Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 379,687,129 | ||
Entity Public Float | $ 21,118,858,691 |
Statement of Consolidated Opera
Statement of Consolidated Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Oil and gas production revenues: | |||||
Oil and gas production revenues | $ 5,367 | $ 6,510 | [1] | $ 12,795 | [1] |
Other | (34) | 98 | [1] | 285 | [1] |
Gain (loss) on divestiture | 21 | 281 | [1],[2] | (1,608) | [1],[2] |
Total revenues and other | 5,354 | 6,889 | [1] | 11,472 | [1] |
OPERATING EXPENSES: | |||||
Lease operating expenses | 1,494 | 1,854 | [1] | 2,238 | [1] |
Gathering and transportation | 200 | 211 | [1] | 273 | [1] |
Taxes other than income | 126 | 282 | [1] | 577 | [1] |
Exploration Expense | 473 | 2,771 | [1] | 2,499 | [1] |
General and administrative | 410 | 380 | [1] | 453 | [1] |
Oil and gas property and equipment | |||||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [2] | 4,526 | [2] |
Asset retirement obligation accretion | 156 | 145 | [1],[2] | 154 | [1],[2] |
Impairments | 1,103 | 9,472 | [1],[2] | 7,102 | [1],[2] |
Transaction, reorganization, and separation | 39 | 132 | [1] | 67 | [1] |
Financing costs, net | 417 | 511 | [1] | 413 | [1] |
Total operating expenses | 7,036 | 19,058 | [1] | 18,302 | [1] |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,682) | (12,169) | [1] | (6,830) | [1] |
Current income tax provision | 391 | 435 | [1] | 1,281 | [1] |
Deferred income tax benefit | (833) | (1,445) | [1],[2] | (1,799) | [1],[2] |
Net loss from continuing operations including noncontrolling interest | (1,240) | (11,159) | [1] | (6,312) | [1] |
Net income (loss) from discontinued operations, net of tax | (33) | 492 | [1] | (1,707) | [1] |
NET LOSS INCLUDING NONCONTROLLING INTEREST | (1,273) | (10,667) | [1],[2],[3],[4] | (8,019) | [1],[2],[3],[4] |
Net income (loss) attributable to noncontrolling interest | 132 | (315) | [1] | 341 | [1] |
Net income (loss) attributable to common shareholders | (1,405) | (10,352) | [1] | (8,360) | [1] |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS: | |||||
Net loss from continuing operations attributable to common shareholders | (1,372) | (10,844) | [1] | (6,653) | [1] |
Net income (loss) from discontinued operations | (33) | 492 | [1],[2] | (1,707) | [1],[2] |
Net income (loss) attributable to common shareholders | $ (1,405) | $ (10,352) | [1] | $ (8,360) | [1] |
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE: | |||||
Basic and diluted net loss from continuing operations per share | $ (3.62) | $ (28.70) | [1] | $ (17.32) | [1] |
Basic and diluted net loss from discontinued operations per share | (0.09) | 1.30 | [1] | (4.44) | [1] |
Basic and diluted net loss per share | $ (3.71) | $ (27.40) | [1] | $ (21.76) | [1] |
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||
Basic (in shares) | 379 | 378 | [1] | 384 | [1] |
Diluted (in shares) | 379 | 378 | [1] | 384 | [1] |
DIVIDENDS DECLARED PER COMMON SHARE | $ 1 | $ 1 | [1],[4] | $ 1 | [1],[4] |
Oil and gas property and equipment [Member] | |||||
Oil and gas property and equipment | |||||
Depreciation, depletion, and amortization | $ 2,460 | $ 2,976 | [1] | $ 4,195 | [1] |
Other assets [Member] | |||||
Oil and gas property and equipment | |||||
Depreciation, depletion, and amortization | 158 | 324 | [1] | 331 | [1] |
Oil [Member] | |||||
Oil and gas production revenues: | |||||
Oil and gas production revenues | 4,172 | 5,107 | [1] | 10,110 | [1] |
Natural Gas [Member] | |||||
Oil and gas production revenues: | |||||
Oil and gas production revenues | 967 | 1,176 | [1] | 2,017 | [1] |
Natural Gas Liquids [Member] | |||||
Oil and gas production revenues: | |||||
Oil and gas production revenues | $ 228 | $ 227 | [1] | $ 668 | [1] |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Statement of Consolidated Compr
Statement of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | |
Statement of Comprehensive Income [Abstract] | |||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | $ (1,273) | $ (10,667) | [2],[3],[4] | $ (8,019) | [2],[3],[4] |
OTHER COMPREHENSIVE INCOME (LOSS): | |||||
Pension and postretirement benefit plan, net of tax | 7 | (3) | [4] | 0 | |
Commodity cash flow hedge activity, net of tax: | |||||
Change in fair value of derivative instruments | 0 | 0 | (1) | ||
Commodity cash flow hedge activity, net of tax | 7 | (3) | (1) | ||
COMPREHENSIVE LOSS INCLUDING NONCONTROLLING INTEREST | (1,266) | (10,670) | (8,020) | ||
Comprehensive income (loss) attributable to noncontrolling interest | 132 | (315) | 341 | ||
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK | $ (1,398) | $ (10,355) | $ (8,361) | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Statement of Consolidated Cash
Statement of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | $ (1,273) | $ (10,667) | [1],[2],[3],[4] | $ (8,019) | [1],[2],[3],[4] | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Loss (income) from discontinued operations | 33 | (492) | [2],[3] | 1,707 | [2],[3] | ||
Loss (gain) on divestitures | (21) | (281) | [2],[3] | 1,608 | [2],[3] | ||
Exploratory dry hole expense and unproved leasehold impairments | 353 | 2,595 | [3] | 2,294 | [3] | ||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [3] | 4,526 | [3] | ||
Asset retirement obligation accretion | 156 | 145 | [2],[3] | 154 | [2],[3] | ||
Impairments | 1,103 | 9,472 | [2],[3] | 7,102 | [2],[3] | ||
Benefit from deferred income taxes | (833) | (1,445) | [2],[3] | (1,799) | [2],[3] | ||
Other | 164 | 7 | [3] | (231) | [3] | ||
Changes in operating assets and liabilities: | |||||||
Receivables | 126 | 663 | [3] | 757 | [3] | ||
Inventories | (27) | 21 | [3] | (31) | [3] | ||
Drilling advances | 91 | 138 | [3] | 107 | [3] | ||
Deferred charges and other | 115 | (345) | [3] | (301) | [3] | ||
Accounts payable | (63) | (489) | [3] | (216) | [3] | ||
Accrued expenses | (9) | (156) | [3] | (572) | [3] | ||
Deferred credits and noncurrent liabilities | (80) | 88 | [3] | (73) | [3] | ||
NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,453 | 2,554 | [3] | 7,013 | [3] | ||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | (23) | 113 | [3] | 944 | [3] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,430 | 2,667 | [3] | 7,957 | [3] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to oil and gas property | (1,610) | (4,208) | [3] | (8,608) | [3] | ||
Additions to gas gathering, transmission, and processing facilities | (158) | (233) | [3] | (881) | [3] | ||
Leasehold and property acquisitions | (181) | (367) | [3] | (1,475) | [3] | ||
Proceeds from sale of Kitimat LNG | 0 | 854 | [3] | 0 | [3] | ||
Proceeds from sale of Yara Pilbara | 0 | 391 | [3] | 0 | [3] | ||
Proceeds from sale of oil and gas properties, other | 134 | 268 | [3] | 470 | [3] | ||
Other, net | 155 | 6 | [3] | (299) | [3] | ||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (1,660) | (3,289) | [3] | (8,171) | [3] | ||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 0 | 4,372 | [3] | (219) | [3] | ||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,660) | 1,083 | [3] | (8,390) | [3] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Commercial paper, credit facilities and bank notes, net | 0 | (1,570) | [3] | 1,568 | [3] | ||
Payments on fixed rate debt | (181) | (939) | [3] | 0 | [3] | ||
Distributions to noncontrolling interest | (293) | (129) | [3] | (140) | [3] | ||
Dividends paid | (379) | (377) | [3] | (365) | [3] | ||
Treasury stock activity, net | 0 | 0 | [3] | (1,864) | [3] | ||
Other | (7) | 53 | [3] | 49 | [3] | ||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (860) | (2,962) | [3] | (752) | [3] | ||
NET CASH USED IN DISCONTINUED OPERATIONS | 0 | 0 | [3] | (42) | [3] | ||
NET CASH USED IN FINANCING ACTIVITIES | (860) | (2,962) | [3] | (794) | [3] | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (90) | 788 | [3] | (1,227) | [3] | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | [3] | 1,467 | [5] | 679 | 1,906 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,377 | 1,467 | [3],[5] | 679 | [3] | ||
SUPPLEMENTARY CASH FLOW DATA: | |||||||
Interest paid, net of capitalized interest | 413 | 461 | [3] | 260 | [3] | ||
Income taxes paid, net of refunds | 305 | 573 | [3] | 1,357 | [3] | ||
