Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | APA | ||
Entity Registrant Name | APACHE CORP | ||
Entity Central Index Key | 6,769 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 378,297,784 | ||
Entity Public Float | $ 21,783,122,197 |
Statement of Consolidated Opera
Statement of Consolidated Operations - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Oil and gas production revenues: | |||
Oil and gas production revenues | $ 6,383,000,000 | $ 12,691,000,000 | $ 14,771,000,000 |
Other | (17,000,000) | 110,000,000 | (333,000,000) |
Total revenues and other | 6,366,000,000 | 12,801,000,000 | 14,438,000,000 |
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 29,372,000,000 | 9,720,000,000 | 5,866,000,000 |
Asset retirement obligation accretion | 145,000,000 | 154,000,000 | 211,000,000 |
Lease operating expenses | 1,854,000,000 | 2,238,000,000 | 2,650,000,000 |
Gathering and transportation | 211,000,000 | 273,000,000 | 288,000,000 |
Taxes other than income | 282,000,000 | 577,000,000 | 772,000,000 |
Impairments | 1,920,000,000 | 1,919,000,000 | 0 |
General and administrative | 377,000,000 | 451,000,000 | 481,000,000 |
Transaction, reorganization, and separation | 132,000,000 | 67,000,000 | 33,000,000 |
Financing costs, net | 299,000,000 | 211,000,000 | 229,000,000 |
Total operating expenses | 34,592,000,000 | 15,610,000,000 | 10,530,000,000 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (28,226,000,000) | (2,809,000,000) | 3,908,000,000 |
Current income tax provision | 309,000,000 | 1,177,000,000 | 1,619,000,000 |
Deferred income tax provision (benefit) | (5,778,000,000) | (514,000,000) | 309,000,000 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (22,757,000,000) | (3,472,000,000) | 1,980,000,000 |
Net income (loss) from discontinued operations, net of tax | (771,000,000) | (1,588,000,000) | 308,000,000 |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (23,528,000,000) | (5,060,000,000) | 2,288,000,000 |
Preferred stock dividends | 44,000,000 | ||
Net income (loss) attributable to noncontrolling interest | (409,000,000) | 343,000,000 | 56,000,000 |
Net income (loss) attributable to common shareholders | (23,119,000,000) | (5,403,000,000) | 2,188,000,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS: | |||
Net income (loss) from continuing operations attributable to common shareholders | (22,348,000,000) | (3,815,000,000) | 1,880,000,000 |
Net income (loss) from discontinued operations | (771,000,000) | (1,588,000,000) | 308,000,000 |
Net income (loss) attributable to common shareholders | $ (23,119,000,000) | $ (5,403,000,000) | $ 2,188,000,000 |
BASIC NET INCOME (LOSS) PER COMMON SHARE: | |||
Basic net income (loss) from continuing operations per share | $ (59.16) | $ (9.93) | $ 4.75 |
Basic net income (loss) from discontinued operations per share | (2.04) | (4.13) | 0.78 |
Basic net income (loss) per share | (61.20) | (14.06) | 5.53 |
DILUTED NET INCOME (LOSS) PER COMMON SHARE: | |||
Diluted net income (loss) from continuing operations per share | (59.16) | (9.93) | 4.74 |
Diluted net income (loss) from discontinued operations per share | (2.04) | (4.13) | 0.76 |
Diluted net income (loss) per share | $ (61.20) | $ (14.06) | $ 5.50 |
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||
Basic | 378 | 384 | 395 |
Diluted | 378 | 384 | 406 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 1 | $ 1 | $ 0.80 |
Other Assets [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | $ 324,000,000 | $ 331,000,000 | $ 337,000,000 |
Oil and Gas Property and Equipment Recurring [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 3,531,000,000 | 4,388,000,000 | 4,534,000,000 |
Oil and Gas Property and Equipment Additional [Member] | |||
Oil and gas property and equipment | |||
Depreciation, depletion and amortization | 25,517,000,000 | 5,001,000,000 | 995,000,000 |
Oil Reserves [Member] | |||
Oil and gas production revenues: | |||
Revenues | 4,999,000,000 | 10,040,000,000 | 11,853,000,000 |
Natural Gas [Member] | |||
Oil and gas production revenues: | |||
Revenues | 1,157,000,000 | 1,983,000,000 | 2,266,000,000 |
Natural Gas Liquids [Member] | |||
Oil and gas production revenues: | |||
Revenues | $ 227,000,000 | $ 668,000,000 | $ 652,000,000 |
Statement of Consolidated Compr
Statement of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | $ (23,528) | $ (5,060) | $ 2,288 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Pension and postretirement benefit plan, net of tax | 9 | ||
Commodity cash flow hedge activity, net of tax: | |||
Reclassification of (gain) loss on settled derivative instruments | 11 | ||
Change in fair value of derivative instruments | (1) | (5) | |
Derivative hedge ineffectiveness reclassified into earnings | 1 | ||
Commodity cash flow hedge activity, net of tax | (1) | 16 | |
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (23,528) | (5,061) | 2,304 |
Preferred stock dividends | 44 | ||
Comprehensive income (loss) attributable to noncontrolling interest | (409) | 343 | 56 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (23,119) | $ (5,404) | $ 2,204 |
Statement of Consolidated Cash
Statement of Consolidated Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | $ (23,528,000,000) | $ (5,060,000,000) | $ 2,288,000,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Loss (income) from discontinued operations | 771,000,000 | 1,588,000,000 | (308,000,000) |
Depreciation, depletion, and amortization | 29,372,000,000 | 9,720,000,000 | 5,866,000,000 |
Impairments | 1,920,000,000 | 1,919,000,000 | 0 |
Asset retirement obligation accretion | 145,000,000 | 154,000,000 | 211,000,000 |
Provision for (benefit from) deferred income taxes | (5,778,000,000) | (514,000,000) | 309,000,000 |
Other | 102,000,000 | (51,000,000) | 300,000,000 |
Changes in operating assets and liabilities: | |||
Receivables | 663,000,000 | 757,000,000 | 105,000,000 |
Inventories | 21,000,000 | (31,000,000) | (65,000,000) |
Drilling advances | 138,000,000 | 107,000,000 | 269,000,000 |
Deferred charges and other | (435,000,000) | (211,000,000) | (148,000,000) |
Accounts payable | (489,000,000) | (216,000,000) | 286,000,000 |
Accrued expenses | (156,000,000) | (572,000,000) | (467,000,000) |
Deferred credits and noncurrent liabilities | 88,000,000 | (73,000,000) | 39,000,000 |
NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,834,000,000 | 7,517,000,000 | 8,685,000,000 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 150,000,000 | 944,000,000 | 1,150,000,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,984,000,000 | 8,461,000,000 | 9,835,000,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to oil and gas property | (4,578,000,000) | (9,022,000,000) | (8,663,000,000) |
Additions to gas gathering, transmission, and processing facilities | (233,000,000) | (881,000,000) | (464,000,000) |
Leasehold and property acquisitions | (367,000,000) | (1,475,000,000) | (429,000,000) |
Proceeds from sale of Kitimat LNG | 854,000,000 | ||
Proceeds from sale of Yara Pilbara | 391,000,000 | ||
Proceeds from sale of productive assets | 391,000,000 | 1,262,000,000 | 3,702,000,000 |
Proceeds from Kitimat LNG transaction, net | 396,000,000 | ||
Proceeds from sale of oil and gas properties, other | 268,000,000 | 470,000,000 | 307,000,000 |
Other, net | 6,000,000 | (299,000,000) | (105,000,000) |
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (3,659,000,000) | (8,585,000,000) | (5,256,000,000) |
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 4,335,000,000 | (219,000,000) | (1,860,000,000) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 676,000,000 | (8,804,000,000) | (7,116,000,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Commercial paper, credit facilities and bank notes, net | (1,570,000,000) | 1,568,000,000 | (509,000,000) |
Payments on fixed rate debt | (939,000,000) | (2,072,000,000) | |
Distributions to noncontrolling interest | (129,000,000) | (140,000,000) | |
Proceeds from sale of noncontrolling interest | 2,948,000,000 | ||
Dividends paid | (377,000,000) | (365,000,000) | (360,000,000) |
Treasury stock activity, net | (1,864,000,000) | (997,000,000) | |
Other | 53,000,000 | 49,000,000 | 21,000,000 |
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (2,962,000,000) | (752,000,000) | (969,000,000) |
NET CASH USED IN DISCONTINUED OPERATIONS | (42,000,000) | (4,000,000) | |
NET CASH USED IN FINANCING ACTIVITIES | (2,962,000,000) | (794,000,000) | (973,000,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 698,000,000 | (1,137,000,000) | 1,746,000,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 769,000,000 | 1,906,000,000 | 160,000,000 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,467,000,000 | 769,000,000 | 1,906,000,000 |
SUPPLEMENTARY CASH FLOW DATA: | |||
Interest paid, net of capitalized interest | 246,000,000 | 134,000,000 | 192,000,000 |
Income taxes paid, net of refunds | $ 573,000,000 | 1,357,000,000 | 1,766,000,000 |
Deepwater Gulf of Mexico [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of productive assets | 1,360,000,000 | ||
Anadarko Basin and Southern Louisiana [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of productive assets | $ 1,262,000,000 | ||
Gulf of Mexico Shelf [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of productive assets | $ 3,702,000,000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,467 | $ 769 |
Receivables, net of allowance | 1,253 | 2,024 |
Inventories | 570 | 708 |
Drilling advances | 172 | 388 |
Assets held for sale | 1,628 | |
Deferred tax asset | 769 | |
Prepaid assets and other | 290 | 129 |
Total current assets | 3,752 | 6,415 |
Oil and gas, on the basis of full-cost accounting: | ||
Proved properties | 89,069 | 89,852 |
Unproved properties and properties under development, not being amortized | 2,611 | 7,014 |
Gathering, transmission, and processing facilities | 1,052 | 5,440 |
Other | 1,093 | 1,152 |
Property and equipment, gross | 93,825 | 103,458 |
Less: Accumulated depreciation, depletion, and amortization | (79,706) | (55,382) |
Property and equipment, net | 14,119 | 48,076 |
OTHER ASSETS: | ||
Deferred charges and other | 971 | 1,461 |
Total assets | 18,842 | 55,952 |
CURRENT LIABILITIES: | ||
Accounts payable | 618 | 1,210 |
Other current liabilities | 1,223 | 2,454 |
Total current liabilities | 1,841 | 3,664 |
LONG-TERM DEBT | 8,777 | 11,245 |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||
Income taxes | 1,072 | 9,499 |
Asset retirement obligation | 2,562 | 3,048 |
Other | 362 | 359 |
Total deferred credits and other noncurrent liabilities | $ 3,996 | $ 12,906 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
EQUITY: | ||
Common stock, $0.625 par, 860,000,000 shares authorized, 411,218,105 and 409,706,347 shares issued, respectively | $ 257 | $ 256 |
Paid-in capital | 12,467 | 12,438 |
Retained earnings (accumulated deficit) | (7,153) | 16,249 |
Treasury stock, at cost, 33,183,930 and 33,201,455 shares, respectively | (2,889) | (2,890) |
Accumulated other comprehensive loss | (116) | (116) |
APACHE SHAREHOLDERS' EQUITY | 2,566 | 25,937 |
Noncontrolling interest | 1,662 | 2,200 |
TOTAL EQUITY | 4,228 | 28,137 |
TOTAL LIABILITIES AND EQUITY | $ 18,842 | $ 55,952 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 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 | 411,218,105 | 409,706,347 |
Treasury stock, shares | 33,183,930 | 33,201,455 |
Statement of Consolidated Chang
Statement of Consolidated Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Series D Preferred Stock [Member] |
BALANCE at Dec. 31, 2012 | $ 31,331 | $ 245 | $ 9,859 | $ 20,161 | $ (30) | $ (131) | $ 31,331 | $ 1,227 | |
Net income (loss) | 2,288 | 2,232 | 2,232 | $ 56 | |||||
Postretirement, net of tax of $9 | 9 | 9 | 9 | ||||||
Commodity hedges, net of tax | 7 | 7 | 7 | ||||||
Preferred | (44) | (44) | (44) | ||||||
Common dividends | (317) | (317) | (317) | ||||||
Common stock activity, net | (21) | 1 | (22) | (21) | |||||
Treasury stock activity, net | (997) | (997) | (997) | ||||||
Sale of noncontrolling interest | 2,948 | 1,007 | 1,007 | 1,941 | |||||
Conversion of Series D preferred stock | 9 | 1,218 | $ (1,227) | ||||||
Compensation expense | 189 | 189 | 189 | ||||||
BALANCE at Dec. 31, 2013 | 35,393 | 255 | 12,251 | 22,032 | (1,027) | (115) | 33,396 | 1,997 | |
Net income (loss) | (5,060) | (5,403) | (5,403) | 343 | |||||
Distributions to noncontrolling interest | (140) | (140) | |||||||
Commodity hedges, net of tax | (1) | (1) | (1) | ||||||
Common dividends | (380) | (380) | (380) | ||||||
Common stock activity, net | (10) | 1 | (11) | (10) | |||||
Treasury stock activity, net | (1,864) | (1) | (1,863) | (1,864) | |||||
Compensation expense | 202 | 202 | 202 | ||||||
Other | (3) | (3) | (3) | ||||||
BALANCE at Dec. 31, 2014 | 28,137 | 256 | 12,438 | 16,249 | (2,890) | (116) | 25,937 | 2,200 | |
Net income (loss) | (23,528) | (23,119) | (23,119) | (409) | |||||
Distributions to noncontrolling interest | (129) | (129) | |||||||
Common dividends | (378) | (95) | (283) | (378) | |||||
Common stock activity, net | (14) | 1 | (15) | (14) | |||||
Treasury stock activity, net | (1) | 1 | |||||||
Compensation expense | 140 | 140 | 140 | ||||||
BALANCE at Dec. 31, 2015 | $ 4,228 | $ 257 | $ 12,467 | $ (7,153) | $ (2,889) | $ (116) | $ 2,566 | $ 1,662 |
Statement of Consolidated Chan8
Statement of Consolidated Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax benefit (expense) to post retirement | $ 9 | ||
Tax (benefit) expense to commodity hedges | $ 4 | ||
Common stock, dividends, per share | $ 1 | $ 1 | $ 0.80 |
Paid-In Capital [Member] | |||
Common stock, dividends, per share | 1 | ||
Retained Earnings (Accumulated Deficit) [Member] | |||
Common stock, dividends, per share | 1 | 1 | $ 0.80 |
Accumulated Other Comprehensive (Loss) [Member] | |||
Income tax benefit (expense) to post retirement | $ 9 | ||
Tax (benefit) expense to commodity hedges | 4 | ||
Parent [Member] | |||
Income tax benefit (expense) to post retirement | 9 | ||
Tax (benefit) expense to commodity hedges | $ 4 | ||
Common stock, dividends, per share | $ 1 | $ 1 | $ 0.80 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting policies used by Apache and its subsidiaries reflect industry practices and conform to accounting principles generally accepted in the U.S. (GAAP). The Company’s financial statements for prior periods include reclassifications that were made to conform to the current-year presentation. During the second quarter of 2015, Apache completed the sale of its Australian LNG business and oil and gas assets. In March 2014, Apache completed the sale of all of its operations in Argentina. Results of operations and cash flows for the divested Australia assets and Argentina operations are reflected as discontinued operations in the Company’s financial statements for all periods presented. Significant policies are discussed below. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Apache and its subsidiaries after elimination of intercompany balances and transactions. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, Apache has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated Apache subsidiary and are reflected separately in the Company’s financial statements. Investments in which Apache holds less than 50 percent of the voting interest are typically accounted for under the equity method of accounting, with the balance recorded as a component of “Deferred charges and other” in Apache’s consolidated balance sheet and results of operations recorded as a component of “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Apache evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities and assets held for sale at year-end (see Note 2—Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 14—Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 5—Asset Retirement Obligation), the estimates of fair value for long-lived assets and goodwill impairment (see “Fair Value Measurements” and “Goodwill” sections in this Note 1 below), and the estimate of income taxes (see Note 7—Income Taxes). Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in Apache’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35 provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Recurring fair value measurements are presented in further detail in Note 6—Debt and Note 9—Retirement and Deferred Compensation Plans. Apache also uses fair value measurements on a nonrecurring basis as indicated by certain qualitative assessments of its assets. For the year ended December 31, 2015, the Company recorded asset impairments totaling $1.9 billion in connection with fair value assessments in the current low commodity price environment. Impairments totaling $1.7 billion were recorded for certain gathering, transmission, and processing (GTP) facilities, which were written down to their fair values. These GTP impairments are discussed in further detail below in “Gathering, Transmission, and Processing Facilities.” Also in 2015, the Company recorded $148 million for the impairment of an equity method investment sold in the fourth quarter and $55 million for inventory write-downs. For a discussion of the equity method investment impairment, see Note 2—Acquisitions and Divestitures. For the year ended December 31, 2014, the Company recorded asset impairments totaling $1.9 billion in connection with fair value assessments, including $1.3 billion for the impairment of goodwill, $604 million for the impairment of assets held for sale, and other asset impairments. The Company also recorded $439 million in impairments related to the sale of Australia’s assets, which are classified as discontinued operations in 2014. For discussion of these impairments, see “Property and Equipment” and “Goodwill” below and Note 2—Acquisitions and Divestitures. Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2015 and 2014, Apache had $1.5 billion and $0.8 billion, respectively, of cash and cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for doubtful accounts. The carrying amount of Apache’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. Many of Apache’s receivables are from joint interest owners on properties Apache operates. The Company may have the ability to withhold future revenue disbursements to recover any non-payment of these joint interest billings. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of December 31, 2015, 2014, and 2013, the Company had an allowance for doubtful accounts of $103 million, $98 million, and $78 million, respectively. During 2015, Apache’s allowance for doubtful accounts increased $5 million, reflecting additional provisions for the year of $40 million, partially offset by $35 million for uncollectible accounts written off net of recoveries. Inventories Inventories consist principally of tubular goods and equipment, stated at weighted-average cost, and oil produced but not sold, stated at the lower of cost or market. Property and Equipment The carrying value of Apache’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest. Interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized in concurrence with the related assets. For business combinations, property and equipment cost is based on the fair values at the acquisition date. Oil and Gas Property The Company follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits, and other internal costs directly identified with these activities, and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. Apache capitalized $297 million, $373 million, and $401 million of internal costs in 2015, 2014, and 2013, respectively. Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. The cost of unproved properties and properties under development are excluded from the amortization calculation until it is determined whether or not proved reserves can be assigned to such properties or until development projects are placed in service. Geological and geophysical costs not associated with specific prospects are recorded to proved property immediately. Unproved properties and properties under development are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings. Under the full-cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for designated cash flow hedges. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. See Note 14—Supplemental Oil and Gas Disclosures for a discussion of the calculation of estimated future net cash flows. Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. The following table presents non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for 2015, 2014, and 2013: For the Year Ended For the Year Ended For the Year Ended Before tax After tax Before tax After tax Before tax After tax (In millions) U.S. $ 19,537 $ 12,602 $ 4,412 $ 2,844 $ 552 $ 356 Canada 3,667 2,721 - - - - North Sea 2,032 1,016 589 224 368 139 Egypt 281 281 - - - - Other international - - - - 75 46 Total write-downs $ 25,517 $ 16,620 $ 5,001 $ 3,068 $ 995 $ 541 In 2013, the Company recorded a non-cash write-down of $118 million, net of tax, in Argentina, which is reflected as discontinued operations in the Company’s consolidated financial statements. Cash flow hedges did not materially affect the 2015, 2014, and 2013 calculations. Proceeds from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion (greater than 25 percent) of the Company’s reserve quantities in a particular country are sold, in which case a gain or loss is recognized in income. During 2015, Apache recorded a $1.3 billion and $922 million loss related to the sale of its Australia oil and gas assets and Wheatstone LNG project, respectively. During 2014, Apache recorded a $539 million loss related to the divestiture of operations in Argentina. No gain or loss was recorded on the Company’s divestitures in 2013. See Note 2—Acquisitions and Divestitures for more detail. Gathering, Transmission, and Processing Facilities GTP facilities totaled $1.1 billion and $5.4 billion at December 31, 2015 and 2014, respectively, with accumulated depreciation for these assets totaling $160 million and $1.7 billion for the respective periods. GTP facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GTP assets, whether Apache-operated or third party, as well as potential development plans by Apache for undeveloped acreage within or in close proximity to those fields. The Company assesses the carrying amount of its GTP facilities whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of these facilities is more than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value. During 2015, the Company recorded impairments of $1.7 billion on certain GTP assets, which were written down to their fair values of $306 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 estimated 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. During 2014, the Company recorded an impairment of $1.0 billion of its GTP assets related to the sale of Apache’s Wheatstone and Kitimat LNG projects, and the remaining carrying value of those assets was reclassified to “Assets held for sale” on the Company’s consolidated balance sheet as of December 31, 2014. No impairments of GTP facilities were recognized during 2013. The costs of GTP facilities retired or otherwise disposed of and associated accumulated depreciation are removed from Apache’s consolidated financial statements, and the resulting gain or loss is reflected in “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. During 2015, Apache recorded a gain on the sale of GTP facilities totaling $59 million associated with the Company’s divestitures of certain Permian Basin assets. During 2014, the Company recorded a loss totaling $180 million associated with divestitures of certain Anadarko basin and southern Louisiana assets. No gain or loss on the sales of GTP facilities was recognized during 2013. Other Property and Equipment Other property and equipment includes computer software and equipment, buildings, vehicles, furniture and fixtures, land, and other equipment. These assets are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from 3 to 20 years. Accumulated depreciation for these assets totaled $693 million and $673 million at December 31, 2015 and 2014, respectively. Asset Retirement Costs and Obligations The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets. Goodwill Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. The Company assesses the carrying amount of goodwill by testing for impairment annually and when impairment indicators arise. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. Apache assesses each country as a reporting unit. The fair value of each unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then goodwill is written down to the implied fair value of the goodwill through a charge to expense. In order to determine the fair value of each reporting unit, the Company uses a combination of the income approach and the market approach. The income approach considers management views on current operating measures as well as assumptions pertaining to market forces in the oil and gas industry, such as future production, future commodity prices, and costs. These assumptions are applied to develop future cash flow projections that are then discounted to estimate fair value, using a discount rate similar to those used by the Company in the valuation of acquisitions and divestitures. To assess the reasonableness of its fair value estimate, the Company uses a market approach to compare the fair value to similar businesses whose securities are actively traded in the public market. This requires management to make certain judgments about the selection of comparable companies, recent comparable asset transactions, and transaction premiums. Associated market multiples are applied to various financial metrics of the reporting unit to estimate fair value. Apache has classified this reporting unit estimation as a non-recurring Level 3 fair value measurement in the fair value hierarchy. As of December 31, 2013, goodwill totaled $1.4 billion, with approximately $1.0 billion, $163 million, $103 million, and $87 million recorded in the U.S., North Sea, Canada, and Egypt, respectively. Given the significant reduction in oil and gas commodity prices in December 2014, the Company tested goodwill for impairment as of December 31, 2014. Reductions in estimated net present value of expected future cash flows from oil and gas properties resulted in implied fair values below the carrying values of Apache’s U.S., North Sea, and Canada reporting units. No impairment was indicated for the Company’s Egypt reporting unit. As a result of these assessments, during the fourth quarter of 2014 the Company recognized non-cash impairments of the entire amount of recorded goodwill in the U.S., North Sea, and Canada reporting units of $1.0 billion, $163 million, and $103 million, respectively. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. As of December 31, 2015 and 2014, total goodwill of $87 million remained recorded for the Egypt reporting unit. Accounts Payable Included in accounts payable at December 31, 2015 and 2014, are liabilities of approximately $129 million and $229 million, respectively, representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. Commitments and Contingencies Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. Revenue Recognition and Imbalances Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Cash received relating to future revenues is deferred and recognized when all revenue recognition criteria are met. Apache uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Apache is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties’ estimated remaining reserves net to Apache will not be sufficient to enable the under-produced owner to recoup its entitled share through production. The Company’s recorded liability is generally reflected in other non-current liabilities. No receivables are recorded for those wells where Apache has taken less than its share of production. Gas imbalances are reflected as adjustments to estimates of proved gas reserves and future cash flows in the unaudited supplemental oil and gas disclosures. Apache markets its own North American natural gas production. Since the Company’s production fluctuates because of operational issues, it is occasionally necessary to purchase third-party gas to fulfill sales obligations and commitments. Both the costs and sales proceeds of this third-party gas are reported on a net basis in oil and gas production revenues. The costs of third-party gas netted against the related sales proceeds totaled $37 million, $46 million, and $34 million, for 2015, 2014, and 2013, respectively. The Company’s Egyptian operations are conducted pursuant to production sharing contracts under which contractor partners pay all operating and capital costs for exploring and developing the concessions. A percentage of the production, generally up to 40 percent, is available to contractor partners to recover these operating and capital costs over contractually defined periods. Cost recovery is reflected in revenue. The balance of the production is split among the contractor partners and the Egyptian General Petroleum Corporation (EGPC) on a contractually defined basis. Derivative Instruments and Hedging Activities Apache periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. As of December 31, 2015, Apache had no open derivative positions. When applicable, Apache records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses from the change in fair value of derivative instruments that do not qualify for hedge accounting are reported in current-period income as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations. Hedge accounting treatment allows unrealized gains and losses on cash flow hedges to be deferred in other comprehensive income. Realized gains and losses from the Company’s oil and gas cash flow hedges, including terminated contracts, are generally recognized in oil and gas production revenues when the forecasted transaction occurs. If at any time the likelihood of occurrence of a hedged forecasted transaction ceases to be “probable,” hedge accounting treatment will cease on a prospective basis, and all future changes in the fair value of the derivative will be recognized directly in earnings. Amounts recorded in other comprehensive income prior to the change in the likelihood of occurrence of the forecasted transaction will remain in other comprehensive income until such time as the forecasted transaction impacts earnings. If it becomes probable that the original forecasted production will not occur, then the derivative gain or loss would be reclassified from accumulated other comprehensive income into earnings immediately. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time, and any ineffectiveness is immediately reported as “Other” under “Revenues and Other” in the statement of consolidated operations. General and Administrative Expense General and administrative expenses are reported net of recoveries from owners in properties operated by Apache and net of amounts related to lease operating activities or capitalized pursuant to the full-cost method of accounting. Income Taxes Apache records deferred tax assets and liabilities to account for the expected future tax consequences of events that have been recognized in the financial statements and tax returns. The Company routinely assesses the ability to realize its deferred tax assets. If the Company concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Numerous judgments and assumptions are inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil and gas prices) and changing tax laws. Apache does not record U.S. deferred income taxes on foreign subsidiaries that are deemed to be permanently reinvested. When such earnings are no longer deemed permanently reinvested, Apache will recognize the appropriate U.S. current or deferred income tax liabilities. For more information, please refer to Note 7—Income Taxes. Foreign Currency Transaction Gains and Losses The U.S. dollar is the functional currency for each of Apache’s international operations. The functional currency is determined country-by-country based on relevant facts and circumstances of the cash flows, commodity pricing environment and financing arrangements in each country. Foreign currency transaction gains and losses arise when monetary assets and liabilities denominated in foreign currencies are remeasured to their U.S. dollar equivalent at the exchange rate in effect at the end of each reporting period. Foreign currency gains and losses also arise when revenue and disbursement transactions denominated in a country’s local currency are converted to a U.S. dollar equivalent based on the average exchange rates during the reporting period. Foreign currency transaction gains and losses related to current taxes payable and deferred tax assets and liabilities are recorded as components of the provision for income taxes. For further discussion, please refer to Note 7—Income Taxes. All other foreign currency transaction gains and losses are reflected in “Other” under “Revenues and Other” in the statement of consolidated operations. The Company’s other foreign currency gains and losses netted to a loss in 2015 of $11 million, a gain in 2014 of $8 million, and a loss in 2013 of $30 million. Insurance Coverage The Company recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. Earnings Per Share The Company’s basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects potential dilution, using the treasury stock method, which assumes that options were exercised and restricted stock was fully vested. The diluted EPS calculations for the year ended December 31, 2013, includes weighted-average shares of common stock from the assumed conversion of Apache’s convertible preferred stock. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition provisions of ASC Topic 718, “Compensation – Stock Compensation.” The Company grants various types of stock-based awards including stock options, nonvested restricted stock units, and performance-based awards. Additionally, the Company also grants cash-based stock appreciation rights. These plans and related accounting policies are defined and described more fully in Note 10—Capital Stock. Stock compensation awards granted are valued on the date of grant and are expensed, net of estimated forfeitures, over the required service period. ASC Topic 718 also requires that benefits of tax deductions in excess of recognized compensation cost be reported as financing cash flows rather than as operating cash flows. The Company classified $1 million, $35,000, and $1 million as financing cash inflows in 2015, 2014, and 2013, respectively. Treasury Stock The Company follows the weighted-average-cost method of accounting for treasury stock transactions. New Pronouncements Issued But Not Yet Adopted In 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, |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 2. ACQUISITIONS AND DIVESTITURES 2015 Activity Yara Pilbara Holdings Pty Limited Sale In October 2015, Apache sold 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 $344 million was associated with LNG assets and $510 million was associated with upstream assets. For additional details related to post-closing adjustments, please see Note 8—Commitments and Contingencies. The Kitimat LNG assets were impaired $604 million 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 the Company’s financial statements for all periods presented. The carrying amounts of the major classes of consolidated assets and liabilities associated with the Australia dispositions were as follows: December 31, 2014 (In millions) ASSETS Current assets $ 1,992 Oil and gas assets, net 5,639 GTP and other assets, net 877 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 Year Ended December 31, 2015 2014 2013 (In millions) Revenues and other from discontinued operations $ 288 $ 1,050 $ 1,121 Loss on Woodside sale $ (922) $ - $ - Loss on Consortium sale (1,329) - - Income (loss) from divested Australian operations 24 (97) 496 Income tax benefit (expense) 1,456 (974) 4 Income (loss) from Australian discontinued operations, net of tax $ (771) $ (1,071) $ 500 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 is October 1, 2014. Apache’s net book value of oil and gas properties was reduced by approximately $1.2 billion of proved property costs as a result of the transactions. Approximately $72 million of proceeds were allocated to the GTP facilities, resulting in a loss on disposal of assets totaling $180 million ($116 million net of tax). Gulf of Mexico Deepwater Divestiture On June 30, 2014, Apache completed the sale of non-operated interests in the Lucius and Heidelberg development projects and 11 primary-term deepwater exploration blocks in the Gulf of Mexico for $1.4 billion. The effective date of the transaction was May 1, 2014. Apache’s net book value of oil and gas properties was reduced by $850 million of proved property costs and $518 million of unproved property costs as a result of the transaction. Canada Divestiture On April 30, 2014, Apache completed the sale of primarily dry gas producing hydrocarbon assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 million. The assets comprise 328,400 net acres in the Ojay, Noel, and Wapiti areas. Apache retained 100 percent of its working interest in horizons below the Cretaceous in the Wapiti area, including rights to the liquids-rich Montney and other deeper horizons. The effective date of the transaction was January 1, 2014. Argentina Divestiture On March 12, 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina to YPF Sociedad Anónima for cash consideration of $800 million (subject to customary closing adjustments) plus the assumption of $52 million of bank debt as of June 30, 2013. The results of operations related to Argentina have been classified as discontinued operations in all periods presented in this Annual Report on Form 10-K. Sales and other operating revenues and loss from discontinued operations related to the Argentina disposition were as follows: For the Year Ended December 31, 2015 2014 2013 (In millions) Revenues and other from discontinued operations $ - $ 87 $ 494 Loss from Argentina divestiture - (539) - Income (loss) from operations in Argentina - (1) (192) Income tax benefit - 23 - Income (loss) from discontinued operations, net of tax $ - $ (517) $ (192) 2013 Activity Egypt Partnership On November 14, 2013, Apache completed the sale of a one-third minority participation in its Egypt oil and gas business to a subsidiary of Sinopec International Petroleum Exploration and Production Corporation (Sinopec). Apache received cash consideration of $2.95 billion after customary closing adjustments. Apache continues to operate its Egypt upstream oil and gas business. Apache recorded $1.9 billion of the proceeds as a non-controlling interest, which is reflected as a separate component of equity in the Company’s consolidated balance sheet. This represents one-third of Apache’s net book value of its Egypt holdings at the time of the transaction. Gulf of Mexico Shelf Divestiture On September 30, 2013, Apache completed the sale of its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC (Fieldwood), an affiliate of Riverstone Holdings. Under the terms of the agreement, Apache received cash consideration of $3.7 billion, and Fieldwood assumed $1.5 billion of discounted asset abandonment liabilities. Additionally, Apache retained 50 percent of its ownership interest in all exploration blocks and in horizons below production in developed blocks. The effective date of the agreement is July 1, 2013. Apache’s net book value of oil and gas properties was reduced by approximately $4.6 billion of proved property costs and $473 million of unproved property costs as a result of the transaction. Canada LNG Project In February 2013, Apache completed a transaction with Chevron Canada Limited (Chevron Canada) under which each company became a 50 percent owner of the Kitimat LNG plant, the Pacific Trail Pipelines Limited Partnership, and 644,000 gross undeveloped acres in the Horn River and Liard basins. Apache’s net proceeds from the transaction were $396 million after post-closing adjustments, and no gain or loss was recorded. Leasehold and Property Acquisitions Apache completed $367 million, $1.5 billion, and $429 million of leasehold and property acquisitions during 2015, 2014, and 2013, respectively, substantially increasing its drilling opportunities in key focus areas in North America including the Eagle Ford and Canyon Lime plays. Transaction, Reorganization, and Separation Apache recorded $132 million, $67 million, and $33 million of expenses during 2015, 2014, and 2013, respectively, primarily related to various transactions, company reorganization, and employee separation. