Member] | Canada [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Working interest percentage in Wapiti area | 100.00% |
Acquisitions and Divestitures40
Acquisitions and Divestitures - Additional Information - 2014 Activity - Argentina Divestiture (Detail) - USD ($) $ in Millions | Mar. 12, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operations | $ 148 | $ 390 | |
Argentina [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operations | $ 800 | ||
Liabilities assumed | $ 52 | ||
Debt assumed beginning date | Jun. 30, 2013 | ||
Loss from discontinued operations, net of tax | $ 517 |
Acquisitions and Divestitures41
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition (Detail) - Argentina [Member] - USD ($) $ in Millions | Mar. 12, 2014 | Sep. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (Loss) from discontinued operations, net of tax | $ (517) | |
Divestiture [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues and other from discontinued operations | $ 87 | |
Loss from divestiture | (539) | |
Income (loss) from divested operations | (1) | |
Income tax benefit (expense) | 23 | |
Income (Loss) from discontinued operations, net of tax | $ (517) |
Acquisitions and Divestitures42
Acquisitions and Divestitures - Additional Information - 2014 Activity - Leasehold and Property Acquisitions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | ||||
Leasehold and property acquisition | $ 126 | $ 526 | $ 254 | $ 638 |
Acquisitions and Divestitures43
Acquisitions and Divestitures - Additional Information - 2014 Activity - Transaction, Reorganization, and Separation (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | |||
Transaction, reorganization, and separation expense | $ 34 | $ 120 | $ 66 |
Other Current Liabilities - Det
Other Current Liabilities - Details of Other Current Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued operating expenses | $ 139 | $ 163 |
Accrued exploration and development | 668 | 1,606 |
Accrued compensation and benefits | 158 | 204 |
Accrued interest | 107 | 160 |
Accrued income taxes | 296 | 54 |
Current asset retirement obligation | 28 | 37 |
Other | 112 | 230 |
Total Other current liabilities | $ 1,508 | $ 2,454 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Asset Retirement Obligation (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation at beginning of year | $ 3,085 | |
Liabilities incurred | 54 | |
Liabilities divested | (619) | |
Liabilities settled | (78) | |
Accretion expense | 122 | |
Revisions in estimated liabilities | 31 | |
Asset retirement obligation at end of year | 2,595 | |
Less current portion | (28) | $ (37) |
Asset retirement obligation, long-term | $ 2,567 | $ 3,048 |
Asset Retirement Obligation -46
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Asset Retirement Obligation [Line Items] | ||||
Asset retirement obligation accretion | $ 37 | $ 39 | $ 109 | $ 115 |
Australia [Member] | ||||
Asset Retirement Obligation [Line Items] | ||||
Asset retirement obligation accretion | $ 13 |
Debt and Financing Costs - Summ
Debt and Financing Costs - Summary of Carrying Amounts and Estimated Fair Values (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Commercial paper and committed bank facilities, Carrying Amount | $ 0 | $ 1,570,000,000 |
Total Debt, Carrying Amount | 8,777,000,000 | 11,245,000,000 |
Total Debt, Fair Value | 8,829,000,000 | 11,514,000,000 |
Commercial Paper and Committed Bank Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Fair Value | 1,570,000,000 | |
Notes and Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Notes and debentures, Carrying Amount | 8,777,000,000 | 9,675,000,000 |
Total Debt, Fair Value | $ 8,829,000,000 | $ 9,944,000,000 |
Debt and Financing Costs - Addi
Debt and Financing Costs - Additional Information (Detail) - USD ($) | Sep. 01, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Commercial paper program | $ 3,500,000,000 | |||
Commercial paper, committed bank facilities, and uncommitted bank lines outstanding | 0 | $ 1,570,000,000 | ||
Payments of notes | $ 939,000,000 | |||