Deepwater Gulf of Mexico [Member] | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sale of productive assets | 0 | 0 | [3] | 1,360 | [3] | ||
Anadarko Basin and Southern Louisiana [Member] | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sale of productive assets | $ 0 | $ 0 | [3] | $ 1,262 | [3] | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[5] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | [2] |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 1,377 | $ 1,467 | [1] |
Receivables, net of allowance | 1,128 | 1,253 | |
Inventories | 476 | 570 | |
Drilling advances | 81 | 172 | |
Prepaid assets and other | 179 | 290 | |
Total current assets | 3,241 | 3,752 | |
Oil and gas, on the basis of successful efforts accounting: | |||
Proved properties | 42,693 | 41,728 | |
Unproved properties and properties under development | 1,969 | 2,277 | |
Gathering, transmission, and processing facilities | 976 | 1,052 | |
Other | 1,111 | 1,093 | |
Property and equipment, gross | 46,749 | 46,150 | |
Less: Accumulated depreciation, depletion, and amortization | (27,882) | (25,312) | |
Property and equipment, net | 18,867 | 20,838 | |
OTHER ASSETS: | |||
Deferred charges and other | 411 | 910 | |
Total assets | 22,519 | 25,500 | |
CURRENT LIABILITIES: | |||
Accounts payable | 585 | 618 | |
Other current liabilities | 1,258 | 1,223 | |
Total current liabilities | 1,843 | 1,841 | |
Long-term debt | 8,544 | 8,716 | |
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||
Income taxes | 1,710 | 2,529 | |
Asset retirement obligation | 2,432 | 2,562 | |
Other | 311 | 362 | |
Total deferred credits and other noncurrent liabilities | 4,453 | 5,453 | |
COMMITMENTS AND CONTINGENCIES (Note 10) | |||
EQUITY: | |||
Common stock, $0.625 par, 860,000,000 shares authorized, 412,612,102 and 411,218,105 shares issued, respectively | 258 | 257 | |
Paid-in capital | 12,364 | 12,619 | |
Accumulated deficit | (3,385) | (1,980) | |
Treasury stock, at cost, 33,172,426 and 33,183,930 shares, respectively | (2,887) | (2,889) | |
Accumulated other comprehensive loss | (112) | (119) | |
APACHE SHAREHOLDERS’ EQUITY | 6,238 | 7,888 | |
Noncontrolling interest | 1,441 | 1,602 | |
TOTAL EQUITY | 7,679 | 9,490 | [3] |
TOTAL LIABILITIES AND EQUITY | $ 22,519 | $ 25,500 | |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||
[2] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||
[3] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | [1] |
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 | 412,612,102 | 411,218,105 | |
Treasury stock, shares | 33,172,426 | 33,183,930 | |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
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] | ||
Beginning Balance at Dec. 31, 2013 | [1] | $ 30,756 | $ 255 | $ 12,403 | $ 17,395 | $ (1,027) | $ (115) | $ 28,911 | $ 1,845 | |
Net income (loss) | [1] | (8,019) | [2],[3],[4] | (8,360) | (8,360) | 341 | ||||
Postretirement benefit plans, net of tax | [2] | 0 | ||||||||
Distributions to noncontrolling interest | [1] | (140) | (140) | |||||||
Commodity hedges, net of tax | [1] | (1) | (1) | (1) | ||||||
Common dividends ($1.00 per share) | [1] | (380) | (380) | (380) | ||||||
Common stock activity, net | [1] | (10) | 1 | (11) | (10) | |||||
Treasury stock activity, net | [1] | (1,864) | (1) | (1,863) | (1,864) | |||||
Compensation expense | [1] | 202 | 202 | 202 | ||||||
Other | [1] | (3) | (3) | (3) | ||||||
Ending Balance at Dec. 31, 2014 | [1] | 20,541 | 256 | 12,590 | 8,655 | (2,890) | (116) | 18,495 | 2,046 | |
Net income (loss) | [1] | (10,667) | [2],[3],[4] | (10,352) | (10,352) | (315) | ||||
Postretirement benefit plans, net of tax | [1] | (3) | [2] | (3) | (3) | |||||
Distributions to noncontrolling interest | [1] | (129) | (129) | |||||||
Common dividends ($1.00 per share) | [1] | (378) | (95) | (283) | (378) | |||||
Common stock activity, net | [1] | (14) | 1 | (15) | (14) | |||||
Treasury stock activity, net | [1] | 0 | (1) | 1 | 0 | |||||
Compensation expense | [1] | 140 | 140 | 140 | ||||||
Ending Balance at Dec. 31, 2015 | [1] | 9,490 | [5] | 257 | 12,619 | (1,980) | (2,889) | (119) | 7,888 | 1,602 |
Net income (loss) | (1,273) | (1,405) | (1,405) | 132 | ||||||
Postretirement benefit plans, net of tax | 7 | 7 | 7 | |||||||
Distributions to noncontrolling interest | (293) | (293) | ||||||||
Common dividends ($1.00 per share) | (379) | (379) | 0 | (379) | ||||||
Common stock activity, net | (38) | 1 | (39) | (38) | ||||||
Treasury stock activity, net | 1 | (1) | 2 | 1 | ||||||
Compensation expense | 164 | 164 | 164 | |||||||
Ending Balance at Dec. 31, 2016 | $ 7,679 | $ 258 | $ 12,364 | $ (3,385) | $ (2,887) | $ (112) | $ 6,238 | $ 1,441 | ||
[1] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||
[4] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||
[5] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Statement of Consolidated Chan8
Statement of Consolidated Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | [2] | Dec. 31, 2014 | [2] | |
Common stock, dividends, per share | $ 1 | $ 1 | [1] | $ 1 | [1] |
Retained Earnings (Accumulated Deficit) [Member] | |||||
Common stock, dividends, per share | 1 | 1 | 1 | ||
Parent [Member] | |||||
Common stock, dividends, per share | $ 1 | $ 1 | $ 1 | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Apache Corporation (Apache or the Company) is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has exploration and production interests in four geographic areas: the United States (U.S.), Canada, Egypt, and the United Kingdom (U.K.) North Sea (North Sea). Apache also has exploration interests in Suriname that may, over time, result in a reportable discovery and development opportunity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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. Recast Financial Information for Change in Accounting Principle In the second quarter of 2016, Apache voluntarily changed its method of accounting for its oil and gas exploration and development activities from the full cost method to the successful efforts method of accounting. The financial information for prior periods has been recast to reflect retrospective application of the successful efforts method, as prescribed by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 932 “Extractive Activities—Oil and Gas.” Although the full cost method of accounting for oil and gas exploration and development activities continues to be an accepted alternative, the successful efforts method of accounting is the generally preferred method of the U.S. Securities and Exchange Commission (SEC) and is more widely used in the industry such that the change improves comparability of the Company’s financial statements to its peers. The Company believes the successful efforts method provides a more representational depiction of assets and operating results. The successful efforts method also provides for the Company’s investments in oil and gas properties to be assessed for impairment in accordance with ASC 360 “Property, Plant, and Equipment” rather than valuations based on prices and costs prescribed under the full cost method as of the balance sheet date. For more detailed information regarding the effects of the change to the successful efforts method, please refer to Note 2—Change in Accounting Principle. The Company has recast certain historical information for the years ended 2015 and 2014, including the Statement of Consolidated Operations, Statement of Consolidated Comprehensive Income (Loss), Statement of Consolidated Cash Flows, Consolidated Balance Sheet, Statement of Consolidated Changes in Equity, and related information in Notes 1, 2, 3, 4, 6, 7, 8, 9, 12, 13, 15, 16, 17, and 18. In addition, in the first quarter of 2016, the Company retrospectively adopted a new accounting standard update for all periods presented which requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability, consistent with debt discounts. For more information regarding this update, please refer to Note 8—Debt and Financing Costs. 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. Sinopec International Petroleum Exploration and Production Corporation (Sinopec) owns a one-third minority participation in Apache’s Egypt oil and gas business as a noncontrolling interest, which is reflected as a separate component of equity in Apache’s consolidated balance sheet. 