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives and Strategies The Company is exposed to fluctuations in crude oil and natural gas prices on the majority of its worldwide production. Apache manages the variability in its cash flows by occasionally entering into derivative transactions on a portion of its crude oil and natural gas production. When appropriate, the Company utilizes various types of derivative financial instruments, including swaps and options, to manage fluctuations in cash flows resulting from changes in commodity prices. As of December 31, 2015, Apache had no open commodity derivative positions. Derivative Activity Recorded in the Statement of Consolidated Operations The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: Gain (Loss) on Derivatives Recognized in Income For the Year Ended December 31, 2015 2014 2013 (In millions) Loss on cash flow hedges reclassified from accumulated other comprehensive loss Oil and Gas Production Revenues $ - $ - $ (16) Loss for ineffectiveness on cash flow hedges Revenues and Other: Other $ - $ - $ (1) Derivatives not designated as cash flow hedges: Realized loss $ - $ (16) $ (178) Unrealized gain (loss) - 300 (221) Gain (loss) on derivatives not designated as cash flow hedges Revenues and Other: Other $ - $ 284 $ (399) Unrealized gains and losses for derivative activity recorded in the statement of consolidated operations is reflected in the statement of consolidated cash flows as a component of “Other” in “Adjustments to reconcile net income (loss) to net cash provided by operating activities.” |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | 4. OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities at December 31, 2015 and 2014: December 31, 2015 2014 (In millions) Accrued operating expenses $ 139 $ 163 Accrued exploration and development 637 1,606 Accrued compensation and benefits 166 204 Accrued interest 144 160 Accrued income taxes 47 54 Current asset retirement obligation 36 37 Current debt 1 - Other 53 230 Total Other current liabilities $ 1,223 $ 2,454 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | 5. ASSET RETIREMENT OBLIGATION The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2015 and 2014: 2015 2014 (In millions) Asset retirement obligation at beginning of year $ 3,085 $ 3,222 Liabilities incurred 68 171 Liabilities divested (623) (471) Liabilities settled (90) (146) Accretion expense 158 181 Revisions in estimated liabilities - 128 Asset retirement obligation at end of year 2,598 3,085 Less current portion (36) (37) Asset retirement obligation, long-term $ 2,562 $ 3,048 The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with Apache’s oil and gas properties. The Company utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Company estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Accretion expense for 2015 and 2014 includes discontinued operations of $13 million and $27 million, respectively, which are included in “Net income (loss) from discontinued operations, net of tax” on the statement of consolidated operations. During 2015 and 2014, the Company recorded $68 million and $171 million, respectively, in abandonment liabilities resulting from Apache’s active exploration and development capital program. Liabilities settled primarily relate to individual properties, platforms, and facilities plugged and abandoned during the period. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT Overview All of the Company’s debt is senior unsecured debt and has equal priority with respect to the payment of both principal and interest. The indentures for the notes described below place certain restrictions on the Company, including limits on Apache’s ability to incur debt secured by certain liens and its ability to enter into certain sale and leaseback transactions. Upon certain changes in control, all of these debt instruments would be subject to mandatory repurchase, at the option of the holders. None of the indentures for the notes contain prepayment obligations in the event of a decline in credit ratings. In September 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. The following table presents the carrying value of the Company’s debt at December 31, 2015 and 2014: December 31, 2015 2014 (In millions) U.S.: Commercial paper - 1,570 5.625% notes due 2017 (1) - 500 1.75% notes due 2017 (1) - 400 6.9% notes due 2018 (1) 400 400 7.0% notes due 2018 150 150 7.625% notes due 2019 150 150 3.625% notes due 2021 (1) 500 500 3.25% notes due 2022 (1) 919 919 2.625% notes due 2023 (1) 531 531 7.7% notes due 2026 100 100 7.95% notes due 2026 180 180 6.0% notes due 2037 (1) 1,000 1,000 5.1% notes due 2040 (1) 1,500 1,500 5.25% notes due 2042 (1) 500 500 4.75% notes due 2043 (1) 1,500 1,500 4.25% notes due 2044 (1) 800 800 7.375% debentures due 2047 150 150 7.625% debentures due 2096 150 150 8,530 11,000 Subsidiary and other obligations: Notes due in 2016 and 2017 1 1 Apache Finance Canada 7.75% notes due 2029 300 300 301 301 Debt before unamortized discount 8,831 11,301 Unamortized discount (53) (56) Total debt $ 8,778 $ 11,245 Current maturities $ (1) $ - Long-term debt $ 8,777 $ 11,245 (1) These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium. The remaining notes and debentures are not redeemable. Debt maturities as of December 31, 2015, excluding discounts, are as follows: (In millions) 2016 and 2017 $ 1 2018 550 2019 150 Thereafter 8,130 Total Debt, excluding discounts $ 8,831 Fair Value The Company’s debt is recorded at the carrying amount, net of unamortized discount, on its consolidated balance sheet. The carrying amount of the Company’s commercial paper and uncommitted credit facilities and overdraft lines approximate fair value because the interest rates are variable and reflective of market rates. Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Commercial paper - - 1,570 1,570 Notes and debentures 8,778 8,330 9,675 9,944 Total Debt $ 8,778 $ 8,330 $ 11,245 $ 11,514 Money Market and Overdraft Lines of Credit The Company has certain uncommitted money market and overdraft lines of credit that are used from time to time for working capital purposes. As of December 31, 2015 and 2014, there was no outstanding balance on Apache’s lines of credit. Unsecured Committed Bank Credit Facilities In June 2015, the Company entered into a five-year revolving credit facility which matures in June 2020, subject to Apache’s two, one-year extension options. The facility provides for aggregate commitments of $3.5 billion (including a $750 million letter of credit subfacility), with rights to increase commitments up to an aggregate $4.5 billion. 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 $5.3 billion in commitments under existing credit facilities. As of December 31, 2015, aggregate available borrowing capacity under this credit facility was $3.5 billion. At the Company’s option, the interest rate per annum for borrowings under the facility is either a base rate, as defined, plus a margin or the London Inter-bank Offered Rate (LIBOR), plus a margin. At December 31, 2015, the margin over LIBOR was 1.0 percent. The Company also pays quarterly a facility fee at per annum rate on total commitments, which at December 31, 2015 was 0.125 percent of the total $3.5 billion in commitments. The margins and the facility fee vary based upon the Company’s senior long-term debt rating. The financial covenants of the credit facility require the Company to maintain an adjusted debt-to-capital ratio of not greater than 60 percent at the end of any fiscal quarter. For purposes of this calculation, capital excludes the effects of non-cash write-downs, impairments, and related charges occurring after June 30, 2015. Negative covenants restrict the ability of the Company and its subsidiaries to create liens securing debt on its hydrocarbon-related assets, with exceptions for liens typically arising in the oil and gas industry, purchase money liens, liens on subsidiary assets located outside of the United States and Canada, and liens arising as a matter of law, such as tax and mechanics’ liens. The Company also may incur liens on assets if debt secured thereby does not exceed 5 percent of the Company’s consolidated assets, or approximately $940 million as of December 31, 2015. Negative covenants also restrict Apache’s ability to merge with another entity unless it is the surviving entity, dispose of substantially all of its assets, and guarantee debt of non-consolidated entities in excess of the stated threshold. There are no clauses in the facility that permit the lenders to accelerate payments or refuse to lend based on unspecified material adverse changes. The credit facility agreement does not have drawdown restrictions or prepayment obligations in the event of a decline in credit ratings. However, the agreement allows the lenders to accelerate payment maturity and terminate lending commitments for nonpayment and other breaches, and if the Company or any of its U.S. or Canadian subsidiaries defaults on other indebtedness in excess of the stated threshold, is insolvent, or has any unpaid, non-appealable judgment against it for payment of money in excess of the stated threshold. Lenders may also accelerate payment maturity and terminate lending commitments if the Company undergoes a specified change in control or any borrower has specified pension plan liabilities in excess of the stated threshold. The Company was in compliance with the terms of the credit facility as of December 31, 2015. In February 2016, Apache entered into a three-year letter of credit facility providing £900 million in commitments, with options to increase commitments to £1.075 billion and extend the term by one year. The facility is available for letters of credit and loans to cash collateralize letter of credit obligations to the extent letters of credit are unavailable under the facility. The facility’s representations and warranties, covenants, and events of default are substantially similar to those in Apache’s $3.5 billion revolving credit facility. Commissions are payable on outstanding letters of credit and borrowings bear interest (at a base rate or LIBOR), plus a margin. Letter of credit commissions, the interest margin, and the facility fee vary depending on Apache’s senior unsecured long-term debt rating. The Company has not requested any letters of credit or borrowings under this facility as of the date of this filing. This facility is available for the Company’s letter of credit needs, particularly those which may arise in respect of abandonment obligations assumed in various North Sea acquisitions. Commercial Paper Program 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. The commercial paper program is fully supported by available borrowing capacity under the Company’s 2015 committed credit facility. At December 31, 2015, the Company had no commercial paper outstanding. As of December 31, 2014, the Company had $1.6 billion in commercial paper outstanding. Subsidiary Notes – Apache Finance Canada Apache Finance Canada has approximately $300 million of publicly traded notes due in 2029 that are fully and unconditionally guaranteed by Apache. For further discussion of subsidiary debt, please see Note 16—Supplemental Guarantor Information. Financing Costs, Net The following table presents the components of Apache’s financing costs, net: For the Year Ended December 31, 2015 2014 2013 (In millions) Interest expense $ 486 $ 499 $ 560 Amortization of deferred loan costs 11 6 8 Capitalized interest (227) (287) (315) Loss (gain) on extinguishment of debt 39 - (16) Interest income (10) (7) (8) Financing costs, net $ 299 $ 211 $ 229 As of December 31, 2015, the Company has $53 million of debt discounts, which will be charged to interest expense over the life of the related debt issuances. Discount amortization of $3 million was recorded as interest expense in each of 2015, 2014, and 2013. As of December 31, 2015 and 2014, the Company had approximately $64 million and $69 million, respectively, of unamortized deferred loan costs associated with its various debt obligations. These costs are included in deferred charges and other in the accompanying consolidated balance sheet and are being charged to financing costs and expensed over the life of the related debt issuances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES Income (loss) from continuing operations before income taxes is composed of the following: For the Year Ended December 31, 2015 2014 2013 (In millions) U.S. $ (20,415) $ (3,888) $ 1,191 Foreign (7,811) 1,079 2,717 Total $ (28,226) $ (2,809) $ 3,908 The total provision for income taxes from continuing operations consists of the following: For the Year Ended December 31, 2015 2014 2013 (In millions) Current taxes: Federal $ 363 $ (10) $ (29) State 41 1 - Foreign (95) 1,186 1,648 309 1,177 1,619 Deferred taxes: Federal (4,157) (130) 509 State (90) (43) 44 Foreign (1,531) (341) (244) (5,778) (514) 309 Total $ (5,469) $ 663 $ 1,928 The total provision for income taxes differs from the amounts computed by applying the U.S. statutory income tax rate to income (loss) before income taxes. A reconciliation of the tax on the Company’s income from continuing operations before income taxes and total tax expense is shown below: For the Year Ended December 31, 2015 2014 2013 (In millions) Income tax expense (benefit) at U.S. statutory rate $ (9,879) $ (983) $ 1,368 State income tax, less federal benefit (32) (27) 29 Taxes related to foreign operations (696) (154) 236 Tax credits (6) - 6 Tax on distributed foreign earnings 726 311 225 Foreign tax credit carryforwards (2,090) - - Deferred tax on undistributed foreign earnings 1,903 560 - Goodwill impairment - 483 - Change in U.K. tax rate (619) - - Net change in tax contingencies 20 (3) (10) Valuation allowances 5,253 478 132 All other, net (49) (2) (58) $ (5,469) $ 663 $ 1,928 The net deferred income tax liability reflects the net tax impact of timing differences between the assets and liability amounts carried on the books under the U.S. GAAP method of accounting and amounts utilized for income tax purposes. The net deferred income tax liability consists of the following: December 31, 2015 2014 (In millions) Deferred tax assets: Deferred income $ 20 $ - U.S. and state net operating loss carryforwards 329 1,333 Foreign net operating loss carryforwards 1,507 366 Tax credits and other tax incentives 82 42 Foreign tax credit carryforwards 2,090 - Accrued expenses and liabilities 136 68 Asset retirement obligation 1,037 1,202 Property and equipment 3,880 373 Total deferred tax assets 9,081 3,384 Valuation allowance (6,530) (1,069) Net deferred tax assets 2,551 2,315 Deferred tax liabilities: Other 1 19 Deferred income 140 24 Investment in foreign subsidiaries 1,903 1,654 Property and equipment 1,574 9,359 Total deferred tax liabilities 3,618 11,056 Net deferred income tax liability $ 1,067 $ 8,741 In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes,” which requires all companies to classify deferred tax assets, liabilities, and related valuation allowances as noncurrent on the balance sheet effective for annual periods beginning after December 15, 2016, with early adoption allowed. Apache has elected to adopt the accounting standard for the year ended December 31, 2015 and as a result, all deferred tax assets, liabilities, and related valuation allowances are classified as noncurrent on Apache Corporation’s December 31, 2015 consolidated balance sheet. Prior consolidated balance sheets were not retrospectively adjusted. Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: December 31, 2015 2014 (In millions) Assets: Deferred tax asset $ - $ (769) Deferred charges and other (5) (17) Liabilities Other current liabilities - 28 Deferred income taxes 1,072 9,499 Net deferred income tax liability $ 1,067 $ 8,741 In 2015, Apache repatriated the sales proceeds from the divestment of its interest in LNG projects and Australian upstream assets. Upon the repatriation of these proceeds, Apache recognized a U.S. current income tax liability of $560 million. Pursuant to its plan of divestiture of these assets, Apache recorded a deferred income tax liability of $560 million on undistributed foreign earnings in 2014. In 2014, Apache evaluated its permanent reinvestment position and determined that undistributed earnings from certain foreign subsidiaries located in Apache’s Australia, Egypt, and North Sea regions will no longer be permanently reinvested. As a result of this change in position, the Company recorded $560 million of U.S. deferred income tax expense on undistributed earnings that were previously considered permanently reinvested as a component of continuing operations. In addition, the Company recorded $311 million and $225 million of U.S. deferred income tax expense on foreign earnings that were distributed to the U.S. in 2014 and 2013, respectively. The Company’s Canadian subsidiaries do not currently have undistributed earnings. In 2015, the U.K. government enacted Finance Bill 2015 that provides tax relief to E&P companies operating in the North Sea through a reduction of Supplementary Charge from 32 percent to 20 percent, effective January 1, 2015. As a result of the enacted legislation, in 2015, Apache recorded a deferred tax benefit of $619 million related to the remeasurement of the Company’s December 31, 2014 U.K. deferred income tax liability. In 2015, the Company recorded a valuation allowance against the U.S. region’s net deferred tax asset. The deferred tax position in the U.S. changed from a net deferred tax liability as of December 31, 2014 to a net deferred tax asset as of December 31, 2015 as a result of $19.5 billion in non-cash ceiling test write-downs and the recognition of $2.1 billion of deferred tax assets related to foreign tax credit carryforwards. The Company has assessed the potential realization of its U.S. net deferred tax asset and has concluded that it is more likely than not that the U.S. net deferred tax asset will not be realized based on current economic conditions and expectations for the future. In addition, the Company has recorded an increase in valuation allowance against certain foreign deferred tax assets, primarily driven by non-cash ceiling test write-downs. The Company has assessed the future potential realization of these deferred tax assets and has concluded that it is more likely than not that these foreign deferred tax assets will not be realized based on current economic conditions and expectations for the future. In 2015, 2014, and 2013, the Company increased its total valuation allowance by $5.5 billion, $418 million, and $232 million, respectively, as detailed in the table below: 2015 2014 2013 (In millions) Balance at beginning of year $ 1,069 $ 651 $ 419 State (1) 235 57 32 U.S. 2,978 - - Foreign (2) 2,248 478 132 Discontinued operations (3) - (117) 68 Balance at end of year $ 6,530 $ 1,069 $ 651 (1) Reported as a component of state income taxes in the rate reconciliation. (2) In 2015, Apache’s subsidiaries completed the sale of its interest in the Kitimat LNG project. As such, the deferred tax assets, liabilities, and valuation allowance related to the project were removed for 2015. (3) In 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina. As such, the deferred tax assets, liabilities, and valuation allowance related to Argentina were removed for 2014. On December 31, 2015, the Company had net operating losses as follows: Amount Expiration (In millions) Net operating losses: U.S. $ 198 2018 - 2035 State 3,496 Various Canada 60 2028 - 2035 The Company has a U.S. net operating loss carryforward of $198 million subject to annual limitation under Section 382 of the Internal Revenue Code. The Company also has $848 million of capital loss carryforwards in Canada, which have an indefinite carryover period. The Company has recorded a valuation allowance against the net operating losses listed above and the capital loss until there is sufficient evidence to support the reversal of all or some portion of this allowance. On December 31, 2015, the Company had foreign tax credits as follows: Amount Expiration (In millions) Foreign Tax Credits $ 2,090 2025 - 2026 The Company has a $2.1 billion U.S. foreign tax credit carryforward. The Company has recorded a valuation allowance against the U.S. foreign tax credits listed above until there is sufficient evidence to support the reversal of all or some portion of this allowance. The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes,” which prescribes a minimum recognition threshold a tax position must meet before being recognized in the financial statements. Tax positions generally refer to a position taken in a previously filed income tax return or expected to be included in a tax return to be filed in the future that is reflected in the measurement of current and deferred income tax assets and liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 (In millions) Balance at beginning of year $ - $ 3 $ 3 Additions based on tax positions related to the current year 19 - - Reductions for tax positions of prior years - (3) - Balance at end of year $ 19 $ - $ 3 The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. Each quarter the Company assesses the amounts provided for and, as a result, may increase (expense) or reduce (benefit) the amount of interest and penalties. During the years ended December 31, 2015, 2014, and 2013 the Company recorded tax expense of $1 million, tax benefit of $1 million, and tax expense of $1 million, respectively, for interest and penalties. At December 31, 2015, 2014, and 2013 the Company had an accrued liability for interest and penalties of $1 million, $0, and $1 million, respectively. In 2015, the Company recorded a $19 million reserve for uncertain tax positions related to the current year. In 2014, the Internal Revenue Service concluded its audit of the 2011 and 2012 tax years, and the Company reduced its unrecognized tax benefit by $3 million as a result of the conclusion of this audit. In 2013, the Company reached agreement with the IRS regarding an audit of the 2009 and 2010 tax years. There was no change in the Company’s unrecognized tax benefits as a result of this agreement. The resolution of unagreed tax issues in the Company’s open tax years cannot be predicted with absolute certainty, and differences between what has been recorded and the eventual outcomes may occur. The Company believes that it has adequately provided for income taxes and any related interest and penalties for all open tax years. Apache and its subsidiaries are subject to U.S. federal income tax as well as income tax in various states and foreign jurisdictions. The Company’s uncertain tax positions are related to tax years that may be subject to examination by the relevant taxing authority. Apache’s earliest open tax years in its key jurisdictions are as follows: Jurisdiction U.S. 2011 Canada 2011 Egypt 1998 U.K. 2013 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES Legal Matters Apache is party to various legal actions arising in the ordinary course of business, including litigation and governmental and regulatory controls. The Company has an accrued liability of approximately $29 million for all legal contingencies that are deemed to be probable of occurring and can be reasonably estimated. Apache’s estimates are based on information known about the matters and its experience in contesting, litigating, and settling similar matters. Although actual amounts could differ from management’s estimate, none of the actions are believed by management to involve future amounts that would be material to Apache’s financial position, results of operations, or liquidity after consideration of recorded accruals. For material matters that Apache believes an unfavorable outcome is reasonably possible, the Company has disclosed the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. It is management’s opinion that the loss for any other litigation matters and claims that are reasonably possible to occur will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. Argentine Claims On March 12, 2014, the Company and its subsidiaries completed the sale of all of the Company’s subsidiaries’ operations and properties in Argentina to YPF Sociedad Anonima (YPF). As part of that sale, YPF assumed responsibility for all of the past, present, and future litigation in Argentina involving Company subsidiaries, except that Company subsidiaries have agreed to indemnify YPF for certain environmental, tax, and royalty obligations capped at an aggregate of $100 million. The indemnity is subject to specific agreed conditions precedent, thresholds, contingencies, limitations, claim deadlines, loss sharing, and other terms and conditions. On April 11, 2014, YPF provided its first notice of claims pursuant to the indemnity. Company subsidiaries have not paid any amounts under the indemnity but will continue to review and consider claims presented by YPF. Further, Company subsidiaries retain the right to enforce certain Argentina-related indemnification obligations against Pioneer Natural Resources Company (Pioneer) in an amount up to $67.5 million pursuant to the terms and conditions of stock purchase agreements entered in 2006 between Company subsidiaries and subsidiaries of Pioneer. Louisiana Restoration Louisiana surface owners often file lawsuits or assert claims against oil and gas companies, including Apache, claiming that operators and working interest owners in the chain of title are liable for environmental damages on the leased premises, including damages measured by the cost of restoration of the leased premises to their original condition, regardless of the value of the underlying property. From time-to-time restoration lawsuits and claims are resolved by the Company for amounts that are not material to the Company, while new lawsuits and claims are asserted against the Company. With respect to each of the pending lawsuits and claims, the amount claimed is not currently determinable or is not material, except as noted. Further, the overall exposure related to these lawsuits and claims is not currently determinable. While an adverse judgment against Apache is possible, Apache intends to actively defend these lawsuits and claims. On July 24, 2013, a lawsuit captioned Board of Commissioners of the Southeast Louisiana Flood Protection Authority – East v. Tennessee Gas Pipeline Company et al. On November 8, 2013, Plaquemines Parish filed three lawsuits against Apache and various other oil and gas producers in the Parish’s 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., th Parish of Cameron v. BEPCO, L.P., et al. Parish of Cameron v. BP America Production Company et al. Parish of Cameron v. Apache Corporation (of Delaware) et al. Parish of Cameron v. Atlantic Richfield Company et al. Parish of Cameron v. Alpine Exploration Companies, Inc., et al. Parish of Cameron v. Auster Oil and Gas, Inc., et al In a case captioned State of Louisiana and the Cameron Parish School Board v. Apache Corporation et al. th Australia Gas Pipeline Force Majeure In June 2008, Company subsidiaries reported a pipeline explosion in Western Australia that interrupted deliveries of natural gas to customers under various long-term contracts. 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. All matters relating to the Australia gas pipeline force majeure are concluded. Apollo Exploration Lawsuit In a case captioned Apollo Exploration, LLC, Cogent Exploration, Ltd. Co. & SellmoCo, LLC v. Apache Corporation th Escheat Audits In September 2010, the State of Delaware, Department of Finance, Division of Revenue (Unclaimed Property) (Delaware), notified Apache Corporation that Delaware’s consultant, Kelmar Associates (Kelmar), will examine Apache’s books and records and those of its subsidiaries and related entities to determine compliance with Delaware Escheat Laws. After more than five years of review, on January 13, 2016, Delaware confirmed that the Company has no liability for the disbursements property category for transaction years 2004 through 2009, which is a change in the Company’s favor from Delaware’s September 2015 assessment in the amount of $237,000. Delaware has advised the Company that Kelmar’s review for this property category is not complete for transaction years 1986 through 2003, and is still in process for other property types and years as well. While reserving all rights, the Company will continue to cooperate fully with Delaware until the review is complete. The Company’s exposure for the remainder of the Delaware audit is not currently determinable. At least 30 other states have retained their own consultants and have sent similar audit notifications. The scope of each state’s audit varies. It is possible that one or more of the audits could extend to all 50 states. Burrup-Related Gas Supply Lawsuits In a case captioned Pankaj Oswal v. Apache Corporation The Western Australia lawsuit is one of a number of legal actions involving the Burrup plant. Pankaj Oswal’s shares, and those of his wife Radhika Oswal, together representing 65 percent of Burrup Holdings Limited (BHL, as it was then known, which owns Burrup Fertilisers), were offered for sale by externally-appointed administrators in Australia as a result of events of default on loans made to the Oswals and associated entities by the Australia and New Zealand Banking Group Ltd (ANZ). As part of the sale process, on January 31, 2012, a Company affiliate, Apache Fertilisers Pty Ltd (AFPL), acquired a 49 percent interest in BHL (now known as Yara Pilbara Holdings Pty Ltd, YPHPL), while Yara Australia Pty Ltd (Yara) increased its interest in YPHPL from 35 percent to 51 percent. On October 28, 2015, Yara and its related bodies corporate acquired all of the shares of AFPL. Yara operates the ammonia plant and is proceeding with development of a technical ammonium nitrate (TAN) plant in the Burrup Peninsula region of Western Australia to be developed by a consortium including YPHPL. The old gas sale agreement to supply natural gas to the ammonia plant, and to which a former Company subsidiary was a party, has been modified with, among other things, new pricing, delivery quantities, and term. YPHPL share ownership and the modified gas sale agreement continue to be the subject of ongoing litigation in Australia. In cases captioned Radhika Oswal v. Australia and New Zealand Banking Group Limited & Ors Pankaj Oswal v. Australia and New Zealand Banking Group Limited & Ors Environmental Matters The Company, as an owner or lessee and operator of oil and gas properties, is subject to various federal, provincial, state, local, and foreign country laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. We maintain insurance coverage, which we believe is customary in the industry, although we are not fully insured against all environmental risks. Apache manages its exposure to environmental liabilities on properties to be acquired by identifying existing problems and assessing the potential liability. The Company also conducts periodic reviews, on a Company-wide basis, to identify changes in its environmental risk profile. These reviews evaluate whether there is a probable liability, the amount, and the likelihood that the liability will be incurred. The amount of any potential liability is determined by considering, among other matters, incremental direct costs of any likely remediation and the proportionate cost of employees who are expected to devote a significant amount of time directly to any possible remediation effort. As it relates to evaluations of purchased properties, depending on the extent of an identified environmental problem, the Company may exclude a property from the acquisition, require the seller to remediate the property to Apache’s satisfaction, or agree to assume liability for the remediation of the property. The Company’s general policy is to limit any reserve additions to any incidents or sites that are considered probable to result in an expected remediation cost exceeding $300,000. Any environmental costs and liabilities that are not reserved for are treated as an expense when actually incurred. In Apache’s estimation, neither these expenses nor expenses related to training and compliance programs are likely to have a material impact on its financial condition. As of December 31, 2015, the Company had an undiscounted reserve for environmental remediation of approximately $52 million. Apache is not aware of any environmental claims existing as of December 31, 2015 that have not been provided for or would otherwise have a material impact on its financial position or results of operations. There can be no assurance however, that current regulatory requirements will not change or past non-compliance with environmental laws will not be discovered on the Company’s properties. With respect to the leak of produced water discovered on June 1, 2013, from a below ground pipeline in the Zama Operations area in northern Alberta, the Alberta Energy Regulator completed its investigation of the incident and issued an administrative penalty to Apache Canada Ltd. (ACL) in the amount of $16,500 CAD. The June 2013 leak resulted from a pinhole feature in the outer polyethylene liner of the composite flex line. On October 19, 2015, the Crown served ACL with a summons and information containing charges relating to a leak of produced water in the Zama area that occurred on or between October 3 and October 25, 2013. The October 2013 leak occurred following damage to a riser by an independent external force. The seven-count charge could result in the levying of a fine. On January 18, 2016, the Crown served ACL with a summons and information containing charges relating to a separate leak of produced water in the Belloy Field operating area that occurred on or about January 20, 2014. The January 2014 leak occurred following the collapse and failure of an internal polyethylene liner on a water injection pipeline. The five-count charge could result in the levying of a fine. ACL will respond to the charges in due course. While the exposure related to these incidents is not currently determinable, the Company does not expect the economic impact of these incidents to have a material effect on the Company’s financial position, results of operations, or liquidity. LNG Divestiture Dispute In respect of the purchase by Woodside of the Company’s interest in 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, the disputes will be referred to an independent accounting expert and/or court proceedings 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. Contractual Obligations At December 31, 2015, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: Net Minimum Commitments Total 2016 2017-2018 2019-2020 2021 & (In millions) Drilling rig commitments $ 405 $ 194 $ 211 $ - $ - Purchase obligations (1) 354 28 115 139 72 Firm transportation agreements 363 96 125 83 59 Office and related equipment 342 43 87 72 140 Other operating lease obligations (2) 64 22 35 6 1 Total Net Minimum Commitments $ 1,528 $ 383 $ 573 $ 300 $ 272 (1) Includes contractual obligations under take-or-pay contracts, NGL processing agreements, and drilling work program commitments. (2) Includes commitments associated with supply and standby vessels, and gas pipeline and land leases. The table above includes leases for buildings, facilities, and related equipment with varying expiration dates through 2035. Net rental expense, excluding discontinued operations in Argentina and Australia, was $57 million, $45 million, and $40 million for 2015, 2014, and 2013, respectively. Costs incurred under take-or-pay and throughput obligations were $92 million, $89 million, and $72 million for 2015, 2014, and 2013, respectively. |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Deferred Compensation Plans | 9. RETIREMENT AND DEFERRED COMPENSATION PLANS Apache Corporation provides retirement benefits to its U.S. employees through the use of multiple plans: a 401(k) savings plan, a money purchase retirement plan, a non-qualified retirement/savings plan, and a non-qualified restorative retirement savings plan. The 401(k) savings plan provides participating employees the ability to elect to contribute up to 50 percent of eligible compensation, as defined, to the plan with the Company making matching contributions up to a maximum of 8 percent of each employee’s annual eligible compensation. In addition, the Company, at its discretion, annually contributes 6 percent of each participating employee’s annual eligible compensation to a money purchase retirement plan. The 401(k) savings plan and the money purchase retirement plan are subject to certain annually-adjusted, government-mandated restrictions that limit the amount of employee and Company contributions. For certain eligible employees, the Company also provides a non-qualified retirement/savings plan or a non-qualified restorative retirement savings plan. These plans allow the deferral of up to 50 percent of each employee’s base salary, up to 75 percent of each employee’s annual bonus (that accepts employee contributions) and the Company’s matching contributions in excess of the government mandated limitations imposed in the 401(k) savings plan and money purchase retirement plan. Vesting in the Company’s contributions in the 401(k) savings plan, the money purchase retirement plan, the non-qualified retirement savings plan and the non-qualified restorative retirement savings plan occurs at the rate of 20 percent for every completed year of employment. Upon a change in control of ownership, immediate and full vesting occurs. Additionally, Apache Canada Ltd. and Apache North Sea Limited maintain separate retirement plans, as required under the laws of Canada and the U.K., respectively. The aggregate annual cost to Apache of all U.S. plans, the money purchase retirement plan, non-qualified retirement/savings plan, and non-qualified restorative retirement savings plan was $77 million, $107 million, and $123 million for 2015, 2014, and 2013, respectively. Apache also provides a funded noncontributory defined benefit pension plan (U.K. Pension Plan) covering certain employees of the Company’s North Sea operations in the U.K. The plan provides defined pension benefits based on years of service and final salary. The plan applies only to employees who were part of BP North Sea’s pension plan as of April 2, 2003, prior to the acquisition of BP North Sea by the Company effective July 1, 2003. Additionally, the Company offers postretirement medical benefits to U.S. employees who meet certain eligibility requirements. Eligible participants receive medical benefits up until the age of 65 or at the date they become eligible for Medicare, provided the participant remits the required portion of the cost of coverage. The plan is contributory with participants’ contributions adjusted annually. The postretirement benefit plan does not cover benefit expenses once a covered participant becomes eligible for Medicare. The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2015, 2014, and 2013, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. Apache uses a measurement date of December 31 for its pension and postretirement benefit plans. 