5.625% Notes Due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt before unamortized discount | $ 500,000,000 | |||
Notes interest rate | 5.625% | |||
Debt maturity year | 2,017 | |||
Payments of notes | $ 939,000,000 | |||
Accrued and unpaid interest | 8,000,000 | |||
1.75% Notes Due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt before unamortized discount | $ 400,000,000 | |||
Notes interest rate | 1.75% | |||
Debt maturity year | 2,017 | |||
Payments of notes | $ 939,000,000 | |||
Accrued and unpaid interest | $ 8,000,000 | |||
Five-Year Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving bank facility | $ 3,500,000,000 | |||
Credit facility maturity date | Jun. 30, 2020 | |||
Five-Year Revolving Credit Facility [Member] | Scenario, Previously Reported [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured credit facility available to company | $ 5,300,000,000 | |||
Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Period For Borrowing Funds | 270 days |
Debt and Financing Costs - Comp
Debt and Financing Costs - Components of Financing Costs, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 120 | $ 125 | $ 371 | $ 373 |
Amortization of deferred loan costs | 6 | 2 | 10 | 5 |
Capitalized interest | (56) | (66) | (173) | (216) |
Loss on extinguishment of debt | 39 | 39 | ||
Interest income | (2) | (1) | (7) | (5) |
Financing costs, net | $ 107 | $ 60 | $ 240 | $ 157 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred foreign tax expense | $ 1,100 | $ 853 |
Net operating loss carryforwards | $ 69 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015CAD | |
Commitment And Contingencies [Line Items] | ||
Accrued liability for legal contingencies | $ 20,000,000 | |
Undiscounted reserve for environmental remediation | 62,000,000 | |
Administrative penalty | CAD | CAD 16,500 | |
Working Capital Adjustments [Member] | Wheatstone Lng and Kitimat Lng [Member] | ||
Commitment And Contingencies [Line Items] | ||
Purchase price adjustments amount | 175,000,000 | |
All Other Adjustments [Member] | Wheatstone Lng and Kitimat Lng [Member] | ||
Commitment And Contingencies [Line Items] | ||
Purchase price adjustments amount | $ 214,000,000 | |
Escheat Audits [Member] | ||
Commitment And Contingencies [Line Items] | ||
Loss contingency, period of occurrence | 2004 through 2009 | 2004 through 2009 |
Maximum possible loss from contingency | $ 237,000 | |
Minimum [Member] | Apollo Exploration Lawsuit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Plaintiffs alleged damages | 1,100,000,000 | |
Minimum [Member] | Louisiana Restoration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Plaintiffs alleged damages | 7,000,000 | |
Maximum [Member] | Louisiana Restoration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Plaintiffs alleged damages | $ 96,000,000 |
Capital Stock - Net Income (los
Capital Stock - Net Income (loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Loss from continuing operations | $ (5,560) | $ (1,174) | $ (14,947) | $ (73) |
Loss from discontinued operations | (95) | (156) | (959) | (516) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (5,655) | (1,330) | (15,906) | (589) |
Loss from continuing operations | (5,560) | (1,174) | (14,947) | (73) |
Loss from discontinued operations | (95) | (156) | (959) | (516) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (5,655) | $ (1,330) | $ (15,906) | $ (589) |
Loss from continuing operations, shares | 378 | 381 | 378 | 387 |
Loss from discontinued operations, shares | 378 | 381 | 378 | 387 |
Loss attributable to common stock, shares | 378 | 381 | 378 | 387 |
Stock options and other, shares | 0 | 0 | 0 | 0 |
Loss from continuing operations, shares | 378 | 381 | 378 | 387 |
Loss from discontinued operations, shares | 378 | 381 | 378 | 387 |
Loss attributable to common stock, shares | 378 | 381 | 378 | 387 |
Basic loss from continuing operations per share | $ (14.70) | $ (3.08) | $ (39.58) | $ (0.19) |
Basic loss from discontinued operations per share | (0.25) | (0.42) | (2.54) | (1.33) |
Loss attributable to common stock per share | (14.95) | (3.50) | (42.12) | (1.52) |