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 3—Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 16—Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 7—Asset Retirement Obligation), the estimates of fair value for long-lived assets and goodwill (see “Fair Value Measurements,” “Property and Equipment,” and “Goodwill” sections in this Note 1 below), and the estimate of income taxes (see Note 9—Income Taxes). Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in Apache’s consolidated balance sheet. 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 8—Debt and Note 11—Retirement and Deferred Compensation Plans. Apache also uses fair value measurements on a nonrecurring basis when certain qualitative assessments of its assets indicate a potential impairment. For the year ended December 31, 2016 , the Company recorded asset impairments totaling $1.1 billion in connection with fair value assessments in the current low commodity price environment. Impairments totaling $427 million and $135 million were recorded for proved properties and gathering, transmission, and processing (GTP) facilities, respectively, which were written down to their fair values. These impairments are discussed in further detail below in “Property and Equipment.” Also in 2016, the Company recorded $486 million for a U.K. Petroleum Revenue Tax (PRT) decommissioning asset that is no longer expected to be realizable from future abandonment activities in the North Sea and $55 million for inventory write-downs. In 2016, the U.K. government enacted Finance Bill 2016, providing tax relief to exploration and production (E&P) companies operating in the U.K. North Sea. Under the enacted legislation, the U.K. PRT rate was reduced to zero from the previously enacted 35 percent rate in effect from January 1, 2016. PRT expense ceased prospectively from that date. As a further result of this change, the Company reduced the recoverable PRT decommissioning asset that would have been realized from future abandonment activities by $486 million ( $292 million net of tax). This recoverable PRT decommissioning asset had an aggregate remaining value of $8 million as of December 31, 2016, which is recorded in “Deferred charges and other” on the consolidated balance sheet. The recoverable value of the PRT decommissioning asset was estimated using the income approach. The expected future cash flows used in the determination were based on anticipated spending and timing of planned future abandonment activities for applicable fields, considering all available information at the date of review. Apache has classified this fair value measurement as Level 3 in the fair value hierarchy. For the year ended December 31, 2015, the Company recorded asset impairments totaling $9.5 billion in connection with fair value assessments. Impairments totaling $7.4 billion and $1.7 billion were recorded for proved properties and GTP facilities, respectively, which were written down to their fair values. These impairments are discussed in further detail below in “Property and Equipment.” Also in 2015, the Company recorded $163 million for the impairment of goodwill, $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 3—Acquisitions and Divestitures. For the year ended December 31, 2014, the Company recorded asset impairments totaling $7.1 billion in connection with fair value assessments, including $6.1 billion for proved properties, $347 million for the impairment of goodwill, $655 million for the impairment of assets held for sale, and $32 million for inventory write-downs. The Company also recorded $833 million in impairments related to the sale of the Company’s Australian assets and an additional $271 million in impairment of proved properties and inventory in Australia. These impairments are classified as discontinued operations in 2014. For discussion of these impairments, see “Property and Equipment” and “Goodwill” below and Note 3—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, 2016 and 2015 , Apache had $1.4 billion and $1.5 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, 2016 , 2015 , and 2014 , the Company had an allowance for doubtful accounts of $93 million , $103 million , and $98 million , respectively. The following table describes changes to the Company’s allowance for doubtful accounts for 2016 , 2015 , and 2014 : 2016 2015 2014 (In millions) Allowance for doubtful accounts at beginning of year $ 103 $ 98 $ 78 Additional provisions for the year 14 40 4 Uncollectible accounts written off net of recoveries (24 ) (35 ) 16 Allowance for doubtful accounts at end of year $ 93 $ 103 $ 98 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, net of any impairments. 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 successful efforts method of accounting for its oil and gas property. Under this method of accounting, exploration costs such as exploratory geological and geophysical costs, delay rentals, and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. If an exploratory well provides evidence to justify potential development of reserves, drilling costs associated with the well are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation of the cost of proved oil and gas properties is calculated using the unit-of-production (UOP) method. The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the carrying value of those reserves. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. With respect to lease and well equipment costs, which include development costs and successful exploration drilling costs, the reserve base includes only proved developed reserves. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities - Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. When circumstances indicate that proved oil and gas properties may be impaired, the Company compares unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on Apache’s estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820 “Fair Value Measurement.” If applicable, the Company utilizes accepted bids as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a discount rate believed to be consistent with those applied by market participants. Apache has classified these fair value measurements as Level 3 in the fair value hierarchy. The following table represents non-cash impairments of the carrying value of the Company’s proved and unproved property and equipment for 2016 , 2015 , and 2014 : For the Year Ended December 31, 2016 2015 2014 (In millions) Oil and Gas Property: Proved $ 427 $ 7,389 $ 6,068 Unproved 272 2,462 1,976 The fair values of the impaired proved properties as of the most recent date of impairment were $306 million , $3.9 billion , and $4.8 billion for 2016 , 2015 , and 2014 , respectively. In the statement of consolidated operations, unproved property impairments are recorded in exploration expense, and proved property impairments are recorded in impairments. Gains and losses on significant divestitures are recognized in the statement of consolidated operations. See Note 3—Acquisitions and Divestitures for more detail. Gathering, Transmission, and Processing Facilities GTP facilities totaled $976 million and $1.1 billion at December 31, 2016 and 2015 , respectively, with accumulated depreciation for these assets totaling $130 million and $160 million 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 2016, the Company recorded impairments of $135 million on certain GTP assets in the North Sea, which were written down to their fair values of $142 million . The fair values of the impaired assets were determined using a combination of the income approach and the market approach. The income approach considers 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 2015, the Company recorded impairments of $1.7 billion on certain GTP assets, including $1.1 billion in Egypt, $555 million in Canada, and $103 million in the U.S., which were written down to their fair values of $306 million in aggregate. During 2014, the Company recorded impairments of $1.1 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. The $430 million impairment of GTP assets related to Apache's Wheatstone LNG project is reflected in discontinued operations in the Company's statement of consolidated operations. 