2015 2014 2013 Pension Postretirement Pension Postretirement Pension Postretirement (In millions) Change in Projected Benefit Obligation Projected benefit obligation beginning of year $ 216 $ 23 $ 189 $ 28 $ 177 $ 35 Service cost 5 2 5 3 5 4 Interest cost 8 1 9 1 7 1 Foreign currency exchange rate changes (10) - (13) - 4 - Actuarial losses (gains) (10) - 31 (9) - (8) Effect of curtailment and settlements - 1 - - - (3) Benefits paid (7) (2) (5) (2) (4) (2) Retiree contributions - 1 - 1 - 1 Projected benefit obligation at end of year 202 26 216 22 189 28 Change in Plan Assets Fair value of plan assets at beginning of year 206 - 191 - 170 - Actual return on plan assets 1 - 25 - 15 - Foreign currency exchange rates (10) - (13) - 4 - Employer contributions 7 1 8 1 6 1 Benefits paid (7) (2) (5) (2) (4) (2) Retiree contributions - 1 - 1 - 1 Fair value of plan assets at end of year 197 - 206 - 191 - Funded status at end of year $ (5) $ (26) $ (10) $ (22) $ 2 $ (28) Amounts recognized in Consolidated Balance Sheet Current liability - (2) - (1) - (1) Non-current asset (liability) (5) (24) (10) (21) 2 (27) $ (5) $ (26) $ (10) $ (22) $ 2 $ (28) Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Accumulated gain (loss) (32) 9 (37) 10 (22) 1 $ (32) $ 9 $ (37) $ 10 $ (22) $ 1 Weighted Average Assumptions used as of December 31 Discount rate 3.90% 3.95% 3.70% 3.62% 4.60% 4.33% Salary increases 4.60% N/A 4.60% N/A 4.90% N/A Expected return on assets 4.10% N/A 3.90% N/A 5.60% N/A Healthcare cost trend Initial N/A 7.00% N/A 7.00% N/A 7.00% Ultimate in 2025 N/A 5.00% N/A 5.00% N/A 5.00% As of December 31, 2015, 2014, and 2013, the accumulated benefit obligation for the U.K. Pension Plan was $169 million, $183 million, and $160 million, respectively. Apache’s defined benefit pension plan assets are held by a non-related trustee who has been instructed to invest the assets in a blend of equity securities and low-risk debt securities. The Company intends that this blend of investments will provide a reasonable rate of return such that the benefits promised to members are provided. The U.K. Pension Plan policy is to target an ongoing funding level of 100 percent through prudent investments and includes policies and strategies such as investment goals, risk management practices, and permitted and prohibited investments. A breakout of previous allocations for plan asset holdings and the target allocation for the Company’s plan assets are summarized below: Target Percentage of Year-End 2015 2015 2014 Asset Category Equity securities: U.K. quoted equities 14% 14% 14% Overseas quoted equities 26% 26% 26% Total equity securities 40% 40% 40% Debt securities: U.K. Government bonds 48% 48% 48% U.K. corporate bonds 12% 12% 12% Debt securities 60% 60% 60% Total 100% 100% 100% The plan’s assets do not include any direct ownership of equity or debt securities of Apache. The fair value of plan assets is based upon unadjusted quoted prices for identical instruments in active markets, which is a Level 1 fair value measurement. The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2015 and December 31, 2014: Fair Value Measurements Using: Quoted Price Significant (Level 2) Unobservable (Level 3) Total Fair (In millions) December 31, 2015 Equity securities: U.K. quoted equities (1) $ 27 $ - $ - $ 27 Overseas quoted equities (2) 53 - - 53 Total equity securities 80 - - 80 Debt securities: U.K. Government bonds (3) 93 - - 93 U.K. corporate bonds (4) 24 - - 24 Total debt securities 117 - - 117 Fair value of plan assets $ 197 $ - $ - $ 197 December 31, 2014 Equity securities: U.K. quoted equities (1) $ 28 $ - $ - $ 28 Overseas quoted equities (2) 54 - - 54 Total equity securities 82 - - 82 Debt securities: U.K. Government bonds (3) 99 - - 99 U.K. corporate bonds (4) 25 - - 25 Total debt securities 124 - - 124 Fair value of plan assets $ 206 $ - $ - $ 206 (1) This category comprises U.K. passive equities, which are benchmarked against the FTSE 350 Index. (2) This category includes overseas equities, which comprises 30.3 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12.1 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30.3 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12.1 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 15.2 percent emerging markets benchmarked against the MSCI Emerging Markets (NDR) Index, which has a performance target of 2 percent per annum over the benchmark over a rolling three-year period. (3) This category includes U.K. Government bonds, which comprises 48 percent index-linked gilts benchmarked against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index, 37 percent sterling nominal LDI bonds, and 15 percent sterling inflation linked LDI bonds, both benchmarked against ILIM Custom Benchmark index. (4) This category comprises U.K. corporate bonds: 12 percent benchmarked against the BofAML Sterling Corporate & Collaterlised (excluding Subordinated) Index with a performance target of 0.75 percent per annum over the benchmark over a rolling five-year period. The expected long-term rate of return on assets assumptions are derived relative to the yield on long-dated fixed-interest bonds issued by the U.K. government (gilts). For equities, outperformance relative to gilts is assumed to be 3.5 percent per year. The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2015, 2014, and 2013: 2015 2014 2013 Pension Postretirement Pension Postretirement Pension Postretirement (In millions) Component of Net Periodic Benefit Costs Service cost $ 5 $ 2 $ 5 $ 3 $ 5 $ 4 Interest cost 8 1 9 1 7 1 Expected return on assets (8) - (11) - (8) - Amortization of actuarial (gain) loss 2 - 1 - 2 - Curtailment (gain) loss - - - - - (3) Net periodic benefit cost $ 7 $ 3 $ 4 $ 4 $ 6 $ 2 Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 Discount rate 3.70% 3.62% 4.60% 4.33% 4.30% 3.43% Salary increases 4.60% N/A 4.90% N/A 4.60% N/A Expected return on assets 3.90% N/A 5.60% N/A 4.70% N/A Healthcare cost trend Initial N/A 7.00% N/A 7.00% N/A 7.25% Ultimate in 2025 N/A 5.00% N/A 5.00% N/A 5.00% Assumed health care cost trend rates affect amounts reported for postretirement benefits. A one-percentage-point change in assumed health care cost trend rates would have the following effects: Postretirement Benefits 1% Increase 1% Decrease (In millions) Effect on service and interest cost components $ 1 $ (1) Effect on postretirement benefit obligation 4 (3) Apache expects to contribute approximately $7 million to its pension plan and $2 million to its postretirement benefit plan in 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Postretirement (In millions) 2016 $ 4 $ 2 2017 4 2 2018 4 2 2019 4 2 2020 4 2 Years 2021-2025 22 10 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | 10. CAPITAL STOCK Common Stock Outstanding 2015 2014 2013 Balance, beginning of year 376,504,892 395,772,908 391,640,770 Shares issued for stock-based compensation plans: Treasury shares issued 17,525 17,454 25,214 Common shares issued 1,511,758 1,665,259 929,596 Common shares issued for conversion of preferred shares - - 14,399,247 Treasury shares acquired - (20,950,729) (11,221,919) Balance, end of year 378,034,175 376,504,892 395,772,908 Net Income per Common Share A reconciliation of the components of basic and diluted net income per common share for the years ended December 31, 2015, 2014, and 2013 is presented in the table below. 2015 2014 2013 Loss Shares Per Share Loss Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income (loss) from continuing operations $ (22,348) 378 $ (59.16) $ (3,815) 384 $ (9.93) $ 1,880 395 $ 4.75 Income (loss) from discontinued operations (771) 378 (2.04) (1,588) 384 (4.13) 308 395 0.78 Income (loss) attributable to common stock $ (23,119) 378 $ (61.20) $ (5,403) 384 $ (14.06) $ 2,188 395 $ 5.53 Effect of Dilutive Securities: Mandatory Convertible Preferred Stock $ - - $ - - $ 44 9 Stock options and other - - - - - 2 Diluted: Income (loss) from continuing operations $ (22,348) 378 $ (59.16) $ (3,815) 384 $ (9.93) $ 1,924 406 $ 4.74 Income (loss) from discontinued operations (771) 378 (2.04) (1,588) 384 (4.13) 308 406 0.76 Income (loss) attributable to common stock $ (23,119) 378 $ (61.20) $ (5,403) 384 $ (14.06) $ 2,232 406 $ 5.50 The diluted EPS calculation excludes options and restricted shares that were anti-dilutive totaling 7.0 million, 4.5 million, and 4.9 million for the years ended December 31, 2015, 2014, and 2013, 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. Common Stock Dividend The Company paid common stock dividends of $1.00 per share in 2015, $0.95 per share in 2014, and $0.77 per share in 2013. Stock Compensation Plans The Company has several stock-based compensation plans, which include stock options, stock appreciation rights, restricted stock, and conditional restricted stock unit plans. On May 5, 2011, the Company’s shareholders approved the 2011 Omnibus Equity Compensation Plan (the 2011 Plan), which is intended to provide eligible employees with equity-based incentives. The 2011 Plan provides for the granting of Incentive Stock Options, Non-Qualified Stock Options, Performance Awards, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, or any combination of the foregoing. A total of 18.0 million shares were authorized and available for grant under the 2011 Plan as of December 31, 2015. Previously approved plans remain in effect solely for the purpose of governing grants still outstanding that were issued prior to approval of the 2011 Plan. All new grants are issued from the 2011 Plan. For 2015, 2014, and 2013, stock-based compensation expensed was $100 million, $148 million, and $136 million ($65 million, $95 million, and $94 million after tax), respectively. Costs related to the plans are capitalized or expensed based on the nature of each employee’s activities. A description of the Company’s stock-based compensation plans and related costs follows: 2015 2014 2013 (In millions) Stock-based compensation expensed: General and administrative $ 64 $ 107 $ 89 Lease operating expenses 36 41 47 Stock-based compensation capitalized 53 62 55 $ 153 $ 210 $ 191 Stock Options As of December 31, 2015, the Company had issued options to purchase shares of the Company’s common stock under one or more of the employee stock option plans adopted in 2000 and 2005 (collectively, the Stock Option Plans), as well as the 2007 Omnibus Equity Compensation Plan (the 2007 Plan), and the 2011 Plan discussed above (together, the Omnibus Plans). New shares of Company stock will be issued for employee stock option exercises; however, under the 2000 Stock Option Plan, shares of treasury stock are used for employee stock option exercises to the extent treasury stock is held. Under the Stock Option Plans and the Omnibus Plans, the exercise price of each option equals the closing price of Apache’s common stock on the date of grant. Prior to 2016, options generally become exercisable ratably over a four-year period and expire 10 years after granted. The Omnibus Plans and all of the Stock Option Plans, except for the 2000 Stock Option Plan, were submitted to and approved by the Company’s shareholders. A summary of stock options issued and outstanding under the Stock Option Plans and the Omnibus Plans is presented in the table and narrative below: 2015 Shares Weighted Average (In thousands) Outstanding, beginning of year 6,445 $ 90.34 Granted - - Exercised (280) 56.72 Forfeited or expired (1,234) 93.28 Outstanding, end of year (1) 4,931 91.52 Expected to vest (1) 566 81.77 Exercisable, end of year (1) 4,311 92.92 (1) As of December 31, 2015, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 4.5 years, 6.9 years, and 4.1 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was nil. The intrinsic value of options exercised during 2015, 2014, and 2013 was approximately $3 million, $13 million and $4 million, respectively. The cash received from exercise of options during 2015 was approximately $16 million. The Company realized an additional tax benefit of approximately $973,767 for the amount of intrinsic value in excess of compensation cost recognized in 2015. As of December 31, 2015, the total compensation cost related to non-vested options not yet recognized was $5 million, which will be recognized over the remaining vesting period of the options. In February 2016, the Company issued 872,574 options to purchase shares of the Company’s common stock to eligible employees under the 2011 Plan. The total compensation cost of $9 million is estimated to be recognized over a three year vesting period of these options. Restricted Stock and Restricted Stock Units The Company has restricted stock and restricted stock unit plans for eligible employees including officers. The programs created under the Omnibus Plans have been approved by Apache’s Board of Directors. In 2015, the Company awarded 2,976,562 restricted stock units at a weighted-average per-share market price of $61.65. In 2014 and 2013, the Company awarded 3,046,744 and 3,098,029 restricted stock units at a weighted-average per-share market price of $86.87 and $82.95, respectively. The value of the stock issued was established by the market price on the date of grant and is being recorded as compensation expense ratably over the vesting terms. During 2015, 2014, and 2013, $90 million ($58 million after tax), $93 million ($60 million after tax), and $82 million ($53 million after tax), respectively, was charged to expense. In 2015, 2014, and 2013, $48 million, $43 million, and $30 million was capitalized, respectively. As of December 31, 2015, there was $217 million of total unrecognized compensation cost related to 4,570,203 unvested restricted stock units. The weighted-average remaining life of unvested restricted stock units is approximately 1.1 years. The fair value of the awards vested during 2015, 2014 and 2013 was approximately $149 million, $138 million, and $88 million, respectively. A summary of restricted stock activity for the year ended December 31, 2015, is presented below. Shares Weighted- (In thousands) Non-vested at January 1, 2015 4,784 $ 81.96 Granted 2,976 61.65 Vested (1,839) 81.14 Forfeited (1,351) 78.26 Non-vested at December 31, 2015 4,570 70.12 In February 2016, the Company issued 2,881,924 shares of restricted stock units at a weighted-average per-share market price of $41.24 under the 2011 Plan to eligible employees. The total compensation cost of $119 million is estimated to be recognized over a three year vesting period of these restricted stock units. Total Shareholder Return (TSR) Stock Units To provide long-term incentives for Apache employees to deliver competitive returns to the Company’s stockholders, the Company has granted conditional restricted stock units to eligible employees. The ultimate number of shares awarded from these conditional restricted stock units is based upon measurement of total shareholder return of Apache common stock as compared to a designated peer group during a three-year performance period. Should any restricted stock units be awarded at the end of the three-year performance period, 50 percent of restricted stock units awarded will immediately vest, and an additional 25 percent will vest on succeeding anniversaries of the end of the performance period. Grants from the total shareholder return programs were outstanding at December 31, 2015, as described below: • In January 2013, the Company’s Board of Directors approved the 2013 TSR Program, pursuant to the 2011 Plan. In January 2013 eligible employees received initial conditional restricted stock unit awards totaling 1,232,176 units. In May 2013, the Company’s Board of Directors cancelled 918,016 awards under the 2013 Performance Program for nonexecutive employees. A total of 108,217 awards were outstanding at December 31, 2015, from which a minimum of zero and a maximum of 216,434 units could be awarded. • In January 2014, the Company’s Board of Directors approved the 2014 TSR Program, pursuant to the 2011 Plan. In January 2014 eligible employees received initial conditional restricted stock unit awards totaling 157,406 units. A total of 63,995 awards were outstanding at December 31, 2015, from which a minimum of zero and a maximum of 127,990 units could be awarded. The fair value cost of the awards was estimated on the date of grant and is being recorded as compensation expense ratably over the vesting terms. During 2015, 2014, and 2013, $648,000 ($418,000 after tax), $18 million ($11 million after tax), and $27 million ($17 million after tax), respectively, was charged to expense. During 2015, 2014, and 2013, $267,000, $7 million, and $13 million was capitalized, respectively. As of December 31, 2015, there was $4.7 million of total unrecognized compensation cost related to 172,212 unvested conditional restricted stock units. The weighted-average remaining life of the unvested conditional restricted stock units is approximately 1.8 years. Shares Weighted- (1) (In thousands) Non-vested at January 1, 2015 354 $ 78.13 Granted - - Vested - - Forfeited or expired (182) 72.09 Non-vested at December 31, 2015 172 78.22 (1) The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. Business Performance Restricted Stock Units Beginning in 2015, Apache issued a new business performance program to certain eligible employees with 50 percent of the shares payout based upon the TSR program payout model as described above, and the remaining 50 percent of the shares based on performance and financial objectives as defined in the plan. The overall results of the objectives will be calculated at the end of the award’s stated performance period and, if a payout is warranted, applied to the target number of restricted stock units awarded. The actual amount of shares awarded will be between zero and 150 percent of target. The business performance shares will immediately vest 50 percent at the end of the three-year performance period, with the remaining 50 percent vesting at the end of the following year. In February 2015, the Company’s Board of Directors approved the 2015 Business Performance Program, pursuant to the 2011 Plan. Eligible employees received initial conditional restricted stock unit awards totaling 602,304 units. A total of 500,972 units were outstanding as of December 31, 2015, from which a minimum of zero and a maximum of 751,458 shares could be awarded. The fair value cost of the awards was estimated on the date of grant and is being recorded as compensation expense ratably over the vesting terms. During 2015, $3.4 million ($2.2 million after tax) and $1.4 million were charged to expense and capitalized, respectively. As of December 31, 2015, there was $29 million of total unrecognized compensation cost related to 500,972 unvested conditional restricted stock units. The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.4 years. Shares Weighted (1) (In thousands) Non-vested at January 1, 2015 - $ - Granted 602 66.63 Vested - - Forfeited or expired (101) 66.63 Non-vested at December 31, 2015 501 66.63 (1) The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. In January 2016, the Company’s Board of Directors approved the 2016 Performance Program, pursuant to the 2011 Plan, with terms similar to the 2015 Performance Program described above. Eligible employees received the initial conditional restricted stock unit totaling 855,263, with the ultimate number of restricted stock units to be awarded ranging from zero to a maximum of 1,710,526 units. The grant date fair value per award was $36.55. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss include the following: For the Year Ended December 31, 2015 2014 2013 (In millions) Currency translation adjustment (1) $ (109) $ (109) $ (109) Unrealized gain (loss) on derivatives (Note 3) - - 1 Unfunded pension and postretirement benefit plan (Note 9) (7) (7) (7) Accumulated other comprehensive loss $ (116) $ (116) $ (115) (1) Currency translation adjustments resulting from translating the Canadian subsidiaries’ financial statements into U.S. dollar equivalents, prior to adoption of the U.S. dollar as their functional currency, were reported separately and accumulated in other comprehensive income (loss). |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Major Customers | 12. MAJOR CUSTOMERS In 2015, 2014, and 2013, purchases by Royal Dutch Shell plc and its subsidiaries accounted for 11 percent, 19 percent, and 24 percent, respectively, of the Company’s worldwide oil and gas production revenues. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 13. BUSINESS SEGMENT INFORMATION Apache is engaged in a single line of business. Both domestically and internationally, the Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. At December 31, 2015, the Company had production in four countries: the United States, Canada, Egypt, and the U.K. North Sea. Apache also pursues exploration interests in other countries that may over time result in reportable discoveries and development opportunities. Financial information for each country is presented below: United Canada Egypt (1) North Sea Other Total (1) (In millions) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 1,968 $ 1,280 $ - $ 6,383 Operating Expenses: Depreciation, depletion, and amortization: Recurring 1,522 312 1,275 746 - 3,855 Additional 19,537 3,667 281 2,032 - 25,517 Asset retirement obligation accretion 28 43 - 74 - 145 Lease operating expenses 739 244 522 349 - 1,854 Gathering and transportation 68 89 45 9 - 211 Taxes other than income 184 26 9 63 - 282 Operating Income (Loss) $ (19,441) $ (3,883) $ (164) $ (1,993) $ - (25,481) Other Income (Expense): Other (17) Impairments (1,920) General and administrative (377) Transaction, reorganization, and separation (132) Financing costs, net (299) Net Loss From Continuing Operations Before Income Taxes $ (28,226) Net Property and Equipment $ 5,826 $ 1,314 $ 3,998 $ 2,929 $ 52 $ 14,119 Total Assets $ 7,113 $ 1,465 $ 6,249 $ 3,951 $ 64 $ 18,842 Additions to Net Property and Equipment $ 2,454 $ 324 $ 915 $ 733 $ 28 $ 4,454 United Canada Egypt (1) North Other Total (1) (In millions) 2014 Oil and gas production revenues(2) $ 5,744 $ 1,092 $ 3,539 $ 2,316 $ - $ 12,691 Operating Expenses: Depreciation, depletion, and amortization: Recurring 2,170 400 1,151 998 - 4,719 Additional 4,412 - - 589 - 5,001 Asset retirement obligation accretion 43 39 - 72 - 154 Lease operating expenses 921 384 499 434 - 2,238 Gathering and transportation 93 123 40 17 - 273 Taxes other than income 350 31 11 185 - 577 Operating Income (Loss) (2) $ (2,245) $ 115 $ 1,838 $ 21 $ - (271) Other Income (Expense): Other 110 Impairments (1,919) General and administrative (451) Transaction, reorganization, and separation (67) Financing costs, net (211) Net Income From Continuing Operations Before Income Taxes (2) $ (2,809) Net Property and Equipment (2) $ 24,627 $ 6,107 $ 5,700 $ 5,103 $ 23 $ 41,560 Total Assets (2) $ 26,853 $ 6,640 $ 7,292 $ 6,101 $ 46 $ 46,932 Additions to Net Property and Equipment (2) $ 7,294 $ 963 $ 1,397 $ 1,071 $ (28) $ 10,697 2013 Oil and gas production revenues (2) $ 6,902 $ 1,224 $ 3,917 $ 2,728 $ - $ 14,771 Operating Expenses: Depreciation, depletion, and amortization: Recurring 2,338 505 1,005 1,022 1 4,871 Additional 552 - - 367 76 995 Asset retirement obligation accretion 94 49 - 68 - 211 Lease operating expenses 1,320 459 471 400 - 2,650 Gathering and transportation 84 155 42 7 - 288 Taxes other than income 335 45 8 384 - 772 Operating Income (Loss) (2) $ 2,179 $ 11 $ 2,391 $ 480 $ (77) 4,984 Other Income (Expense): Other (333) General and administrative (481) Transaction, reorganization, and separation (33) Financing costs, net (229) Net Income From Continuing Operations Before Income Taxes (2) $ 3,908 Net Property and Equipment (2) $ 27,010 $ 6,058 $ 5,454 $ 5,622 $ 23 $ 44,167 Total Assets (2) $ 29,940 $ 6,952 $ 8,121 $ 6,902 $ 51 $ 51,966 Additions to Net Property and Equipment(2) $ 6,404 $ 1,082 $ 1,309 $ 1,084 $ 24 $ 9,903 (1) Includes a noncontrolling interest in Egypt. (2) Prior year amounts have been recast to exclude discontinued operations. |
Supplemental Oil and Gas Disclo
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Extractive Industries [Abstract] | |
Supplemental Oil and Gas Disclosures (Unaudited) | 14. SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) Oil and Gas Operations The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. Apache has no long-term agreements to purchase oil or gas production from foreign governments or authorities. In the second quarter of 2015, Apache completed the sale of its Australian LNG business and oil and gas assets, and as such the results of Australia oil and gas assets have been classified as discontinued operations. United Canada Egypt (3) North Sea Other Total (3)(4) (In millions, except per boe) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 1,968 $ 1,280 $ - $ 6,383 Operating cost: Depreciation, depletion, and amortization Recurring (1) 1,419 262 1,128 722 - 3,531 Additional 19,537 3,667 281 2,032 - 25,517 Asset retirement obligation accretion 28 43 - 74 - 145 Lease operating expenses 739 244 522 349 - 1,854 Gathering and transportation 68 89 45 9 - 211 Production taxes (2) 178 23 - 58 - 259 Income tax (6,863) (1,000) (4) (982) - (8,849) 15,106 3,328 1,972 2,262 - 22,668 Results of operation $ (12,469) $ (2,830) $ (4) $ (982) $ - $ (16,285) Amortization rate per boe $ 15.49 $ 10.61 $ 21.29 $ 27.77 $ - $ 18.08 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,539 $ 2,316 $ - $ 12,691 Operating cost: Depreciation, depletion, and amortization Recurring (1) 2,056 343 1,014 975 - 4,388 Additional 4,412 - - 589 - 5,001 Asset retirement obligation accretion 43 39 - 72 - 154 Lease operating expenses 921 384 499 434 - 2,238 Gathering and transportation 93 123 40 17 - 273 Production taxes (2) 342 27 - 177 - 546 Income tax (754) 44 914 32 - 236 7,113 960 2,467 2,296 - 12,836 Results of operation $ (1,369) $ 132 $ 1,072 $ 20 $ - $ (145) Amortization rate per boe $ 19.35 $ 12.11 $ 18.48 $ 37.41 $ - $ 20.36 United Canada Egypt (3) North Sea Other Total (3)(4) (In millions, except per boe) 2013 Oil and gas production revenues $ 6,902 $ 1,224 $ 3,917 $ 2,728 $ - $ 14,771 Operating cost: Depreciation, depletion, and amortization Recurring (1) 2,227 426 881 999 - 4,533 Additional 552 - - 367 76 995 Asset retirement obligation accretion 94 49 - 68 - 211 Lease operating expenses 1,320 459 471 400 - 2,650 Gathering and transportation 84 155 42 7 - 288 Production taxes (2) 324 40 - 382 - 746 Income tax 817 24 1,161 313 - 2,315 5,418 1,153 2,555 2,536 76 11,738 Results of operation $ 1,484 $ 71 $ 1,362 $ 192 $ (76) $ 3,033 Amortization rate per boe $ 18.39 $ 10.89 $ 16.21 $ 37.25 $ - $ 18.77 (1) This amount only reflects DD&A of capitalized costs of oil and gas proved properties and, therefore, does not agree with DD&A reflected on Note 13—Business Segment Information. (2) Only reflects amounts directly related to oil and gas producing properties and, therefore, does not agree with taxes other than income reflected on Note 13—Business Segment Information. (3) Includes noncontrolling interest in Egypt. (4) Prior year amounts have been recast to exclude discontinued operations. Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities United Canada Egypt (2) Australia North Sea Argentina Other Total (2) (In millions) 2015 Acquisitions: Proved $ 1 $ 8 $ 25 $ 1 $ - $ - $ - $ 35 Unproved 313 23 4 - - - - 340 Exploration 131 41 110 31 111 - 29 453 Development 1,957 193 764 101 623 - - 3,638 Costs incurred (1) $ 2,402 $ 265 $ 903 $ 133 $ 734 $ - $ 29 $ 4,466 (1) Capitalized interest $ 169 $ 25 $ 17 $ 9 $ 16 $ - $ - $ 236 Asset retirement costs 123 8 - - (66) - - 65 2014 Acquisitions: Proved $ 102 $ - $ 1 $ 1 $ - $ - $ - $ 104 Unproved 1,221 141 10 16 - - - 1,388 Exploration 467 82 193 137 84 9 1 973 Development 5,301 846 1,142 914 971 6 - 9,180 Costs incurred (1) $ 7,091 $ 1,069 $ 1,346 $ 1,068 $ 1,055 $ 15 $ 1 $ 11,645 (1) Capitalized interest $ 209 $ 38 $ 15 $ 20 $ 25 $ 3 $ - $ 310 Asset retirement costs 43 175 - 55 34 - - 307 2013 Acquisitions: Proved $ 17 $ - $ 35 $ - $ 125 $ - $ - $ 177 Unproved 195 151 15 (10) 17 11 - 379 Exploration 562 36 559 179 278 42 22 1,678 Development 5,435 722 618 996 635 142 - 8,548 Costs incurred (1) $ 6,209 $ 909 $ 1,227 $ 1,165 $ 1,055 $ 195 $ 22 $ 10,782 (1) Capitalized interest $ 239 $ 35 $ 15 $ 16 $ 25 $ 10 $ - $ 340 Asset retirement costs 480 17 - (30) 67 3 - 537 (2) Capitalized Costs The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization, including impairments, relating to the Company’s oil and gas production, exploration, and development activities: United Canada Egypt (1) Australia North Other Total (1) (In millions) 2015 Proved properties $ 51,693 $ 14,613 $ 11,296 $ - $ 11,266 $ 201 $ 89,069 Unproved properties 1,824 234 30 - 471 52 2,611 53,517 14,847 11,326 - 11,737 253 91,680 Accumulated DD&A (48,161 ) (13,582 ) (7,779 ) - (9,129 ) (201 ) (78,852 ) $ 5,356 $ 1,265 $ 3,547 $ - $ 2,608 $ 52 $ 12,828 2014 Proved properties $ 47,001 $ 14,003 $ 9,895 $ 8,289 $ 10,463 $ 201 $ 89,852 Unproved properties 4,151 1,090 529 549 672 23 7,014 51,152 15,093 10,424 8,838 11,135 224 96,866 Accumulated DD&A (27,205 ) (9,653 ) (6,369 ) (3,198 ) (6,375 ) (201 ) (53,001 ) $ 23,947 $ 5,440 $ 4,055 $ 5,640 $ 4,760 $ 23 $ 43,865 (1) Costs Not Being Amortized The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2015, by the year in which such costs were incurred. There are no individually significant properties or significant development projects included in costs not being amortized. The majority of the evaluation activities are expected to be completed within five to ten years. Total 2015 2014 2013 2012 (In millions) Property acquisition costs $ 1,960 $ 316 $ 1,311 $ 210 $ 123 Exploration and development 586 569 15 1 1 Capitalized interest 65 16 13 4 32 Total $ 2,611 $ 901 $ 1,339 $ 215 $ 156 Oil and Gas Reserve Information Proved oil and gas reserves are the estimated quantities of natural gas, crude oil, condensate, and natural gas liquids (NGLs) that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing conditions, operating conditions, and government regulations. Estimated proved developed oil and gas reserves can be expected to be recovered through existing wells with existing equipment and operating methods. The Company reports all estimated proved reserves held under production-sharing arrangements utilizing the “economic interest” method, which excludes the host country’s share of reserves. Estimated reserves that can be produced economically through application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an active, improved recovery program using reliable technology establishes the reasonable certainty for the engineering analysis on which the project or program is based. Economically producible means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. Reasonable certainty means a high degree of confidence that the quantities will be recovered. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field-tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. In estimating its proved reserves, Apache uses several different traditional methods that can be classified in three general categories: 1) performance-based methods; 2) volumetric-based methods; and 3) analogy with similar properties. Apache will, at times, utilize additional technical analysis such as computer reservoir models, petrophysical techniques, and proprietary 3-D seismic interpretation methods to provide additional support for more complex reservoirs. Information from this additional analysis is combined with traditional methods outlined above to enhance the certainty of our reserve estimates. There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact. Crude Oil and Condensate (Thousands of barrels) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 474,837 79,695 106,746 29,053 119,635 15,845 825,811 December 31, 2013 457,981 80,526 119,242 22,524 100,327 14,195 794,795 December 31, 2014 444,440 75,876 128,712 29,996 105,746 - 784,770 December 31, 2015 348,797 67,847 144,164 - 104,255 - 665,063 Proved undeveloped reserves: December 31, 2012 203,068 70,650 17,288 34,808 28,019 2,981 356,814 December 31, 2013 195,835 56,366 16,302 36,703 29,253 2,231 336,690 December 31, 2014 170,125 59,923 14,617 25,775 19,059 - 289,499 December 31, 2015 60,505 38,326 17,856 - 11,309 - 127,996 Total proved reserves: Balance December 31, 2012 677,905 150,345 124,034 63,861 147,654 18,826 1,182,625 Extensions, discoveries and other additions 133,227 10,177 43,738 2,539 1,543 998 192,222 Purchase of minerals in-place 85 - 5 - 3,623 - 3,713 Revisions of previous estimates 1,683 (531) 457 (118) 18 24 1,533 Production (53,621) (6,469) (32,690) (7,055) (23,258) (3,422) (126,515) Sale of properties (105,463) (16,630) - - - - (122,093) Balance December 31, 2013 653,816 136,892 135,544 59,227 129,580 16,426 1,131,485 Extensions, discoveries and other additions 57,011 9,657 38,074 4,254 17,386 5 126,387 Purchase of minerals in-place 15,240 - - - - - 15,240 Revisions of previous estimates 3,083 (812) 1,801 (216) (7) - 3,849 Production (48,789) (6,421) (32,090) (7,494) (22,154) (620) (117,568) Sale of properties (65,796) (3,517) - - - (15,811) (85,124) Balance December 31, 2014 614,565 135,799 143,329 55,771 124,805 - 1,074,269 Extensions, discoveries and other additions 13,903 4,550 24,524 - 16,579 - 59,556 Purchase of minerals in-place - 1,763 - - - - 1,763 Revisions of previous estimates (173,907) (27,966) 25,407 11,189 (2,255) - (167,532) Production (45,138) (5,755) (31,240) (2,778) (21,657) - (106,568) Sale of properties (121) (2,218) - (64,182) (1,908) - (68,429) Balance December 31, 2015 409,302 106,173 162,020 - 115,564 - 793,059 (1) Natural Gas Liquids (Thousands of barrels) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 154,508 21,996 - - 2,438 5,007 183,949 December 31, 2013 184,485 26,099 - - 2,435 4,110 217,129 December 31, 2014 183,565 17,947 1,346 - 1,770 - 204,628 December 31, 2015 150,265 15,246 1,491 - 1,784 - 168,786 Proved undeveloped reserves: December 31, 2012 60,889 12,258 - - 380 876 74,403 December 31, 2013 63,538 9,970 - - 215 1,009 74,732 December 31, 2014 69,828 7,168 212 - 371 - 77,579 December 31, 2015 24,939 4,839 78 - 295 - 30,151 Total proved reserves: Balance December 31, 2012 215,397 34,254 - - 2,818 5,883 258,352 Extensions, discoveries and other additions 69,231 4,014 - - - - 73,245 Purchase of minerals in-place 45 - - - 295 - 340 Revisions of previous estimates 1,591 546 - - 1 3 2,141 Production (19,922) (2,442) - - (464) (767) (23,595) Sale of properties (18,319) (303) - - - - (18,622) Balance December 31, 2013 248,023 36,069 - - 2,650 5,119 291,861 Extensions, discoveries and other additions 47,516 1,163 1,820 - 1 - 50,500 Purchase of minerals in-place 2,916 - - - - - 2,916 Revisions of previous estimates 2,594 116 (17) - (2) - 2,691 Production (21,464) (2,256) (245) - (508) (116) (24,589) Sale of properties (26,192) (9,977) - - - (5,003) (41,172) Balance December 31, 2014 253,393 25,115 1,558 - 2,141 - 282,207 Extensions, discoveries and other additions 5,768 1,473 144 - 689 - 8,074 Purchase of minerals in-place - 976 - - - - 976 Revisions of previous estimates (64,226) (4,886) 255 - (321) - (69,178) Production (19,684) (2,236) (388) - (413) - (22,721) Sale of properties (47) (357) - - (17) - (421) Balance December 31, 2015 175,204 20,085 1,569 - 2,079 - 198,937 (1) Natural Gas (Millions of cubic feet) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 2,353,587 1,734,657 690,436 596,052 93,319 365,054 5,833,105 December 31, 2013 2,005,966 1,294,420 621,825 626,543 88,177 289,133 4,926,064 December 31, 2014 1,616,504 990,145 637,187 640,265 87,259 - 3,971,360 December 31, 2015 1,364,174 759,321 776,263 - 85,532 - 2,985,290 Proved undeveloped reserves: December 31, 2012 832,320 403,227 205,055 1,074,018 18,985 97,496 2,631,101 December 31, 2013 667,160 439,037 190,355 975,224 18,988 121,584 2,412,348 December 31, 2014 580,299 527,623 171,696 964,554 23,228 - 2,267,400 December 31, 2015 208,594 162,809 53,969 - 19,760 - 445,132 Total proved reserves: Balance December 31, 2012 3,185,907 2,137,884 895,491 1,670,070 112,304 462,550 8,464,206 Extensions, discoveries and other additions 306,721 359,493 44,382 13,351 2,750 16,515 743,212 Purchase of minerals in-place 855 - - - 10,680 - 11,535 Revisions of previous estimates 61,247 109,551 2,413 (101) 32 49 173,191 Production (285,187) (181,593) (130,106) (81,553) (18,601) (68,397) (765,437) Sale of properties (596,417) (691,878) - - - - (1,288,295) Balance December 31, 2013 2,673,126 1,733,457 812,180 1,601,767 107,165 410,717 7,338,412 Extensions, discoveries and other additions 203,318 383,077 125,899 81,156 23,803 - 817,253 Purchase of minerals in-place 21,337 - - - - - 21,337 Revisions of previous estimates 35,910 (12,626) 5,949 - (54) - 29,179 Production (215,829) (117,816) (135,145) (78,104) (20,427) (12,722) (580,043) Sale of properties (521,059) (468,324) - - - (397,995) (1,387,378) Balance December 31, 2014 2,196,803 1,517,768 808,883 1,604,819 110,487 - 6,238,760 Extensions, discoveries and other additions 40,901 121,216 94,777 - 41,755 - 298,649 Purchase of minerals in-place - 24,727 - - - - 24,727 Revisions of previous estimates (503,939) (325,375) 54,811 8,162 (22,373) - (788,714) Production (160,614) (100,289) (128,239) (34,352) (23,647) - (447,141) Sale of properties (383) (315,917) - (1,578,629) (930) - (1,895,859) Balance December 31, 2015 1,572,768 922,130 830,232 - 105,292 - 3,430,422 (1) Total Equivalent Reserves (Thousands barrels of oil equivalent) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 1,021,610 390,800 221,819 128,395 137,626 81,695 1,981,945 December 31, 2013 976,795 322,362 222,880 126,948 117,457 66,494 1,832,936 December 31, 2014 897,422 258,848 236,256 136,707 122,058 - 1,651,291 December 31, 2015 726,424 209,647 275,033 - 120,293 - 1,331,397 Proved undeveloped reserves: December 31, 2012 402,677 150,113 51,464 213,811 31,563 20,106 869,734 December 31, 2013 370,566 139,509 48,028 199,240 32,633 23,504 813,480 December 31, 2014 336,670 155,028 43,446 186,534 23,301 - 744,979 December 31, 2015 120,210 70,300 26,929 - 14,897 - 232,336 Total proved reserves: Balance December 31, 2012 1,424,287 540,913 273,283 342,206 169,189 101,801 2,851,679 Extensions, discoveries and other additions 253,578 74,107 51,135 4,764 2,001 3,751 389,336 Purchase of minerals in-place 273 - 5 - 5,698 - 5,976 Revisions of previous estimates 13,482 18,274 859 (135) 24 35 32,539 Production (121,074) (39,177) (54,374) (20,647) (26,822) (15,589) (277,683) Sale of properties (223,185) (132,246) - - - - (355,431) Balance December 31, 2013 1,347,361 461,871 270,908 326,188 150,090 89,998 2,646,416 Extensions, discoveries and other additions 138,413 74,666 60,877 17,780 21,354 5 313,095 Purchase of minerals in-place 21,712 - - - - - 21,712 Revisions of previous estimates 11,662 (2,800) 2,776 (216) (18) - 11,404 Production (106,225) (28,313) (54,859) (20,511) (26,067) (2,856) (238,831) Sale of properties (178,831) (91,548) - - - (87,147) (357,526) Balance December 31, 2014 1,234,092 413,876 279,702 323,241 145,359 - 2,396,270 Extensions, discoveries and other additions 26,488 26,226 40,464 - 24,227 - 117,405 Purchase of minerals in-place - 6,860 - - - - 6,860 Revisions of previous estimates (322,123) (87,081) 34,797 12,549 (6,305) - (368,163) Production (91,591) (24,706) (53,001) (8,503) (26,011) - (203,812) Sale of properties (232) (55,228) - (327,287) (2,080) - (384,827) Balance December 31, 2015 846,634 279,947 301,962 - 135,190 - 1,563,733 (1) During 2015, Apache sold a combined 385 MMboe through several divestiture transactions: 55 MMboe in Canada, 328 MMboe in Australia, and 2 MMboe in the North Sea. The Company added 7 MMboe of estimated proved reserves through purchases of minerals in-place and 117 MMboe from extensions, discoveries, and other additions. The Company recorded 53 MMboe in North America, primarily associated with our drilling programs in the Canadian liquid-rich gas targets of Duvernay and Montney formations and Permian Basin drilling for Wolfcamp, Yeso, Lower Spraberry, and Bone Spring formations. The Company also had additional drilling success in the Woodford, Canyon Lime, Marmaton, and Eagle Ford formations in the MidContinent/Gulf Coast region. The international regions contributed 64 MMboe of exploration and development adds with Egypt contributing 40 MMboe from onshore exploration and appraisal activity in the West Kalabsha, Shushan, and Khalda concessions. Egypt also continued development of the Ptah, Berenice, and Razzak fields during 2015. The North Sea offshore region contributed 24 MMboe from exploration success in the Callater discovery and continued development in the Beryl, Forties, and Nevis fields. During 2015, Apache also had combined downward revisions of previously estimated reserves of 368 MMboe. Changes in product prices accounted for 339 MMboe, lease ownership changes accounted for 16 MMboe, and engineering and performance revisions totaled 13 MMboe. Approximately 9 percent of Apache’s year-end 2015 estimated proved developed reserves are classified as proved not producing. These reserves relate to zones that are either behind pipe, or that have been completed but not yet produced, or zones that have been produced in the past, but are not now producing because of mechanical reasons. These reserves are considered to be a lower tier of reserves than producing reserves because they are frequently based on volumetric calculations rather than performance data. Future production associated with behind pipe reserves is scheduled to follow depletion of the currently producing zones in the same wellbores. Additional capital may have to be spent to access these reserves. The capital and economic impact of production timing are reflected in this Note 14, under “Future Net Cash Flows.” Future Net Cash Flows Future cash inflows as of December 31, 2015 and 2014 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation. The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. United Canada Egypt (2) Australia North Total (2) (In millions) 2015 Cash inflows $ 26,610 $ 7,345 $ 11,124 $ - $ 6,994 $ 52,073 Production costs (12,178) (3,841) (2,185) - (3,209) (21,413) Development costs (2,255) (1,939) (1,515) - (2,346) (8,055) Income tax expense (63) - (2,326) - (691) (3,080) Net cash flows 12,114 1,565 5,098 - 748 19,525 10 percent discount rate (6,876) (868) (1,330) - 143 (8,931) Discounted future net cash flows (1) $ 5,238 $ 697 $ 3,768 $ - $ 891 $ 10,594 2014 Cash inflows $ 73,859 $ 18,966 $ 16,802 $ 19,391 $ 13,916 $ 142,934 Production costs (25,875) (7,537) (2,924) (4,105) (7,121) (47,562) Development costs (4,422) (2,453) (1,683) (1,173) (2,776) (12,507) Income tax expense (10,657) (1,070) (4,091) (3,202) (2,445) (21,465) Net cash flows 32,905 7,906 8,104 10,911 1,574 61,400 10 percent discount rate (17,639) (3,983) (2,099) (5,875) (146) (29,742) Discounted future net cash flows (1) $ 15,266 $ 3,923 $ 6,005 $ 5,036 $ 1,428 $ 31,658 (1) Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $13.1 billion and $43.0 billion as of December 31, 2015 and 2014, respectively. (2) Includes discounted future net cash flows of approximately $1.3 billion and $2.0 billion in 2015 and 2014, respectively, attributable to a noncontrolling interest in Egypt. The following table sets forth the principal sources of change in the discounted future net cash flows: For the Year Ended December 31, 2015 2014 2013 (In millions) Sales, net of production costs $ (4,056) $ (10,350) $ (12,271) Net change in prices and production costs (21,710) (1,029) 1,438 Discoveries and improved recovery, net of related costs 1,953 6,297 6,892 Change in future development costs 705 (1,136) (2,017) Previously estimated development costs incurred during the period 1,991 4,462 4,654 Revision of quantities (2,292) 256 500 Purchases of minerals in-place 22 508 227 Accretion of discount 3,642 4,442 4,823 Change in income taxes 7,264 836 855 Sales of properties (5,240) (4,780) (6,232) Change in production rates and other (3,343) (442) (828) $ (21,064) $ (936) $ (1,959) |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Financial Data (Unaudited) | 15. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) First Second Third Fourth Total (In millions, except per share amounts) 2015 Revenues and other $ 1,630 $ 1,977 $ 1,496 $ 1,263 $ 6,366 Expenses (2)(3) 6,134 6,809 7,047 9,133 29,123 Net income (loss) from continuing operations including noncontrolling interest (4,504) (4,832) (5,551) (7,870) (22,757) Net income (loss) from discontinued operations, net of tax (132) (732) (95) 188 (771) Net income (loss) including noncontrolling interest $ (4,636) $ (5,564) $ (5,646) $ (7,682) $ (23,528) Net income (loss) attributable to common stock $ (4,651) $ (5,600) $ (5,655) $ (7,213) $ (23,119) Basic net income (loss) per common share (1) Net income (loss) from continuing operations $ (11.99) $ (12.89) $ (14.70) $ (19.57) $ (59.16) Net income (loss) from discontinued operations (0.35) (1.94) (0.25) 0.50 (2.04) Net income (loss) per share $ (12.34) $ (14.83) $ (14.95) $ (19.07) $ (61.20) Diluted net income (loss) per common share (1) Net income (loss) from continuing operations $ (11.99) $ (12.89) $ (14.70) $ (19.57) $ (59.16) Net income (loss) from discontinued operations (0.35) (1.94) (0.25) 0.50 (2.04) Net income (loss) per share $ (12.34) $ (14.83) $ (14.95) $ (19.07) $ (61.20) 2014 Revenues and other $ 3,388 $ 3,289 $ 3,441 $ 2,683 $ 12,801 Expenses (2)(3) 2,638 2,732 4,526 6,377 16,273 Net income (loss) from continuing operations including noncontrolling interest 750 557 (1,085) (3,694) (3,472) Net income (loss) from discontinued operations, net of tax (416) 56 (156) (1,072) (1,588) Net income (loss) including noncontrolling interest $ 334 $ 613 $ (1,241) $ (4,766) $ (5,060) Net income (loss) attributable to common stock $ 236 $ 505 $ (1,330) $ (4,814) $ (5,403) Basic net income (loss) per common share (1) Net income (loss) from continuing operations $ 1.66 $ 1.17 $ (3.08) $ (9.93) $ (9.93) Net income (loss) from discontinued operations (1.06) 0.14 (0.42) (2.85) (4.13) Net income (loss) per share $ 0.60 $ 1.31 $ (3.50) $ (12.78) $ (14.06) Diluted net income (loss) per common share (1) Net income (loss) from continuing operations $ 1.65 $ 1.17 $ (3.08) $ (9.93) $ (9.93) Net income (loss) from discontinued operations (1.05) 0.14 (0.42) (2.85) (4.13) Net income (loss) per share $ 0.60 $ 1.31 $ (3.50) $ (12.78) $ (14.06) (1) The sum of the individual quarterly net income per common share amounts may not agree with full-year net income per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period. (2) In 2015, continuing operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $16.6 billion, net of tax, in the U.S., Canada, North Sea, and Egypt regions. In 2014, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $3.1 billion, net of tax, in the U.S. and North Sea regions. (3) In 2015, continuing operating expenses include non-cash asset impairments totaling $1.9 billion, including $1.7 billion for impairment of GTP assets, $148 million for impairment in an equity method investment, and $55 million for inventory write-downs. In 2014, operating expenses include non-cash asset impairments totaling $1.9 billion, including $1.3 billion for the impairment of goodwill, $604 million for the impairment of assets held for sale, and other asset impairments. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Supplemental Guarantor Information | 16. SUPPLEMENTAL GUARANTOR INFORMATION In December 1999, Apache Finance Canada issued approximately $300 million of publicly-traded notes due in 2029, which are fully and unconditionally guaranteed by Apache. The following condensed consolidating financial statements are provided as an alternative to filing separate financial statements. Apache Finance Canada is 100 percent owned by Apache Corporation. As such, these condensed consolidating financial statements should be read in conjunction with Apache’s consolidated financial statements and notes thereto, of which this note is an integral part. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,446 $ - $ 4,937 $ - $ 6,383 Equity in net income (loss) of affiliates (7,685) (1,958) 57 9,586 - Other (18) 54 (72) 19 (17) (6,257) (1,904) 4,922 9,605 6,366 OPERATING EXPENSES: Depreciation, depletion, and amortization 19,496 - 9,876 - 29,372 Asset retirement obligation accretion 15 - 130 - 145 Lease operating expenses 399 - 1,455 - 1,854 Gathering and transportation 35 - 176 - 211 Taxes other than income 103 - 179 - 282 Impairments 112 - 1,808 - 1,920 General and administrative 300 - 58 19 377 Transaction, reorganization, and separation 132 - - - 132 Financing costs, net 288 (14) 25 - 299 20,880 (14) 13,707 19 34,592 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (27,137) (1,890) (8,785) 9,586 (28,226) Provision for income taxes (4,188) 11 (1,292) - (5,469) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (22,949) (1,901) (7,493) 9,586 (22,757) Net loss from discontinued operations, net of tax (172) - (599) - (771) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (23,121) (1,901) (8,092) 9,586 (23,528) Net income attributable to noncontrolling interest - - (409) - (409) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (23,121) $ (1,901) $ (7,683) $ 9,586 $ (23,119) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (23,121) $ (1,901) $ (7,683) $ 9,586 $ (23,119) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 3,399 $ - $ 9,292 $ - $ 12,691 Equity in net income (loss) of affiliates 25 (209) 73 111 - Other 195 55 (145) 5 110 3,619 (154) 9,220 116 12,801 OPERATING EXPENSES: Depreciation, depletion, and amortization 5,845 - 3,875 - 9,720 Asset retirement obligation accretion 31 - 123 - 154 Lease operating expenses 509 - 1,729 - 2,238 Gathering and transportation 58 - 215 - 273 Taxes other than income 206 - 371 - 577 Impairments 175 - 1,744 - 1,919 General and administrative 377 - 69 5 451 Transaction, reorganization, and separation 67 - - - 67 Financing costs, net 158 (24) 77 - 211 7,426 (24) 8,203 5 15,610 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (3,807) (130) 1,017 111 (2,809) Provision for income taxes 1,472 6 (815) - 663 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (5,279) (136) 1,832 111 (3,472) Net income from discontinued operations, net of tax (127) - (1,461) - (1,588) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (5,406) (136) 371 111 (5,060) Net income attributable to noncontrolling interest - - 343 - 343 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,406) $ (136) $ 28 $ 111 $ (5,403) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,407) $ (136) $ 28 $ 111 $ (5,404) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 4,585 $ - $ 10,186 $ - $ 14,771 Equity in net income (loss) of affiliates 2,313 17 36 (2,366) - Other (399) 61 9 (4) (333) 6,499 78 10,231 (2,370) 14,438 OPERATING EXPENSES: Depreciation, depletion, and amortization 2,250 - 3,616 - 5,866 Asset retirement obligation accretion 67 - 144 - 211 Lease operating expenses 939 - 1,711 - 2,650 Gathering and transportation 61 - 227 - 288 Taxes other than income 190 - 582 - 772 General and administrative 408 - 77 (4) 481 Acquisition, divestiture, and separation costs 33 - - - 33 Financing costs, net 97 5 127 - 229 4,045 5 6,484 (4) 10,530 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,454 73 3,747 (2,366) 3,908 Provision (benefit) for income taxes 222 20 1,686 - 1,928 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST 2,232 53 2,061 (2,366) 1,980 Net income from discontinued operations, net of tax - - 308 - 308 NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST 2,232 53 2,369 (2,366) 2,288 Preferred stock dividends 44 - - - 44 Net income attributable to noncontrolling interest - - 56 - 56 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 2,188 $ 53 $ 2,313 $ (2,366) $ 2,188 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 2,204 $ 53 $ 2,313 $ (2,366) $ 2,204 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 395 $ 18 $ 2,421 $ - $ 2,834 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 150 - 150 CASH PROVIDED BY OPERATING ACTIVITIES 395 18 2,571 - 2,984 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,779) - (2,799) - (4,578) Additions to gas gathering, transmission, and processing facilities (156) - (77) - (233) Proceeds from sale of Kitimat LNG - - 854 - 854 Proceeds from sale of Yara Pilbara - - 391 - 391 Leasehold and property acquisitions (313) - (54) - (367) Proceeds from sale of oil and gas properties, other 163 - 105 - 268 Investment in subsidiaries, net 6,363 - - (6,363) - Other (34) - 40 - 6 NET CASH USED IN CONTINUING INVESTING ACTIVITIES 4,244 - (1,540) (6,363) (3,659) NET CASH PROVIDED BY DISCONTINUED OPERATIONS - - 4,335 - 4,335 NET CASH USED IN INVESTING ACTIVITIES 4,244 - 2,795 (6,363) 676 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (1,570) - - - (1,570) Intercompany borrowings (1,639) (10) (4,714) 6,363 - Payments on fixed rate debt (939) - - - (939) Dividends paid (377) - - - (377) Distributions to noncontrolling interest - - (129) - (129) Other (3) - 56 - 53 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (4,528) (10) (4,787) 6,363 (2,962) NET CASH USED IN FINANCING ACTIVITIES (4,528) (10) (4,787) 6,363 (2,962) NET INCREASE IN CASH AND CASH EQUIVALENTS 111 8 579 - 698 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 - 502 - 769 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 378 $ 8 $ 1,081 $ - $ 1,467 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 6,691 $ 17 $ 809 $ - $ 7,517 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 944 - 944 CASH PROVIDED BY OPERATING ACTIVITIES 6,691 17 1,753 - 8,461 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (8,997) - (25) - (9,022) Additions to gas gathering, transmission, and processing facilities 49 - (930) - (881) Proceeds from sale of Deepwater Gulf of Mexico assets 1,360 - - - 1,360 Proceeds from sale of Anadarko basin and southern Louisiana assets 1,262 - - - 1,262 Leasehold and property acquisitions (1,087) - (388) - (1,475) Proceeds from sale of oil and gas properties 15 - 455 - 470 Investment in subsidiaries, net 1,459 - - (1,459) - Other (278) - (21) - (299) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (6,217) - (909) (1,459) (8,585) NET CASH PROVIDED BY DISCONTINUED OPERATIONS - - (219) - (219) NET CASH USED IN INVESTING ACTIVITIES (6,217) - (1,128) (1,459) (8,804) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net 1,570 - (2) - 1,568 Intercompany borrowings - 8 (1,479) 1,471 - Dividends paid (365) - - - (365) Distributions to noncontrolling interest - - (140) - (140) Treasury stock activity, net (1,864) - - - (1,864) Other (5) (28) 94 (12) 49 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (664) (20) (1,527) 1,459 (752) NET CASH USED IN DISCONTINUED OPERATIONS - - (42) - (42) NET CASH USED IN FINANCING ACTIVITIES (664) (20) (1,569) 1,459 (794) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (190) (3) (944) - (1,137) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 - 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ (35) $ - $ 804 $ - $ 769 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 1,421 $ 315 $ 6,949 $ - $ 8,685 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 1,150 - 1,150 CASH PROVIDED BY OPERATING ACTIVITIES 1,421 315 8,099 - 9,835 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (4,096) - (4,567) - (8,663) Additions to gas gathering, transmission, and processing facilities (124) - (340) - (464) Proceeds from divestiture of Gulf of Mexico Shelf properties 3,702 - - - 3,702 Leasehold and property acquisitions (195) - (234) - (429) Proceeds from Kitimat LNG transaction, net - - 396 - 396 Proceeds from sale of oil and gas properties - - 307 - 307 Other (58) - (47) - (105) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (771) - (4,485) - (5,256) NET CASH USED IN DISCONTINUED OPERATIONS - - (1,860) - (1,860) NET CASH USED IN INVESTING ACTIVITIES (771) - (6,345) - (7,116) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (501) - (8) - (509) Intercompany borrowings 3,056 1 (3,057) - - Payments on fixed rate debt (1,722) (350) - - (2,072) Dividends paid (360) - - - (360) Proceeds from sale of noncontrolling interest - - 2,948 - 2,948 Shares repurchased (997) - - - (997) Other 29 37 (45) - 21 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (495) (312) (162) - (969) NET CASH USED IN DISCONTINUED OPERATIONS - - (4) - (4) NET CASH USED IN FINANCING ACTIVITIES (495) (312) (166) - (973) NET INCREASE IN CASH AND CASH EQUIVALENTS 155 3 1,588 - 1,746 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR - - 160 - 160 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 155 $ 3 $ 1,748 $ - $ 1,906 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 378 $ - $ 1,089 $ - $ 1,467 Receivables, net of allowance 314 - 939 - 1,253 Inventories 34 - 536 - 570 Drilling advances 16 - 156 - 172 Prepaid assets and other 102 - 188 - 290 Intercompany receivable 5,212 - - (5,212) - 6,056 - 2,908 (5,212) 3,752 PROPERTY AND EQUIPMENT, NET - - 14,119 - 14,119 OTHER ASSETS: Intercompany receivable - - 10,744 (10,744) - Equity in affiliates 16,443 (1,154) 446 (15,735) - Deferred charges and other 157 1,001 813 (1,000) 971 $ 22,656 $ 153 $ 29,030 $ (32,691) $ 18,842 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 409 $ - $ 209 $ - $ 618 Other current liabilities 539 3 681 - 1,223 Intercompany payable - - 5,212 (5,212) - 948 3 6,102 (5,212) 1,841 LONG-TERM DEBT 8,479 298 - - 8,777 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 10,744 - - (10,744) - Income taxes (1,285) 4 2,353 - 1,072 Asset retirement obligation 271 - 2,291 - 2,562 Other 933 250 179 (1,000) 362 10,663 254 4,823 (11,744) 3,996 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 2,566 (708) 16,443 (15,735) 2,566 Noncontrolling interest - - 1,662 - 1,662 TOTAL EQUITY 2,566 (708) 18,105 (15,735) 4,228 $ 22,656 $ (153) $ 29,030 $ (32,691) $ 18,842 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) - Deferred charges and other 175 1,002 1,284 (1,000) 1,461 $ 46,651 $ 1,872 $ 41,080 $ (33,651) $ 55,952 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 748 $ 10 $ 452 $ - $ 1,210 Other current liabilities 1,042 1 1,411 - 2,454 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 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 Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Apache and its subsidiaries after elimination of intercompany balances and transactions. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, Apache has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated Apache subsidiary and are reflected separately in the Company’s financial statements. Investments in which Apache holds less than 50 percent of the voting interest are typically accounted for under the equity method of accounting, with the balance recorded as a component of “Deferred charges and other” in Apache’s consolidated balance sheet and results of operations recorded as a component of “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. |
Use of Estimates | Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Apache evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the fair value determination of acquired assets and liabilities and assets held for sale at year-end (see Note 2—Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 14—Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 5—Asset Retirement Obligation), the estimates of fair value for long-lived assets and goodwill impairment (see “Fair Value Measurements” and “Goodwill” sections in this Note 1 below), and the estimate of income taxes (see Note 7—Income Taxes). |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in Apache’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35 provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Recurring fair value measurements are presented in further detail in Note 6—Debt and Note 9—Retirement and Deferred Compensation Plans. Apache also uses fair value measurements on a nonrecurring basis as indicated by certain qualitative assessments of its assets. For the year ended December 31, 2015, the Company recorded asset impairments totaling $1.9 billion in connection with fair value assessments in the current low commodity price environment. Impairments totaling $1.7 billion were recorded for certain gathering, transmission, and processing (GTP) facilities, which were written down to their fair values. These GTP impairments are discussed in further detail below in “Gathering, Transmission, and Processing Facilities.” Also in 2015, the Company recorded $148 million for the impairment of an equity method investment sold in the fourth quarter and $55 million for inventory write-downs. For a discussion of the equity method investment impairment, see Note 2—Acquisitions and Divestitures. For the year ended December 31, 2014, the Company recorded asset impairments totaling $1.9 billion in connection with fair value assessments, including $1.3 billion for the impairment of goodwill, $604 million for the impairment of assets held for sale, and other asset impairments. The Company also recorded $439 million in impairments related to the sale of Australia’s assets, which are classified as discontinued operations in 2014. For discussion of these impairments, see “Property and Equipment” and “Goodwill” below and Note 2—Acquisitions and Divestitures. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2015 and 2014, Apache had $1.5 billion and $0.8 billion, respectively, of cash and cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for doubtful accounts. The carrying amount of Apache’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. Many of Apache’s receivables are from joint interest owners on properties Apache operates. The Company may have the ability to withhold future revenue disbursements to recover any non-payment of these joint interest billings. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of December 31, 2015, 2014, and 2013, the Company had an allowance for doubtful accounts of $103 million, $98 million, and $78 million, respectively. During 2015, Apache’s allowance for doubtful accounts increased $5 million, reflecting additional provisions for the year of $40 million, partially offset by $35 million for uncollectible accounts written off net of recoveries. |
Inventories | Inventories Inventories consist principally of tubular goods and equipment, stated at weighted-average cost, and oil produced but not sold, stated at the lower of cost or market. |
Property and Equipment | Property and Equipment The carrying value of Apache’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest. Interest costs incurred in connection with qualifying capital expenditures are capitalized and amortized in concurrence with the related assets. For business combinations, property and equipment cost is based on the fair values at the acquisition date. |
Oil and Gas Property | Oil and Gas Property The Company follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits, and other internal costs directly identified with these activities, and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. Apache capitalized $297 million, $373 million, and $401 million of internal costs in 2015, 2014, and 2013, respectively. Proved properties are amortized on a country-by-country basis using the units of production method (UOP). The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the cost of those reserves. The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (DD&A), estimated future development costs (future costs to access and develop proved reserves), and asset retirement costs, less related salvage value. The cost of unproved properties and properties under development are excluded from the amortization calculation until it is determined whether or not proved reserves can be assigned to such properties or until development projects are placed in service. Geological and geophysical costs not associated with specific prospects are recorded to proved property immediately. Unproved properties and properties under development are reviewed for impairment at least quarterly and are determined through an evaluation considering, among other factors, seismic data, requirements to relinquish acreage, drilling results, remaining time in the commitment period, remaining capital plan, and political, economic, and market conditions. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. In countries where a reserve base has not yet been established, impairments are charged to earnings. Under the full-cost method of accounting, the net book value of oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum and adjusted for designated cash flow hedges. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. See Note 14—Supplemental Oil and Gas Disclosures for a discussion of the calculation of estimated future net cash flows. Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Such limitations are imposed separately on a country-by-country basis and are tested quarterly. The following table presents non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for 2015, 2014, and 2013: For the Year Ended For the Year Ended For the Year Ended Before tax After tax Before tax After tax Before tax After tax (In millions) U.S. $ 19,537 $ 12,602 $ 4,412 $ 2,844 $ 552 $ 356 Canada 3,667 2,721 - - - - North Sea 2,032 1,016 589 224 368 139 Egypt 281 281 - - - - Other international - - - - 75 46 Total write-downs $ 25,517 $ 16,620 $ 5,001 $ 3,068 $ 995 $ 541 In 2013, the Company recorded a non-cash write-down of $118 million, net of tax, in Argentina, which is reflected as discontinued operations in the Company’s consolidated financial statements. Cash flow hedges did not materially affect the 2015, 2014, and 2013 calculations. Proceeds from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion (greater than 25 percent) of the Company’s reserve quantities in a particular country are sold, in which case a gain or loss is recognized in income. During 2015, Apache recorded a $1.3 billion and $922 million loss related to the sale of its Australia oil and gas assets and Wheatstone LNG project, respectively. During 2014, Apache recorded a $539 million loss related to the divestiture of operations in Argentina. No gain or loss was recorded on the Company’s divestitures in 2013. See Note 2—Acquisitions and Divestitures for more detail. |
Gathering, Transmission, and Processing Facilities | Gathering, Transmission, and Processing Facilities GTP facilities totaled $1.1 billion and $5.4 billion at December 31, 2015 and 2014, respectively, with accumulated depreciation for these assets totaling $160 million and $1.7 billion for the respective periods. GTP facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GTP assets, whether Apache-operated or third party, as well as potential development plans by Apache for undeveloped acreage within or in close proximity to those fields. The Company assesses the carrying amount of its GTP facilities whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of these facilities is more than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value. During 2015, the Company recorded impairments of $1.7 billion on certain GTP assets, which were written down to their fair values of $306 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 estimated 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. During 2014, the Company recorded an impairment of $1.0 billion of its GTP assets related to the sale of Apache’s Wheatstone and Kitimat LNG projects, and the remaining carrying value of those assets was reclassified to “Assets held for sale” on the Company’s consolidated balance sheet as of December 31, 2014. No impairments of GTP facilities were recognized during 2013. The costs of GTP facilities retired or otherwise disposed of and associated accumulated depreciation are removed from Apache’s consolidated financial statements, and the resulting gain or loss is reflected in “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. During 2015, Apache recorded a gain on the sale of GTP facilities totaling $59 million associated with the Company’s divestitures of certain Permian Basin assets. During 2014, the Company recorded a loss totaling $180 million associated with divestitures of certain Anadarko basin and southern Louisiana assets. No gain or loss on the sales of GTP facilities was recognized during 2013. |
Other Property and Equipment | Other Property and Equipment Other property and equipment includes computer software and equipment, buildings, vehicles, furniture and fixtures, land, and other equipment. These assets are depreciated on a straight-line basis over the estimated useful lives of the assets, which range from 3 to 20 years. Accumulated depreciation for these assets totaled $693 million and $673 million at December 31, 2015 and 2014, respectively. |
Asset Retirement Costs and Obligations | Asset Retirement Costs and Obligations The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. The Company assesses the carrying amount of goodwill by testing for impairment annually and when impairment indicators arise. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. Apache assesses each country as a reporting unit. The fair value of each unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then goodwill is written down to the implied fair value of the goodwill through a charge to expense. In order to determine the fair value of each reporting unit, the Company uses a combination of the income approach and the market approach. The income approach considers management views on current operating measures as well as assumptions pertaining to market forces in the oil and gas industry, such as future production, future commodity prices, and costs. These assumptions are applied to develop future cash flow projections that are then discounted to estimate fair value, using a discount rate similar to those used by the Company in the valuation of acquisitions and divestitures. To assess the reasonableness of its fair value estimate, the Company uses a market approach to compare the fair value to similar businesses whose securities are actively traded in the public market. This requires management to make certain judgments about the selection of comparable companies, recent comparable asset transactions, and transaction premiums. Associated market multiples are applied to various financial metrics of the reporting unit to estimate fair value. Apache has classified this reporting unit estimation as a non-recurring Level 3 fair value measurement in the fair value hierarchy. As of December 31, 2013, goodwill totaled $1.4 billion, with approximately $1.0 billion, $163 million, $103 million, and $87 million recorded in the U.S., North Sea, Canada, and Egypt, respectively. Given the significant reduction in oil and gas commodity prices in December 2014, the Company tested goodwill for impairment as of December 31, 2014. Reductions in estimated net present value of expected future cash flows from oil and gas properties resulted in implied fair values below the carrying values of Apache’s U.S., North Sea, and Canada reporting units. No impairment was indicated for the Company’s Egypt reporting unit. As a result of these assessments, during the fourth quarter of 2014 the Company recognized non-cash impairments of the entire amount of recorded goodwill in the U.S., North Sea, and Canada reporting units of $1.0 billion, $163 million, and $103 million, respectively. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. As of December 31, 2015 and 2014, total goodwill of $87 million remained recorded for the Egypt reporting unit. |
Accounts Payable | Accounts Payable Included in accounts payable at December 31, 2015 and 2014, are liabilities of approximately $129 million and $229 million, respectively, representing the amount by which checks issued but not presented to the Company’s banks for collection exceeded balances in applicable bank accounts. |
Commitments and Contingencies | Commitments and Contingencies Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. |
Revenue Recognition and Imbalances | Revenue Recognition and Imbalances Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Cash received relating to future revenues is deferred and recognized when all revenue recognition criteria are met. Apache uses the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Apache is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the properties’ estimated remaining reserves net to Apache will not be sufficient to enable the under-produced owner to recoup its entitled share through production. The Company’s recorded liability is generally reflected in other non-current liabilities. No receivables are recorded for those wells where Apache has taken less than its share of production. Gas imbalances are reflected as adjustments to estimates of proved gas reserves and future cash flows in the unaudited supplemental oil and gas disclosures. Apache markets its own North American natural gas production. Since the Company’s production fluctuates because of operational issues, it is occasionally necessary to purchase third-party gas to fulfill sales obligations and commitments. Both the costs and sales proceeds of this third-party gas are reported on a net basis in oil and gas production revenues. The costs of third-party gas netted against the related sales proceeds totaled $37 million, $46 million, and $34 million, for 2015, 2014, and 2013, respectively. The Company’s Egyptian operations are conducted pursuant to production sharing contracts under which contractor partners pay all operating and capital costs for exploring and developing the concessions. A percentage of the production, generally up to 40 percent, is available to contractor partners to recover these operating and capital costs over contractually defined periods. Cost recovery is reflected in revenue. The balance of the production is split among the contractor partners and the Egyptian General Petroleum Corporation (EGPC) on a contractually defined basis. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Apache periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. As of December 31, 2015, Apache had no open derivative positions. When applicable, Apache records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Gains and losses from the change in fair value of derivative instruments that do not qualify for hedge accounting are reported in current-period income as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations. Hedge accounting treatment allows unrealized gains and losses on cash flow hedges to be deferred in other comprehensive income. Realized gains and losses from the Company’s oil and gas cash flow hedges, including terminated contracts, are generally recognized in oil and gas production revenues when the forecasted transaction occurs. If at any time the likelihood of occurrence of a hedged forecasted transaction ceases to be “probable,” hedge accounting treatment will cease on a prospective basis, and all future changes in the fair value of the derivative will be recognized directly in earnings. Amounts recorded in other comprehensive income prior to the change in the likelihood of occurrence of the forecasted transaction will remain in other comprehensive income until such time as the forecasted transaction impacts earnings. If it becomes probable that the original forecasted production will not occur, then the derivative gain or loss would be reclassified from accumulated other comprehensive income into earnings immediately. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time, and any ineffectiveness is immediately reported as “Other” under “Revenues and Other” in the statement of consolidated operations. |
General and Administrative Expense | General and Administrative Expense General and administrative expenses are reported net of recoveries from owners in properties operated by Apache and net of amounts related to lease operating activities or capitalized pursuant to the full-cost method of accounting. |
Income Taxes | Income Taxes Apache records deferred tax assets and liabilities to account for the expected future tax consequences of events that have been recognized in the financial statements and tax returns. The Company routinely assesses the ability to realize its deferred tax assets. If the Company concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. Numerous judgments and assumptions are inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil and gas prices) and changing tax laws. Apache does not record U.S. deferred income taxes on foreign subsidiaries that are deemed to be permanently reinvested. When such earnings are no longer deemed permanently reinvested, Apache will recognize the appropriate U.S. current or deferred income tax liabilities. For more information, please refer to Note 7—Income Taxes. |
Foreign Currency Transaction Gains and Losses | Foreign Currency Transaction Gains and Losses The U.S. dollar is the functional currency for each of Apache’s international operations. The functional currency is determined country-by-country based on relevant facts and circumstances of the cash flows, commodity pricing environment and financing arrangements in each country. Foreign currency transaction gains and losses arise when monetary assets and liabilities denominated in foreign currencies are remeasured to their U.S. dollar equivalent at the exchange rate in effect at the end of each reporting period. Foreign currency gains and losses also arise when revenue and disbursement transactions denominated in a country’s local currency are converted to a U.S. dollar equivalent based on the average exchange rates during the reporting period. Foreign currency transaction gains and losses related to current taxes payable and deferred tax assets and liabilities are recorded as components of the provision for income taxes. For further discussion, please refer to Note 7—Income Taxes. All other foreign currency transaction gains and losses are reflected in “Other” under “Revenues and Other” in the statement of consolidated operations. The Company’s other foreign currency gains and losses netted to a loss in 2015 of $11 million, a gain in 2014 of $8 million, and a loss in 2013 of $30 million. |
Insurance Coverage | Insurance Coverage The Company recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. |
Earnings Per Share | Earnings Per Share The Company’s basic earnings per share (EPS) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects potential dilution, using the treasury stock method, which assumes that options were exercised and restricted stock was fully vested. The diluted EPS calculations for the year ended December 31, 2013, includes weighted-average shares of common stock from the assumed conversion of Apache’s convertible preferred stock. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition provisions of ASC Topic 718, “Compensation – Stock Compensation.” The Company grants various types of stock-based awards including stock options, nonvested restricted stock units, and performance-based awards. Additionally, the Company also grants cash-based stock appreciation rights. These plans and related accounting policies are defined and described more fully in Note 10—Capital Stock. Stock compensation awards granted are valued on the date of grant and are expensed, net of estimated forfeitures, over the required service period. ASC Topic 718 also requires that benefits of tax deductions in excess of recognized compensation cost be reported as financing cash flows rather than as operating cash flows. The Company classified $1 million, $35,000, and $1 million as financing cash inflows in 2015, 2014, and 2013, respectively. |
Treasury Stock | Treasury Stock The Company follows the weighted-average-cost method of accounting for treasury stock transactions. |
New Pronouncements Issued But Not Yet Adopted | New Pronouncements Issued But Not Yet Adopted In 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 Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Non-Cash Write-Downs of Carrying Value of Proved Oil and Gas Properties by Country | The following table presents non-cash write-downs of the carrying value of the Company’s proved oil and gas properties by country for 2015, 2014, and 2013: For the Year Ended For the Year Ended For the Year Ended Before tax After tax Before tax After tax Before tax After tax (In millions) U.S. $ 19,537 $ 12,602 $ 4,412 $ 2,844 $ 552 $ 356 Canada 3,667 2,721 - - - - North Sea 2,032 1,016 589 224 368 139 Egypt 281 281 - - - - Other international - - - - 75 46 Total write-downs $ 25,517 $ 16,620 $ 5,001 $ 3,068 $ 995 $ 541 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) - Divestiture [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Argentina [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 Argentina disposition were as follows: For the Year Ended December 31, 2015 2014 2013 (In millions) Revenues and other from discontinued operations $ - $ 87 $ 494 Loss from Argentina divestiture - (539) - Income (loss) from operations in Argentina - (1) (192) Income tax benefit - 23 - Income (loss) from discontinued operations, net of tax $ - $ (517) $ (192) |
Australia [Member] | |
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, 2014 (In millions) ASSETS Current assets $ 1,992 Oil and gas assets, net 5,639 GTP and other assets, net 877 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 |
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 Year Ended December 31, 2015 2014 2013 (In millions) Revenues and other from discontinued operations $ 288 $ 1,050 $ 1,121 Loss on Woodside sale $ (922) $ - $ - Loss on Consortium sale (1,329) - - Income (loss) from divested Australian operations 24 (97) 496 Income tax benefit (expense) 1,456 (974) 4 Income (loss) from Australian discontinued operations, net of tax $ (771) $ (1,071) $ 500 |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity Derivative Activity Recorded in Statement of Consolidated Operations | The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: Gain (Loss) on Derivatives Recognized in Income For the Year Ended December 31, 2015 2014 2013 (In millions) Loss on cash flow hedges reclassified from accumulated other comprehensive loss Oil and Gas Production Revenues $ - $ - $ (16) Loss for ineffectiveness on cash flow hedges Revenues and Other: Other $ - $ - $ (1) Derivatives not designated as cash flow hedges: Realized loss $ - $ (16) $ (178) Unrealized gain (loss) - 300 (221) Gain (loss) on derivatives not designated as cash flow hedges Revenues and Other: Other $ - $ 284 $ (399) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Detail of Other Current Liabilities | The following table provides detail of the Company’s other current liabilities at December 31, 2015 and 2014: December 31, 2015 2014 (In millions) Accrued operating expenses $ 139 $ 163 Accrued exploration and development 637 1,606 Accrued compensation and benefits 166 204 Accrued interest 144 160 Accrued income taxes 47 54 Current asset retirement obligation 36 37 Current debt 1 - Other 53 230 Total Other current liabilities $ 1,223 $ 2,454 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 and 2014: 2015 2014 (In millions) Asset retirement obligation at beginning of year $ 3,085 $ 3,222 Liabilities incurred 68 171 Liabilities divested (623) (471) Liabilities settled (90) (146) Accretion expense 158 181 Revisions in estimated liabilities - 128 Asset retirement obligation at end of year 2,598 3,085 Less current portion (36) (37) Asset retirement obligation, long-term $ 2,562 $ 3,048 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt for Apache and Subsidiaries | The following table presents the carrying value of the Company’s debt at December 31, 2015 and 2014: December 31, 2015 2014 (In millions) U.S.: Commercial paper - 1,570 5.625% notes due 2017 (1) - 500 1.75% notes due 2017 (1) - 400 6.9% notes due 2018 (1) 400 400 7.0% notes due 2018 150 150 7.625% notes due 2019 150 150 3.625% notes due 2021 (1) 500 500 3.25% notes due 2022 (1) 919 919 2.625% notes due 2023 (1) 531 531 7.7% notes due 2026 100 100 7.95% notes due 2026 180 180 6.0% notes due 2037 (1) 1,000 1,000 5.1% notes due 2040 (1) 1,500 1,500 5.25% notes due 2042 (1) 500 500 4.75% notes due 2043 (1) 1,500 1,500 4.25% notes due 2044 (1) 800 800 7.375% debentures due 2047 150 150 7.625% debentures due 2096 150 150 8,530 11,000 Subsidiary and other obligations: Notes due in 2016 and 2017 1 1 Apache Finance Canada 7.75% notes due 2029 300 300 301 301 Debt before unamortized discount 8,831 11,301 Unamortized discount (53) (56) Total debt $ 8,778 $ 11,245 Current maturities $ (1) $ - Long-term debt $ 8,777 $ 11,245 (1) These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium. The remaining notes and debentures are not redeemable. |
Schedule of Long Term Debt by Maturity | Debt maturities as of December 31, 2015, excluding discounts, are as follows: (In millions) 2016 and 2017 $ 1 2018 550 2019 150 Thereafter 8,130 Total Debt, excluding discounts $ 8,831 |
Summary of Carrying Amounts and Estimated Fair Values | Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Commercial paper - - 1,570 1,570 Notes and debentures 8,778 8,330 9,675 9,944 Total Debt $ 8,778 $ 8,330 $ 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 Year Ended December 31, 2015 2014 2013 (In millions) Interest expense $ 486 $ 499 $ 560 Amortization of deferred loan costs 11 6 8 Capitalized interest (227) (287) (315) Loss (gain) on extinguishment of debt 39 - (16) Interest income (10) (7) (8) Financing costs, net $ 299 $ 211 $ 229 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) from continuing operations before income taxes is composed of the following: For the Year Ended December 31, 2015 2014 2013 (In millions) U.S. $ (20,415) $ (3,888) $ 1,191 Foreign (7,811) 1,079 2,717 Total $ (28,226) $ (2,809) $ 3,908 |
Total Provision for Income Taxes | The total provision for income taxes from continuing operations consists of the following: For the Year Ended December 31, 2015 2014 2013 (In millions) Current taxes: Federal $ 363 $ (10) $ (29) State 41 1 - Foreign (95) 1,186 1,648 309 1,177 1,619 Deferred taxes: Federal (4,157) (130) 509 State (90) (43) 44 Foreign (1,531) (341) (244) (5,778) (514) 309 Total $ (5,469) $ 663 $ 1,928 |
Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense | A reconciliation of the tax on the Company’s income from continuing operations before income taxes and total tax expense is shown below: For the Year Ended December 31, 2015 2014 2013 (In millions) Income tax expense (benefit) at U.S. statutory rate $ (9,879) $ (983) $ 1,368 State income tax, less federal benefit (32) (27) 29 Taxes related to foreign operations (696) (154) 236 Tax credits (6) - 6 Tax on distributed foreign earnings 726 311 225 Foreign tax credit carryforwards (2,090) - - Deferred tax on undistributed foreign earnings 1,903 560 - Goodwill impairment - 483 - Change in U.K. tax rate (619) - - Net change in tax contingencies 20 (3) (10) Valuation allowances 5,253 478 132 All other, net (49) (2) (58) $ (5,469) $ 663 $ 1,928 |
Net Deferred Tax Liability | The net deferred income tax liability consists of the following: December 31, 2015 2014 (In millions) Deferred tax assets: Deferred income $ 20 $ - U.S. and state net operating loss carryforwards 329 1,333 Foreign net operating loss carryforwards 1,507 366 Tax credits and other tax incentives 82 42 Foreign tax credit carryforwards 2,090 - Accrued expenses and liabilities 136 68 Asset retirement obligation 1,037 1,202 Property and equipment 3,880 373 Total deferred tax assets 9,081 3,384 Valuation allowance (6,530) (1,069) Net deferred tax assets 2,551 2,315 Deferred tax liabilities: Other 1 19 Deferred income 140 24 Investment in foreign subsidiaries 1,903 1,654 Property and equipment 1,574 9,359 Total deferred tax liabilities 3,618 11,056 Net deferred income tax liability $ 1,067 $ 8,741 |
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: December 31, 2015 2014 (In millions) Assets: Deferred tax asset $ - $ (769) Deferred charges and other (5) (17) Liabilities Other current liabilities - 28 Deferred income taxes 1,072 9,499 Net deferred income tax liability $ 1,067 $ 8,741 |
Summary of Valuation Allowance Against Certain Foreign Net Deferred Tax Assets and State Net Operating Losses | In 2015, 2014, and 2013, the Company increased its total valuation allowance by $5.5 billion, $418 million, and $232 million, respectively, as detailed in the table below: 2015 2014 2013 (In millions) Balance at beginning of year $ 1,069 $ 651 $ 419 State (1) 235 57 32 U.S. 2,978 - - Foreign (2) 2,248 478 132 Discontinued operations (3) - (117) 68 Balance at end of year $ 6,530 $ 1,069 $ 651 (1) Reported as a component of state income taxes in the rate reconciliation. (2) In 2015, Apache’s subsidiaries completed the sale of its interest in the Kitimat LNG project. As such, the deferred tax assets, liabilities, and valuation allowance related to the project were removed for 2015. (3) In 2014, Apache’s subsidiaries completed the sale of all of the Company’s operations in Argentina. As such, the deferred tax assets, liabilities, and valuation allowance related to Argentina were removed for 2014. |
Net Operating Losses | On December 31, 2015, the Company had net operating losses as follows: Amount Expiration (In millions) Net operating losses: U.S. $ 198 2018 - 2035 State 3,496 Various Canada 60 2028 - 2035 |
Schedule of Foreign Tax Credit Carryforward | The Company has recorded a valuation allowance against the net operating losses listed above and the capital loss until there is sufficient evidence to support the reversal of all or some portion of this allowance. Amount Expiration (In millions) Foreign Tax Credits $ 2,090 2025 - 2026 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 (In millions) Balance at beginning of year $ - $ 3 $ 3 Additions based on tax positions related to the current year 19 - - Reductions for tax positions of prior years - (3) - Balance at end of year $ 19 $ - $ 3 |
Key Jurisdictions of Company's Earliest Open Tax Years | Apache’s earliest open tax years in its key jurisdictions are as follows: Jurisdiction U.S. 2011 Canada 2011 Egypt 1998 U.K. 2013 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | At December 31, 2015, contractual obligations for drilling rigs, purchase obligations, firm transportation agreements, and long-term operating leases are as follows: Net Minimum Commitments Total 2016 2017-2018 2019-2020 2021 & (In millions) Drilling rig commitments $ 405 $ 194 $ 211 $ - $ - Purchase obligations (1) 354 28 115 139 72 Firm transportation agreements 363 96 125 83 59 Office and related equipment 342 43 87 72 140 Other operating lease obligations (2) 64 22 35 6 1 Total Net Minimum Commitments $ 1,528 $ 383 $ 573 $ 300 $ 272 (1) Includes contractual obligations under take-or-pay contracts, NGL processing agreements, and drilling work program commitments. (2) Includes commitments associated with supply and standby vessels, and gas pipeline and land leases. |
Retirement and Deferred Compe34
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans | The following tables set forth the benefit obligation, fair value of plan assets and funded status as of December 31, 2015, 2014, and 2013, and the underlying weighted average actuarial assumptions used for the U.K. Pension Plan and U.S. postretirement benefit plan. Apache uses a measurement date of December 31 for its pension and postretirement benefit plans. 2015 2014 2013 Pension Postretirement Pension Postretirement Pension Postretirement (In millions) Change in Projected Benefit Obligation Projected benefit obligation beginning of year $ 216 $ 23 $ 189 $ 28 $ 177 $ 35 Service cost 5 2 5 3 5 4 Interest cost 8 1 9 1 7 1 Foreign currency exchange rate changes (10) - (13) - 4 - Actuarial losses (gains) (10) - 31 (9) - (8) Effect of curtailment and settlements - 1 - - - (3) Benefits paid (7) (2) (5) (2) (4) (2) Retiree contributions - 1 - 1 - 1 Projected benefit obligation at end of year 202 26 216 22 189 28 Change in Plan Assets Fair value of plan assets at beginning of year 206 - 191 - 170 - Actual return on plan assets 1 - 25 - 15 - Foreign currency exchange rates (10) - (13) - 4 - Employer contributions 7 1 8 1 6 1 Benefits paid (7) (2) (5) (2) (4) (2) Retiree contributions - 1 - 1 - 1 Fair value of plan assets at end of year 197 - 206 - 191 - Funded status at end of year $ (5) $ (26) $ (10) $ (22) $ 2 $ (28) Amounts recognized in Consolidated Balance Sheet Current liability - (2) - (1) - (1) Non-current asset (liability) (5) (24) (10) (21) 2 (27) $ (5) $ (26) $ (10) $ (22) $ 2 $ (28) Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Accumulated gain (loss) (32) 9 (37) 10 (22) 1 $ (32) $ 9 $ (37) $ 10 $ (22) $ 1 Weighted Average Assumptions used as of December 31 Discount rate 3.90% 3.95% 3.70% 3.62% 4.60% 4.33% Salary increases 4.60% N/A 4.60% N/A 4.90% N/A Expected return on assets 4.10% N/A 3.90% N/A 5.60% N/A Healthcare cost trend Initial N/A 7.00% N/A 7.00% N/A 7.00% Ultimate in 2025 N/A 5.00% N/A 5.00% N/A 5.00% |
Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset | A breakout of previous allocations for plan asset holdings and the target allocation for the Company’s plan assets are summarized below: Target Percentage of Year-End 2015 2015 2014 Asset Category Equity securities: U.K. quoted equities 14% 14% 14% Overseas quoted equities 26% 26% 26% Total equity securities 40% 40% 40% Debt securities: U.K. Government bonds 48% 48% 48% U.K. corporate bonds 12% 12% 12% Debt securities 60% 60% 60% Total 100% 100% 100% |
Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets | The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2015 and December 31, 2014: Fair Value Measurements Using: Quoted Price Significant (Level 2) Unobservable (Level 3) Total Fair (In millions) December 31, 2015 Equity securities: U.K. quoted equities (1) $ 27 $ - $ - $ 27 Overseas quoted equities (2) 53 - - 53 Total equity securities 80 - - 80 Debt securities: U.K. Government bonds (3) 93 - - 93 U.K. corporate bonds (4) 24 - - 24 Total debt securities 117 - - 117 Fair value of plan assets $ 197 $ - $ - $ 197 December 31, 2014 Equity securities: U.K. quoted equities (1) $ 28 $ - $ - $ 28 Overseas quoted equities (2) 54 - - 54 Total equity securities 82 - - 82 Debt securities: U.K. Government bonds (3) 99 - - 99 U.K. corporate bonds (4) 25 - - 25 Total debt securities 124 - - 124 Fair value of plan assets $ 206 $ - $ - $ 206 (1) This category comprises U.K. passive equities, which are benchmarked against the FTSE 350 Index. (2) This category includes overseas equities, which comprises 30.3 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12.1 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30.3 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12.1 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 15.2 percent emerging markets benchmarked against the MSCI Emerging Markets (NDR) Index, which has a performance target of 2 percent per annum over the benchmark over a rolling three-year period. (3) This category includes U.K. Government bonds, which comprises 48 percent index-linked gilts benchmarked against the FTSE Actuaries Government Securities Index-Linked Over 5 Years Index, 37 percent sterling nominal LDI bonds, and 15 percent sterling inflation linked LDI bonds, both benchmarked against ILIM Custom Benchmark index. (4) This category comprises U.K. corporate bonds: 12 percent benchmarked against the BofAML Sterling Corporate & Collaterlised (excluding Subordinated) Index with a performance target of 0.75 percent per annum over the benchmark over a rolling five-year period. |
Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans | The following tables set forth the components of the net periodic cost and the underlying weighted average actuarial assumptions used for the pension and postretirement benefit plans as of December 31, 2015, 2014, and 2013: 2015 2014 2013 Pension Postretirement Pension Postretirement Pension Postretirement (In millions) Component of Net Periodic Benefit Costs Service cost $ 5 $ 2 $ 5 $ 3 $ 5 $ 4 Interest cost 8 1 9 1 7 1 Expected return on assets (8) - (11) - (8) - Amortization of actuarial (gain) loss 2 - 1 - 2 - Curtailment (gain) loss - - - - - (3) Net periodic benefit cost $ 7 $ 3 $ 4 $ 4 $ 6 $ 2 Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 Discount rate 3.70% 3.62% 4.60% 4.33% 4.30% 3.43% Salary increases 4.60% N/A 4.90% N/A 4.60% N/A Expected return on assets 3.90% N/A 5.60% N/A 4.70% N/A Healthcare cost trend Initial N/A 7.00% N/A 7.00% N/A 7.25% Ultimate in 2025 N/A 5.00% N/A 5.00% N/A 5.00% |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: Postretirement Benefits 1% Increase 1% Decrease (In millions) Effect on service and interest cost components $ 1 $ (1) Effect on postretirement benefit obligation 4 (3) |
Expected Future Benefit Payment | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Postretirement (In millions) 2016 $ 4 $ 2 2017 4 2 2018 4 2 2019 4 2 2020 4 2 Years 2021-2025 22 10 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Outstanding | Common Stock Outstanding 2015 2014 2013 Balance, beginning of year 376,504,892 395,772,908 391,640,770 Shares issued for stock-based compensation plans: Treasury shares issued 17,525 17,454 25,214 Common shares issued 1,511,758 1,665,259 929,596 Common shares issued for conversion of preferred shares - - 14,399,247 Treasury shares acquired - (20,950,729) (11,221,919) Balance, end of year 378,034,175 376,504,892 395,772,908 |
Net Income Per Common Share | A reconciliation of the components of basic and diluted net income per common share for the years ended December 31, 2015, 2014, and 2013 is presented in the table below. 2015 2014 2013 Loss Shares Per Share Loss Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income (loss) from continuing operations $ (22,348) 378 $ (59.16) $ (3,815) 384 $ (9.93) $ 1,880 395 $ 4.75 Income (loss) from discontinued operations (771) 378 (2.04) (1,588) 384 (4.13) 308 395 0.78 Income (loss) attributable to common stock $ (23,119) 378 $ (61.20) $ (5,403) 384 $ (14.06) $ 2,188 395 $ 5.53 Effect of Dilutive Securities: Mandatory Convertible Preferred Stock $ - - $ - - $ 44 9 Stock options and other - - - - - 2 Diluted: Income (loss) from continuing operations $ (22,348) 378 $ (59.16) $ (3,815) 384 $ (9.93) $ 1,924 406 $ 4.74 Income (loss) from discontinued operations (771) 378 (2.04) (1,588) 384 (4.13) 308 406 0.76 Income (loss) attributable to common stock $ (23,119) 378 $ (61.20) $ (5,403) 384 $ (14.06) $ 2,232 406 $ 5.50 |
Description of Stock Based Compensation Plans and Related Costs | A description of the Company’s stock-based compensation plans and related costs follows: 2015 2014 2013 (In millions) Stock-based compensation expensed: General and administrative $ 64 $ 107 $ 89 Lease operating expenses 36 41 47 Stock-based compensation capitalized 53 62 55 $ 153 $ 210 $ 191 |
Summary of Stock Options Issued Under Stock Option Plans | A summary of stock options issued and outstanding under the Stock Option Plans and the Omnibus Plans is presented in the table and narrative below: 2015 Shares Weighted Average (In thousands) Outstanding, beginning of year 6,445 $ 90.34 Granted - - Exercised (280) 56.72 Forfeited or expired (1,234) 93.28 Outstanding, end of year (1) 4,931 91.52 Expected to vest (1) 566 81.77 Exercisable, end of year (1) 4,311 92.92 (1) As of December 31, 2015, the weighted average remaining contractual life for options outstanding, expected to vest, and exercisable is 4.5 years, 6.9 years, and 4.1 years, respectively. The aggregate intrinsic value of options outstanding, expected to vest, and exercisable at year-end was nil. |
Restricted Stock | A summary of restricted stock activity for the year ended December 31, 2015, is presented below. Shares Weighted- (In thousands) Non-vested at January 1, 2015 4,784 $ 81.96 Granted 2,976 61.65 Vested (1,839) 81.14 Forfeited (1,351) 78.26 Non-vested at December 31, 2015 4,570 70.12 |
Conditional Restricted Stock | The weighted-average remaining life of the unvested conditional restricted stock units is approximately 1.8 years. Shares Weighted- (1) (In thousands) Non-vested at January 1, 2015 354 $ 78.13 Granted - - Vested - - Forfeited or expired (182) 72.09 Non-vested at December 31, 2015 172 78.22 (1) The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. |
Business Performance Program [Member] | |
Restricted Stock | The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.4 years. Shares Weighted (1) (In thousands) Non-vested at January 1, 2015 - $ - Granted 602 66.63 Vested - - Forfeited or expired (101) 66.63 Non-vested at December 31, 2015 501 66.63 (1) The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group. |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive loss include the following: For the Year Ended December 31, 2015 2014 2013 (In millions) Currency translation adjustment (1) $ (109) $ (109) $ (109) Unrealized gain (loss) on derivatives (Note 3) - - 1 Unfunded pension and postretirement benefit plan (Note 9) (7) (7) (7) Accumulated other comprehensive loss $ (116) $ (116) $ (115) (1) Currency translation adjustments resulting from translating the Canadian subsidiaries’ financial statements into U.S. dollar equivalents, prior to adoption of the U.S. dollar as their functional currency, were reported separately and accumulated in other comprehensive income (loss). |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Segment Information | Financial information for each country is presented below: United Canada Egypt (1) North Sea Other Total (1) (In millions) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 1,968 $ 1,280 $ - $ 6,383 Operating Expenses: Depreciation, depletion, and amortization: Recurring 1,522 312 1,275 746 - 3,855 Additional 19,537 3,667 281 2,032 - 25,517 Asset retirement obligation accretion 28 43 - 74 - 145 Lease operating expenses 739 244 522 349 - 1,854 Gathering and transportation 68 89 45 9 - 211 Taxes other than income 184 26 9 63 - 282 Operating Income (Loss) $ (19,441) $ (3,883) $ (164) $ (1,993) $ - (25,481) Other Income (Expense): Other (17) Impairments (1,920) General and administrative (377) Transaction, reorganization, and separation (132) Financing costs, net (299) Net Loss From Continuing Operations Before Income Taxes $ (28,226) Net Property and Equipment $ 5,826 $ 1,314 $ 3,998 $ 2,929 $ 52 $ 14,119 Total Assets $ 7,113 $ 1,465 $ 6,249 $ 3,951 $ 64 $ 18,842 Additions to Net Property and Equipment $ 2,454 $ 324 $ 915 $ 733 $ 28 $ 4,454 United Canada Egypt (1) North Other Total (1) (In millions) 2014 Oil and gas production revenues(2) $ 5,744 $ 1,092 $ 3,539 $ 2,316 $ - $ 12,691 Operating Expenses: Depreciation, depletion, and amortization: Recurring 2,170 400 1,151 998 - 4,719 Additional 4,412 - - 589 - 5,001 Asset retirement obligation accretion 43 39 - 72 - 154 Lease operating expenses 921 384 499 434 - 2,238 Gathering and transportation 93 123 40 17 - 273 Taxes other than income 350 31 11 185 - 577 Operating Income (Loss) (2) $ (2,245) $ 115 $ 1,838 $ 21 $ - (271) Other Income (Expense): Other 110 Impairments (1,919) General and administrative (451) Transaction, reorganization, and separation (67) Financing costs, net (211) Net Income From Continuing Operations Before Income Taxes (2) $ (2,809) Net Property and Equipment (2) $ 24,627 $ 6,107 $ 5,700 $ 5,103 $ 23 $ 41,560 Total Assets (2) $ 26,853 $ 6,640 $ 7,292 $ 6,101 $ 46 $ 46,932 Additions to Net Property and Equipment (2) $ 7,294 $ 963 $ 1,397 $ 1,071 $ (28) $ 10,697 2013 Oil and gas production revenues (2) $ 6,902 $ 1,224 $ 3,917 $ 2,728 $ - $ 14,771 Operating Expenses: Depreciation, depletion, and amortization: Recurring 2,338 505 1,005 1,022 1 4,871 Additional 552 - - 367 76 995 Asset retirement obligation accretion 94 49 - 68 - 211 Lease operating expenses 1,320 459 471 400 - 2,650 Gathering and transportation 84 155 42 7 - 288 Taxes other than income 335 45 8 384 - 772 Operating Income (Loss) (2) $ 2,179 $ 11 $ 2,391 $ 480 $ (77) 4,984 Other Income (Expense): Other (333) General and administrative (481) Transaction, reorganization, and separation (33) Financing costs, net (229) Net Income From Continuing Operations Before Income Taxes (2) $ 3,908 Net Property and Equipment (2) $ 27,010 $ 6,058 $ 5,454 $ 5,622 $ 23 $ 44,167 Total Assets (2) $ 29,940 $ 6,952 $ 8,121 $ 6,902 $ 51 $ 51,966 Additions to Net Property and Equipment(2) $ 6,404 $ 1,082 $ 1,309 $ 1,084 $ 24 $ 9,903 (1) Includes a noncontrolling interest in Egypt. (2) Prior year amounts have been recast to exclude discontinued operations. |
Supplemental Oil and Gas Disc38
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Extractive Industries [Abstract] | |
Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities | Oil and Gas Operations The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. Apache has no long-term agreements to purchase oil or gas production from foreign governments or authorities. In the second quarter of 2015, Apache completed the sale of its Australian LNG business and oil and gas assets, and as such the results of Australia oil and gas assets have been classified as discontinued operations. United Canada Egypt (3) North Sea Other Total (3)(4) (In millions, except per boe) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 1,968 $ 1,280 $ - $ 6,383 Operating cost: Depreciation, depletion, and amortization Recurring (1) 1,419 262 1,128 722 - 3,531 Additional 19,537 3,667 281 2,032 - 25,517 Asset retirement obligation accretion 28 43 - 74 - 145 Lease operating expenses 739 244 522 349 - 1,854 Gathering and transportation 68 89 45 9 - 211 Production taxes (2) 178 23 - 58 - 259 Income tax (6,863) (1,000) (4) (982) - (8,849) 15,106 3,328 1,972 2,262 - 22,668 Results of operation $ (12,469) $ (2,830) $ (4) $ (982) $ - $ (16,285) Amortization rate per boe $ 15.49 $ 10.61 $ 21.29 $ 27.77 $ - $ 18.08 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,539 $ 2,316 $ - $ 12,691 Operating cost: Depreciation, depletion, and amortization Recurring (1) 2,056 343 1,014 975 - 4,388 Additional 4,412 - - 589 - 5,001 Asset retirement obligation accretion 43 39 - 72 - 154 Lease operating expenses 921 384 499 434 - 2,238 Gathering and transportation 93 123 40 17 - 273 Production taxes (2) 342 27 - 177 - 546 Income tax (754) 44 914 32 - 236 7,113 960 2,467 2,296 - 12,836 Results of operation $ (1,369) $ 132 $ 1,072 $ 20 $ - $ (145) Amortization rate per boe $ 19.35 $ 12.11 $ 18.48 $ 37.41 $ - $ 20.36 United Canada Egypt (3) North Sea Other Total (3)(4) (In millions, except per boe) 2013 Oil and gas production revenues $ 6,902 $ 1,224 $ 3,917 $ 2,728 $ - $ 14,771 Operating cost: Depreciation, depletion, and amortization Recurring (1) 2,227 426 881 999 - 4,533 Additional 552 - - 367 76 995 Asset retirement obligation accretion 94 49 - 68 - 211 Lease operating expenses 1,320 459 471 400 - 2,650 Gathering and transportation 84 155 42 7 - 288 Production taxes (2) 324 40 - 382 - 746 Income tax 817 24 1,161 313 - 2,315 5,418 1,153 2,555 2,536 76 11,738 Results of operation $ 1,484 $ 71 $ 1,362 $ 192 $ (76) $ 3,033 Amortization rate per boe $ 18.39 $ 10.89 $ 16.21 $ 37.25 $ - $ 18.77 (1) This amount only reflects DD&A of capitalized costs of oil and gas proved properties and, therefore, does not agree with DD&A reflected on Note 13—Business Segment Information. (2) Only reflects amounts directly related to oil and gas producing properties and, therefore, does not agree with taxes other than income reflected on Note 13—Business Segment Information. (3) Includes noncontrolling interest in Egypt. (4) Prior year amounts have been recast to exclude discontinued operations. |
Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities | Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities United Canada Egypt (2) Australia North Sea Argentina Other Total (2) (In millions) 2015 Acquisitions: Proved $ 1 $ 8 $ 25 $ 1 $ - $ - $ - $ 35 Unproved 313 23 4 - - - - 340 Exploration 131 41 110 31 111 - 29 453 Development 1,957 193 764 101 623 - - 3,638 Costs incurred (1) $ 2,402 $ 265 $ 903 $ 133 $ 734 $ - $ 29 $ 4,466 (1) Capitalized interest $ 169 $ 25 $ 17 $ 9 $ 16 $ - $ - $ 236 Asset retirement costs 123 8 - - (66) - - 65 2014 Acquisitions: Proved $ 102 $ - $ 1 $ 1 $ - $ - $ - $ 104 Unproved 1,221 141 10 16 - - - 1,388 Exploration 467 82 193 137 84 9 1 973 Development 5,301 846 1,142 914 971 6 - 9,180 Costs incurred (1) $ 7,091 $ 1,069 $ 1,346 $ 1,068 $ 1,055 $ 15 $ 1 $ 11,645 (1) Capitalized interest $ 209 $ 38 $ 15 $ 20 $ 25 $ 3 $ - $ 310 Asset retirement costs 43 175 - 55 34 - - 307 2013 Acquisitions: Proved $ 17 $ - $ 35 $ - $ 125 $ - $ - $ 177 Unproved 195 151 15 (10) 17 11 - 379 Exploration 562 36 559 179 278 42 22 1,678 Development 5,435 722 618 996 635 142 - 8,548 Costs incurred (1) $ 6,209 $ 909 $ 1,227 $ 1,165 $ 1,055 $ 195 $ 22 $ 10,782 (1) Capitalized interest $ 239 $ 35 $ 15 $ 16 $ 25 $ 10 $ - $ 340 Asset retirement costs 480 17 - (30) 67 3 - 537 (2) Capitalized Costs The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization, including impairments, relating to the Company’s oil and gas production, exploration, and development activities: United Canada Egypt (1) Australia North Other Total (1) (In millions) 2015 Proved properties $ 51,693 $ 14,613 $ 11,296 $ - $ 11,266 $ 201 $ 89,069 Unproved properties 1,824 234 30 - 471 52 2,611 53,517 14,847 11,326 - 11,737 253 91,680 Accumulated DD&A (48,161 ) (13,582 ) (7,779 ) - (9,129 ) (201 ) (78,852 ) $ 5,356 $ 1,265 $ 3,547 $ - $ 2,608 $ 52 $ 12,828 2014 Proved properties $ 47,001 $ 14,003 $ 9,895 $ 8,289 $ 10,463 $ 201 $ 89,852 Unproved properties 4,151 1,090 529 549 672 23 7,014 51,152 15,093 10,424 8,838 11,135 224 96,866 Accumulated DD&A (27,205 ) (9,653 ) (6,369 ) (3,198 ) (6,375 ) (201 ) (53,001 ) $ 23,947 $ 5,440 $ 4,055 $ 5,640 $ 4,760 $ 23 $ 43,865 (1) |
Summary of Oil and Gas Property Costs Not Being Amortized | The following table sets forth a summary of oil and gas property costs not being amortized at December 31, 2015, by the year in which such costs were incurred. There are no individually significant properties or significant development projects included in costs not being amortized. The majority of the evaluation activities are expected to be completed within five to ten years. Total 2015 2014 2013 2012 (In millions) Property acquisition costs $ 1,960 $ 316 $ 1,311 $ 210 $ 123 Exploration and development 586 569 15 1 1 Capitalized interest 65 16 13 4 32 Total $ 2,611 $ 901 $ 1,339 $ 215 $ 156 |
Proved Reserve Data | There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact. Crude Oil and Condensate (Thousands of barrels) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 474,837 79,695 106,746 29,053 119,635 15,845 825,811 December 31, 2013 457,981 80,526 119,242 22,524 100,327 14,195 794,795 December 31, 2014 444,440 75,876 128,712 29,996 105,746 - 784,770 December 31, 2015 348,797 67,847 144,164 - 104,255 - 665,063 Proved undeveloped reserves: December 31, 2012 203,068 70,650 17,288 34,808 28,019 2,981 356,814 December 31, 2013 195,835 56,366 16,302 36,703 29,253 2,231 336,690 December 31, 2014 170,125 59,923 14,617 25,775 19,059 - 289,499 December 31, 2015 60,505 38,326 17,856 - 11,309 - 127,996 Total proved reserves: Balance December 31, 2012 677,905 150,345 124,034 63,861 147,654 18,826 1,182,625 Extensions, discoveries and other additions 133,227 10,177 43,738 2,539 1,543 998 192,222 Purchase of minerals in-place 85 - 5 - 3,623 - 3,713 Revisions of previous estimates 1,683 (531) 457 (118) 18 24 1,533 Production (53,621) (6,469) (32,690) (7,055) (23,258) (3,422) (126,515) Sale of properties (105,463) (16,630) - - - - (122,093) Balance December 31, 2013 653,816 136,892 135,544 59,227 129,580 16,426 1,131,485 Extensions, discoveries and other additions 57,011 9,657 38,074 4,254 17,386 5 126,387 Purchase of minerals in-place 15,240 - - - - - 15,240 Revisions of previous estimates 3,083 (812) 1,801 (216) (7) - 3,849 Production (48,789) (6,421) (32,090) (7,494) (22,154) (620) (117,568) Sale of properties (65,796) (3,517) - - - (15,811) (85,124) Balance December 31, 2014 614,565 135,799 143,329 55,771 124,805 - 1,074,269 Extensions, discoveries and other additions 13,903 4,550 24,524 - 16,579 - 59,556 Purchase of minerals in-place - 1,763 - - - - 1,763 Revisions of previous estimates (173,907) (27,966) 25,407 11,189 (2,255) - (167,532) Production (45,138) (5,755) (31,240) (2,778) (21,657) - (106,568) Sale of properties (121) (2,218) - (64,182) (1,908) - (68,429) Balance December 31, 2015 409,302 106,173 162,020 - 115,564 - 793,059 (1) Natural Gas Liquids (Thousands of barrels) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 154,508 21,996 - - 2,438 5,007 183,949 December 31, 2013 184,485 26,099 - - 2,435 4,110 217,129 December 31, 2014 183,565 17,947 1,346 - 1,770 - 204,628 December 31, 2015 150,265 15,246 1,491 - 1,784 - 168,786 Proved undeveloped reserves: December 31, 2012 60,889 12,258 - - 380 876 74,403 December 31, 2013 63,538 9,970 - - 215 1,009 74,732 December 31, 2014 69,828 7,168 212 - 371 - 77,579 December 31, 2015 24,939 4,839 78 - 295 - 30,151 Total proved reserves: Balance December 31, 2012 215,397 34,254 - - 2,818 5,883 258,352 Extensions, discoveries and other additions 69,231 4,014 - - - - 73,245 Purchase of minerals in-place 45 - - - 295 - 340 Revisions of previous estimates 1,591 546 - - 1 3 2,141 Production (19,922) (2,442) - - (464) (767) (23,595) Sale of properties (18,319) (303) - - - - (18,622) Balance December 31, 2013 248,023 36,069 - - 2,650 5,119 291,861 Extensions, discoveries and other additions 47,516 1,163 1,820 - 1 - 50,500 Purchase of minerals in-place 2,916 - - - - - 2,916 Revisions of previous estimates 2,594 116 (17) - (2) - 2,691 Production (21,464) (2,256) (245) - (508) (116) (24,589) Sale of properties (26,192) (9,977) - - - (5,003) (41,172) Balance December 31, 2014 253,393 25,115 1,558 - 2,141 - 282,207 Extensions, discoveries and other additions 5,768 1,473 144 - 689 - 8,074 Purchase of minerals in-place - 976 - - - - 976 Revisions of previous estimates (64,226) (4,886) 255 - (321) - (69,178) Production (19,684) (2,236) (388) - (413) - (22,721) Sale of properties (47) (357) - - (17) - (421) Balance December 31, 2015 175,204 20,085 1,569 - 2,079 - 198,937 (1) Natural Gas (Millions of cubic feet) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 2,353,587 1,734,657 690,436 596,052 93,319 365,054 5,833,105 December 31, 2013 2,005,966 1,294,420 621,825 626,543 88,177 289,133 4,926,064 December 31, 2014 1,616,504 990,145 637,187 640,265 87,259 - 3,971,360 December 31, 2015 1,364,174 759,321 776,263 - 85,532 - 2,985,290 Proved undeveloped reserves: December 31, 2012 832,320 403,227 205,055 1,074,018 18,985 97,496 2,631,101 December 31, 2013 667,160 439,037 190,355 975,224 18,988 121,584 2,412,348 December 31, 2014 580,299 527,623 171,696 964,554 23,228 - 2,267,400 December 31, 2015 208,594 162,809 53,969 - 19,760 - 445,132 Total proved reserves: Balance December 31, 2012 3,185,907 2,137,884 895,491 1,670,070 112,304 462,550 8,464,206 Extensions, discoveries and other additions 306,721 359,493 44,382 13,351 2,750 16,515 743,212 Purchase of minerals in-place 855 - - - 10,680 - 11,535 Revisions of previous estimates 61,247 109,551 2,413 (101) 32 49 173,191 Production (285,187) (181,593) (130,106) (81,553) (18,601) (68,397) (765,437) Sale of properties (596,417) (691,878) - - - - (1,288,295) Balance December 31, 2013 2,673,126 1,733,457 812,180 1,601,767 107,165 410,717 7,338,412 Extensions, discoveries and other additions 203,318 383,077 125,899 81,156 23,803 - 817,253 Purchase of minerals in-place 21,337 - - - - - 21,337 Revisions of previous estimates 35,910 (12,626) 5,949 - (54) - 29,179 Production (215,829) (117,816) (135,145) (78,104) (20,427) (12,722) (580,043) Sale of properties (521,059) (468,324) - - - (397,995) (1,387,378) Balance December 31, 2014 2,196,803 1,517,768 808,883 1,604,819 110,487 - 6,238,760 Extensions, discoveries and other additions 40,901 121,216 94,777 - 41,755 - 298,649 Purchase of minerals in-place - 24,727 - - - - 24,727 Revisions of previous estimates (503,939) (325,375) 54,811 8,162 (22,373) - (788,714) Production (160,614) (100,289) (128,239) (34,352) (23,647) - (447,141) Sale of properties (383) (315,917) - (1,578,629) (930) - (1,895,859) Balance December 31, 2015 1,572,768 922,130 830,232 - 105,292 - 3,430,422 (1) Total Equivalent Reserves (Thousands barrels of oil equivalent) United Canada Egypt (1) Australia North Argentina Total (1) Proved developed reserves: December 31, 2012 1,021,610 390,800 221,819 128,395 137,626 81,695 1,981,945 December 31, 2013 976,795 322,362 222,880 126,948 117,457 66,494 1,832,936 December 31, 2014 897,422 258,848 236,256 136,707 122,058 - 1,651,291 December 31, 2015 726,424 209,647 275,033 - 120,293 - 1,331,397 Proved undeveloped reserves: December 31, 2012 402,677 150,113 51,464 213,811 31,563 20,106 869,734 December 31, 2013 370,566 139,509 48,028 199,240 32,633 23,504 813,480 December 31, 2014 336,670 155,028 43,446 186,534 23,301 - 744,979 December 31, 2015 120,210 70,300 26,929 - 14,897 - 232,336 Total proved reserves: Balance December 31, 2012 1,424,287 540,913 273,283 342,206 169,189 101,801 2,851,679 Extensions, discoveries and other additions 253,578 74,107 51,135 4,764 2,001 3,751 389,336 Purchase of minerals in-place 273 - 5 - 5,698 - 5,976 Revisions of previous estimates 13,482 18,274 859 (135) 24 35 32,539 Production (121,074) (39,177) (54,374) (20,647) (26,822) (15,589) (277,683) Sale of properties (223,185) (132,246) - - - - (355,431) Balance December 31, 2013 1,347,361 461,871 270,908 326,188 150,090 89,998 2,646,416 Extensions, discoveries and other additions 138,413 74,666 60,877 17,780 21,354 5 313,095 Purchase of minerals in-place 21,712 - - - - - 21,712 Revisions of previous estimates 11,662 (2,800) 2,776 (216) (18) - 11,404 Production (106,225) (28,313) (54,859) (20,511) (26,067) (2,856) (238,831) Sale of properties (178,831) (91,548) - - - (87,147) (357,526) Balance December 31, 2014 1,234,092 413,876 279,702 323,241 145,359 - 2,396,270 Extensions, discoveries and other additions 26,488 26,226 40,464 - 24,227 - 117,405 Purchase of minerals in-place - 6,860 - - - - 6,860 Revisions of previous estimates (322,123) (87,081) 34,797 12,549 (6,305) - (368,163) Production (91,591) (24,706) (53,001) (8,503) (26,011) - (203,812) Sale of properties (232) (55,228) - (327,287) (2,080) - (384,827) Balance December 31, 2015 846,634 279,947 301,962 - 135,190 - 1,563,733 (1) |
Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense | The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. United Canada Egypt (2) Australia North Total (2) (In millions) 2015 Cash inflows $ 26,610 $ 7,345 $ 11,124 $ - $ 6,994 $ 52,073 Production costs (12,178) (3,841) (2,185) - (3,209) (21,413) Development costs (2,255) (1,939) (1,515) - (2,346) (8,055) Income tax expense (63) - (2,326) - (691) (3,080) Net cash flows 12,114 1,565 5,098 - 748 19,525 10 percent discount rate (6,876) (868) (1,330) - 143 (8,931) Discounted future net cash flows (1) $ 5,238 $ 697 $ 3,768 $ - $ 891 $ 10,594 2014 Cash inflows $ 73,859 $ 18,966 $ 16,802 $ 19,391 $ 13,916 $ 142,934 Production costs (25,875) (7,537) (2,924) (4,105) (7,121) (47,562) Development costs (4,422) (2,453) (1,683) (1,173) (2,776) (12,507) Income tax expense (10,657) (1,070) (4,091) (3,202) (2,445) (21,465) Net cash flows 32,905 7,906 8,104 10,911 1,574 61,400 10 percent discount rate (17,639) (3,983) (2,099) (5,875) (146) (29,742) Discounted future net cash flows (1) $ 15,266 $ 3,923 $ 6,005 $ 5,036 $ 1,428 $ 31,658 (1) Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $13.1 billion and $43.0 billion as of December 31, 2015 and 2014, respectively. (2) Includes discounted future net cash flows of approximately $1.3 billion and $2.0 billion in 2015 and 2014, respectively, attributable to a noncontrolling interest in Egypt. |
Principal Sources of Change In Discounted Future Net Cash Flows | The following table sets forth the principal sources of change in the discounted future net cash flows: For the Year Ended December 31, 2015 2014 2013 (In millions) Sales, net of production costs $ (4,056) $ (10,350) $ (12,271) Net change in prices and production costs (21,710) (1,029) 1,438 Discoveries and improved recovery, net of related costs 1,953 6,297 6,892 Change in future development costs 705 (1,136) (2,017) Previously estimated development costs incurred during the period 1,991 4,462 4,654 Revision of quantities (2,292) 256 500 Purchases of minerals in-place 22 508 227 Accretion of discount 3,642 4,442 4,823 Change in income taxes 7,264 836 855 Sales of properties (5,240) (4,780) (6,232) Change in production rates and other (3,343) (442) (828) $ (21,064) $ (936) $ (1,959) |
Supplemental Quarterly Financ39
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Financial Data | First Second Third Fourth Total (In millions, except per share amounts) 2015 Revenues and other $ 1,630 $ 1,977 $ 1,496 $ 1,263 $ 6,366 Expenses (2)(3) 6,134 6,809 7,047 9,133 29,123 Net income (loss) from continuing operations including noncontrolling interest (4,504) (4,832) (5,551) (7,870) (22,757) Net income (loss) from discontinued operations, net of tax (132) (732) (95) 188 (771) Net income (loss) including noncontrolling interest $ (4,636) $ (5,564) $ (5,646) $ (7,682) $ (23,528) Net income (loss) attributable to common stock $ (4,651) $ (5,600) $ (5,655) $ (7,213) $ (23,119) Basic net income (loss) per common share (1) Net income (loss) from continuing operations $ (11.99) $ (12.89) $ (14.70) $ (19.57) $ (59.16) Net income (loss) from discontinued operations (0.35) (1.94) (0.25) 0.50 (2.04) Net income (loss) per share $ (12.34) $ (14.83) $ (14.95) $ (19.07) $ (61.20) Diluted net income (loss) per common share (1) Net income (loss) from continuing operations $ (11.99) $ (12.89) $ (14.70) $ (19.57) $ (59.16) Net income (loss) from discontinued operations (0.35) (1.94) (0.25) 0.50 (2.04) Net income (loss) per share $ (12.34) $ (14.83) $ (14.95) $ (19.07) $ (61.20) 2014 Revenues and other $ 3,388 $ 3,289 $ 3,441 $ 2,683 $ 12,801 Expenses (2)(3) 2,638 2,732 4,526 6,377 16,273 Net income (loss) from continuing operations including noncontrolling interest 750 557 (1,085) (3,694) (3,472) Net income (loss) from discontinued operations, net of tax (416) 56 (156) (1,072) (1,588) Net income (loss) including noncontrolling interest $ 334 $ 613 $ (1,241) $ (4,766) $ (5,060) Net income (loss) attributable to common stock $ 236 $ 505 $ (1,330) $ (4,814) $ (5,403) Basic net income (loss) per common share (1) Net income (loss) from continuing operations $ 1.66 $ 1.17 $ (3.08) $ (9.93) $ (9.93) Net income (loss) from discontinued operations (1.06) 0.14 (0.42) (2.85) (4.13) Net income (loss) per share $ 0.60 $ 1.31 $ (3.50) $ (12.78) $ (14.06) Diluted net income (loss) per common share (1) Net income (loss) from continuing operations $ 1.65 $ 1.17 $ (3.08) $ (9.93) $ (9.93) Net income (loss) from discontinued operations (1.05) 0.14 (0.42) (2.85) (4.13) Net income (loss) per share $ 0.60 $ 1.31 $ (3.50) $ (12.78) $ (14.06) (1) The sum of the individual quarterly net income per common share amounts may not agree with full-year net income per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period. (2) In 2015, continuing operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $16.6 billion, net of tax, in the U.S., Canada, North Sea, and Egypt regions. In 2014, operating expenses include non-cash write-downs of the Company’s oil and gas properties totaling $3.1 billion, net of tax, in the U.S. and North Sea regions. (3) In 2015, continuing operating expenses include non-cash asset impairments totaling $1.9 billion, including $1.7 billion for impairment of GTP assets, $148 million for impairment in an equity method investment, and $55 million for inventory write-downs. In 2014, operating expenses include non-cash asset impairments totaling $1.9 billion, including $1.3 billion for the impairment of goodwill, $604 million for the impairment of assets held for sale, and other asset impairments. |
Supplemental Guarantor Inform40
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations and Comprehensive Income | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,446 $ - $ 4,937 $ - $ 6,383 Equity in net income (loss) of affiliates (7,685) (1,958) 57 9,586 - Other (18) 54 (72) 19 (17) (6,257) (1,904) 4,922 9,605 6,366 OPERATING EXPENSES: Depreciation, depletion, and amortization 19,496 - 9,876 - 29,372 Asset retirement obligation accretion 15 - 130 - 145 Lease operating expenses 399 - 1,455 - 1,854 Gathering and transportation 35 - 176 - 211 Taxes other than income 103 - 179 - 282 Impairments 112 - 1,808 - 1,920 General and administrative 300 - 58 19 377 Transaction, reorganization, and separation 132 - - - 132 Financing costs, net 288 (14) 25 - 299 20,880 (14) 13,707 19 34,592 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (27,137) (1,890) (8,785) 9,586 (28,226) Provision for income taxes (4,188) 11 (1,292) - (5,469) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (22,949) (1,901) (7,493) 9,586 (22,757) Net loss from discontinued operations, net of tax (172) - (599) - (771) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (23,121) (1,901) (8,092) 9,586 (23,528) Net income attributable to noncontrolling interest - - (409) - (409) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (23,121) $ (1,901) $ (7,683) $ 9,586 $ (23,119) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (23,121) $ (1,901) $ (7,683) $ 9,586 $ (23,119) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 3,399 $ - $ 9,292 $ - $ 12,691 Equity in net income (loss) of affiliates 25 (209) 73 111 - Other 195 55 (145) 5 110 3,619 (154) 9,220 116 12,801 OPERATING EXPENSES: Depreciation, depletion, and amortization 5,845 - 3,875 - 9,720 Asset retirement obligation accretion 31 - 123 - 154 Lease operating expenses 509 - 1,729 - 2,238 Gathering and transportation 58 - 215 - 273 Taxes other than income 206 - 371 - 577 Impairments 175 - 1,744 - 1,919 General and administrative 377 - 69 5 451 Transaction, reorganization, and separation 67 - - - 67 Financing costs, net 158 (24) 77 - 211 7,426 (24) 8,203 5 15,610 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (3,807) (130) 1,017 111 (2,809) Provision for income taxes 1,472 6 (815) - 663 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (5,279) (136) 1,832 111 (3,472) Net income from discontinued operations, net of tax (127) - (1,461) - (1,588) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (5,406) (136) 371 111 (5,060) Net income attributable to noncontrolling interest - - 343 - 343 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,406) $ (136) $ 28 $ 111 $ (5,403) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (5,407) $ (136) $ 28 $ 111 $ (5,404) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013 Apache Apache All Other Reclassifications Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 4,585 $ - $ 10,186 $ - $ 14,771 Equity in net income (loss) of affiliates 2,313 17 36 (2,366) - Other (399) 61 9 (4) (333) 6,499 78 10,231 (2,370) 14,438 OPERATING EXPENSES: Depreciation, depletion, and amortization 2,250 - 3,616 - 5,866 Asset retirement obligation accretion 67 - 144 - 211 Lease operating expenses 939 - 1,711 - 2,650 Gathering and transportation 61 - 227 - 288 Taxes other than income 190 - 582 - 772 General and administrative 408 - 77 (4) 481 Acquisition, divestiture, and separation costs 33 - - - 33 Financing costs, net 97 5 127 - 229 4,045 5 6,484 (4) 10,530 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,454 73 3,747 (2,366) 3,908 Provision (benefit) for income taxes 222 20 1,686 - 1,928 NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST 2,232 53 2,061 (2,366) 1,980 Net income from discontinued operations, net of tax - - 308 - 308 NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST 2,232 53 2,369 (2,366) 2,288 Preferred stock dividends 44 - - - 44 Net income attributable to noncontrolling interest - - 56 - 56 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 2,188 $ 53 $ 2,313 $ (2,366) $ 2,188 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 2,204 $ 53 $ 2,313 $ (2,366) $ 2,204 |