Diluted loss from continuing operations per share | (14.70) | (3.08) | (39.58) | (0.19) |
Diluted loss from discontinued operations per share | (0.25) | (0.42) | (2.54) | (1.33) |
Loss attributable to common stock, per share | $ (14.95) | $ (3.50) | $ (42.12) | $ (1.52) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 10, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Equity [Abstract] | |||||
Options and restricted stock, anti-dilutive | 10,400,000 | 4,700,000 | 8,900,000 | 5,500,000 | |
Dividends, Common stock | $ 95 | $ 95 | $ 283 | $ 271 | |
Common stock share purchase, shares | 40,000,000 | 40,000,000 | |||
Common stock share repurchase, shares | 32,200,000 | ||||
Common stock share repurchase, per share | $ 88.96 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Country | |
Segment Reporting [Abstract] | |
Production in number of countries | 4 |
Business Segment Information 55
Business Segment Information - Financial Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Oil and gas production revenues | $ 1,572 | $ 3,181 | $ 5,162 | $ 10,043 | |
Operating Income (Loss) | (5,706) | (372) | (18,493) | 2,354 | |
Other Income (Expense): | |||||
Derivative instrument gains (losses), net | 273 | 79 | |||
Other | (76) | (13) | (59) | (4) | |
General and administrative | (86) | (111) | (279) | (332) | |
Impairments | (367) | (367) | |||
Transaction, reorganization, and separation | (34) | (120) | (66) | ||
Financing costs, net | (107) | (60) | (240) | (157) | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,342) | (317) | (19,558) | 1,874 | |
Total Assets | 27,812 | 52,340 | 27,812 | 52,340 | $ 55,952 |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil and gas production revenues | 639 | 1,481 | 2,066 | 4,515 | |
Operating Income (Loss) | (4,253) | (988) | (13,800) | 354 | |
Other Income (Expense): | |||||
Total Assets | 12,806 | 30,613 | 12,806 | 30,613 | |
Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil and gas production revenues | 116 | 268 | 387 | 879 | |
Operating Income (Loss) | (1,022) | 11 | (3,336) | 131 | |
Other Income (Expense): | |||||
Total Assets | 2,438 | 7,100 | 2,438 | 7,100 | |
Egypt [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil and gas production revenues | 500 | 910 | 1,696 | 2,849 | |
Operating Income (Loss) | 43 | 481 | 361 | 1,601 | |
Other Income (Expense): | |||||
Total Assets | 7,788 | 7,246 | 7,788 | 7,246 | |
North Sea [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil and gas production revenues | 317 | 522 | 1,013 | 1,800 | |
Operating Income (Loss) | (474) | 124 | (1,718) | 268 | |
Other Income (Expense): | |||||
Total Assets | 4,323 | 6,824 | 4,323 | 6,824 | |
Other International [Member] | |||||
Other Income (Expense): | |||||
Total Assets | $ 457 | $ 557 | $ 457 | $ 557 |
Business Segment Information 56
Business Segment Information - Financial Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties | $ 5,721 | $ 1,562 | $ 18,757 | $ 1,765 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties | 4,301 | 1,545 | 13,855 | 1,545 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties | 973 | 3,160 | ||
North Sea [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Write-down of the carrying value of Oil and Gas properties | $ 447 | 17 | $ 1,742 | 220 |
Australia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | $ 8,700 | $ 8,700 |
Supplemental Guarantor Inform57
Supplemental Guarantor Information - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 | 2,029 |
Supplemental Guarantor Inform58
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES AND OTHER: | ||||
Oil and gas production revenues | $ 1,572 | $ 3,181 | $ 5,162 | $ 10,043 |
Derivative instrument gains (losses), net | 273 | 79 | ||
Other | (76) | (13) | (59) | (4) |
Total revenues and other | 1,496 | 3,441 | 5,103 | 10,118 |
OPERATING EXPENSES: | ||||
Depreciation, depletion, and amortization | 6,629 | 2,735 | 21,753 | 5,193 |
Asset retirement obligation accretion | 37 | 39 | 109 | 115 |
Lease operating expenses | 450 | 588 | 1,398 | 1,696 |