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 “Gain (loss) on divestitures” under “Revenues and Other” in the Company’s statement of consolidated operations. No gain or loss on the sales of GTP facilities was recognized during 2016. 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. 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 $780 million and $693 million at December 31, 2016 and 2015 , 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. 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. Capitalized Interest For significant projects, interest is capitalized as part of the historical cost of developing and constructing assets. Significant oil and gas investments in unproved properties actively being explored, significant exploration and development projects that have not commenced production, significant midstream development activities that are in progress, and investments in equity method affiliates that are undergoing the construction of assets that have not commenced principal operations qualify for interest capitalization. Interest is capitalized until the asset is ready for service. Capitalized interest is determined by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. Goodwill Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed, and it is recorded in “Deferred charges and other” in the Company's consolidated balance sheet. 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. As of December 31, 2016 , 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. When there is a disposal of a reporting unit or a portion of a reporting unit that constitutes a business, goodwill associated with that business is included in the carrying amount to determine the gain or loss on disposal. The amount of goodwill allocated to the carrying amount of a business can significantly impact the amount of gain or loss recognized on the sale of that business. The amount of goodwill to be included in that carrying amount is based on the relative fair value of the business to be disposed of and the portion of the reporting unit that will be retained. The following presents the changes to goodwill for the years ended 2016 , 2015 , and 2014 : United States Canada Egypt North Sea Total (In millions) Goodwill at December 31, 2013 $ 384 $ 103 $ 87 $ 163 $ 737 Divested (140 ) — — — (140 ) Impairments (244 ) (103 ) — — (347 ) Goodwill at December 31, 2014 — — 87 163 250 Impairments — — — (163 ) (163 ) Goodwill at December 31, 2015 — — 87 — 87 Impairments — — — — — Goodwill at December 31, 2016 $ — $ — $ 87 $ — $ 87 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. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. Accounts Payable Included in accounts payable at December 31, 2016 and 2015 , are liabilities of approximately $86 million and $129 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 oil and gas to fulfill sales obligations and commitments. The costs of third-party oil and gas purchases totaled $159 million , $105 million , and $70 million , for 2016, 2015, and 2014, respectively, which offset the related sales proceeds recorded as “Other” under “Revenues and Other” in the statement of consolidated operations. 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, 2016 , 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 “Other” 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 2014 oil and gas cash flow hedges, including terminated contracts, were recognized in oil and gas production revenues when the forecasted transaction occurred. For more information, please refer to Note 5—Derivative Instruments and Hedging Activities. 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 |
Change in Accounting Principle
Change in Accounting Principle | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Change in Accounting Principle | CHANGE IN ACCOUNTING PRINCIPLE During the second quarter of 2016, the Company voluntarily changed its method of accounting for oil and gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods has been recast to reflect retrospective application of the successful efforts method. In general, under successful efforts, exploration expenditures such as exploratory dry holes, exploratory geological and geophysical costs, delay rentals, unproved impairments, and exploration overhead are charged against earnings as incurred, versus being capitalized under the full cost method of accounting. Successful efforts also provides for the assessment of potential property impairments under ASC 360 by comparing the net carrying value of oil and gas properties with associated projected undiscounted pre-tax future net cash flows. If the expected undiscounted pre-tax future net cash flows are lower than the unamortized capitalized costs, the capitalized cost is reduced to fair value. Under the full cost method of accounting, a write-down would be required if the net carrying value of oil and gas properties exceeds a full cost “ceiling,” using an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. In addition, gains or losses, if applicable, are generally recognized on the dispositions of oil and gas property and equipment under the successful efforts method, as opposed to an adjustment to the net carrying value of the remaining assets under the full cost method. Apache’s consolidated financial statements have been recast to reflect these differences. The following tables present the effects of the change to the successful efforts method in the statement of consolidated operations: Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 3,983 $ 189 $ 4,172 Natural gas revenues 997 (30 ) 967 NGL revenues 228 — 228 Oil and gas production revenues 5,208 159 5,367 Other (38 ) 4 (34 ) Gain on divestiture 17 4 21 Exploration — 473 473 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 1,974 486 2,460 Additional 1,438 (1,438 ) — Impairments 677 426 1,103 Financing costs, net 365 52 417 Current income tax provision 232 159 391 Deferred income tax benefit (721 ) (112 ) (833 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,361 ) 121 (1,240 ) Net income (loss) attributable to noncontrolling interest (26 ) 158 132 NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (1,335 ) (37 ) (1,372 ) Net loss from discontinued operations, net of tax (33 ) — (33 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (1,368 ) (37 ) (1,405 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (3.52 ) $ (0.10 ) $ (3.62 ) Basic and diluted net loss from discontinued operations per share (0.09 ) — (0.09 ) Basic and diluted net loss per share $ (3.61 ) $ (0.10 ) $ (3.71 ) Other Comprehensive Income COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK (1,361 ) (37 ) (1,398 ) Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 4,999 $ 108 $ 5,107 Natural gas revenues 1,157 19 1,176 NGL revenues 227 — 227 Oil and gas production revenues 6,383 127 6,510 Other (76 ) 174 98 Gain on divestiture 59 222 281 Exploration — 2,771 2,771 General and administrative 377 3 380 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 3,531 (555 ) 2,976 Additional 25,517 (25,517 ) — Impairments 1,920 7,552 9,472 Financing costs, net 299 212 511 Current income tax provision 309 126 435 Deferred income tax benefit (5,778 ) 4,333 (1,445 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (22,757 ) 11,598 (11,159 ) Net loss attributable to noncontrolling interest (409 ) 94 (315 ) NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (22,348 ) 11,504 (10,844 ) Net income (loss) from discontinued operations, net of tax (771 ) 1,263 492 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (23,119 ) 12,767 (10,352 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (59.16 ) $ 30.46 $ (28.70 ) Basic and diluted net income (loss) from discontinued operations per share (2.04 ) 3.34 1.30 Basic and diluted net loss per share $ (61.20 ) $ 33.80 $ (27.40 ) Other Comprehensive Income Pension and postretirement benefit plan, net of tax $ — $ (3 ) $ (3 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK (23,119 ) 12,764 (10,355 ) Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2014 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 10,040 $ 70 $ 10,110 Natural gas revenues 1,983 34 2,017 NGL revenues 668 — 668 