Supplemental Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 395 $ 18 $ 2,421 $ - $ 2,834 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 150 - 150 CASH PROVIDED BY OPERATING ACTIVITIES 395 18 2,571 - 2,984 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,779) - (2,799) - (4,578) Additions to gas gathering, transmission, and processing facilities (156) - (77) - (233) Proceeds from sale of Kitimat LNG - - 854 - 854 Proceeds from sale of Yara Pilbara - - 391 - 391 Leasehold and property acquisitions (313) - (54) - (367) Proceeds from sale of oil and gas properties, other 163 - 105 - 268 Investment in subsidiaries, net 6,363 - - (6,363) - Other (34) - 40 - 6 NET CASH USED IN CONTINUING INVESTING ACTIVITIES 4,244 - (1,540) (6,363) (3,659) NET CASH PROVIDED BY DISCONTINUED OPERATIONS - - 4,335 - 4,335 NET CASH USED IN INVESTING ACTIVITIES 4,244 - 2,795 (6,363) 676 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (1,570) - - - (1,570) Intercompany borrowings (1,639) (10) (4,714) 6,363 - Payments on fixed rate debt (939) - - - (939) Dividends paid (377) - - - (377) Distributions to noncontrolling interest - - (129) - (129) Other (3) - 56 - 53 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (4,528) (10) (4,787) 6,363 (2,962) NET CASH USED IN FINANCING ACTIVITIES (4,528) (10) (4,787) 6,363 (2,962) NET INCREASE IN CASH AND CASH EQUIVALENTS 111 8 579 - 698 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 - 502 - 769 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 378 $ 8 $ 1,081 $ - $ 1,467 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 6,691 $ 17 $ 809 $ - $ 7,517 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 944 - 944 CASH PROVIDED BY OPERATING ACTIVITIES 6,691 17 1,753 - 8,461 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (8,997) - (25) - (9,022) Additions to gas gathering, transmission, and processing facilities 49 - (930) - (881) Proceeds from sale of Deepwater Gulf of Mexico assets 1,360 - - - 1,360 Proceeds from sale of Anadarko basin and southern Louisiana assets 1,262 - - - 1,262 Leasehold and property acquisitions (1,087) - (388) - (1,475) Proceeds from sale of oil and gas properties 15 - 455 - 470 Investment in subsidiaries, net 1,459 - - (1,459) - Other (278) - (21) - (299) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (6,217) - (909) (1,459) (8,585) NET CASH PROVIDED BY DISCONTINUED OPERATIONS - - (219) - (219) NET CASH USED IN INVESTING ACTIVITIES (6,217) - (1,128) (1,459) (8,804) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net 1,570 - (2) - 1,568 Intercompany borrowings - 8 (1,479) 1,471 - Dividends paid (365) - - - (365) Distributions to noncontrolling interest - - (140) - (140) Treasury stock activity, net (1,864) - - - (1,864) Other (5) (28) 94 (12) 49 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (664) (20) (1,527) 1,459 (752) NET CASH USED IN DISCONTINUED OPERATIONS - - (42) - (42) NET CASH USED IN FINANCING ACTIVITIES (664) (20) (1,569) 1,459 (794) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (190) (3) (944) - (1,137) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 - 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ (35) $ - $ 804 $ - $ 769 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 Apache Apache All Other Reclassifications Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 1,421 $ 315 $ 6,949 $ - $ 8,685 CASH PROVIDED BY DISCONTINUED OPERATIONS - - 1,150 - 1,150 CASH PROVIDED BY OPERATING ACTIVITIES 1,421 315 8,099 - 9,835 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (4,096) - (4,567) - (8,663) Additions to gas gathering, transmission, and processing facilities (124) - (340) - (464) Proceeds from divestiture of Gulf of Mexico Shelf properties 3,702 - - - 3,702 Leasehold and property acquisitions (195) - (234) - (429) Proceeds from Kitimat LNG transaction, net - - 396 - 396 Proceeds from sale of oil and gas properties - - 307 - 307 Other (58) - (47) - (105) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (771) - (4,485) - (5,256) NET CASH USED IN DISCONTINUED OPERATIONS - - (1,860) - (1,860) NET CASH USED IN INVESTING ACTIVITIES (771) - (6,345) - (7,116) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (501) - (8) - (509) Intercompany borrowings 3,056 1 (3,057) - - Payments on fixed rate debt (1,722) (350) - - (2,072) Dividends paid (360) - - - (360) Proceeds from sale of noncontrolling interest - - 2,948 - 2,948 Shares repurchased (997) - - - (997) Other 29 37 (45) - 21 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (495) (312) (162) - (969) NET CASH USED IN DISCONTINUED OPERATIONS - - (4) - (4) NET CASH USED IN FINANCING ACTIVITIES (495) (312) (166) - (973) NET INCREASE IN CASH AND CASH EQUIVALENTS 155 3 1,588 - 1,746 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR - - 160 - 160 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 155 $ 3 $ 1,748 $ - $ 1,906 |
Supplemental Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Apache Apache All Other Reclassifications Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 378 $ - $ 1,089 $ - $ 1,467 Receivables, net of allowance 314 - 939 - 1,253 Inventories 34 - 536 - 570 Drilling advances 16 - 156 - 172 Prepaid assets and other 102 - 188 - 290 Intercompany receivable 5,212 - - (5,212) - 6,056 - 2,908 (5,212) 3,752 PROPERTY AND EQUIPMENT, NET - - 14,119 - 14,119 OTHER ASSETS: Intercompany receivable - - 10,744 (10,744) - Equity in affiliates 16,443 (1,154) 446 (15,735) - Deferred charges and other 157 1,001 813 (1,000) 971 $ 22,656 $ 153 $ 29,030 $ (32,691) $ 18,842 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 409 $ - $ 209 $ - $ 618 Other current liabilities 539 3 681 - 1,223 Intercompany payable - - 5,212 (5,212) - 948 3 6,102 (5,212) 1,841 LONG-TERM DEBT 8,479 298 - - 8,777 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 10,744 - - (10,744) - Income taxes (1,285) 4 2,353 - 1,072 Asset retirement obligation 271 - 2,291 - 2,562 Other 933 250 179 (1,000) 362 10,663 254 4,823 (11,744) 3,996 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 2,566 (708) 16,443 (15,735) 2,566 Noncontrolling interest - - 1,662 - 1,662 TOTAL EQUITY 2,566 (708) 18,105 (15,735) 4,228 $ 22,656 $ (153) $ 29,030 $ (32,691) $ 18,842 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) - Deferred charges and other 175 1,002 1,284 (1,000) 1,461 $ 46,651 $ 1,872 $ 41,080 $ (33,651) $ 55,952 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 748 $ 10 $ 452 $ - $ 1,210 Other current liabilities 1,042 1 1,411 - 2,454 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 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 Accoun41
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Asset impairments | $ 604,000,000 | $ 1,920,000,000 | $ 1,919,000,000 | $ 0 | |
Asset impairments | 1,700,000,000 | ||||
Impairment of equity method investment | 148,000,000 | ||||
Inventory write-downs | 55,000,000 | ||||
Goodwill impairment charges | 1,300,000,000 | ||||
Impairment of assets held for sale and other assets | 604,000,000 | ||||
Cash and cash equivalents | 769,000,000 | 1,467,000,000 | 769,000,000 | 1,906,000,000 | $ 160,000,000 |
Allowance for doubtful accounts | 98,000,000 | 103,000,000 | 98,000,000 | 78,000,000 | |
Increase in allowance for doubtful accounts | 5,000,000 | ||||
Additional provisions on allowance for doubtful accounts | 40,000,000 | ||||
Allowance for doubtdul accounts written off | 35,000,000 | ||||
Capitalized internal costs | 43,865,000,000 | $ 12,828,000,000 | 43,865,000,000 | ||
Discount rate | 10.00% | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | $ 16,620,000,000 | 3,068,000,000 | 541,000,000 | ||
Significant portion of reserve quantity | Greater than 25 percent | ||||
Gain (loss) recorded on divestitures | $ (1,300,000,000) | 0 | |||
Gathering, transmission and processing facilities | 5,440,000,000 | 1,052,000,000 | 5,440,000,000 | ||
Accumulated depreciation | 55,382,000,000 | 79,706,000,000 | 55,382,000,000 | ||
Fair value of GTP assets | 306,000,000 | ||||
Goodwill | 1,400,000,000 | ||||
Accounts payable | 129,000,000 | 229,000,000 | |||
Net cost of third party gas | $ 37,000,000 | 46,000,000 | 34,000,000 | ||
Maximum percentage of production available to contract partners | 40.00% | ||||
Other foreign currency gains and (losses) | $ (11,000,000) | 8,000,000 | (30,000,000) | ||
Benefit of tax deductions in excess of recognized compensation cost | 1,000,000 | 35,000 | 1,000,000 | ||
GTP Facilities [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Gathering, transmission and processing facilities | 5,400,000,000 | 1,100,000,000 | 5,400,000,000 | ||
Accumulated depreciation | 1,700,000,000 | 160,000,000 | 1,700,000,000 | ||
Gain (loss) on the sale of GTP facilities | 59,000,000 | (180,000,000) | 0 | ||
Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accumulated depreciation | 673,000,000 | 693,000,000 | 673,000,000 | ||
Argentina [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Write-down of the carrying value of Oil and Gas properties, net of tax | 118,000,000 | ||||
Gain (loss) recorded on divestitures | (539,000,000) | ||||
United States [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Capitalized internal costs | 23,947,000,000 | 5,356,000,000 | 23,947,000,000 | ||
Write-down of the carrying value of Oil and Gas properties, net of tax | 12,602,000,000 | 2,844,000,000 | 356,000,000 | ||
Goodwill | 1,000,000,000 | ||||
Non-cash impairments of goodwill | 1,000,000,000 | ||||
Mobil North Sea Limited [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 163,000,000 | ||||
Non-cash impairments of goodwill | 163,000,000 | ||||
Canada, Dollars | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 103,000,000 | ||||
Non-cash impairments of goodwill | 103,000,000 | ||||
Egypt [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment charges | 0 | ||||
Capitalized internal costs | 4,055,000,000 | 3,547,000,000 | 4,055,000,000 | ||
Write-down of the carrying value of Oil and Gas properties, net of tax | 281,000,000 | ||||
Goodwill | 87,000,000 | 87,000,000 | 87,000,000 | 87,000,000 | |
Australia [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Capitalized internal costs | 5,640,000,000 | 5,640,000,000 | |||
Australia [Member] | Discontinued Operations [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Asset impairments | 439,000,000 | ||||
Wheatstone LNG [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Gain (loss) recorded on divestitures | (922,000,000) | ||||
Apache Corporation [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Asset impairments | 112,000,000 | 175,000,000 | |||
Cash and cash equivalents | 267,000,000 | 378,000,000 | 267,000,000 | 155,000,000 | |
Capitalized internal costs | $ 373,000,000 | $ 297,000,000 | $ 373,000,000 | $ 401,000,000 | |
Minimum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Voting interest required for consolidation of investments | 50.00% | ||||
Minimum [Member] | Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Useful lives of gas gathering, transmission and processing facilities | 3 years | ||||
Maximum [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Voting interest required for consolidation of investments | 50.00% | ||||
Maximum [Member] | Other Property and Equipment [Member] | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Useful lives of gas gathering, transmission and processing facilities | 20 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Non-Cash Write-Downs of Carrying Value of Proved Oil and Gas Properties by Country (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | $ 25,517 | $ 5,001 | $ 995 |
Write-down of the carrying value of Oil and Gas properties, After tax | 16,620 | 3,068 | 541 |
United States [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | 19,537 | 4,412 | 552 |
Write-down of the carrying value of Oil and Gas properties, After tax | 12,602 | 2,844 | 356 |
Canada [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | 3,667 | ||
Write-down of the carrying value of Oil and Gas properties, After tax | 2,721 | ||
North Sea [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | 2,032 | 589 | 368 |
Write-down of the carrying value of Oil and Gas properties, After tax | 1,016 | $ 224 | 139 |
Egypt [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | 281 | ||
Write-down of the carrying value of Oil and Gas properties, After tax | $ 281 | ||
Other International [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Write-down of the carrying value of Oil and Gas properties, Before tax | 75 | ||
Write-down of the carrying value of Oil and Gas properties, After tax | $ 46 |
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 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceed from sale of equity method investments | $ 391 | ||
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 | ||
Impairment on equity method investment | $ 148 |
Acquisitions and Divestitures44
Acquisitions and Divestitures - Additional Information - 2015 Activity - Canada Divestiture (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds form sale of operations | $ 854,000,000 | ||||
Asset impairments | $ 604,000,000 | $ 1,920,000,000 | $ 1,919,000,000 | $ 0 | |
Canada [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds form sale of operations | $ 854,000,000 | ||||
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 | $ 344,000,000 | ||||
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 | $ 510,000,000 |
Acquisitions and Divestitures45
Acquisitions and Divestitures - Additional Information - 2015 Activity - Australia Divestiture (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on sale of upstream assets | $ (1,300,000,000) | $ 0 | ||
Wheatstone LNG [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on sale of upstream assets | (922,000,000) | |||
Wheatstone LNG [Member] | Oil and Gas Properties [Member] | Australia [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on sale of upstream assets | $ (922,000,000) | |||
Woodside Sale [Member] | Australia [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds form sale of operations | $ 2,800,000,000 | |||
Consortium Sale [Member] | Australia [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds form sale of operations | $ 1,900,000,000 | |||
Loss on sale of upstream assets | $ 1,300,000,000 | |||
LNG Assets [Member] | Woodside Sale [Member] | Australia [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds form sale of operations | 1,400,000,000 | |||
Upstream Assets [Member] | Woodside Sale [Member] | Australia [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds form sale of operations | $ 1,400,000,000 |
Acquisitions and Divestitures46
Acquisitions and Divestitures - Summary of Carrying Amount of Major Assets and Liabilities Associated with Disposition - Australia Divestitures (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Current assets | $ 3,752 | $ 6,415 | |
Oil and gas assets, net | 12,828 | 43,865 | |
Total assets | 18,842 | 55,952 | $ 51,966 |
LIABILITIES | |||
Current liabilities | 1,841 | 3,664 | |
Asset retirement obligations | 2,562 | 3,048 | |
Non-current deferred tax liability | 1,072 | 9,499 | |
Other long-term liabilities | $ 362 | 359 | |
Australia [Member] | |||
ASSETS | |||
Oil and gas assets, net | 5,640 | ||
Divestiture [Member] | Australia [Member] | |||
ASSETS | |||
Current assets | 1,992 | ||
Oil and gas assets, net | 5,639 | ||
GTP and other assets, net | 877 | ||
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 Divestitures47
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition - Australia Divestitures (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income (loss) from discontinued operations, net of tax | $ 188 | $ (95) | $ (732) | $ (132) | $ (1,072) | $ (156) | $ 56 | $ (416) | $ (771) | $ (1,588) | $ 308 | |
Australia [Member] | Consortium Sale [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Loss from divestiture | $ (1,300) | |||||||||||
Australia [Member] | Divestiture [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenues and other from discontinued operations | 288 | 1,050 | 1,121 | |||||||||
Income (loss) from divested Australian operations | 24 | (97) | 496 | |||||||||
Income tax benefit (expense) | 1,456 | (974) | 4 | |||||||||
Income (loss) from discontinued operations, net of tax | (771) | $ (1,071) | $ 500 | |||||||||
Australia [Member] | Divestiture [Member] | Woodside Sale [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Loss from divestiture | (922) | |||||||||||
Australia [Member] | 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 Divestitures48
Acquisitions and Divestitures - Additional Information - 2014 Activity - Anadarko Basin and Southern Louisiana Divestitures (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of oil and gas assets | $ 1,200 | $ 268 | $ 470 | $ 307 |
Loss on disposal of assets, before tax | (180) | |||
Loss on disposal of assets, net of tax | (116) | |||
GTP Facilities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of oil and gas assets | 72 | |||
Anadarko Basin and Southern Louisiana [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 | 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 | 90,000 |
Acquisitions and Divestitures49
Acquisitions and Divestitures - Additional Information - 2014 Activity - Gulf of Mexico Deepwater Divestiture (Detail) - USD ($) $ in Millions | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale of 11 primary-term deepwater exploration blocks | $ 1,200 | $ 268 | $ 470 | $ 307 | |
Deepwater Gulf of Mexico [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 | ||||
Decrease in net book value of proved oil and gas properties | $ (850) | ||||
Decrease in net book value of unproved oil and gas properties | $ (518) |
Acquisitions and Divestitures50
Acquisitions and Divestitures - Additional Information - 2014 Activity - Canada Divestiture (Detail) $ in Millions | Apr. 30, 2014USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale of oil and gas assets | $ 1,200 | $ 268 | $ 470 | $ 307 | |
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 Divestitures51
Acquisitions and Divestitures - Additional Information - 2014 Activity - Argentina Divestiture (Detail) - USD ($) $ in Millions | Mar. 12, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of oil and gas assets | $ 1,200 | $ 268 | $ 470 | $ 307 | |
Argentina [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of oil and gas assets | $ 800 | ||||
Liabilities assumed | $ 52 | ||||
Debt assumed beginning date | Jun. 30, 2013 |
Acquisitions and Divestitures52
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss from divestiture | $ (1,300,000,000) | $ 0 | |||||||||
Income (loss) from discontinued operations, net of tax | $ 188,000,000 | $ (95,000,000) | $ (732,000,000) | $ (132,000,000) | $ (1,072,000,000) | $ (156,000,000) | $ 56,000,000 | $ (416,000,000) | $ (771,000,000) | $ (1,588,000,000) | 308,000,000 |
Argentina [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss from divestiture | (539,000,000) | ||||||||||
Argentina [Member] | Divestiture [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues and other from discontinued operations | 87,000,000 | 494,000,000 | |||||||||
Loss from divestiture | (539,000,000) | ||||||||||
Income (loss) from operations in Argentina | (1,000,000) | (192,000,000) | |||||||||
Income tax benefit (expense) | 23,000,000 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ (517,000,000) | $ (192,000,000) |
Acquisitions and Divestitures53
Acquisitions and Divestitures - Additional Information - 2013 Activity - Egypt Partnership (Detail) - USD ($) $ in Millions | Nov. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds as noncontrolling interest | $ 1,662 | $ 2,200 | |
Egypt Oil and Gas [Member] | Sinopec [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operations | $ 2,950 | ||
Proceeds as noncontrolling interest | $ 1,900 |
Acquisitions and Divestitures54
Acquisitions and Divestitures - Additional Information - 2013 Activity - Gulf of Mexico Shelf Divestiture (Detail) - USD ($) $ in Millions | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proved properties | $ 89,069 | $ 89,852 | |
Unproved properties | $ 2,611 | $ 7,014 | |
Fieldwood Energy LLC [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of operations | $ 3,700 | ||
Liabilities assumed | $ 1,500 | ||
Percentage of ownership interest in assets | 50.00% | ||
Effective date of the transaction | Jul. 1, 2013 | ||
Proved properties | $ 4,600 | ||
Unproved properties | $ 473 |
Acquisitions and Divestitures55
Acquisitions and Divestitures - Additional Information - 2013 Activity - Canada LNG Project (Detail) - Kitimat LNG [Member] | Feb. 28, 2013USD ($)a |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Percentage of ownership | 50.00% |
Proceeds from transaction | $ 396,000,000 |
Horn River and Liard Basins [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Business properties held | a | 644,000 |
Chevron Canada and Apache Canada [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from limited partnership | $ 0 |
Acquisitions and Divestitures56
Acquisitions and Divestitures - Additional Information - 2013 Activity - Leasehold and Property Acquisitions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Leasehold and property acquisition | $ 367 | $ 1,475 | $ 429 |
Acquisitions and Divestitures57
Acquisitions and Divestitures - Additional Information - 2013 Activity - Transaction, Reorganization, and Separation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Transaction, reorganization, and separation expense | $ 132 | $ 67 | $ 33 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Commodity Derivative Activity Recorded in Statement of Consolidated Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on cash flow hedges reclassified from accumulated other comprehensive loss | $ (16) | |
Loss for ineffectiveness on cash flow hedges | (1) | |
Gain (loss) on derivatives not designated as cash flow hedges | $ 284 | (399) |
Derivatives Not Designated as Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized loss | (16) | (178) |
Unrealized gain (loss) | $ 300 | $ (221) |
Other Current Liabilities - Det
Other Current Liabilities - Details of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued operating expenses | $ 139 | $ 163 |
Accrued exploration and development | 637 | 1,606 |
Accrued compensation and benefits | 166 | 204 |
Accrued interest | 144 | 160 |
Accrued income taxes | 47 | 54 |
Current asset retirement obligation | 36 | 37 |
Current debt | 1 | |
Other | 53 | 230 |
Total Other current liabilities | $ 1,223 | $ 2,454 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Asset Retirement Obligation (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation at beginning of year | $ 3,085 | $ 3,222 |
Liabilities incurred | 68 | 171 |
Liabilities divested | (623) | (471) |
Liabilities settled | (90) | (146) |
Accretion expense | 158 | 181 |
Revisions in estimated liabilities | 128 | |
Asset retirement obligation at end of year | 2,598 | 3,085 |
Less current portion | (36) | (37) |
Asset retirement obligation, long-term | $ 2,562 | $ 3,048 |
Asset Retirement Obligation -61
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation accretion | $ 145 | $ 154 | $ 211 |
Additional abandonment liabilities associated with its drilling and development program | 68 | 171 | |
Net Income (Loss) From Discontinued Operations, Net Of Tax [Member] | |||
Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation accretion | $ 13 | $ 27 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Feb. 25, 2016EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||
Debt before unamortized discount | $ 8,831,000,000 | ||||
Payments of notes | $ 939,000,000 | $ 2,072,000,000 | |||
Credit facility, extension period for maturity | 1 year | ||||
Commercial paper program | $ 3,500,000,000 | ||||
Carrying Amount, Commercial paper | $ 1,570,000,000 | ||||
Unamortized discount | 53,000,000 | ||||
Amortization of Debt Discount (Premium) | 3,000,000 | 3,000,000 | $ 3,000,000 | ||
Unamortized deferred loan costs associated with its various debt obligations | 64,000,000 | 69,000,000 | |||
Apache finance Canada 7.75% notes due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt before unamortized discount | 300,000,000 | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment amount | 4,500,000,000 | ||||
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 | ||||
Jp Morgan Chase Bank And Syndicate Of Lenders [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit facility | € | € 900,000,000 | ||||
Line of credit facility increased amount | € | € 1,075,000,000 | ||||
Credit facility, extension period for maturity | 1 year | ||||
Money Market Lines of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit subfacility | 0 | $ 0 | |||
Five-Year Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit facility | $ 3,500,000,000 | ||||
Credit facility maturity date | Jun. 30, 2020 | ||||
Line of credit facility increased amount | $ 5,300,000,000 | ||||
Quarterly facility fees at per annum rate | 0.125% | ||||
Maximum potential lien on assets located in specified regions | $ 940,000,000 | ||||
Five-Year Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt to Capitalization ratio | 0.60 | ||||
Percentage of liens of companies consolidated asset | 5.00% | ||||
Five-Year Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Margin percentage | 1.00% | ||||
Notes Payable, Other Payables [Member] | |||||
Debt Instrument [Line Items] | |||||
Period For Borrowing Funds | 270 days | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit subfacility | $ 750,000,000 |
Debt - Debt for Apache and Subs
Debt - Debt for Apache and Subsidiaries (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt before unamortized discount | $ 8,831 | |
Unamortized discount | (53) | |
Current maturities | (1) | |
LONG-TERM DEBT | 8,777 | $ 11,245 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 8,831 | 11,301 |
Unamortized discount | (53) | (56) |
Total debt | 8,778 | 11,245 |
Current maturities | (1) | |
LONG-TERM DEBT | 8,777 | 11,245 |
Unsecured Debt [Member] | Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,570 | |
Unsecured Debt [Member] | United States [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 8,530 | 11,000 |
Unsecured Debt [Member] | 5.625% notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | |
Unsecured Debt [Member] | 1.75% Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 400 | |
Unsecured Debt [Member] | 6.9% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 400 | 400 |
Unsecured Debt [Member] | 7.0% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
Unsecured Debt [Member] | 7.625% notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
Unsecured Debt [Member] | 3.625% notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | 500 |
Unsecured Debt [Member] | 3.25% notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 919 | 919 |
Unsecured Debt [Member] | 2.625% notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 531 | 531 |
Unsecured Debt [Member] | 7.7% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 100 | 100 |
Unsecured Debt [Member] | 7.95% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 180 | 180 |
Unsecured Debt [Member] | 6.0% notes due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,000 | 1,000 |
Unsecured Debt [Member] | 5.1% notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,500 | 1,500 |
Unsecured Debt [Member] | 5.25% notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 500 | 500 |
Unsecured Debt [Member] | 4.75% notes due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1,500 | 1,500 |
Unsecured Debt [Member] | 4.25% notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 800 | 800 |
Unsecured Debt [Member] | 7.375% debentures due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
Unsecured Debt [Member] | 7.625% debentures due 2096 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 150 | 150 |
Unsecured Debt [Member] | Notes due In 2016 and 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 1 | 1 |
Unsecured Debt [Member] | Apache finance Canada 7.75% notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | 300 | 300 |
Unsecured Debt [Member] | Subsidiary And Other Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt before unamortized discount | $ 301 | $ 301 |
Debt - Debt for Apache and Su64
Debt - Debt for Apache and Subsidiaries (Parenthetical) (Detail) - Unsecured Debt [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
5.625% notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 5.625% | 5.625% |
Debt maturity year | 2,017 | 2,017 |
1.75% Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 1.75% | 1.75% |
Debt maturity year | 2,017 | 2,017 |
6.9% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 6.90% | 6.90% |
Debt maturity year | 2,018 | 2,018 |
7.0% notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.00% | 7.00% |
Debt maturity year | 2,018 | 2,018 |
7.625% notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.625% | 7.625% |
Debt maturity year | 2,019 | 2,019 |
3.625% notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 3.625% | 3.625% |
Debt maturity year | 2,021 | 2,021 |
3.25% notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 3.25% | 3.25% |
Debt maturity year | 2,022 | 2,022 |
2.625% notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 2.625% | 2.625% |
Debt maturity year | 2,023 | 2,023 |
7.7% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.70% | 7.70% |
Debt maturity year | 2,026 | 2,026 |
7.95% notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.95% | 7.95% |
Debt maturity year | 2,026 | 2,026 |
6.0% notes due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 6.00% | 6.00% |
Debt maturity year | 2,037 | 2,037 |
5.1% notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 5.10% | 5.10% |
Debt maturity year | 2,040 | 2,040 |
5.25% notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 5.25% | 5.25% |
Debt maturity year | 2,042 | 2,042 |
4.75% notes due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 4.75% | 4.75% |
Debt maturity year | 2,043 | 2,043 |
4.25% notes due 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 4.25% | 4.25% |
Debt maturity year | 2,044 | 2,044 |
7.375% debentures due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.375% | 7.375% |
Debt maturity year | 2,047 | 2,047 |
7.625% debentures due 2096 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.625% | 7.625% |
Debt maturity year | 2,096 | 2,096 |
Notes due In 2016 and 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,016 | 2,017 |
Apache finance Canada 7.75% notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Notes interest rate | 7.75% | 7.75% |
Debt maturity year | 2,029 | 2,029 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt by Maturity (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2016 and 2017 | $ 1 |
2,018 | 550 |
2,019 | 150 |
Thereafter | 8,130 |
Total Debt, excluding discounts | $ 8,831 |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Commercial paper, Carrying Amount | $ 1,570 | |
Total Debt, Carrying Amount | $ 8,777 | 11,245 |
Total Debt, Fair Value | 8,330 | 11,514 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Fair Value | 1,570 | |
Notes and Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Notes and debentures, Carrying Amount | 8,778 | 9,675 |
Total Debt, Fair Value | $ 8,330 | $ 9,944 |
Debt - Components of Financing
Debt - Components of Financing Costs, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 486 | $ 499 | $ 560 |
Amortization of deferred loan costs | 11 | 6 | 8 |
Capitalized interest | (227) | (287) | (315) |
Loss (gain) on extinguishment of debt | 39 | (16) | |
Interest income | (10) | (7) | (8) |
Financing costs, net | $ 299 | $ 211 | $ 229 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (20,415) | $ (3,888) | $ 1,191 |
Foreign | (7,811) | 1,079 | 2,717 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ (28,226) | $ (2,809) | $ 3,908 |
Income Taxes - Total Provision
Income Taxes - Total Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current taxes: | |||
Federal | $ 363 | $ (10) | $ (29) |
State | 41 | 1 | |
Foreign | (95) | 1,186 | 1,648 |
Current tax, net | 309 | 1,177 | 1,619 |
Deferred taxes: | |||
Federal | (4,157) | (130) | 509 |
State | (90) | (43) | 44 |
Foreign | (1,531) | (341) | (244) |
Deferred taxes, net | (5,778) | (514) | 309 |
Total | $ (5,469) | $ 663 | $ 1,928 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Income Tax [Line Items] | |||
Income tax expense (benefit) at U.S. statutory rate | $ (9,879) | $ (983) | $ 1,368 |
State income tax, less federal benefit | (32) | (27) | 29 |
Taxes related to foreign operations | (696) | (154) | 236 |
Tax credits | (6) | 6 | |
Tax on distributed foreign earnings | 726 | 311 | 225 |
Foreign tax credit carryforwards | (2,090) | ||
Deferred tax on undistributed foreign earnings | 1,903 | 1,654 | |
Goodwill impairment | 483 | ||
Net change in tax contingencies | 20 | (3) | (10) |
Valuation allowances | 5,253 | 478 | 132 |
All other, net | (49) | (2) | (58) |
Provision (benefit) for income taxes | (5,469) | 663 | $ 1,928 |
United States [Member] | |||
Schedule Of Income Tax [Line Items] | |||
Deferred tax on undistributed foreign earnings | $ 560 | ||
United Kingdom [Member] | |||
Schedule Of Income Tax [Line Items] | |||
Change in U.K. tax rate | $ (619) |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ||||
Deferred income | $ 20 | |||
U.S. and state net operating loss carryforwards | 329 | $ 1,333 | ||
Foreign net operating loss carryforwards | 1,507 | 366 | ||
Tax credits and other tax incentives | 82 | 42 | ||
Foreign tax credit carryforwards | 2,090 | |||
Accrued expenses and liabilities | 136 | 68 | ||
Asset retirement obligation | 1,037 | 1,202 | ||
Property and equipment | 3,880 | 373 | ||
Total deferred tax assets | 9,081 | 3,384 | ||
Valuation allowance | (6,530) | (1,069) | $ (651) | $ (419) |
Net deferred tax assets | 2,551 | 2,315 | ||
Deferred tax liabilities: | ||||
Other | 1 | 19 | ||
Deferred income | 140 | 24 | ||
Investment in foreign subsidiaries | 1,903 | 1,654 | ||
Property and equipment | 1,574 | 9,359 | ||
Total deferred tax liabilities | 3,618 | 11,056 | ||
Net deferred income tax liability | $ 1,067 | $ 8,741 |
Income Taxes - Net Deferred T72
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Deferred tax asset | $ (769) | |
Deferred charges and other | $ (5) | (17) |
Liabilities | ||
Other current liabilities | 28 | |
Deferred income taxes | 1,072 | 9,499 |
Net deferred income tax liability | $ 1,067 | $ 8,741 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||
Deferred income tax liability on undistributed foreign earnings | $ 1,903 | $ 1,654 | |
Deferred income tax expense on foreign undistributed earnings | 311 | $ 225 | |
Non-cash ceiling test write-downs due to change in deferred tax position | 19 | ||
Foreign tax credit carryforward, amount | 2,090 | ||
Tax expense (benefit) recorded | 1 | (1) | 1 |
Accrued for payment of interest and penalties | 1 | 0 | 1 |
Reserve for uncertain tax positions related to the current year | 19 | ||
Settlements | 3 | ||
Increase in valuation allowances | 5,500 | 418 | $ 232 |
United States [Member] | |||
Income Tax [Line Items] | |||
Current income tax liability | 560 | ||
Deferred income tax liability on undistributed foreign earnings | $ 560 | ||
United States [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 198 | ||
Canada [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 60 | ||
Capital loss carryforwards | $ 848 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance Against Certain Foreign Net Deferred Tax Assets and State Net Operating Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 1,069 | $ 651 | $ 419 |
State | 235 | 57 | 32 |
U.S. | 2,978 | ||
Foreign | 2,248 | 478 | 132 |
Discontinued operations | (117) | 68 | |
Balance at end of year | $ 6,530 | $ 1,069 | $ 651 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
United States [Member] | |
Net operating losses: | |
Net operating losses | $ 198 |
State [Member] | |
Net operating losses: | |
Net operating losses, Expiration | Various |
Net operating losses | $ 3,496 |
Canada [Member] | |
Net operating losses: | |
Net operating losses | $ 60 |
Minimum [Member] | United States [Member] | |
Net operating losses: | |
Net operating losses, Expiration | 2,018 |
Minimum [Member] | Canada [Member] | |
Net operating losses: | |
Net operating losses, Expiration | 2,028 |
Maximum [Member] | United States [Member] | |
Net operating losses: | |
Net operating losses, Expiration | 2,035 |
Maximum [Member] | Canada [Member] | |
Net operating losses: | |
Net operating losses, Expiration | 2,035 |
Income Taxes - Schedule of Fore
Income Taxes - Schedule of Foreign Tax Credit Carryforward (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credits | $ 2,090 |
Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credits, year of expiration | 2,025 |
Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credits, year of expiration | 2,026 |
Income Taxes - Reconciliation77
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance | $ 19 | $ 3 | $ 3 |
Additions based on tax positions related to the current year | 19 | ||
Reductions for tax positions of prior years | (3) | ||
Balance | $ 19 | $ 3 | $ 3 |
Income Taxes - Key Jurisdiction
Income Taxes - Key Jurisdictions of Company's Earliest Open Tax Years (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
United States [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2,011 |
Canada [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2,011 |
Egypt [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 1,998 |
United Kingdom [Member] | |
Schedule Of Income Tax [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2,013 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) | Mar. 12, 2014USD ($) | Jan. 31, 2012 | |
Commitment And Contingencies [Line Items] | |||||||
Accrued liability for legal contingencies | $ 29,000,000 | ||||||
Environmental tax and royalty obligations | $ 100,000,000 | ||||||
Retain right of obligations | $ 67,500,000 | ||||||
Loss contingency estimate of possible loss | $ 237,000 | ||||||
Percentage of combined ownership held by the plaintiff in the company | 65.00% | 65.00% | |||||
Maximum cost considered to be recognized for additional reserve | $ 300,000 | ||||||
Undiscounted reserve for environmental remediation | 52,000,000 | ||||||
Administrative penalty | CAD | CAD 16,500 | ||||||
Net rental expenses | $ 57,000,000 | $ 45,000,000 | $ 40,000,000 | ||||
Lease expiration | 2,035 | 2,035 | |||||
Contractual obligation cost incurred | $ 92,000,000 | $ 89,000,000 | $ 72,000,000 | ||||
Apollo Exploration Lawsuit [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency damages sought value | 1,100,000,000 | ||||||
Working Capital Adjustments [Member] | Wheatstone Lng And Kitimat Lng [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Purchase price adjustments amount | 175,000,000 | ||||||
Other Adjustment [Member] | Wheatstone Lng And Kitimat Lng [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Purchase price adjustments amount | $ 214,000,000 | ||||||
Minimum [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Percentage of acquisition | 50.00% | ||||||
Loss contingency receivable | $ 833,000,000 | ||||||
Minimum [Member] | Cameron Parish School Board [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency damages sought value | $ 7,000,000 | ||||||
Maximum [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Percentage of acquisition | 50.00% | ||||||
Loss contingency receivable | $ 2,274,000,000 | ||||||
Maximum [Member] | Cameron Parish School Board [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency damages sought value | 96,000,000 | ||||||
Oswal [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Expected contractual general damages | $ 491,000,000 | ||||||
Burrup Holdings Limited (Yara Pilbara Holdings Pty Limited ) [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Percentage of acquisition | 49.00% | ||||||
Yara International [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Percentage of acquisition | 51.00% |
Commitments and Contingencies80
Commitments and Contingencies - Contractual Obligations (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | $ 1,528 |
2,016 | 383 |
2017-2018 | 573 |
2019-2020 | 300 |
2021 & Beyond | 272 |
Office Equipment [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 342 |
2,016 | 43 |
2017-2018 | 87 |
2019-2020 | 72 |
2021 & Beyond | 140 |
Drilling Rig Commitments [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 405 |
2,016 | 194 |
2017-2018 | 211 |
Purchase Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 354 |
2,016 | 28 |
2017-2018 | 115 |
2019-2020 | 139 |
2021 & Beyond | 72 |
Firm Transportation Agreements [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 363 |
2,016 | 96 |
2017-2018 | 125 |
2019-2020 | 83 |
2021 & Beyond | 59 |
Other Contractual Obligation [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 64 |
2,016 | 22 |