Gathering and transportation | 58 | 67 | 163 | 203 |
Taxes other than income | 104 | 124 | 232 | 482 |
Impairments | 367 | 367 | ||
General and administrative | 86 | 111 | 279 | 332 |
Transaction, reorganization, and separation | 34 | 120 | 66 | |
Financing costs, net | 107 | 60 | 240 | 157 |
Total operating expenses | 7,838 | 3,758 | 24,661 | 8,244 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,342) | (317) | (19,558) | 1,874 |
Provision (benefit) for income taxes | (791) | 768 | (4,671) | 1,652 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (5,551) | (1,085) | (14,887) | 222 |
Net income (loss) from discontinued operations, net of tax | (95) | (156) | (959) | (516) |
Net income (loss) including noncontrolling interest | (5,646) | (1,241) | (15,846) | (294) |
Net income attributable to noncontrolling interest | 9 | 89 | 60 | 295 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (5,655) | (1,330) | (15,906) | (589) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (5,655) | (1,330) | (15,906) | (590) |
Reclassifications & Eliminations [Member] | ||||
REVENUES AND OTHER: | ||||
Equity in net income (loss) of affiliates | 2,279 | (497) | 6,398 | (1,297) |
Other | 2 | 19 | 5 | |
Total revenues and other | 2,279 | (495) | 6,417 | (1,292) |
OPERATING EXPENSES: | ||||
General and administrative | 2 | 19 | 5 | |
Total operating expenses | 2 | 19 | 5 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,279 | (497) | 6,398 | (1,297) |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 2,279 | (497) | 6,398 | (1,297) |
Net income (loss) including noncontrolling interest | 2,279 | (497) | 6,398 | (1,297) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 2,279 | (497) | 6,398 | (1,297) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (1,297) | |||
Apache Corporation [Member] | ||||
REVENUES AND OTHER: | ||||
Oil and gas production revenues | 344 | 882 | 1,143 | 2,669 |
Equity in net income (loss) of affiliates | (1,759) | 491 | (4,831) | 1,233 |
Derivative instrument gains (losses), net | 320 | 175 | ||
Other | (63) | (34) | (113) | (106) |
Total revenues and other | (1,478) | 1,659 | (3,801) | 3,971 |
OPERATING EXPENSES: | ||||
Depreciation, depletion, and amortization | 4,195 | 1,914 | 14,040 | 2,598 |
Asset retirement obligation accretion | 4 | 8 | 11 | 23 |
Lease operating expenses | 97 | 137 | 329 | 386 |
Gathering and transportation | 9 | 15 | 25 | 43 |
Taxes other than income | 30 | 67 | 97 | 193 |
Impairments | 110 | 110 | ||
General and administrative | 76 | 89 | 214 | 276 |
Transaction, reorganization, and separation | 34 | 120 | 66 | |
Financing costs, net | 112 | 45 | 235 | 118 |
Total operating expenses | 4,633 | 2,309 | 15,181 | 3,703 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,111) | (650) | (18,982) | 268 |
Provision (benefit) for income taxes | (463) | 678 | (3,255) | 730 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (5,648) | (1,328) | (15,727) | (462) |
Net income (loss) from discontinued operations, net of tax | (7) | (179) | (127) | |
Net income (loss) including noncontrolling interest | (5,655) | (1,328) | (15,906) | (589) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (5,655) | (1,328) | (15,906) | (589) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (590) | |||
Apache Finance Canada [Member] | ||||
REVENUES AND OTHER: | ||||
Equity in net income (loss) of affiliates | (520) | 5 | (1,567) | 58 |
Other | 14 | 14 | 40 | 41 |
Total revenues and other | (506) | 19 | (1,527) | 99 |
OPERATING EXPENSES: | ||||
Financing costs, net | 10 | 11 | 31 | 31 |
Total operating expenses | 10 | 11 | 31 | 31 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (516) | 8 | (1,558) | 68 |
Provision (benefit) for income taxes | 4 | 2 | 9 | 4 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (520) | 6 | (1,567) | 64 |
Net income (loss) including noncontrolling interest | (520) | 6 | (1,567) | 64 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (520) | 6 | (1,567) | 64 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 64 | |||
All Other Subsidiaries of Apache Corporation [Member] | ||||