Oil and gas production revenues 12,691 104 12,795 Other 290 (5 ) 285 Loss on divestiture (180 ) (1,428 ) (1,608 ) Exploration — 2,499 2,499 General and administrative 451 2 453 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 4,388 (193 ) 4,195 Additional 5,001 (5,001 ) — Impairments 1,919 5,183 7,102 Financing costs, net 211 202 413 Current income tax provision 1,177 104 1,281 Deferred income tax benefit (514 ) (1,285 ) (1,799 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (3,472 ) (2,840 ) (6,312 ) Net income attributable to noncontrolling interest 343 (2 ) 341 NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (3,815 ) (2,838 ) (6,653 ) Net loss from discontinued operations, net of tax (1,588 ) (119 ) (1,707 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (5,403 ) (2,957 ) (8,360 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (9.93 ) $ (7.39 ) $ (17.32 ) Basic and diluted net loss from discontinued operations per share (4.13 ) (0.31 ) (4.44 ) Basic and diluted net loss per share $ (14.06 ) $ (7.70 ) $ (21.76 ) Other Comprehensive Income COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK $ (5,404 ) $ (2,957 ) $ (8,361 ) The following tables present the effects of the change to the successful efforts method in the statement of consolidated cash flows: Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (1,394 ) $ 121 $ (1,273 ) Gain on divestitures, net (17 ) (4 ) (21 ) Exploratory dry hole expense and unproved leasehold impairments — 353 353 Depreciation, depletion, and amortization 3,570 (952 ) 2,618 Impairments 677 426 1,103 Benefit from deferred income taxes (721 ) (112 ) (833 ) Changes in operating assets and liabilities 138 15 153 Net cash provided by continuing operating activities 2,606 (153 ) 2,453 Additions to oil and gas property (1,776 ) 166 (1,610 ) Net cash used in investing activities (1,826 ) 166 (1,660 ) Other 6 (13 ) (7 ) Net cash used in financing activities (847 ) (13 ) (860 ) NET DECREASE IN CASH (90 ) — (90 ) BEGINNING CASH BALANCE 1,467 — 1,467 ENDING CASH BALANCE 1,377 — 1,377 Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (23,528 ) $ 12,861 $ (10,667 ) Loss (income) from discontinued operations 771 (1,263 ) (492 ) Gain on divestitures, net (59 ) (222 ) (281 ) Exploratory dry hole expense and unproved leasehold impairments — 2,595 2,595 Depreciation, depletion, and amortization 29,372 (26,072 ) 3,300 Impairments 1,920 7,552 9,472 Other noncash items, net 161 (154 ) 7 Benefit from deferred income taxes (5,778 ) 4,333 (1,445 ) Changes in operating assets and liabilities (170 ) 90 (80 ) Net cash provided by operating activities - continuing operations 2,834 (280 ) 2,554 Net cash provided by operating activities - discontinued operations 150 (37 ) 113 Additions to oil and gas property (4,578 ) 370 (4,208 ) Net cash used in investing activities - continuing operations (3,659 ) 370 (3,289 ) Net cash provided by investing activities - discontinued operations 4,335 37 4,372 NET INCREASE IN CASH 698 90 788 BEGINNING CASH BALANCE 769 (90 ) 679 ENDING CASH BALANCE 1,467 — 1,467 Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2014 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (5,060 ) $ (2,959 ) $ (8,019 ) Income from discontinued operations 1,588 119 1,707 Loss on divestitures, net 180 1,428 1,608 Exploratory dry hole expense and unproved leasehold impairments — 2,294 2,294 Depreciation, depletion, and amortization 9,720 (5,194 ) 4,526 Impairments 1,919 5,183 7,102 Benefit from deferred income taxes (514 ) (1,285 ) (1,799 ) Changes in operating assets and liabilities (239 ) (90 ) (329 ) Net cash provided by operating activities - continuing operations 7,517 (504 ) 7,013 Net cash provided by operating activities - discontinued operations 944 — 944 Additions to oil and gas property (9,022 ) 414 (8,608 ) Net cash used in investing activities - continuing operations (8,585 ) 414 (8,171 ) Net cash used in investing activities - discontinued operations (219 ) — (219 ) NET DECREASE IN CASH (1,137 ) (90 ) (1,227 ) BEGINNING CASH BALANCE 1,906 — 1,906 ENDING CASH BALANCE 769 (90 ) 679 The following tables present the effects of the change to the successful efforts method in the consolidated balance sheet: Changes to the Consolidated Balance Sheet December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) PROPERTY AND EQUIPMENT: Property and equipment - cost $ 95,371 $ (48,622 ) $ 46,749 Less: Accumulated depreciation, depletion, and amortization (83,230 ) 55,348 (27,882 ) PROPERTY AND EQUIPMENT, NET 12,141 6,726 18,867 TOTAL ASSETS 15,793 6,726 22,519 Income taxes 353 1,357 1,710 Paid-in capital 12,225 139 12,364 Accumulated deficit (8,521 ) 5,136 (3,385 ) Accumulated other comprehensive loss (109 ) (3 ) (112 ) Noncontrolling interest 1,344 97 1,441 TOTAL EQUITY 2,310 5,369 7,679 Changes to the Consolidated Balance Sheet December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) PROPERTY AND EQUIPMENT: Property and equipment - cost $ 93,825 $ (47,675 ) $ 46,150 Less: Accumulated depreciation, depletion, and amortization (79,706 ) 54,394 (25,312 ) PROPERTY AND EQUIPMENT, NET 14,119 6,719 20,838 TOTAL ASSETS 18,781 6,719 25,500 Income taxes 1,072 1,457 2,529 Paid-in capital 12,467 152 12,619 Accumulated deficit (7,153 ) 5,173 (1,980 ) Accumulated other comprehensive loss (116 ) (3 ) (119 ) Noncontrolling interest 1,662 (60 ) 1,602 TOTAL EQUITY 4,228 5,262 9,490 *In conjunction with recasting the financial information for the adoption of the successful efforts method of accounting, the Company corrected certain immaterial errors in the North Sea pertaining to the improper calculation of deferred tax liabilities associated with capitalized interest under the full cost method. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 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 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 10—Commitments and Contingencies. The Kitimat LNG assets were classified as held for sale and impaired $655 million in the fourth quarter of 2014. In 2015, Apache recognized a $146 million gain on the sale of the upstream assets upon completion of the sale. Australia Divestitures Woodside Sale In April 2015, Apache completed the sale of the Wheatstone LNG project and associated upstream oil and gas assets to Woodside. Proceeds at closing were $2.8 billion , of which approximately $1.4 billion was associated with LNG assets and $1.4 billion was associated with the upstream assets. The Wheatstone LNG assets and associated upstream assets were classified as held for sale and impaired $833 million in the fourth quarter of 2014. An additional impairment of approximately $49 million was recognized in the first quarter of 2015. During the third quarter of 2016, Apache recognized an additional $23 million loss on the sale related to post-closing adjustments. Consortium Sale In June 2015, Apache completed the sale of its Australian subsidiary Apache Energy Limited (AEL) to a consortium of private equity funds managed by Macquarie Capital Group Limited and Brookfield Asset Management Inc. Total proceeds of $1.9 billion include customary, post-closing adjustments for the period between the effective date, October 1, 2014, and closing. A loss of approximately $139 million was recognized for the sale of AEL. 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. Sales and other operating revenues and loss from discontinued operations related to the Australia dispositions were as follows: For the Year Ended December 31, 2016 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 288 $ 1,050 Impairment on Woodside sale $ — $ (49 ) $ (833 ) Loss on Woodside sale (23 ) — — Loss on Consortium sale — (139 ) — Income (loss) from divested Australian operations — 28 (12 ) Income tax benefit (expense) — 652 (231 ) Income (loss) from Australian discontinued operations, net of tax $ (23 ) $ 492 $ (1,076 ) Leasehold and Property Acquisitions Apache completed $367 million of leasehold and property acquisitions during 2015 , primarily in our North America onshore regions. Divestiture of Other Oil and Gas Properties Apache recorded $268 million of proceeds from the divestiture of other oil and gas properties during 2015 . An associated $135 million of gain was recorded in 2015 . 