2017-2018 | 35 |
2019-2020 | 6 |
2021 & Beyond | $ 1 |
Retirement and Deferred Compe81
Retirement and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitment And Contingencies [Line Items] | |||
Maximum percentage of compensation contributed by the company | 8.00% | ||
Portion of employee's salary, employee contributions under non-qualified retirement savings plan | 50.00% | ||
Maximum percentage of eligible compensation contributed by the participating employees | 50.00% | ||
Percentage of additional contribution to money purchase retirement plan | 6.00% | ||
Portion of employee's annual bonus, employee contributions under non-qualified retirement savings plan, vested | 75.00% | ||
Portion occurring as money purchase retirement plan and the non-qualified retirement/savings plan, vested | 20.00% | ||
Annual cost of retirement benefit plans | $ 77 | $ 107 | $ 123 |
Targeted ongoing funding level of pension plan policy, percent | 100.00% | ||
Outperformance relative to gilts for equities | 3.50% | ||
Pension Benefits [Member] | |||
Commitment And Contingencies [Line Items] | |||
Accumulated benefit obligation for pension plans | $ 169 | $ 183 | $ 160 |
Expected contribution towards pension and postretirement plan | 7 | ||
Postretirement Benefits [Member] | |||
Commitment And Contingencies [Line Items] | |||
Expected contribution towards pension and postretirement plan | $ 2 |
Retirement and Deferred Compe82
Retirement and Deferred Compensation Plans - Changes in Benefit Obligation, Fair Value of Plan Assets and Funded Status of Pension and Postretirement Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 206 | ||
Fair value of plan assets at end of year | 197 | $ 206 | |
Pension Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | 216 | 189 | $ 177 |
Service cost | 5 | 5 | 5 |
Interest cost | 8 | 9 | 7 |
Foreign currency exchange rate changes | (10) | (13) | 4 |
Actuarial losses (gains) | (10) | 31 | |
Benefits paid | (7) | (5) | (4) |
Projected benefit obligation at end of year | 202 | 216 | 189 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 206 | 191 | 170 |
Actual return on plan assets | 1 | 25 | 15 |
Foreign currency exchange rates | (10) | (13) | 4 |
Employer contributions | 7 | 8 | 6 |
Benefits paid | (7) | (5) | (4) |
Fair value of plan assets at end of year | 197 | 206 | 191 |
Funded status at end of year | (5) | (10) | 2 |
Amounts recognized in Consolidated Balance Sheet | |||
Non-current asset (liability) | (5) | (10) | 2 |
Defined Benefit Plans, Liabilities, Total | (5) | (10) | 2 |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | (32) | (37) | (22) |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | $ (32) | $ (37) | $ (22) |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 3.90% | 3.70% | 4.60% |
Salary increases | 4.60% | 4.60% | 4.90% |
Expected return on assets | 4.10% | 3.90% | 5.60% |
Postretirement Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | $ 22 | $ 28 | $ 35 |
Service cost | 2 | 3 | 4 |
Interest cost | 1 | 1 | 1 |
Actuarial losses (gains) | (9) | (8) | |
Effect of curtailment and settlements | 1 | (3) | |
Benefits paid | (2) | (2) | (2) |
Retiree contributions | 1 | 1 | 1 |
Projected benefit obligation at end of year | 26 | 22 | 28 |
Change in Plan Assets | |||
Employer contributions | 1 | 1 | 1 |
Benefits paid | (2) | (2) | (2) |
Retiree contributions | 1 | 1 | 1 |
Funded status at end of year | (26) | (22) | (28) |
Amounts recognized in Consolidated Balance Sheet | |||
Current liability | (2) | (1) | (1) |
Non-current asset (liability) | (24) | (21) | (27) |
Defined Benefit Plans, Liabilities, Total | (26) | (22) | (28) |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | 9 | 10 | 1 |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income, Total | $ 9 | $ 10 | $ 1 |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 3.95% | 3.62% | 4.33% |
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.00% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Retirement and Deferred Compe83
Retirement and Deferred Compensation Plans - Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets at Year-End | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 40.00% | |
Percentage of Plan Assets at Year-End | 40.00% | 40.00% |
Equity Securities [Member] | UK Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 14.00% | |
Percentage of Plan Assets at Year-End | 14.00% | 14.00% |
Equity Securities [Member] | Overseas Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 26.00% | |
Percentage of Plan Assets at Year-End | 26.00% | 26.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60.00% | |
Percentage of Plan Assets at Year-End | 60.00% | 60.00% |
Debt Securities [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 48.00% | |
Percentage of Plan Assets at Year-End | 48.00% | 48.00% |
Debt Securities [Member] | U.K. Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 12.00% | |
Percentage of Plan Assets at Year-End | 12.00% | 12.00% |
Retirement and Deferred Compe84
Retirement and Deferred Compensation Plans - Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 197 | $ 206 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 80 | 82 |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 117 | 124 |
Quoted Price in Active Markets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 197 | 206 |
Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 80 | 82 |
Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 117 | 124 |
UK Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27 | 28 |
UK Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27 | 28 |
Overseas Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 53 | 54 |
Overseas Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 53 | 54 |
U.K. Government Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 93 | 99 |
U.K. Government Bonds [Member] | Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 93 | 99 |
U.K. Corporate Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24 | 25 |
U.K. Corporate Bonds [Member] | Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 24 | $ 25 |
Retirement and Deferred Compe85
Retirement and Deferred Compensation Plans - Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 100.00% | 100.00% |
Overseas Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Performance target over the benchmark | 2.00% | 2.00% |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | 3 years | 3 years |
U.K. Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against BofAML Sterling Corporate & Collateralised (excluding Subordinated) Index | 12.00% | 12.00% |
Performance target over the benchmark | 0.75% | 0.75% |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | 5 years | 5 years |
Index - Linked Index [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of debt securities government bonds and corporate bonds benchmarked against FTSE | 48.00% | 48.00% |
FTSE Actuaries Government Securities Index [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | 5 years | 5 years |
Sterling Nominal LDI Bonds [Member] | Nominal LDI Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against ILIM Custom Benchmark index | 37.00% | 37.00% |
Sterling Inflation Linked LDI Bonds [Member] | Inflation Linked LDI Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against ILIM Custom Benchmark index | 15.00% | 15.00% |
Passive Global Equities [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.30% | 30.30% |
Passive Global Equities Hedged [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.10% | 12.10% |
Fundamental Indexation Global Equities [Member] | FTSE RAFI Developed 1000 Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.30% | 30.30% |
Fundamental Indexation Global Equities Hedged [Member] | FTSE RAFI Developed 1000 Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.10% | 12.10% |
Emerging Markets [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 15.20% | 15.20% |
Retirement and Deferred Compe86
Retirement and Deferred Compensation Plans - Components of Net Periodic Cost and Underlying Weighted Average Actuarial Assumptions Used for Pension and Postretirement Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $ 5 | $ 5 | $ 5 |
Interest cost | 8 | 9 | 7 |
Pension Benefits [Member] | Periodic Cost [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | 5 | 5 | 5 |
Interest cost | 8 | 9 | 7 |
Expected return on assets | (8) | (11) | (8) |
Amortization of actuarial (gain) loss | 2 | 1 | 2 |
Net periodic benefit cost | $ 7 | $ 4 | $ 6 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | |||
Discount rate | 3.70% | 4.60% | 4.30% |
Salary increases | 4.60% | 4.90% | 4.60% |
Expected return on assets | 3.90% | 5.60% | 4.70% |
Postretirement Benefits [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $ 2 | $ 3 | $ 4 |
Interest cost | $ 1 | $ 1 | $ 1 |
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.00% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Postretirement Benefits [Member] | Periodic Cost [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $ 2 | $ 3 | $ 4 |
Interest cost | 1 | 1 | 1 |
Curtailment (gain) loss | (3) | ||
Net periodic benefit cost | $ 3 | $ 4 | $ 2 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended December 31 | |||
Discount rate | 3.62% | 4.33% | 3.43% |
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.25% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Retirement and Deferred Compe87
Retirement and Deferred Compensation Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) - Postretirement Benefits [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on service and interest cost components, 1% Increase | $ 1 |
Effect on postretirement benefit obligation, 1% Increase | 4 |
Effect on service and interest cost components, 1% Decrease | (1) |
Effect on postretirement benefit obligation, 1% Decrease | $ (3) |
Retirement and Deferred Compe88
Retirement and Deferred Compensation Plans - Expected Future Benefit Payment (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 4 |
2,017 | 4 |
2,018 | 4 |
2,019 | 4 |
2,020 | 4 |
Years 2021-2025 | 22 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 2 |
2,017 | 2 |
2,018 | 2 |
2,019 | 2 |
2,020 | 2 |
Years 2021-2025 | $ 10 |
Capital Stock - Common Stock Ou
Capital Stock - Common Stock Outstanding (Detail) - shares | Jun. 10, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||||
Balance, beginning of year | 376,504,892 | 395,772,908 | 391,640,770 | |
Shares issued for stock-based compensation plans: | ||||
Treasury shares issued | 17,525 | 17,454 | 25,214 | |
Common shares issued | 1,511,758 | 1,665,259 | 929,596 | |
Common shares issued for conversion of preferred shares | 14,399,247 | |||
Treasury shares acquired | (32,200,000) | (20,950,729) | (11,221,919) | |
Balance, end of year | 378,034,175 | 376,504,892 | 395,772,908 |
Capital Stock - Net Income Per
Capital Stock - Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income (loss) from continuing operations, basic | $ (22,348) | $ (3,815) | $ 1,880 | ||||||||
Income (loss) from discontinued operations | (771) | (1,588) | 308 | ||||||||
Net income (loss) attributable to common shareholders | $ (7,213) | $ (5,655) | $ (5,600) | $ (4,651) | $ (4,814) | $ (1,330) | $ 505 | $ 236 | (23,119) | (5,403) | 2,188 |
Mandatory Convertible Preferred Stock | 44 | ||||||||||
Income (loss) from continuing operations, diluted | (22,348) | (3,815) | 1,924 | ||||||||
Income (loss) from discontinued operations | (771) | (1,588) | 308 | ||||||||
Net income (loss) attributable to common stock | $ (23,119) | $ (5,403) | $ 2,232 | ||||||||
Income (loss) from continuing operations, shares | 378 | 384 | 395 | ||||||||
Income (loss) from discontinued operations, shares | 378 | 384 | 395 | ||||||||
Income (loss) attributable to common stock, shares | 378 | 384 | 395 | ||||||||
Mandatory Convertible Preferred Stock, shares | 9 | ||||||||||
Stock options and other, shares | 2 | ||||||||||
Income (loss) from continuing operations, shares | 378 | 384 | 406 | ||||||||
Income (loss) from discontinued operations, shares | 378 | 384 | 406 | ||||||||
Income (loss) attributable to common stock, shares | 378 | 384 | 406 | ||||||||
Basic income (loss) from continuing operations per share | $ (19.57) | $ (14.70) | $ (12.89) | $ (11.99) | $ (9.93) | $ (3.08) | $ 1.17 | $ 1.66 | $ (59.16) | $ (9.93) | $ 4.75 |
Basic income (loss) from discontinued operations per share | 0.50 | (0.25) | (1.94) | (0.35) | (2.85) | (0.42) | 0.14 | (1.06) | (2.04) | (4.13) | 0.78 |
Net income (loss) attributable to common stock, per share | (19.07) | (14.95) | (14.83) | (12.34) | (12.78) | (3.50) | 1.31 | 0.60 | (61.20) | (14.06) | 5.53 |
Diluted income (loss) from continuing operations per share | (19.57) | (14.70) | (12.89) | (11.99) | (9.93) | (3.08) | 1.17 | 1.65 | (59.16) | (9.93) | 4.74 |
Diluted income (loss) from discontinued operations per share | 0.50 | (0.25) | (1.94) | (0.35) | (2.85) | (0.42) | 0.14 | (1.05) | (2.04) | (4.13) | 0.76 |
Net income (loss) attributable to common stock, per share | $ (19.07) | $ (14.95) | $ (14.83) | $ (12.34) | $ (12.78) | $ (3.50) | $ 1.31 | $ 0.60 | $ (61.20) | $ (14.06) | $ 5.50 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Jun. 10, 2013 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options and restricted stock, anti-dilutive | 7,000,000 | 4,500,000 | 4,900,000 | ||
Common stock share purchase, shares | 40,000,000 | ||||
Common stock share repurchase, shares | 32,200,000 | 20,950,729 | 11,221,919 | ||
Common stock share repurchase, per share | $ 88.96 | ||||
Dividends, Common stock | $ 1 | $ 0.95 | $ 0.77 | ||
Shares authorized and available for grant under 2011 Plan | 18,000,000 | ||||
Compensation expense | $ 100,000,000 | $ 148,000,000 | $ 136,000,000 | ||
Stock-based compensation expenses, after tax | 65,000,000 | 95,000,000 | 94,000,000 | ||
Intrinsic value of options exercised | 3,000,000 | 13,000,000 | 4,000,000 | ||
Cash received from exercise of options | 16,000,000 | ||||
Additional tax benefit for the amount of intrinsic value in excess of compensation cost | $ 973,767 | ||||
Granted, Weighted Average Grant-Date Fair Value | $ 61.65 | ||||
Restricted stock, capitalized | $ 53,000,000 | 62,000,000 | 55,000,000 | ||
Unvested restricted stock units | 4,570,203 | ||||
Percentage of additional vest on succeeding anniversaries | 25.00% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 90,000,000 | 93,000,000 | 82,000,000 | ||
Stock-based compensation expenses, after tax | 58,000,000 | $ 60,000,000 | $ 53,000,000 | ||
Total compensation cost related to non-vested options not yet recognized | $ 217,000,000 | ||||
Compensation expense | 2,976,562 | 3,046,744 | 3,098,029 | ||
Granted, Weighted Average Grant-Date Fair Value | $ 61.65 | $ 86.87 | $ 82.95 | ||
Restricted stock, capitalized | $ 48,000,000 | $ 43,000,000 | $ 30,000,000 | ||
Weighted-average remaining life of unvested restricted stock units | 1 year 1 month 6 days | ||||
Total fair value of restricted stock awards vested | $ 149,000,000 | $ 138,000,000 | $ 88,000,000 | ||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 2,881,924 | ||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period in which stock options become exercisable | 3 years | ||||
Compensation expense | 119,000,000 | ||||
Granted, Weighted Average Grant-Date Fair Value | $ 41.24 | ||||
Non Employee Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units, vested (Percentage) | 50.00% | ||||
Equity Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period in which stock options become exercisable | 4 years | ||||
Period in which stock options expires after grant date | 10 years | ||||
Total compensation cost related to non-vested options not yet recognized | $ 5,000,000 | ||||
Equity Option [Member] | Scenario, Forecast [Member] | Two Thousand And Eleven Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 9,000,000 | ||||
Period in which stock options become exercisable | 3 years | ||||
Options Issued | 872,574 |
Capital Stock - Description of
Capital Stock - Description of Stock Based Compensation Plans and Related Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | $ 100 | $ 148 | $ 136 |
Restricted stock, capitalized | 53 | 62 | 55 |
Total | 153 | 210 | 191 |
General and Administrative Expense [Member] | |||
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | 64 | 107 | 89 |
Lease Operating Expenses [Member] | |||
Stock-based compensation expensed: | |||
Allocated Share-based Compensation Expense | $ 36 | $ 41 | $ 47 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Options Issued Under Stock Option Plans (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Equity [Abstract] | |
Outstanding, beginning of year, Shares | shares | 6,445 |
Granted, Shares | shares | 0 |
Exercised, Shares | shares | (280) |
Forfeited or expired, Shares | shares | (1,234) |
Outstanding, end of year, Shares | shares | 4,931 |
Expected to vest, Shares | shares | 566 |
Exercisable, end of year, Shares | shares | 4,311 |
Outstanding, beginning of year, Weighted Average exercise Price | $ / shares | $ 90.34 |
Granted, Weighted Average Exercise Price | $ / shares | 0 |
Exercised, Weighted Average Exercise Price | $ / shares | 56.72 |
Forfeited or expired, Weighted Average Exercise Price | $ / shares | 93.28 |
Outstanding, end of year, Weighted Average Exercise Price | $ / shares | 91.52 |
Expected to vest, Weighted Average Exercise Price | $ / shares | 81.77 |
Exercisable, end of year, Weighted Average Exercise Price | $ / shares | $ 92.92 |
Capital Stock - Summary of St94
Capital Stock - Summary of Stock Options Issued Under Stock Option Plans (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Equity [Abstract] | |
Weighted average remaining contractual life for options outstanding | 4 years 6 months |
Weighted average remaining contractual life for expected to vest | 6 years 10 months 24 days |
Weighted average remaining contractual life for exercisable | 4 years 1 month 6 days |
Aggregate intrinsic value of options outstanding | $ 0 |
Aggregate intrinsic value of expected to vest | 0 |
Aggregate intrinsic value of exercisable | $ 0 |
Capital Stock - Restricted Stoc
Capital Stock - Restricted Stock (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $ 81.96 | ||
Granted, Weighted Average Grant-Date Fair Value | 61.65 | ||
Vested, Weighted Average Grant-Date Fair Value | 81.14 | ||
Forfeited, Weighted Average Grant-Date Fair Value | 78.26 | ||
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $ 70.12 | $ 81.96 | |
Business Performance Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Shares | 602,000 | ||
Forfeited or expired, Shares | (101,000) | ||
Restricted Shares, nonvested, Ending Balance, Shares | 501,000 | ||
Granted, Weighted Average Grant-Date Fair Value | $ 66.63 | ||
Forfeited or expired, Weighted Average Grant-Date Fair Value | 66.63 | ||
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $ 66.63 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Shares, nonvested, Beginning Balance, Shares | 4,784,000 | ||
Granted, Shares | 2,976,562 | 3,046,744 | 3,098,029 |
Vested, Shares | (1,839,000) | ||
Forfeited or cancelled, Shares | (1,351,000) | ||
Restricted Shares, nonvested, Ending Balance, Shares | 4,570,000 | 4,784,000 | |
Granted, Weighted Average Grant-Date Fair Value | $ 61.65 | $ 86.87 | $ 82.95 |
Capital Stock - Additional In96
Capital Stock - Additional Information 1 (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2016 | Feb. 28, 2015 | Jan. 31, 2014 | May. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 100 | $ 148 | $ 136 | |||||
Stock-based compensation expenses, after tax | 65 | 95 | 94 | |||||
Restricted stock, capitalized | $ 53 | $ 62 | 55 | |||||
Unvested restricted stock units | 4,570,203 | |||||||
Weighted average grant date fair value per share | $ 61.65 | |||||||
Total Shareholder Return Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested shares outstanding | 172,000 | 354,000 | ||||||
Compensation expense | $ 648,000 | $ 18 | 27 | |||||
Stock-based compensation expenses, after tax | 418,000 | 11 | 17 | |||||
Restricted stock, capitalized | 267,000 | $ 7 | $ 13 | |||||
Total compensation cost related to non-vested options not yet recognized | $ 4.7 | |||||||
Unvested restricted stock units | 172,212 | |||||||
Weighted-average remaining life of unvested restricted stock units | 1 year 9 months 18 days | |||||||
Weighted average grant date fair value per share | $ 0 | |||||||
Conditional Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested shares outstanding | 500,972 | |||||||
Compensation expense | $ 3.4 | |||||||
Stock-based compensation expenses, after tax | 2.2 | |||||||
Restricted stock, capitalized | 1.4 | |||||||
Total compensation cost related to non-vested options not yet recognized | $ 29 | |||||||
Weighted-average remaining life of unvested restricted stock units | 2 years 4 months 24 days | |||||||
2013 Total Shareholder Return Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 1,232,176 | |||||||
Nonvested shares outstanding | 918,016 | |||||||
Minimum units awarded based upon measurement | 0 | |||||||
Maximum units awarded based upon measurement | 216,434 | |||||||
Range of ultimate number of restricted stock units awarded | Zero and a maximum of 216,434 units | |||||||
Restricted stock awards cancelled | 918,016 | |||||||
Total awards, outstanding | 108,217 | |||||||
2014 Total Shareholder Return Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 157,406 | |||||||
Minimum units awarded based upon measurement | 0 | |||||||
Maximum units awarded based upon measurement | 127,990 | |||||||
Range of ultimate number of restricted stock units awarded | Zero and a maximum of 127,990 units | |||||||
Total awards, outstanding | 63,995 | |||||||
Performance Program 2015 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 602,304 | |||||||
Minimum units awarded based upon measurement | 0 | |||||||
Maximum units awarded based upon measurement | 751,458 | |||||||
Range of ultimate number of restricted stock units awarded | Zero and a maximum of 751,458 shares | |||||||
Total awards, outstanding | 500,972 | |||||||
Performance Program 2016 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Minimum units awarded based upon measurement | 0 | |||||||
Maximum units awarded based upon measurement | 1,710,526 | |||||||
Range of ultimate number of restricted stock units awarded | Zero to a maximum of 1,710,526 units | |||||||
Weighted average grant date fair value per share | $ 36.55 | |||||||
Performance Program 2016 [Member] | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 855,263 | |||||||
Total Shareholder Return Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares allocation percentage | 50.00% | |||||||
Business Performance Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested shares outstanding | 501,000 | |||||||
Percentage of shares awarded | 150.00% | |||||||
Weighted average grant date fair value per share | $ 66.63 | |||||||
Business Performance Program [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares allocation percentage | 50.00% | |||||||
Remaining shares vesting percentage | 50.00% | |||||||
Shares vesting period | 3 years | |||||||
Business Performance Program [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares awarded | 0.00% | |||||||
Share-based Compensation Award, Tranche One [Member] | Business Performance Program [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vesting percentage | 50.00% |
Capital Stock - Conditional Res
Capital Stock - Conditional Restricted Stock (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $ 81.96 |
Granted, Weighted Average Grant-Date Fair Value | 61.65 |
Vested, Weighted Average Grant-Date Fair Value | 81.14 |
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $ 70.12 |
Total Shareholder Return Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Shares, nonvested, Beginning Balance, Shares | shares | 354 |
Granted, Shares | shares | 0 |
Vested, Shares | shares | 0 |
Forfeited or expired, Shares | shares | (182) |
Restricted Shares, nonvested, Ending Balance, Shares | shares | 172 |
Non-vested at January 1, 2014, Weighted Average Grant Date Fair Value | $ 78.13 |
Granted, Weighted Average Grant-Date Fair Value | 0 |
Vested, Weighted Average Grant-Date Fair Value | 0 |
Forfeited or expired, Weighted Average Grant-Date Fair Value | 72.09 |
Non-vested at December 31, 2014, Weighted Average Grant Date Fair Value | $ 78.22 |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Currency translation adjustment | $ (109) | $ (109) | $ (109) |
Unrealized gain (loss) on derivatives | 1 | ||
Unfunded pension and postretirement benefit plan | (7) | (7) | (7) |
Accumulated other comprehensive loss | $ (116) | $ (116) | $ (115) |
Major Customers - Additional In
Major Customers - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer Concentration Risk [Member] | Oil and Gas Production Revenues [Member] | Shell Plc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity wide revenue major customer percentage | 11.00% | 19.00% | 24.00% |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Country | |
Segment Reporting [Abstract] | |
Production in number of countries | 4 |
Business Segment Information101
Business Segment Information - Financial Segment Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | $ 6,383,000,000 | $ 12,691,000,000 | $ 14,771,000,000 | |
Depreciation, depletion, and amortization: | ||||
Recurring | 3,855,000,000 | 4,719,000,000 | 4,871,000,000 | |
Additional | 25,517,000,000 | 5,001,000,000 | 995,000,000 | |
Asset retirement obligation accretion | 145,000,000 | 154,000,000 | 211,000,000 | |
Lease operating expenses | 1,854,000,000 | 2,238,000,000 | 2,650,000,000 | |
Gathering and transportation | 211,000,000 | 273,000,000 | 288,000,000 | |
Taxes other than income | 282,000,000 | 577,000,000 | 772,000,000 | |
Operating Income (Loss) | (25,481,000,000) | (271,000,000) | 4,984,000,000 | |
Other Income (Expense): | ||||
Other | (17,000,000) | 110,000,000 | (333,000,000) | |
Impairments | $ (604,000,000) | (1,920,000,000) | (1,919,000,000) | 0 |
General and administrative | (377,000,000) | (451,000,000) | (481,000,000) | |
Transaction, reorganization, and separation | (132,000,000) | (67,000,000) | (33,000,000) | |
Financing costs, net | (299,000,000) | (211,000,000) | (229,000,000) | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (28,226,000,000) | (2,809,000,000) | 3,908,000,000 | |
Net property and equipment | 41,560,000,000 | 14,119,000,000 | 41,560,000,000 | 44,167,000,000 |
Total Assets | 55,952,000,000 | 18,842,000,000 | 55,952,000,000 | 51,966,000,000 |
Additions to Net Property and Equipment | 10,697,000,000 | 4,454,000,000 | 10,697,000,000 | 9,903,000,000 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 2,637,000,000 | 5,744,000,000 | 6,902,000,000 | |
Depreciation, depletion, and amortization: | ||||
Recurring | 1,522,000,000 | 2,170,000,000 | 2,338,000,000 | |
Additional | 19,537,000,000 | 4,412,000,000 | 552,000,000 | |
Asset retirement obligation accretion | 28,000,000 | 43,000,000 | 94,000,000 | |
Lease operating expenses | 739,000,000 | 921,000,000 | 1,320,000,000 | |
Gathering and transportation | 68,000,000 | 93,000,000 | 84,000,000 | |
Taxes other than income | 184,000,000 | 350,000,000 | 335,000,000 | |
Operating Income (Loss) | (19,441,000,000) | (2,245,000,000) | 2,179,000,000 | |
Other Income (Expense): | ||||
Net property and equipment | 24,627,000,000 | 5,826,000,000 | 24,627,000,000 | 27,010,000,000 |
Total Assets | 26,853,000,000 | 7,113,000,000 | 26,853,000,000 | 29,940,000,000 |
Additions to Net Property and Equipment | 7,294,000,000 | 2,454,000,000 | 7,294,000,000 | 6,404,000,000 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 498,000,000 | 1,092,000,000 | 1,224,000,000 | |
Depreciation, depletion, and amortization: | ||||
Recurring | 312,000,000 | 400,000,000 | 505,000,000 | |
Additional | 3,667,000,000 | |||
Asset retirement obligation accretion | 43,000,000 | 39,000,000 | 49,000,000 | |
Lease operating expenses | 244,000,000 | 384,000,000 | 459,000,000 | |
Gathering and transportation | 89,000,000 | 123,000,000 | 155,000,000 | |
Taxes other than income | 26,000,000 | 31,000,000 | 45,000,000 | |
Operating Income (Loss) | (3,883,000,000) | 115,000,000 | 11,000,000 | |
Other Income (Expense): | ||||
Net property and equipment | 6,107,000,000 | 1,314,000,000 | 6,107,000,000 | 6,058,000,000 |
Total Assets | 6,640,000,000 | 1,465,000,000 | 6,640,000,000 | 6,952,000,000 |
Additions to Net Property and Equipment | 963,000,000 | 324,000,000 | 963,000,000 | 1,082,000,000 |
Egypt [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 1,968,000,000 | 3,539,000,000 | 3,917,000,000 | |
Depreciation, depletion, and amortization: | ||||
Recurring | 1,275,000,000 | 1,151,000,000 | 1,005,000,000 | |
Additional | 281,000,000 | |||
Lease operating expenses | 522,000,000 | 499,000,000 | 471,000,000 | |
Gathering and transportation | 45,000,000 | 40,000,000 | 42,000,000 | |
Taxes other than income | 9,000,000 | 11,000,000 | 8,000,000 | |
Operating Income (Loss) | (164,000,000) | 1,838,000,000 | 2,391,000,000 | |
Other Income (Expense): | ||||
Net property and equipment | 5,700,000,000 | 3,998,000,000 | 5,700,000,000 | 5,454,000,000 |
Total Assets | 7,292,000,000 | 6,249,000,000 | 7,292,000,000 | 8,121,000,000 |
Additions to Net Property and Equipment | 1,397,000,000 | 915,000,000 | 1,397,000,000 | 1,309,000,000 |
North Sea [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Oil and gas production revenues | 1,280,000,000 | 2,316,000,000 | 2,728,000,000 | |
Depreciation, depletion, and amortization: | ||||
Recurring | 746,000,000 | 998,000,000 | 1,022,000,000 | |
Additional | 2,032,000,000 | 589,000,000 | 367,000,000 | |
Asset retirement obligation accretion | 74,000,000 | 72,000,000 | 68,000,000 | |
Lease operating expenses | 349,000,000 | 434,000,000 | 400,000,000 | |
Gathering and transportation | 9,000,000 | 17,000,000 | 7,000,000 | |
Taxes other than income | 63,000,000 | 185,000,000 | 384,000,000 | |
Operating Income (Loss) | (1,993,000,000) | 21,000,000 | 480,000,000 | |
Other Income (Expense): | ||||
Net property and equipment | 5,103,000,000 | 2,929,000,000 | 5,103,000,000 | 5,622,000,000 |
Total Assets | 6,101,000,000 | 3,951,000,000 | 6,101,000,000 | 6,902,000,000 |
Additions to Net Property and Equipment | 1,071,000,000 | 733,000,000 | 1,071,000,000 | 1,084,000,000 |
Other International [Member] | ||||
Depreciation, depletion, and amortization: | ||||
Recurring | 1,000,000 | |||
Additional | 76,000,000 | |||
Operating Income (Loss) | (77,000,000) | |||
Other Income (Expense): | ||||
Net property and equipment | 23,000,000 | 52,000,000 | 23,000,000 | 23,000,000 |
Total Assets | 46,000,000 | 64,000,000 | 46,000,000 | 51,000,000 |
Additions to Net Property and Equipment | $ (28,000,000) | $ 28,000,000 | $ (28,000,000) | $ 24,000,000 |
Supplemental Oil and Gas Dis102
Supplemental Oil and Gas Disclosures - Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / Boe | Dec. 31, 2014USD ($)$ / Boe | Dec. 31, 2013USD ($)$ / Boe | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $ 6,383 | $ 12,691 | $ 14,771 |
Depreciation, depletion, and amortization | |||
Recurring | 3,531 | 4,388 | 4,533 |
Additional | 25,517 | 5,001 | 995 |
Asset retirement obligation accretion | 145 | 154 | 211 |
Lease operating expenses | 1,854 | 2,238 | 2,650 |
Gathering and transportation | 211 | 273 | 288 |
Production taxes | 259 | 546 | 746 |
Income tax | (8,849) | 236 | 2,315 |
Oil and gas properties production expense | 22,668 | 12,836 | 11,738 |
Results of operation | $ (16,285) | $ (145) | $ 3,033 |
Amortization rate per boe | $ / Boe | 18.08 | 20.36 | 18.77 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $ 2,637 | $ 5,744 | $ 6,902 |
Depreciation, depletion, and amortization | |||
Recurring | 1,419 | 2,056 | 2,227 |
Additional | 19,537 | 4,412 | 552 |
Asset retirement obligation accretion | 28 | 43 | 94 |
Lease operating expenses | 739 | 921 | 1,320 |
Gathering and transportation | 68 | 93 | 84 |
Production taxes | 178 | 342 | 324 |
Income tax | (6,863) | (754) | 817 |
Oil and gas properties production expense | 15,106 | 7,113 | 5,418 |
Results of operation | $ (12,469) | $ (1,369) | $ 1,484 |
Amortization rate per boe | $ / Boe | 15.49 | 19.35 | 18.39 |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $ 498 | $ 1,092 | $ 1,224 |
Depreciation, depletion, and amortization | |||
Recurring | 262 | 343 | 426 |
Additional | 3,667 | ||
Asset retirement obligation accretion | 43 | 39 | 49 |
Lease operating expenses | 244 | 384 | 459 |
Gathering and transportation | 89 | 123 | 155 |
Production taxes | 23 | 27 | 40 |
Income tax | (1,000) | 44 | 24 |
Oil and gas properties production expense | 3,328 | 960 | 1,153 |
Results of operation | $ (2,830) | $ 132 | $ 71 |
Amortization rate per boe | $ / Boe | 10.61 | 12.11 | 10.89 |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $ 1,968 | $ 3,539 | $ 3,917 |
Depreciation, depletion, and amortization | |||
Recurring | 1,128 | 1,014 | 881 |
Additional | 281 | ||
Lease operating expenses | 522 | 499 | 471 |
Gathering and transportation | 45 | 40 | 42 |
Income tax | (4) | 914 | 1,161 |
Oil and gas properties production expense | 1,972 | 2,467 | 2,555 |
Results of operation | $ (4) | $ 1,072 | $ 1,362 |
Amortization rate per boe | $ / Boe | 21.29 | 18.48 | 16.21 |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas production revenues | $ 1,280 | $ 2,316 | $ 2,728 |
Depreciation, depletion, and amortization | |||
Recurring | 722 | 975 | 999 |
Additional | 2,032 | 589 | 367 |
Asset retirement obligation accretion | 74 | 72 | 68 |
Lease operating expenses | 349 | 434 | 400 |
Gathering and transportation | 9 | 17 | 7 |
Production taxes | 58 | 177 | 382 |
Income tax | (982) | 32 | 313 |
Oil and gas properties production expense | 2,262 | 2,296 | 2,536 |
Results of operation | $ (982) | $ 20 | $ 192 |
Amortization rate per boe | $ / Boe | 27.77 | 37.41 | 37.25 |
Other International [Member] | |||
Depreciation, depletion, and amortization | |||
Additional | $ 76 | ||
Oil and gas properties production expense | 76 | ||
Results of operation | $ (76) |
Supplemental Oil and Gas Dis103
Supplemental Oil and Gas Disclosures - Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | $ 35 | $ 104 | $ 177 |
Unproved | 340 | 1,388 | 379 |
Exploration | 453 | 973 | 1,678 |
Development | 3,638 | 9,180 | 8,548 |
Costs incurred | 4,466 | 11,645 | 10,782 |
Proved properties | 89,069 | 89,852 | |
Unproved properties | 2,611 | 7,014 | |
Capitalized costs, gross | 91,680 | 96,866 | |
Accumulated DD&A | (78,852) | (53,001) | |
Capitalized costs, net | 12,828 | 43,865 | |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 1 | 102 | 17 |
Unproved | 313 | 1,221 | 195 |
Exploration | 131 | 467 | 562 |
Development | 1,957 | 5,301 | 5,435 |
Costs incurred | 2,402 | 7,091 | 6,209 |
Proved properties | 51,693 | 47,001 | |
Unproved properties | 1,824 | 4,151 | |
Capitalized costs, gross | 53,517 | 51,152 | |
Accumulated DD&A | (48,161) | (27,205) | |
Capitalized costs, net | 5,356 | 23,947 | |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 8 | ||
Unproved | 23 | 141 | 151 |
Exploration | 41 | 82 | 36 |
Development | 193 | 846 | 722 |
Costs incurred | 265 | 1,069 | 909 |
Proved properties | 14,613 | 14,003 | |
Unproved properties | 234 | 1,090 | |
Capitalized costs, gross | 14,847 | 15,093 | |
Accumulated DD&A | (13,582) | (9,653) | |
Capitalized costs, net | 1,265 | 5,440 | |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 25 | 1 | 35 |
Unproved | 4 | 10 | 15 |
Exploration | 110 | 193 | 559 |
Development | 764 | 1,142 | 618 |
Costs incurred | 903 | 1,346 | 1,227 |
Proved properties | 11,296 | 9,895 | |
Unproved properties | 30 | 529 | |
Capitalized costs, gross | 11,326 | 10,424 | |
Accumulated DD&A | (7,779) | (6,369) | |
Capitalized costs, net | 3,547 | 4,055 | |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 1 | 1 | |
Unproved | 16 | (10) | |
Exploration | 31 | 137 | 179 |
Development | 101 | 914 | 996 |
Costs incurred | 133 | 1,068 | 1,165 |
Proved properties | 8,289 | ||
Unproved properties | 549 | ||
Capitalized costs, gross | 8,838 | ||
Accumulated DD&A | (3,198) | ||
Capitalized costs, net | 5,640 | ||
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 125 | ||
Unproved | 17 | ||
Exploration | 111 | 84 | 278 |
Development | 623 | 971 | 635 |
Costs incurred | 734 | 1,055 | 1,055 |
Proved properties | 11,266 | 10,463 | |
Unproved properties | 471 | 672 | |
Capitalized costs, gross | 11,737 | 11,135 | |
Accumulated DD&A | (9,129) | (6,375) | |
Capitalized costs, net | 2,608 | 4,760 | |
Argentina [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Unproved | 11 | ||
Exploration | 9 | 42 | |
Development | 6 | 142 | |
Costs incurred | 15 | 195 | |
Other International [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Exploration | 29 | 1 | 22 |
Costs incurred | 29 | 1 | $ 22 |
Proved properties | 201 | 201 | |
Unproved properties | 52 | 23 | |
Capitalized costs, gross | 253 | 224 | |
Accumulated DD&A | (201) | (201) | |
Capitalized costs, net | $ 52 | $ 23 |
Supplemental Oil and Gas Dis104
Supplemental Oil and Gas Disclosures - Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | $ 236 | $ 310 | $ 340 |
Asset retirement costs | 65 | 307 | 537 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 169 | 209 | 239 |
Asset retirement costs | 123 | 43 | 480 |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 25 | 38 | 35 |
Asset retirement costs | 8 | 175 | 17 |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 17 | 15 | 15 |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 9 | 20 | 16 |
Asset retirement costs | 55 | (30) | |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | 16 | 25 | 25 |
Asset retirement costs | $ (66) | 34 | 67 |
Argentina [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Capitalized interest | $ 3 | 10 | |
Asset retirement costs | $ 3 |
Supplemental Oil and Gas Dis105
Supplemental Oil and Gas Disclosures - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015MMBoeMBbls | Dec. 31, 2014MBbls | Dec. 31, 2013MBbls | |
Reserve Quantities [Line Items] | |||
Anticipated Timing of Inclusion of Costs in Amortization Calculation | Five to ten years. | ||
Purchases of minerals in-place | 7 | ||
Sale of minerals in-place | 384,827 | 357,526 | 355,431 |
Extensions, discoveries and other additions | MMBoe | 117 | ||
Combined downward revisions of previously estimated reserves | 368 | ||
Changes in reserves accounted | (368,163) | 11,404 | 32,539 |
Percentage of estimated proved developed reserves classified as proved not producing | 9.00% | ||
North America [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 53 | ||
Canada [Member] | |||
Reserve Quantities [Line Items] | |||
Sale of minerals in-place | 55,228 | 91,548 | 132,246 |
Changes in reserves accounted | (87,081) | (2,800) | 18,274 |
Egypt [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 40 | ||
Changes in reserves accounted | 34,797 | 2,776 | 859 |
North Sea [Member] | |||
Reserve Quantities [Line Items] | |||
Sale of minerals in-place | 2,080 | ||
Extensions, discoveries and other additions | MMBoe | 24 | ||
Changes in reserves accounted | (6,305) | (18) | 24 |
Australia [Member] | |||
Reserve Quantities [Line Items] | |||
Sale of minerals in-place | 327,287 | ||
Changes in reserves accounted | 12,549 | (216) | (135) |
International Regions [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 64 | ||
Changes in Product Prices [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 339 | ||
Changes in Lease Ownership [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 16 | ||
Changes in Engineering and Performance [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 13 |
Supplemental Oil and Gas Dis106
Supplemental Oil and Gas Disclosures - Summary of Oil and Gas Property Costs Not Being Amortized (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Property acquisition costs | $ 1,960 | |||
Exploration and development | 586 | |||
Capitalized interest | 65 | |||
Costs incurred | 2,611 | |||
2015 [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Property acquisition costs | 316 | |||
Exploration and development | 569 | |||
Capitalized interest | 16 | |||
Costs incurred | $ 901 | |||
2014 [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Property acquisition costs | $ 1,311 | |||
Exploration and development | 15 | |||
Capitalized interest | 13 | |||
Costs incurred | $ 1,339 | |||
2013 [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Property acquisition costs | $ 210 | |||
Exploration and development | 1 | |||
Capitalized interest | 4 | |||
Costs incurred | $ 215 | |||
2012 and Prior [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Property acquisition costs | $ 123 | |||
Exploration and development | 1 | |||
Capitalized interest | 32 | |||
Costs incurred | $ 156 |
Supplemental Oil and Gas Dis107
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Detail) | 12 Months Ended | |||
Dec. 31, 2015MBblsMMcf | Dec. 31, 2014MBblsMMcf | Dec. 31, 2013MBblsMMcf | Dec. 31, 2012MBblsMMcf | |
Reserve Quantities [Line Items] | ||||
Beginning balance | 2,396,270 | 2,646,416 | 2,851,679 | |
Proved developed reserves | 1,331,397 | 1,651,291 | 1,832,936 | 1,981,945 |
Proved undeveloped reserves | 232,336 | 744,979 | 813,480 | 869,734 |
Extensions, discoveries and other additions | 117,405 | 313,095 | 389,336 | |
Purchase of minerals in-place | 6,860 | 21,712 | 5,976 | |
Revisions of previous estimates | (368,163) | 11,404 | 32,539 | |
Production | (203,812) | (238,831) | (277,683) | |
Sale of properties | (384,827) | (357,526) | (355,431) | |