REVENUES AND OTHER: | ||||
Oil and gas production revenues | 1,228 | 2,299 | 4,019 | 7,374 |
Equity in net income (loss) of affiliates | 1 | 6 | ||
Derivative instrument gains (losses), net | (47) | (96) | ||
Other | (27) | 5 | (5) | 56 |
Total revenues and other | 1,201 | 2,258 | 4,014 | 7,340 |
OPERATING EXPENSES: | ||||
Depreciation, depletion, and amortization | 2,434 | 821 | 7,713 | 2,595 |
Asset retirement obligation accretion | 33 | 31 | 98 | 92 |
Lease operating expenses | 353 | 451 | 1,069 | 1,310 |
Gathering and transportation | 49 | 52 | 138 | 160 |
Taxes other than income | 74 | 57 | 135 | 289 |
Impairments | 257 | 257 | ||
General and administrative | 10 | 20 | 46 | 51 |
Financing costs, net | (15) | 4 | (26) | 8 |
Total operating expenses | 3,195 | 1,436 | 9,430 | 4,505 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,994) | 822 | (5,416) | 2,835 |
Provision (benefit) for income taxes | (332) | 88 | (1,425) | 918 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (1,662) | 734 | (3,991) | 1,917 |
Net income (loss) from discontinued operations, net of tax | (88) | (156) | (780) | (389) |
Net income (loss) including noncontrolling interest | (1,750) | 578 | (4,771) | 1,528 |
Net income attributable to noncontrolling interest | 9 | 89 | 60 | 295 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (1,759) | $ 489 | $ (4,831) | 1,233 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ 1,233 |
Supplemental Guarantor Inform59
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | $ 2,572 | $ 5,756 | ||
CASH PROVIDED BY DISCONTINUED OPERATIONS | 150 | 772 | ||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,722 | 6,528 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (3,844) | (6,585) | ||
Leasehold and property acquisitions | $ (126) | $ (526) | (254) | (638) |
Additions to gas gathering, transmission, and processing facilities | (113) | (503) | ||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,367 | |||
Proceeds from sale of Kitimat LNG | 854 | |||
Restricted cash related to divestitures | (545) | |||
Proceeds from sale of other oil and gas properties | 148 | 390 | ||
Other | (99) | (96) | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (3,308) | (6,610) | ||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 4,335 | (331) | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,027 | (6,941) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper and bank credit facilities, net | (1,570) | 1,246 | ||
Early redemption of fixed-rate debt | (939) | |||
Distributions to noncontrolling interest | (97) | (124) | ||
Dividends paid | (283) | (271) | ||
Treasury stock activity, net | (1,830) | |||
Other | 26 | 38 | ||
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | (2,863) | (941) | ||
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | |||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (2,863) | (983) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 886 | (1,396) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 769 | 1,906 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,655 | 510 | 1,655 | 510 |
Reclassifications & Eliminations [Member] | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment in subsidiaries, net | (274) | (2,303) | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (274) | (2,303) | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (274) | (2,303) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Intercompany borrowings | 274 | 2,312 | ||
Other | (9) | |||
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | 274 | 2,303 | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 274 | 2,303 | ||
Apache Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | 77 | 3,574 | ||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 77 | 3,574 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (1,517) | (5,425) | ||
Leasehold and property acquisitions | (243) | (503) | ||
Additions to gas gathering, transmission, and processing facilities | (25) | (21) | ||
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,367 | |||
Restricted cash related to divestitures | (545) | |||