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 recognized a net $823 million loss on these transactions, of which approximately $10 million was associated with goodwill and approximately $180 million was associated with GTP facilities. 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 recognized a $332 million loss as a result of the transaction, of which approximately $130 million was associated with goodwill. 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 . Apache recognized a $237 million loss related to the sale of the assets. 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. Sales and other operating revenues and loss from discontinued operations related to the Argentina disposition were as follows: For the Year Ended December 31, 2016 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ — $ 87 Loss from Argentina divestiture $ (10 ) $ — $ (654 ) Loss from operations in Argentina — — (1 ) Income tax benefit — — 23 Loss from discontinued operations, net of tax $ (10 ) $ — $ (632 ) Leasehold and Property Acquisitions Apache completed $1.5 billion of leasehold and property acquisitions during 2014 , primarily in our North America onshore regions. Divestiture of Other Oil and Gas Properties Apache recorded $96 million of proceeds from the divestiture of other oil and gas properties during 2014 . An associated $216 million of loss was recorded in 2014 . Transaction, Reorganization, and Separation Apache recorded $39 million , $132 million , and $67 million of expenses during 2016 , 2015 , and 2014 , respectively, primarily related to various transactions, company reorganization, and employee separation. |
Capitalized Exploratory Well Co
Capitalized Exploratory Well Costs | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Capitalized Exploratory Well Costs | CAPITALIZED EXPLORATORY WELL COSTS The following summarizes the changes in capitalized exploratory well costs for each of the last three years ended December 31, 2016 , 2015 , and 2014 . Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. 2016 2015 2014 (In millions) Balance at January 1 $ 245 $ 849 $ 630 Additions pending determination of proved reserves 249 382 622 Divestitures and other — (557 ) (54 ) Reclassifications to proved properties (211 ) (369 ) (207 ) Charged to exploration expense (19 ) (60 ) (142 ) Balance at December 31 (1) $ 264 $ 245 $ 849 (1) Includes $49 million of assets that were held for sale in Australia at December 31, 2014. The following provides an aging of capitalized exploratory well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: 2016 2015 2014 (In millions) Exploratory well costs capitalized for a period of one year or less $ 119 $ 184 $ 504 Exploratory well costs capitalized for a period greater than one year 145 61 345 Balance at December 31 (1) $ 264 $ 245 $ 849 Number of projects with exploratory well costs capitalized for a period greater than one year 3 2 18 (1) Includes $49 million of assets that were held for sale in Australia at December 31, 2014. The following summarizes a further aging by geographic area of those exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling at December 31, 2016 : 2013 and Total 2015 2014 Prior North Sea $ 113 $ 53 $ 58 $ 2 Other International 32 28 3 1 $ 145 $ 81 $ 61 $ 3 Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether reserves can be attributed to these projects. Suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling at December 31, 2016 primarily relate to the Seagull and Corona discoveries in the North Sea. In Seagull, appraisal work continues as the Company interprets the multi-azimuth 3-D survey acquired in late 2015. The survey will be used to create a development plan to be submitted to the Oil and Gas Authority in the U.K. in 2017. The suspended exploratory well costs related to the Corona discovery are pending development plan approval. In December 2016, the Company submitted the full field development plan to the Oil and Gas Authority in the U.K. Remaining activities required to classify the associated reserves as proved include approval of development plans and project sanctioning. The remaining capitalized well costs in excess of one year relate to exploratory drilling in Suriname. The suspended exploratory well costs for the Block 53 Popokai well are pending the results of the Block 53 Kolibrie exploratory well. The Company plans to drill Kolibrie in 2017. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 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, 2016 , Apache had no open commodity derivative positions. Subsequent to December 31, 2016, the Company entered into put option derivative contracts not designated as cash flow hedges for 2017 crude oil production of 175,000 barrels per day. These contracts will be settled against either NYMEX WTI or Dated Brent between July 1, 2017 and December 31, 2017, with a weighted average strike price of $50.47 per barrel. Apache paid a total premium of $100 million for these contracts, averaging $3.09 per barrel. 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, 2016 2015 2014 (In millions) Derivatives not designated as cash flow hedges: Realized loss $ — $ — $ (16 ) Unrealized gain (loss) — — 300 Gain (loss) on derivatives not designated as cash flow hedges Revenues and Other: Other $ — $ — $ 284 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, 2016 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities at December 31, 2016 and 2015 : December 31, 2016 2015 (In millions) Accrued operating expenses $ 110 $ 139 Accrued exploration and development 463 637 Accrued compensation and benefits 201 166 Accrued interest 145 144 Accrued income taxes 22 47 Current asset retirement obligation 66 36 Current debt — 1 Refundable deposits 174 — Other 77 53 Total Other current liabilities $ 1,258 $ 1,223 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | ASSET RETIREMENT OBLIGATION The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2016 and 2015 : 2016 2015 (In millions) Asset retirement obligation at beginning of year $ 2,598 $ 2,952 Liabilities incurred 41 68 Liabilities divested (7 ) (490 ) Liabilities settled (57 ) (90 ) Accretion expense 156 158 Revisions in estimated liabilities (233 ) — Asset retirement obligation at end of year 2,498 2,598 Less current portion (66 ) (36 ) Asset retirement obligation, long-term $ 2,432 $ 2,562 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 includes discontinued operations of $13 million , which are included in “Net income (loss) from discontinued operations, net of tax” in the statement of consolidated operations. During 2016 and 2015 , the Company recorded $41 million and $68 million , respectively, in abandonment liabilities resulting from Apache’s 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, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 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 November 2016, the Company initiated a program to purchase in the open market up to $250 million in aggregate principal amount of senior notes issued under its indentures. In the fourth quarter of 2016, Apache purchased and canceled $181 million aggregate principal amount of its senior notes through open market repurchases for $182 million in cash, including accrued interest and $0.5 million of premium. These repurchases resulted in a $1 million net loss on extinguishment of debt, which is included in “Financing costs, net” in Apache's consolidated statement of operations. The net loss includes an acceleration of related discount and deferred financing costs. In January 2017, Apache purchased and canceled an additional $69 million aggregate principal amount of senior notes for $71 million in cash, including accrued interest and $1 million of premium, which completed the open market repurchase program. The following table presents the carrying value of the Company’s debt at December 31, 2016 and 2015 : December 31, 2016 2015 (In millions) Commercial paper $ — $ — 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) 493 500 3.25% notes due 2022 (1) 857 919 2.625% notes due 2023 (1) 528 531 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) 1,499 1,500 5.25% notes due 2042 (1) 500 500 4.75% notes due 2043 (1) 1,413 1,500 4.25% notes due 2044 (1) 780 800 7.375% debentures due 2047 150 150 7.625% debentures due 2096 150 150 8,350 8,530 Subsidiary and other obligations: Notes due in 2017 — 1 Apache Finance Canada 7.75% notes due 2029 300 300 300 301 Debt before unamortized discount and debt issuance costs 8,650 8,831 Unamortized discount (50 ) (53 ) Debt issuance costs (56 ) (61 ) Total debt 8,544 8,717 Current maturities — (1 ) Long-term debt $ 8,544 $ 8,716 (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, 2016 , excluding discounts and debt issuance costs, are as follows: (In millions) 2017 $ — 2018 550 2019 150 2020 — 2021 493 Thereafter (1) 7,457 Total Debt (1) , excluding discounts and debt issuance costs $ 8,650 (1) In January 2017, Apache purchased and canceled $69 million aggregate principal amount of senior notes (see overview above), which reduces “Thereafter” and “Total Debt” maturities to $7.4 billion and $8.6 billion , respectively, as of January 31, 2017. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability. The Company adopted this update in the first quarter of 2016 and applied the changes retrospectively for all periods presented. At December 31, 2015, the Company had debt issuance costs of $61 million classified as a long-term asset as a component of “Deferred charges and other” on the balance sheet that have been netted against “Long-term debt” in these financial statements. As of December 31, 2016 , long-term debt is presented net of debt issuance costs of $56 million . Fair Value The Company’s debt is recorded at the carrying amount, net of unamortized discount and debt issuance costs, 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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Commercial paper $ — $ — $ — $ — Notes and debentures 8,544 9,183 8,717 8,330 Total Debt $ 8,544 $ 9,183 $ 8,717 $ 8,330 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, 2016 and 2015 , 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, 2016 , there were no borrowings under this credit facility, leaving aggregate available borrowing capacity at $3.5 billion . At the Company’s option, the interest rate per annum for borrowings under the 2015 facility is either a base rate, as defined, plus a margin or the London Inter-bank Offered Rate (LIBOR), plus a margin. The Company also pays quarterly a facility fee at per annum rate on total commitments. The margins and the facility fee vary based upon the Company’s senior long-term debt rating. At December 31, 2016 , the base rate margin was 0.075 percent , the LIBOR margin was 1.075 percent , and the facility fee was 0.175 percent . The financial covenants of the 2015 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. The 2015 facility’s 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 $1.1 billion as of December 31, 2016 . 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. 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 denominated in pounds sterling, U.S. Dollars, Canadian Dollars, and any other foreign currency consented to by an issuing bank. The facility also is available for loans in pounds sterling, U.S. Dollars, and Canadian Dollars to cash collateralize letters of credit or obligations to provide letters of credit, in each case, 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 2015 $3.5 billion revolving credit facility. Commissions are payable on letters of credit outstanding under the 2016 facility at a per annum rate equal to a LIBOR margin. Borrowings bear interest per annum at a base rate or LIBOR, plus a margin. A facility fee at a per annum rate on aggregate commitments also is payable. Letter of credit commissions, the interest margin, and the facility fee vary depending on Apache’s senior unsecured long-term debt rating. At December 31, 2016, the LIBOR margin was 1.075 percent , the base rate margin was 0.075 percent , and the facility fee was 0.175 percent . The 2016 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. As of December 31, 2016, three letters of credit aggregating approximately £147.5 million and no borrowings were outstanding under this facility. There are no clauses in the 2015 $3.5 billion or 2016 £900 million credit facilities that permit the lenders to accelerate payments or refuse to lend based on unspecified material adverse changes. The agreements for these facilities do not have drawdown restrictions or prepayment obligations in the event of a decline in credit ratings. However, the agreements allow the lenders to accelerate payment maturity and terminate lending and issuance 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 and issuance 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 these credit facilities as of December 31, 2016. 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, 2016 and 2015 , the Company had no commercial paper outstanding. Subsidiary Notes – Apache Finance Canada Apache Finance Canada has approximately $300 million of publicly traded notes due in 2029 that are fully and unconditionally guaranteed by Apache. For further discussion of subsidiary debt, please see Note 18—Supplemental Guarantor Information. Financing Costs, Net The following table presents the components of Apache’s financing costs, net: For the Year Ended December 31, 2016 2015 2014 (In millions) Interest expense $ 464 $ 486 $ 499 Amortization of deferred loan costs 8 11 6 Capitalized interest (48 ) (15 ) (85 ) Loss on extinguishment of debt 1 39 — Interest income (8 ) (10 ) (7 ) Financing costs, net $ 417 $ 511 $ 413 As of December 31, 2016 , the Company has $50 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 2016 , 2015 , and 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Loss from continuing operations before income taxes is composed of the following: For the Year Ended December 31, 2016 2015 2014 (In millions) U.S. $ (997 ) $ (9,386 ) $ (4,807 ) Foreign (685 ) (2,783 ) (2,023 ) Total $ (1,682 ) $ (12,169 ) $ (6,830 ) The total income tax provision (benefit) from continuing operations consists of the following: For the Year Ended December 31, 2016 2015 2014 (In millions) Current income taxes: Federal $ (14 ) $ 363 $ (10 ) State (30 ) 41 1 Foreign 435 31 1,290 391 435 1,281 Deferred income taxes: Federal (257 ) (1,123 ) (671 ) State — (51 ) (45 ) Foreign (576 ) (271 ) (1,083 ) (833 ) (1,445 ) (1,799 ) Total $ (442 ) $ (1,010 ) $ (518 ) The total income tax provision (benefit) differs from the amounts computed by applying the U.S. statutory income tax rate to loss before income taxes. A reconciliation of the tax on the Company’s loss from continuing operations before income taxes and total tax expense is shown below: For the Year Ended December 31, 2016 2015 2014 (In millions) Income tax expense (benefit) at U.S. statutory rate $ (589 ) $ (4,259 ) $ (2,391 ) State income tax, less federal effect (1) (19 ) (7 ) (28 ) Taxes related to foreign operations 303 (662 ) (147 ) Tax credits (1 ) (6 ) — Tax on distributed foreign earnings 80 726 311 Foreign tax credits (136 ) (2,090 ) — Deferred tax on undistributed foreign earnings (31 ) 1,903 560 Tax impact of goodwill adjustments — 82 161 Change in U.K. tax rate (238 ) (414 ) — Net change in tax contingencies (19 ) 20 (3 ) Canadian USD functional currency election 158 — — Valuation allowances (1) 10 3,746 1,021 All other, net 40 (49 ) (2 ) $ (442 ) $ (1,010 ) $ (518 ) (1) The change in state valuation allowance is included as a component of state income tax. The net deferred income tax liability reflects the net tax impact of temporary differences between the asset and liability amounts carried on the balance sheet 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, 2016 2015 (In millions) Deferred tax assets: Deferred income $ 105 $ 20 U.S. and state net operating losses 1,095 329 Foreign net operating losses 1,424 1,507 Tax credits and other tax incentives 62 82 Foreign tax credits 2,226 2,090 Accrued expenses and liabilities 153 136 Asset retirement obligation 875 1,037 Property and equipment 1,189 1,534 Total deferred tax assets 7,129 6,735 Valuation allowance (5,401 ) (5,434 ) Net deferred tax assets 1,728 1,301 Deferred tax liabilities: Deferred income — 140 Investment in foreign subsidiaries 1,872 1,903 Equity investments 23 5 Property and equipment 1,533 1,773 Other 5 4 Total deferred tax liabilities 3,433 3,825 Net deferred income tax liability $ 1,705 $ 2,524 Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: December 31, 2016 2015 (In millions) Assets: Deferred charges and other $ 5 $ 5 Liabilities: Deferred income taxes 1,710 2,529 Net deferred income tax liability $ 1,705 $ 2,524 In 2016, the U.K. government enacted Finance Bill 2016, which provides tax relief to E&P companies operating in the North Sea through a reduction of Supplementary Charge from 20 percent to 10 percent , effective January 1, 2016. As a result of the enacted legislation, in 2016, Apache recorded a deferred tax benefit of $238 million related to the remeasurement of the Company’s December 31, 2015 U.K. deferred income tax liability. 