Ending balance | 1,563,733 | 2,396,270 | 2,646,416 | |
Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 279,702 | 270,908 | 273,283 | |
Proved developed reserves | 275,033 | 236,256 | 222,880 | 221,819 |
Proved undeveloped reserves | 26,929 | 43,446 | 48,028 | 51,464 |
Extensions, discoveries and other additions | 40,464 | 60,877 | 51,135 | |
Purchase of minerals in-place | 5 | |||
Revisions of previous estimates | 34,797 | 2,776 | 859 | |
Production | (53,001) | (54,859) | (54,374) | |
Ending balance | 301,962 | 279,702 | 270,908 | |
United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 1,234,092 | 1,347,361 | 1,424,287 | |
Proved developed reserves | 726,424 | 897,422 | 976,795 | 1,021,610 |
Proved undeveloped reserves | 120,210 | 336,670 | 370,566 | 402,677 |
Extensions, discoveries and other additions | 26,488 | 138,413 | 253,578 | |
Purchase of minerals in-place | 21,712 | 273 | ||
Revisions of previous estimates | (322,123) | 11,662 | 13,482 | |
Production | (91,591) | (106,225) | (121,074) | |
Sale of properties | (232) | (178,831) | (223,185) | |
Ending balance | 846,634 | 1,234,092 | 1,347,361 | |
Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 413,876 | 461,871 | 540,913 | |
Proved developed reserves | 209,647 | 258,848 | 322,362 | 390,800 |
Proved undeveloped reserves | 70,300 | 155,028 | 139,509 | 150,113 |
Extensions, discoveries and other additions | 26,226 | 74,666 | 74,107 | |
Purchase of minerals in-place | 6,860 | |||
Revisions of previous estimates | (87,081) | (2,800) | 18,274 | |
Production | (24,706) | (28,313) | (39,177) | |
Sale of properties | (55,228) | (91,548) | (132,246) | |
Ending balance | 279,947 | 413,876 | 461,871 | |
Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 323,241 | 326,188 | 342,206 | |
Proved developed reserves | 136,707 | 126,948 | 128,395 | |
Proved undeveloped reserves | 186,534 | 199,240 | 213,811 | |
Extensions, discoveries and other additions | 17,780 | 4,764 | ||
Revisions of previous estimates | 12,549 | (216) | (135) | |
Production | (8,503) | (20,511) | (20,647) | |
Sale of properties | (327,287) | |||
Ending balance | 323,241 | 326,188 | ||
North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 145,359 | 150,090 | 169,189 | |
Proved developed reserves | 120,293 | 122,058 | 117,457 | 137,626 |
Proved undeveloped reserves | 14,897 | 23,301 | 32,633 | 31,563 |
Extensions, discoveries and other additions | 24,227 | 21,354 | 2,001 | |
Purchase of minerals in-place | 5,698 | |||
Revisions of previous estimates | (6,305) | (18) | 24 | |
Production | (26,011) | (26,067) | (26,822) | |
Sale of properties | (2,080) | |||
Ending balance | 135,190 | 145,359 | 150,090 | |
Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 89,998 | 101,801 | ||
Proved developed reserves | 66,494 | 81,695 | ||
Proved undeveloped reserves | 23,504 | 20,106 | ||
Extensions, discoveries and other additions | 5 | 3,751 | ||
Revisions of previous estimates | 35 | |||
Production | (2,856) | (15,589) | ||
Sale of properties | (87,147) | |||
Ending balance | 89,998 | |||
Crude Oil and Condensate [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 1,074,269 | 1,131,485 | 1,182,625 | |
Proved developed reserves | 665,063 | 784,770 | 794,795 | 825,811 |
Proved undeveloped reserves | 127,996 | 289,499 | 336,690 | 356,814 |
Extensions, discoveries and other additions | 59,556 | 126,387 | 192,222 | |
Purchase of minerals in-place | 1,763 | 15,240 | 3,713 | |
Revisions of previous estimates | (167,532) | 3,849 | 1,533 | |
Production | (106,568) | (117,568) | (126,515) | |
Sale of properties | (68,429) | (85,124) | (122,093) | |
Ending balance | 793,059 | 1,074,269 | 1,131,485 | |
Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 143,329 | 135,544 | 124,034 | |
Proved developed reserves | 144,164 | 128,712 | 119,242 | 106,746 |
Proved undeveloped reserves | 17,856 | 14,617 | 16,302 | 17,288 |
Extensions, discoveries and other additions | 24,524 | 38,074 | 43,738 | |
Purchase of minerals in-place | 5 | |||
Revisions of previous estimates | 25,407 | 1,801 | 457 | |
Production | (31,240) | (32,090) | (32,690) | |
Ending balance | 162,020 | 143,329 | 135,544 | |
Crude Oil and Condensate [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 614,565 | 653,816 | 677,905 | |
Proved developed reserves | 348,797 | 444,440 | 457,981 | 474,837 |
Proved undeveloped reserves | 60,505 | 170,125 | 195,835 | 203,068 |
Extensions, discoveries and other additions | 13,903 | 57,011 | 133,227 | |
Purchase of minerals in-place | 15,240 | 85 | ||
Revisions of previous estimates | (173,907) | 3,083 | 1,683 | |
Production | (45,138) | (48,789) | (53,621) | |
Sale of properties | (121) | (65,796) | (105,463) | |
Ending balance | 409,302 | 614,565 | 653,816 | |
Crude Oil and Condensate [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 135,799 | 136,892 | 150,345 | |
Proved developed reserves | 67,847 | 75,876 | 80,526 | 79,695 |
Proved undeveloped reserves | 38,326 | 59,923 | 56,366 | 70,650 |
Extensions, discoveries and other additions | 4,550 | 9,657 | 10,177 | |
Purchase of minerals in-place | 1,763 | |||
Revisions of previous estimates | (27,966) | (812) | (531) | |
Production | (5,755) | (6,421) | (6,469) | |
Sale of properties | (2,218) | (3,517) | (16,630) | |
Ending balance | 106,173 | 135,799 | 136,892 | |
Crude Oil and Condensate [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 55,771 | 59,227 | 63,861 | |
Proved developed reserves | 29,996 | 22,524 | 29,053 | |
Proved undeveloped reserves | 25,775 | 36,703 | 34,808 | |
Extensions, discoveries and other additions | 4,254 | 2,539 | ||
Revisions of previous estimates | 11,189 | (216) | (118) | |
Production | (2,778) | (7,494) | (7,055) | |
Sale of properties | (64,182) | |||
Ending balance | 55,771 | 59,227 | ||
Crude Oil and Condensate [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 124,805 | 129,580 | 147,654 | |
Proved developed reserves | 104,255 | 105,746 | 100,327 | 119,635 |
Proved undeveloped reserves | 11,309 | 19,059 | 29,253 | 28,019 |
Extensions, discoveries and other additions | 16,579 | 17,386 | 1,543 | |
Purchase of minerals in-place | 3,623 | |||
Revisions of previous estimates | (2,255) | (7) | 18 | |
Production | (21,657) | (22,154) | (23,258) | |
Sale of properties | (1,908) | |||
Ending balance | 115,564 | 124,805 | 129,580 | |
Crude Oil and Condensate [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 16,426 | 18,826 | ||
Proved developed reserves | 14,195 | 15,845 | ||
Proved undeveloped reserves | 2,231 | 2,981 | ||
Extensions, discoveries and other additions | 5 | 998 | ||
Revisions of previous estimates | 24 | |||
Production | (620) | (3,422) | ||
Sale of properties | (15,811) | |||
Ending balance | 16,426 | |||
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 282,207 | 291,861 | 258,352 | |
Proved developed reserves | 168,786 | 204,628 | 217,129 | 183,949 |
Proved undeveloped reserves | 30,151 | 77,579 | 74,732 | 74,403 |
Extensions, discoveries and other additions | 8,074 | 50,500 | 73,245 | |
Purchase of minerals in-place | 976 | 2,916 | 340 | |
Revisions of previous estimates | (69,178) | 2,691 | 2,141 | |
Production | (22,721) | (24,589) | (23,595) | |
Sale of properties | (421) | (41,172) | (18,622) | |
Ending balance | 198,937 | 282,207 | 291,861 | |
Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 1,558 | |||
Proved developed reserves | 1,491 | 1,346 | ||
Proved undeveloped reserves | 78 | 212 | ||
Extensions, discoveries and other additions | 144 | 1,820 | ||
Revisions of previous estimates | 255 | (17) | ||
Production | (388) | (245) | ||
Ending balance | 1,569 | 1,558 | ||
Natural Gas Liquids [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 253,393 | 248,023 | 215,397 | |
Proved developed reserves | 150,265 | 183,565 | 184,485 | 154,508 |
Proved undeveloped reserves | 24,939 | 69,828 | 63,538 | 60,889 |
Extensions, discoveries and other additions | 5,768 | 47,516 | 69,231 | |
Purchase of minerals in-place | 2,916 | 45 | ||
Revisions of previous estimates | (64,226) | 2,594 | 1,591 | |
Production | (19,684) | (21,464) | (19,922) | |
Sale of properties | (47) | (26,192) | (18,319) | |
Ending balance | 175,204 | 253,393 | 248,023 | |
Natural Gas Liquids [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 25,115 | 36,069 | 34,254 | |
Proved developed reserves | 15,246 | 17,947 | 26,099 | 21,996 |
Proved undeveloped reserves | 4,839 | 7,168 | 9,970 | 12,258 |
Extensions, discoveries and other additions | 1,473 | 1,163 | 4,014 | |
Purchase of minerals in-place | 976 | |||
Revisions of previous estimates | (4,886) | 116 | 546 | |
Production | (2,236) | (2,256) | (2,442) | |
Sale of properties | (357) | (9,977) | (303) | |
Ending balance | 20,085 | 25,115 | 36,069 | |
Natural Gas Liquids [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 2,141 | 2,650 | 2,818 | |
Proved developed reserves | 1,784 | 1,770 | 2,435 | 2,438 |
Proved undeveloped reserves | 295 | 371 | 215 | 380 |
Extensions, discoveries and other additions | 689 | 1 | ||
Purchase of minerals in-place | 295 | |||
Revisions of previous estimates | (321) | (2) | 1 | |
Production | (413) | (508) | (464) | |
Sale of properties | (17) | |||
Ending balance | 2,079 | 2,141 | 2,650 | |
Natural Gas Liquids [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | 5,119 | 5,883 | ||
Proved developed reserves | 4,110 | 5,007 | ||
Proved undeveloped reserves | 1,009 | 876 | ||
Revisions of previous estimates | 3 | |||
Production | (116) | (767) | ||
Sale of properties | (5,003) | |||
Ending balance | 5,119 | |||
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 6,238,760 | 7,338,412 | 8,464,206 | |
Proved developed reserves | MMcf | 2,985,290 | 3,971,360 | 4,926,064 | 5,833,105 |
Proved undeveloped reserves | MMcf | 445,132 | 2,267,400 | 2,412,348 | 2,631,101 |
Extensions, discoveries and other additions | MMcf | 298,649 | 817,253 | 743,212 | |
Purchase of minerals in-place | MMcf | 24,727 | 21,337 | 11,535 | |
Revisions of previous estimates | MMcf | (788,714) | 29,179 | 173,191 | |
Production | MMcf | (447,141) | (580,043) | (765,437) | |
Sale of properties | MMcf | (1,895,859) | (1,387,378) | (1,288,295) | |
Ending balance | MMcf | 3,430,422 | 6,238,760 | 7,338,412 | |
Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 808,883 | 812,180 | 895,491 | |
Proved developed reserves | MMcf | 776,263 | 637,187 | 621,825 | 690,436 |
Proved undeveloped reserves | MMcf | 53,969 | 171,696 | 190,355 | 205,055 |
Extensions, discoveries and other additions | MMcf | 94,777 | 125,899 | 44,382 | |
Revisions of previous estimates | MMcf | 54,811 | 5,949 | 2,413 | |
Production | MMcf | (128,239) | (135,145) | (130,106) | |
Ending balance | MMcf | 830,232 | 808,883 | 812,180 | |
Natural Gas [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 2,196,803 | 2,673,126 | 3,185,907 | |
Proved developed reserves | MMcf | 1,364,174 | 1,616,504 | 2,005,966 | 2,353,587 |
Proved undeveloped reserves | MMcf | 208,594 | 580,299 | 667,160 | 832,320 |
Extensions, discoveries and other additions | MMcf | 40,901 | 203,318 | 306,721 | |
Purchase of minerals in-place | MMcf | 21,337 | 855 | ||
Revisions of previous estimates | MMcf | (503,939) | 35,910 | 61,247 | |
Production | MMcf | (160,614) | (215,829) | (285,187) | |
Sale of properties | MMcf | (383) | (521,059) | (596,417) | |
Ending balance | MMcf | 1,572,768 | 2,196,803 | 2,673,126 | |
Natural Gas [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 1,517,768 | 1,733,457 | 2,137,884 | |
Proved developed reserves | MMcf | 759,321 | 990,145 | 1,294,420 | 1,734,657 |
Proved undeveloped reserves | MMcf | 162,809 | 527,623 | 439,037 | 403,227 |
Extensions, discoveries and other additions | MMcf | 121,216 | 383,077 | 359,493 | |
Purchase of minerals in-place | MMcf | 24,727 | |||
Revisions of previous estimates | MMcf | (325,375) | (12,626) | 109,551 | |
Production | MMcf | (100,289) | (117,816) | (181,593) | |
Sale of properties | MMcf | (315,917) | (468,324) | (691,878) | |
Ending balance | MMcf | 922,130 | 1,517,768 | 1,733,457 | |
Natural Gas [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 1,604,819 | 1,601,767 | 1,670,070 | |
Proved developed reserves | MMcf | 640,265 | 626,543 | 596,052 | |
Proved undeveloped reserves | MMcf | 964,554 | 975,224 | 1,074,018 | |
Extensions, discoveries and other additions | MMcf | 81,156 | 13,351 | ||
Revisions of previous estimates | MMcf | 8,162 | (101) | ||
Production | MMcf | (34,352) | (78,104) | (81,553) | |
Sale of properties | MMcf | (1,578,629) | |||
Ending balance | MMcf | 1,604,819 | 1,601,767 | ||
Natural Gas [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 110,487 | 107,165 | 112,304 | |
Proved developed reserves | MMcf | 85,532 | 87,259 | 88,177 | 93,319 |
Proved undeveloped reserves | MMcf | 19,760 | 23,228 | 18,988 | 18,985 |
Extensions, discoveries and other additions | MMcf | 41,755 | 23,803 | 2,750 | |
Purchase of minerals in-place | MMcf | 10,680 | |||
Revisions of previous estimates | MMcf | (22,373) | (54) | 32 | |
Production | MMcf | (23,647) | (20,427) | (18,601) | |
Sale of properties | MMcf | (930) | |||
Ending balance | MMcf | 105,292 | 110,487 | 107,165 | |
Natural Gas [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Beginning balance | MMcf | 410,717 | 462,550 | ||
Proved developed reserves | MMcf | 289,133 | 365,054 | ||
Proved undeveloped reserves | MMcf | 121,584 | 97,496 | ||
Extensions, discoveries and other additions | MMcf | 16,515 | |||
Revisions of previous estimates | MMcf | 49 | |||
Production | MMcf | (12,722) | (68,397) | ||
Sale of properties | MMcf | (397,995) | |||
Ending balance | MMcf | 410,717 |
Supplemental Oil and Gas Dis108
Supplemental Oil and Gas Disclosures - Proved Reserve Data (Parenthetical) (Detail) | Dec. 31, 2015MMBoeMBblsMMcf | Dec. 31, 2014MMBoeMBblsMMcf | Dec. 31, 2013MMBoeMBblsMMcf | Dec. 31, 2012MBblsMMcf |
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,331,397 | 1,651,291 | 1,832,936 | 1,981,945 |
Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 275,033 | 236,256 | 222,880 | 221,819 |
Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMBoe | 101 | 93 | 90 | |
Crude Oil and Condensate [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 665,063 | 784,770 | 794,795 | 825,811 |
Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 144,164 | 128,712 | 119,242 | 106,746 |
Crude Oil and Condensate [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 54,000 | 48,000 | 45,000 | |
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 168,786 | 204,628 | 217,129 | 183,949 |
Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,491 | 1,346 | ||
Natural Gas Liquids [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 523 | 519 | ||
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 2,985,290 | 3,971,360 | 4,926,064 | 5,833,105 |
Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 776,263 | 637,187 | 621,825 | 690,436 |
Natural Gas [Member] | Egypt [Member] | Noncontrolling Interest [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 277 | 270 | 271 |
Supplemental Oil and Gas Dis109
Supplemental Oil and Gas Disclosures - Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | $ 52,073 | $ 142,934 |
Production costs | (21,413) | (47,562) |
Development costs | (8,055) | (12,507) |
Income tax expense | (3,080) | (21,465) |
Net cash flows | 19,525 | 61,400 |
10 percent discount rate | (8,931) | (29,742) |
Discounted future net cash flows | 10,594 | 31,658 |
Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 11,124 | 16,802 |
Production costs | (2,185) | (2,924) |
Development costs | (1,515) | (1,683) |
Income tax expense | (2,326) | (4,091) |
Net cash flows | 5,098 | 8,104 |
10 percent discount rate | (1,330) | (2,099) |
Discounted future net cash flows | 3,768 | 6,005 |
United States [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 26,610 | 73,859 |
Production costs | (12,178) | (25,875) |
Development costs | (2,255) | (4,422) |
Income tax expense | (63) | (10,657) |
Net cash flows | 12,114 | 32,905 |
10 percent discount rate | (6,876) | (17,639) |
Discounted future net cash flows | 5,238 | 15,266 |
Canada [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 7,345 | 18,966 |
Production costs | (3,841) | (7,537) |
Development costs | (1,939) | (2,453) |
Income tax expense | (1,070) | |
Net cash flows | 1,565 | 7,906 |
10 percent discount rate | (868) | (3,983) |
Discounted future net cash flows | 697 | 3,923 |
Australia [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 19,391 | |
Production costs | (4,105) | |
Development costs | (1,173) | |
Income tax expense | (3,202) | |
Net cash flows | 10,911 | |
10 percent discount rate | (5,875) | |
Discounted future net cash flows | 5,036 | |
North Sea [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 6,994 | 13,916 |
Production costs | (3,209) | (7,121) |
Development costs | (2,346) | (2,776) |
Income tax expense | (691) | (2,445) |
Net cash flows | 748 | 1,574 |
10 percent discount rate | 143 | (146) |
Discounted future net cash flows | $ 891 | $ 1,428 |
Supplemental Oil and Gas Dis110
Supplemental Oil and Gas Disclosures - Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Estimated future net cash flow before income tax expenses | 10.00% | |
Total estimated future net cash flows before income tax expense discounted at 10 percent per annum | $ 13,100 | $ 43,000 |
Total estimated future net cash flows | 10,594 | 31,658 |
Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Total estimated future net cash flows | 3,768 | 6,005 |
Egypt [Member] | Noncontrolling Interest [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Total estimated future net cash flows | $ 1,300 | $ 2,000 |
Supplemental Oil and Gas Dis111
Supplemental Oil and Gas Disclosures - Principal Sources of Change In Discounted Future Net Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Extractive Industries [Abstract] | |||
Sales, net of production costs | $ (4,056) | $ (10,350) | $ (12,271) |
Net change in prices and production costs | (21,710) | (1,029) | 1,438 |
Discoveries and improved recovery, net of related costs | 1,953 | 6,297 | 6,892 |
Change in future development costs | 705 | (1,146) | (2,017) |
Previously estimated development costs incurred during the period | 1,991 | 4,462 | 4,654 |
Revision of quantities | (2,292) | 256 | 500 |
Purchases of minerals in-place | 22 | 508 | 227 |
Accretion of discount | 3,642 | 4,442 | 4,823 |
Change in income taxes | 7,264 | 836 | 855 |
Sales of properties | (5,240) | (4,780) | (6,232) |
Change in production rates and other | (3,343) | (442) | (828) |
Change in the discounted future net cash flows, Total | $ (21,064) | $ (936) | $ (1,959) |
Supplemental Quarterly Finan112
Supplemental Quarterly Financial Data - Supplemental Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues and other | $ 1,263 | $ 1,496 | $ 1,977 | $ 1,630 | $ 2,683 | $ 3,441 | $ 3,289 | $ 3,388 | $ 6,366 | $ 12,801 | $ 14,438 |
Expenses | 9,133 | 7,047 | 6,809 | 6,134 | 6,377 | 4,526 | 2,732 | 2,638 | 29,123 | 16,273 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (7,870) | (5,551) | (4,832) | (4,504) | (3,694) | (1,085) | 557 | 750 | (22,757) | (3,472) | 1,980 |
Net income (loss) from discontinued operations, net of tax | 188 | (95) | (732) | (132) | (1,072) | (156) | 56 | (416) | (771) | (1,588) | 308 |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (7,682) | (5,646) | (5,564) | (4,636) | (4,766) | (1,241) | 613 | 334 | (23,528) | (5,060) | 2,288 |
Net income (loss) attributable to common stock | $ (7,213) | $ (5,655) | $ (5,600) | $ (4,651) | $ (4,814) | $ (1,330) | $ 505 | $ 236 | $ (23,119) | $ (5,403) | $ 2,188 |
Basic net income (loss) per common share | |||||||||||
Net income (loss) from continuing operations | $ (19.57) | $ (14.70) | $ (12.89) | $ (11.99) | $ (9.93) | $ (3.08) | $ 1.17 | $ 1.66 | $ (59.16) | $ (9.93) | $ 4.75 |
Net income (loss) from discontinued operations | 0.50 | (0.25) | (1.94) | (0.35) | (2.85) | (0.42) | 0.14 | (1.06) | (2.04) | (4.13) | 0.78 |
Net income (loss) per share | (19.07) | (14.95) | (14.83) | (12.34) | (12.78) | (3.50) | 1.31 | 0.60 | (61.20) | (14.06) | 5.53 |
DILUTED NET INCOME (LOSS) PER COMMON SHARE | |||||||||||
Net income (loss) from continuing operations | (19.57) | (14.70) | (12.89) | (11.99) | (9.93) | (3.08) | 1.17 | 1.65 | (59.16) | (9.93) | 4.74 |
Net income (loss) from discontinued operations | 0.50 | (0.25) | (1.94) | (0.35) | (2.85) | (0.42) | 0.14 | (1.05) | (2.04) | (4.13) | 0.76 |
Net income (loss) per share | $ (19.07) | $ (14.95) | $ (14.83) | $ (12.34) | $ (12.78) | $ (3.50) | $ 1.31 | $ 0.60 | $ (61.20) | $ (14.06) | $ 5.50 |
Supplemental Quarterly Finan113
Supplemental Quarterly Financial Data - Supplemental Quarterly Financial Data (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Write-down of the carrying value of Oil and Gas properties, net of tax | $ 16,620,000,000 | $ 3,068,000,000 | $ 541,000,000 | |
Asset impairments total | $ 604,000,000 | 1,920,000,000 | 1,919,000,000 | $ 0 |
Impairment of goodwill | 1,300,000,000 | |||
Impairment of assets held for sale and other assets | $ 604,000,000 | |||
Inventory write-downs | 55,000,000 | |||
Impairment of gathering, transmission, and processing (GTP) facilities | 1,700,000,000 | |||
Impairment of equity method investment | $ 148,000,000 |
Supplemental Guarantor Infor114
Supplemental Guarantor Information - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 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 Infor115
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | $ 6,383,000,000 | $ 12,691,000,000 | $ 14,771,000,000 | ||||||||
Other | (17,000,000) | 110,000,000 | (333,000,000) | ||||||||
Total revenues and other | $ 1,263,000,000 | $ 1,496,000,000 | $ 1,977,000,000 | $ 1,630,000,000 | $ 2,683,000,000 | $ 3,441,000,000 | $ 3,289,000,000 | $ 3,388,000,000 | 6,366,000,000 | 12,801,000,000 | 14,438,000,000 |
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 29,372,000,000 | 9,720,000,000 | 5,866,000,000 | ||||||||
Asset retirement obligation accretion | 145,000,000 | 154,000,000 | 211,000,000 | ||||||||
Lease operating expenses | 1,854,000,000 | 2,238,000,000 | 2,650,000,000 | ||||||||
Gathering and transportation | 211,000,000 | 273,000,000 | 288,000,000 | ||||||||
Taxes other than income | 282,000,000 | 577,000,000 | 772,000,000 | ||||||||
Impairments | 604,000,000 | 1,920,000,000 | 1,919,000,000 | 0 | |||||||
General and administrative | 377,000,000 | 451,000,000 | 481,000,000 | ||||||||
Transaction, reorganization, and separation | 132,000,000 | 67,000,000 | 33,000,000 | ||||||||
Acquisition, divestiture, and separation costs | 33,000,000 | ||||||||||
Financing costs, net | 299,000,000 | 211,000,000 | 229,000,000 | ||||||||
Total operating expenses | 34,592,000,000 | 15,610,000,000 | 10,530,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (28,226,000,000) | (2,809,000,000) | 3,908,000,000 | ||||||||
Provision (benefit) for income taxes | (5,469,000,000) | 663,000,000 | 1,928,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (7,870,000,000) | (5,551,000,000) | (4,832,000,000) | (4,504,000,000) | (3,694,000,000) | (1,085,000,000) | 557,000,000 | 750,000,000 | (22,757,000,000) | (3,472,000,000) | 1,980,000,000 |
Net income (loss) from discontinued operations, net of tax | 188,000,000 | (95,000,000) | (732,000,000) | (132,000,000) | (1,072,000,000) | (156,000,000) | 56,000,000 | (416,000,000) | (771,000,000) | (1,588,000,000) | 308,000,000 |
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (7,682,000,000) | (5,646,000,000) | (5,564,000,000) | (4,636,000,000) | (4,766,000,000) | (1,241,000,000) | 613,000,000 | 334,000,000 | (23,528,000,000) | (5,060,000,000) | 2,288,000,000 |
Preferred stock dividends | 44,000,000 | ||||||||||
Net income attributable to noncontrolling interest | (409,000,000) | 343,000,000 | 56,000,000 | ||||||||
Net income (loss) attributable to common shareholders | $ (7,213,000,000) | $ (5,655,000,000) | $ (5,600,000,000) | $ (4,651,000,000) | $ (4,814,000,000) | $ (1,330,000,000) | $ 505,000,000 | $ 236,000,000 | (23,119,000,000) | (5,403,000,000) | 2,188,000,000 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (23,119,000,000) | (5,404,000,000) | 2,204,000,000 | ||||||||
Reclassifications & Eliminations [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Equity in net income (loss) of affiliates | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
Other | 19,000,000 | 5,000,000 | (4,000,000) | ||||||||
Total revenues and other | 9,605,000,000 | 116,000,000 | (2,370,000,000) | ||||||||
OPERATING EXPENSES: | |||||||||||
General and administrative | 19,000,000 | 5,000,000 | (4,000,000) | ||||||||
Total operating expenses | 19,000,000 | 5,000,000 | (4,000,000) | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
Net income (loss) attributable to common shareholders | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 9,586,000,000 | 111,000,000 | (2,366,000,000) | ||||||||
Apache Corporation [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | 1,446,000,000 | 3,399,000,000 | 4,585,000,000 | ||||||||
Equity in net income (loss) of affiliates | (7,685,000,000) | 25,000,000 | 2,313,000,000 | ||||||||
Other | (18,000,000) | 195,000,000 | (399,000,000) | ||||||||
Total revenues and other | (6,257,000,000) | 3,619,000,000 | 6,499,000,000 | ||||||||
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 19,496,000,000 | 5,845,000,000 | 2,250,000,000 | ||||||||
Asset retirement obligation accretion | 15,000,000 | 31,000,000 | 67,000,000 | ||||||||
Lease operating expenses | 399,000,000 | 509,000,000 | 939,000,000 | ||||||||
Gathering and transportation | 35,000,000 | 58,000,000 | 61,000,000 | ||||||||
Taxes other than income | 103,000,000 | 206,000,000 | 190,000,000 | ||||||||
Impairments | 112,000,000 | 175,000,000 | |||||||||
General and administrative | 300,000,000 | 377,000,000 | 408,000,000 | ||||||||
Transaction, reorganization, and separation | 132,000,000 | 67,000,000 | |||||||||
Acquisition, divestiture, and separation costs | 33,000,000 | ||||||||||
Financing costs, net | 288,000,000 | 158,000,000 | 97,000,000 | ||||||||
Total operating expenses | 20,880,000,000 | 7,426,000,000 | 4,045,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (27,137,000,000) | (3,807,000,000) | 2,454,000,000 | ||||||||
Provision (benefit) for income taxes | (4,188,000,000) | 1,472,000,000 | 222,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (22,949,000,000) | (5,279,000,000) | 2,232,000,000 | ||||||||
Net income (loss) from discontinued operations, net of tax | (172,000,000) | (127,000,000) | |||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (23,121,000,000) | (5,406,000,000) | 2,232,000,000 | ||||||||
Preferred stock dividends | 44,000,000 | ||||||||||
Net income (loss) attributable to common shareholders | (23,121,000,000) | (5,406,000,000) | 2,188,000,000 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (23,121,000,000) | (5,407,000,000) | 2,204,000,000 | ||||||||
Apache Finance Canada [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Equity in net income (loss) of affiliates | (1,958,000,000) | (209,000,000) | 17,000,000 | ||||||||
Other | 54,000,000 | 55,000,000 | 61,000,000 | ||||||||
Total revenues and other | (1,904,000,000) | (154,000,000) | 78,000,000 | ||||||||
OPERATING EXPENSES: | |||||||||||
Financing costs, net | (14,000,000) | (24,000,000) | 5,000,000 | ||||||||
Total operating expenses | (14,000,000) | (24,000,000) | 5,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,890,000,000) | (130,000,000) | 73,000,000 | ||||||||
Provision (benefit) for income taxes | 11,000,000 | 6,000,000 | 20,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (1,901,000,000) | (136,000,000) | 53,000,000 | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (1,901,000,000) | (136,000,000) | 53,000,000 | ||||||||
Net income (loss) attributable to common shareholders | (1,901,000,000) | (136,000,000) | 53,000,000 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (1,901,000,000) | (136,000,000) | 53,000,000 | ||||||||
All Other Subsidiaries of Apache Corporation [Member] | |||||||||||
REVENUES AND OTHER: | |||||||||||
Oil and gas production revenues | 4,937,000,000 | 9,292,000,000 | 10,186,000,000 | ||||||||
Equity in net income (loss) of affiliates | 57,000,000 | 73,000,000 | 36,000,000 | ||||||||
Other | (72,000,000) | (145,000,000) | 9,000,000 | ||||||||
Total revenues and other | 4,922,000,000 | 9,220,000,000 | 10,231,000,000 | ||||||||
OPERATING EXPENSES: | |||||||||||
Depreciation, depletion, and amortization | 9,876,000,000 | 3,875,000,000 | 3,616,000,000 | ||||||||
Asset retirement obligation accretion | 130,000,000 | 123,000,000 | 144,000,000 | ||||||||
Lease operating expenses | 1,455,000,000 | 1,729,000,000 | 1,711,000,000 | ||||||||
Gathering and transportation | 176,000,000 | 215,000,000 | 227,000,000 | ||||||||
Taxes other than income | 179,000,000 | 371,000,000 | 582,000,000 | ||||||||
Impairments | 1,808,000,000 | 1,744,000,000 | |||||||||
General and administrative | 58,000,000 | 69,000,000 | 77,000,000 | ||||||||
Financing costs, net | 25,000,000 | 77,000,000 | 127,000,000 | ||||||||
Total operating expenses | 13,707,000,000 | 8,203,000,000 | 6,484,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (8,785,000,000) | 1,017,000,000 | 3,747,000,000 | ||||||||
Provision (benefit) for income taxes | (1,292,000,000) | (815,000,000) | 1,686,000,000 | ||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (7,493,000,000) | 1,832,000,000 | 2,061,000,000 | ||||||||
Net income (loss) from discontinued operations, net of tax | (599,000,000) | (1,461,000,000) | 308,000,000 | ||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST | (8,092,000,000) | 371,000,000 | 2,369,000,000 | ||||||||
Net income attributable to noncontrolling interest | (409,000,000) | 343,000,000 | 56,000,000 | ||||||||
Net income (loss) attributable to common shareholders | (7,683,000,000) | 28,000,000 | 2,313,000,000 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (7,683,000,000) | $ 28,000,000 | $ 2,313,000,000 |
Supplemental Guarantor Infor116
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $ 2,834 | $ 7,517 | $ 8,685 | |
CASH PROVIDED BY DISCONTINUED OPERATIONS | 150 | 944 | 1,150 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 2,984 | 8,461 | 9,835 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (4,578) | (9,022) | (8,663) | |
Additions to gas gathering, transmission, and processing facilities | (233) | (881) | (464) | |
Proceeds from sale of Deepwater Gulf of Mexico assets | 854 | 1,360 | ||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 391 | 1,262 | 3,702 | |
Leasehold and property acquisitions | (367) | (1,475) | (429) | |
Proceeds from Kitimat LNG transaction, net | 396 | |||
Proceeds from sale of oil and gas properties | $ 1,200 | 268 | 470 | 307 |
Other | 6 | (299) | (105) | |
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (3,659) | (8,585) | (5,256) | |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 4,335 | (219) | (1,860) | |
NET CASH USED IN INVESTING ACTIVITIES | 676 | (8,804) | (7,116) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper, credit facility, and bank notes, net | (1,570) | 1,568 | (509) | |
Payments on fixed rate debt | (939) | (2,072) | ||
Dividends paid | (377) | (365) | (360) | |
Distributions to noncontrolling interest | (129) | (140) | ||
Proceeds from sale of noncontrolling interest | 2,948 | |||
Shares repurchased | (1,864) | (997) | ||
Other | 53 | 49 | 21 | |
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (2,962) | (752) | (969) | |
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | (4) | ||
NET CASH USED IN FINANCING ACTIVITIES | (2,962) | (794) | (973) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 698 | (1,137) | 1,746 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 769 | 1,906 | 160 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 769 | 1,467 | 769 | 1,906 |
Reclassifications & Eliminations [Member] | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment in subsidiaries, net | (6,363) | (1,459) | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (6,363) | (1,459) | ||
NET CASH USED IN INVESTING ACTIVITIES | (6,363) | (1,459) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Intercompany borrowings | 6,363 | 1,471 | ||
Other | (12) | |||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | 6,363 | 1,459 | ||
NET CASH USED IN FINANCING ACTIVITIES | 6,363 | 1,459 | ||
Apache Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 395 | 6,691 | 1,421 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 395 | 6,691 | 1,421 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (1,779) | (8,997) | (4,096) | |
Additions to gas gathering, transmission, and processing facilities | (156) | 49 | (124) | |
Proceeds from sale of Deepwater Gulf of Mexico assets | 1,360 | |||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 1,262 | 3,702 | ||
Leasehold and property acquisitions | (313) | (1,087) | (195) | |
Proceeds from sale of oil and gas properties | 163 | 15 | ||
Investment in subsidiaries, net | 6,363 | 1,459 | ||
Other | (34) | (278) | (58) | |
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | 4,244 | (6,217) | (771) | |
NET CASH USED IN INVESTING ACTIVITIES | 4,244 | (6,217) | (771) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper, credit facility, and bank notes, net | (1,570) | 1,570 | (501) | |
Intercompany borrowings | (1,639) | 3,056 | ||
Payments on fixed rate debt | (939) | (1,722) | ||
Dividends paid | (377) | (365) | (360) | |
Shares repurchased | (1,864) | (997) | ||
Other | (3) | (5) | 29 | |
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (4,528) | (664) | (495) | |
NET CASH USED IN FINANCING ACTIVITIES | (4,528) | (664) | (495) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 111 | (190) | 155 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 267 | 155 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 267 | 378 | 267 | 155 |
Apache Finance Canada [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 18 | 17 | 315 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 18 | 17 | 315 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Intercompany borrowings | (10) | 8 | 1 | |
Payments on fixed rate debt | (350) | |||
Other | (28) | 37 | ||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (10) | (20) | (312) | |
NET CASH USED IN FINANCING ACTIVITIES | (10) | (20) | (312) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 8 | (3) | 3 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 8 | 3 | ||
All Other Subsidiaries of Apache Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,421 | 809 | 6,949 | |
CASH PROVIDED BY DISCONTINUED OPERATIONS | 150 | 944 | 1,150 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 2,571 | 1,753 | 8,099 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to oil and gas property | (2,799) | (25) | (4,567) | |
Additions to gas gathering, transmission, and processing facilities | (77) | (930) | (340) | |
Proceeds from sale of Deepwater Gulf of Mexico assets | 854 | |||
Proceeds from divestiture of Gulf of Mexico Shelf properties | 391 | |||
Leasehold and property acquisitions | (54) | (388) | (234) | |
Proceeds from Kitimat LNG transaction, net | 396 | |||
Proceeds from sale of oil and gas properties | 105 | 455 | 307 | |
Other | 40 | (21) | (47) | |
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | 1,540 | (909) | (4,485) | |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 4,335 | (219) | (1,860) | |
NET CASH USED IN INVESTING ACTIVITIES | 2,795 | (1,128) | (6,345) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Commercial paper, credit facility, and bank notes, net | (2) | (8) | ||
Intercompany borrowings | (4,174) | (1,479) | (3,057) | |
Distributions to noncontrolling interest | (129) | (140) | ||
Proceeds from sale of noncontrolling interest | 2,948 | |||
Other | 56 | 94 | (45) | |
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (4,787) | (1,527) | (162) | |
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | (4) | ||
NET CASH USED IN FINANCING ACTIVITIES | (4,787) | (1,569) | (166) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 579 | (944) | 1,588 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 502 | 1,748 | 160 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 502 | $ 1,081 | $ 502 | $ 1,748 |
Supplemental Guarantor Infor117
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 1,467 | $ 769 | $ 1,906 | $ 160 |
Receivables, net of allowance | 1,253 | 2,024 | ||
Inventories | 570 | 708 | ||
Drilling advances | 172 | 388 | ||
Assets held for sale | 1,628 | |||
Deferred tax asset | 769 | |||
Prepaid assets and other | 290 | 129 | ||
Total current assets | 3,752 | 6,415 | ||
PROPERTY AND EQUIPMENT, NET | 14,119 | 48,076 | ||
OTHER ASSETS: | ||||
Deferred charges and other | 971 | 1,461 | ||
Total assets | 18,842 | 55,952 | 51,966 | |
CURRENT LIABILITIES: | ||||
Accounts payable | 618 | 1,210 | ||
Other current liabilities | 1,223 | 2,454 | ||
Total current liabilities | 1,841 | 3,664 | ||
LONG-TERM DEBT | 8,777 | 11,245 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 1,072 | 9,499 | ||
Asset retirement obligation, non current | 2,562 | 3,048 | ||
Other | 362 | 359 | ||
Total deferred credits and other noncurrent liabilities | $ 3,996 | $ 12,906 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 2,566 | $ 25,937 | ||
Noncontrolling interest | 1,662 | 2,200 | ||
TOTAL EQUITY | 4,228 | 28,137 | 35,393 | 31,331 |
Total liabilities and shareholders' equity | 18,842 | 55,952 | ||
Reclassifications & Eliminations [Member] | ||||
CURRENT ASSETS: | ||||
Intercompany receivable | (5,212) | (4,939) | ||
Total current assets | (5,212) | (4,939) | ||
OTHER ASSETS: | ||||
Intercompany receivable | (10,744) | (608) | ||
Equity in affiliates | (15,735) | (27,104) | ||
Deferred charges and other | (1,000) | (1,000) | ||
Total assets | (32,691) | (33,651) | ||
CURRENT LIABILITIES: | ||||
Intercompany payable | (5,212) | (4,939) | ||
Total current liabilities | (5,212) | (4,939) | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | (10,744) | (608) | ||
Other | (1,000) | (1,000) | ||
Total deferred credits and other noncurrent liabilities | $ (11,744) | $ (1,608) | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ (15,735) | $ (27,104) | ||
TOTAL EQUITY | (15,735) | (27,104) | ||
Total liabilities and shareholders' equity | (32,691) | (33,651) | ||
Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 378 | 267 | 155 | |
Receivables, net of allowance | 314 | 837 | ||
Inventories | 34 | 24 | ||
Drilling advances | 16 | 34 | ||
Deferred tax asset | 612 | |||
Prepaid assets and other | 102 | 32 | ||
Intercompany receivable | 5,212 | 4,939 | ||
Total current assets | 6,056 | 6,745 | ||
PROPERTY AND EQUIPMENT, NET | 13,940 | |||
OTHER ASSETS: | ||||
Equity in affiliates | 16,443 | 25,791 | ||
Deferred charges and other | 157 | 175 | ||
Total assets | 22,656 | 46,651 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 409 | 748 | ||
Other current liabilities | 539 | 1,042 | ||
Total current liabilities | 948 | 1,790 | ||
LONG-TERM DEBT | 8,479 | 10,947 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Intercompany payable | 10,744 | 608 | ||
Income taxes | (1,285) | 5,076 | ||
Asset retirement obligation, non current | 271 | 211 | ||
Other | 933 | 2,082 | ||
Total deferred credits and other noncurrent liabilities | $ 10,663 | $ 7,977 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 2,566 | $ 25,937 | ||
TOTAL EQUITY | 2,566 | 25,937 | ||
Total liabilities and shareholders' equity | 22,656 | 46,651 | ||
Apache Finance Canada [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 8 | 3 | ||
Drilling advances | 1 | |||
Total current assets | 1 | |||
OTHER ASSETS: | ||||
Equity in affiliates | (1,154) | 869 | ||
Deferred charges and other | 1,001 | 1,002 | ||
Total assets | 153 | 1,872 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 10 | |||
Other current liabilities | 3 | 1 | ||
Total current liabilities | 3 | 11 | ||
LONG-TERM DEBT | 298 | 298 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 4 | |||
Other | 250 | 250 | ||
Total deferred credits and other noncurrent liabilities | $ 254 | $ 250 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ (708) | $ 1,313 | ||
TOTAL EQUITY | (708) | 1,313 | ||
Total liabilities and shareholders' equity | (153) | 1,872 | ||
All Other Subsidiaries of Apache Corporation [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 1,081 | 502 | $ 1,748 | $ 160 |
Receivables, net of allowance | 939 | 1,187 | ||
Inventories | 536 | 684 | ||
Drilling advances | 156 | 353 | ||
Assets held for sale | 1,628 | |||
Deferred tax asset | 157 | |||
Prepaid assets and other | 188 | 97 | ||
Total current assets | 2,908 | 4,608 | ||
PROPERTY AND EQUIPMENT, NET | 14,119 | 34,136 | ||
OTHER ASSETS: | ||||
Intercompany receivable | 10,744 | 608 | ||
Equity in affiliates | 446 | 444 | ||
Deferred charges and other | 813 | 1,284 | ||
Total assets | 29,030 | 41,080 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 209 | 452 | ||
Other current liabilities | 681 | 1,411 | ||
Intercompany payable | 5,212 | 4,939 | ||
Total current liabilities | 6,102 | 6,802 | ||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | ||||
Income taxes | 2,353 | 4,423 | ||
Asset retirement obligation, non current | 2,291 | 2,837 | ||
Other | 179 | (973) | ||
Total deferred credits and other noncurrent liabilities | $ 4,823 | $ 6,287 | ||
COMMITMENTS AND CONTINGENCIES | ||||
APACHE SHAREHOLDERS' EQUITY | $ 16,443 | $ 25,791 | ||
Noncontrolling interest | 1,662 | 2,200 | ||
TOTAL EQUITY | 18,105 | 27,991 | ||
Total liabilities and shareholders' equity | $ 29,030 | $ 41,080 |