Proceeds from sale of other oil and gas properties | 8 | 35 | ||
Investment in subsidiaries, net | 274 | 2,303 | ||
Other | (16) | (67) | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (1,519) | (2,856) | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,519) | (2,856) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper and bank credit facilities, net | (1,570) | 1,248 | ||
Intercompany borrowings | 4,416 | |||
Early redemption of fixed-rate debt | (939) | |||
Dividends paid | (283) | (271) | ||
Treasury stock activity, net | (1,830) | |||
Other | 2 | |||
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | 1,626 | (853) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,626 | (853) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 184 | (135) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 267 | 155 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 451 | 20 | 451 | 20 |
Apache Finance Canada [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | (25) | (37) | ||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (25) | (37) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Intercompany borrowings | (10) | 10 | ||
Other | 35 | 24 | ||
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | 25 | 34 | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 25 | 34 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3 | |||
All Other Subsidiaries of Apache Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY (USED IN) CONTINUING OPERATING ACTIVITIES | 2,520 | 2,219 | ||
CASH PROVIDED BY DISCONTINUED OPERATIONS | 150 | 772 | ||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,670 | 2,991 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (2,327) | (1,160) | ||
Leasehold and property acquisitions | (11) | (135) | ||
Additions to gas gathering, transmission, and processing facilities | (88) | (482) | ||
Proceeds from sale of Kitimat LNG | 854 | |||
Proceeds from sale of other oil and gas properties | 140 | 355 | ||
Other | (83) | (29) | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (1,515) | (1,451) | ||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 4,335 | (331) | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 2,820 | (1,782) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper and bank credit facilities, net | (2) | |||
Intercompany borrowings | (4,680) | (2,322) | ||
Distributions to noncontrolling interest | (97) | (124) | ||
Other | (11) | 23 | ||
NET CASH PROVIDED BY (USED IN) CONTINUING FINANCING ACTIVITIES | (4,788) | (2,425) | ||
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | |||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (4,788) | (2,467) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 702 | (1,258) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 502 | 1,748 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 1,204 | $ 490 | $ 1,204 | $ 490 |
Supplemental Guarantor Inform60
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 1,655 | $ 769 | $ 510 | $ 1,906 |
Receivables, net of allowance | 1,332 | 2,024 | ||
Inventories | 667 | 708 | ||
Drilling advances | 186 | 388 | ||
Assets held for sale | 79 | 1,628 | ||
Deferred tax asset | 84 | 769 | ||
Prepaid assets and other | 76 | 129 | ||
Total current assets | 4,079 | 6,415 | ||
PROPERTY AND EQUIPMENT, NET | 22,377 | 48,076 | ||
OTHER ASSETS: | ||||
Goodwill | 87 | |||
Deferred charges and other | 1,356 | 1,461 | ||
Total assets | 27,812 | 55,952 | 52,340 | |
CURRENT LIABILITIES: | ||||
Accounts payable | 659 | 1,210 | ||
Asset retirement obligation | 28 | 37 | ||
Other current liabilities | 1,508 | 2,454 | ||
Total current liabilities | 2,167 | 3,664 | ||
LONG-TERM DEBT | 8,777 | 11,245 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 1,997 | 9,499 | ||
Asset retirement obligation | 2,567 | 3,048 | ||
Other | 332 | 359 | ||
Total deferred credits and other noncurrent liabilities | $ 4,896 | $ 12,906 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 9,809 | $ 25,937 | ||
Noncontrolling interest | 2,163 | 2,200 | ||
TOTAL EQUITY | 11,972 | 28,137 | 32,986 | 35,393 |
Total liabilities and shareholders' equity | 27,812 | 55,952 | ||
Reclassifications & Eliminations [Member] | ||||
CURRENT ASSETS: | ||||
Intercompany receivable | (5,580) | (4,939) | ||
Total current assets | (5,580) | (4,939) | ||
OTHER ASSETS: | ||||
Intercompany receivable | (882) | (608) | ||
Equity in affiliates | (19,733) | (27,104) | ||
Deferred charges and other | (1,000) | (1,000) | ||
Total assets | (27,195) | (33,651) | ||
CURRENT LIABILITIES: | ||||
Intercompany payable | (5,580) | (4,939) | ||
Total current liabilities | (5,580) | (4,939) | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | (882) | (608) | ||
Other | (1,000) | (1,000) | ||
Total deferred credits and other noncurrent liabilities | $ (1,882) | $ (1,608) | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ (19,733) | $ (27,104) | ||
TOTAL EQUITY | (19,733) | (27,104) | ||
Total liabilities and shareholders' equity | (27,195) | (33,651) | ||
Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 451 | 267 | 20 | 155 |
Receivables, net of allowance | 392 | 837 | ||
Inventories | 35 | 24 | ||
Drilling advances | 17 | 34 | ||
Assets held for sale | 79 | |||
Deferred tax asset | 72 | 612 | ||
Prepaid assets and other | 19 | 32 | ||
Intercompany receivable | 5,580 | 4,939 | ||
Total current assets | 6,645 | 6,745 | ||
PROPERTY AND EQUIPMENT, NET | 1,156 | 13,940 | ||
OTHER ASSETS: | ||||
Equity in affiliates | 19,993 | 25,791 | ||
Deferred charges and other | 157 | 175 | ||
Total assets | 27,951 | 46,651 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 416 | 748 | ||
Asset retirement obligation | 28 | |||
Other current liabilities | 851 | 1,014 | ||
Total current liabilities | 1,267 | 1,790 | ||
LONG-TERM DEBT | 8,480 | 10,947 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | 882 | 608 | ||
Income taxes | 109 | 5,076 | ||
Asset retirement obligation | 225 | 211 | ||
Other | 7,179 | 2,082 | ||
Total deferred credits and other noncurrent liabilities | $ 8,395 | $ 7,977 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 9,809 | $ 25,937 | ||
TOTAL EQUITY | 9,809 | 25,937 | ||
Total liabilities and shareholders' equity | 27,951 | 46,651 | ||
Apache Finance Canada [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 3 | |||
Drilling advances | 1 | |||
Total current assets | 1 | |||
OTHER ASSETS: | ||||
Equity in affiliates | (702) | 869 | ||
Deferred charges and other | 998 | 1,002 | ||
Total assets | 296 | 1,872 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 10 | |||
Other current liabilities | 8 | 1 | ||
Total current liabilities | 8 | 11 | ||
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 | $ (260) | $ 1,313 | ||
TOTAL EQUITY | (260) | 1,313 | ||
Total liabilities and shareholders' equity | 296 | 1,872 | ||
All Other Subsidiaries of Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 1,204 | 502 | $ 490 | $ 1,748 |
Receivables, net of allowance | 940 | 1,187 | ||
Inventories | 632 | 684 | ||
Drilling advances | 169 | 353 | ||
Assets held for sale | 1,628 | |||
Deferred tax asset | 12 | 157 | ||
Prepaid assets and other | 57 | 97 | ||
Total current assets | 3,014 | 4,608 | ||
PROPERTY AND EQUIPMENT, NET | 21,221 | 34,136 | ||
OTHER ASSETS: | ||||
Intercompany receivable | 882 | 608 | ||
Equity in affiliates | 442 | 444 | ||
Goodwill | 87 | |||
Deferred charges and other | 1,201 | 1,197 | ||
Total assets | 26,760 | 41,080 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 243 | 452 | ||
Asset retirement obligation | 9 | |||
Other current liabilities | 649 | 1,402 | ||
Intercompany payable | 5,580 | 4,939 | ||
Total current liabilities | 6,472 | 6,802 | ||
LONG-TERM DEBT | (1) | |||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 1,888 | 4,423 | ||
Asset retirement obligation | 2,342 | 2,837 | ||
Other | (6,097) | (973) | ||
Total deferred credits and other noncurrent liabilities | $ (1,867) | $ 6,287 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 19,993 | $ 25,791 | ||
Noncontrolling interest | 2,163 | 2,200 | ||
TOTAL EQUITY | 22,156 | 27,991 | ||
Total liabilities and shareholders' equity | $ 26,760 | $ 41,080 |