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 . Also in 2015, the U.K. government enacted Finance Bill 2015, which provided 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 $414 million related to the remeasurement of the Company’s December 31, 2014 U.K. deferred income tax liability. 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 of U.S. deferred income tax expense on foreign earnings that were distributed to the U.S. in 2014. The Company’s Canadian subsidiaries do not currently have undistributed earnings. The Company has recorded an increase in valuation allowance against certain deferred tax assets, primarily driven by asset impairments. The Company has assessed the future potential to realize these deferred tax assets and has concluded that it is more likely than not that these deferred tax assets will not be realized based on current economic conditions and expectations for the future. In 2016 , 2015 , and 2014 , the Company's valuation allowance decreased by $33 million , increased by $3.9 billion , and increased by $966 million , respectively, as detailed in the table below: 2016 2015 2014 (In millions) Balance at beginning of year $ 5,434 $ 1,564 $ 598 State (1) (43 ) 151 62 U.S. 139 2,159 — Foreign (2) (129 ) 1,560 1,021 Discontinued operations (3) — — (117 ) Balance at end of year $ 5,401 $ 5,434 $ 1,564 (1) Reported as a component of state income taxes. (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, 2016 , the Company had net operating losses as follows: Amount Expiration (In millions) Net operating losses: U.S. $ 2,452 2018 - 2037 State 4,774 Various Canada 125 2028 - 2035 The Company has a U.S. net operating loss carryforward of $2.5 billion , which includes $197 million of net operating loss subject to annual limitation under Section 382 of the Internal Revenue Code. The Company also has $829 million of capital loss carryforwards in Canada, which have an indefinite carryover period. The Company has recorded a valuation allowance against the U.S. net operating loss subject to Section 382 limitation, the state net operating loss, the Canadian net operating loss, and the Canadian capital loss because it is probable that these attributes will expire unutilized. On December 31, 2016 , the Company had foreign tax credits as follows: Amount Expiration (In millions) Foreign tax credits $ 2,226 2025-2026 The Company has a $2.2 billion U.S. foreign tax credit carryforward. The Company has recorded a valuation allowance against the U.S. foreign tax credits listed above because it is probable that these attributes will expire unutilized. 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: 2016 2015 2014 (In millions) Balance at beginning of year $ 19 $ — $ 3 Additions based on tax positions related to the current year 15 19 — Reductions for tax positions of prior years (19 ) — (3 ) Balance at end of year $ 15 $ 19 $ — 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, 2016 , 2015 , and 2014 the Company recorded tax expense of nil , tax expense of $1 million , and tax benefit of $1 million , respectively, for interest and penalties. At December 31, 2016 , 2015 , and 2014 the Company had an accrued liability for interest and penalties of nil , $1 million , and nil , respectively. In 2016 and 2015, the Company recorded a $4 million net reduction and a $19 million increase in its reserve for uncertain tax positions, respectively. 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. 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. 2012 Canada 2012 Egypt 1998 U.K. 2014 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 $15 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. , Case No. 2013-6911 was filed in the Civil District Court for the Parish of Orleans, State of Louisiana, in which plaintiff on behalf of itself and as the board governing the levee districts of Orleans, Lake Borgne Basin, and East Jefferson alleges that Louisiana coastal lands have been damaged as a result of oil and gas industry activity, including a network of canals for access and pipelines. Plaintiff seeks unspecified damages and injunctive relief in the form of abatement and restoration based on claims of negligence, strict liability, natural servitude of drain, public nuisance, private nuisance, and breach of contract – third party beneficiary. Apache has been indiscriminately named as one of many defendants in the lawsuit. In 2014 the Louisiana state government passed a law (SB 469) clarifying that only entities authorized under the Coastal Zone Management Act may bring litigation to assert claims arising out of the permitted activities. Plaintiff is not one of those authorized entities. On February 13, 2015, the federal court entered judgment in favor of defendants dismissing all of plaintiff’s claims with prejudice on various grounds, and plaintiff appealed the case to the 5 th Circuit Court of Appeals. The appeal is still pending. The overall exposure related to this lawsuit is not currently determinable. While an adverse judgment against Apache might be possible, Apache intends to continue to vigorously oppose the claims, including by defending against plaintiff’s appeal of the federal court’s judgment. On November 8, 2013, Plaquemines Parish, Louisiana, filed three lawsuits against Apache and other oil and gas producers in the Parish’s 25t h Judicial District Court, captioned Parish of Plaquemines v. Rozel Operating Company et al., Docket No. 60-996; Parish of Plaquemines v. Apache Oil Corporation et al., Docket No. 610; and Parish of Plaquemines v. HHE Energy Company et al., Docket No. 60-983. On or about February 4, 2016, Cameron Parish, Louisiana, filed six new lawsuits against Apache and other oil and gas producers in the Parish’s 38t h Judicial District Court, captioned Parish of Cameron v. BEPCO, L.P., et al. , Docket No. 10-19572; Parish of Cameron v. BP America Production Company et al. , Docket No. 10-19576; Parish of Cameron v. Apache Corporation (of Delaware) et al. , Docket No. 10-19579; Parish of Cameron v. Atlantic Richfield Company et al. , Docket No. 10-19577; Parish of Cameron v. Alpine Exploration Companies, Inc., et al. , Docket No. 19580; and Parish of Cameron v. Auster Oil and Gas, Inc., et al , Docket No. 10-19582. On July 28, 2016, Vermillion Parish, Louisiana, filed an amended petition against Apache and other oil and gas producers in the 15 th Judicial District Court, captioned Keith Stutes, District Attorney for the 15 th Judicial District of the State of Louisiana v. Gulfport Energy, et al., Docket No . 102156. On September 30, 2016, St. Bernard Parish, Louisiana, filed an Amended Petition against Apache and other oil and gas producers in the 34 th Judicial District Court, captioned The Parish of St. Bernard v. Atlantic Richfield et al., Docket No. 16-1228. Many similar lawsuits have been filed against other oil and gas producers in Parishes across south Louisiana. In these cases, the Parishes, as plaintiffs, allege that certain of defendants’ oil and gas exploration, production, and transportation operations in specified fields were conducted in violation of the State and Local Coastal Resources Management Act of 1978, as amended, and applicable regulations, rules, orders, and ordinances promulgated or adopted thereunder by the Parish or the State of Louisiana. Plaintiffs allege that defendants caused substantial damage to land and water bodies located in the coastal zone of Louisiana. Plaintiffs seek, among other things, unspecified damages for alleged violations of applicable state law within the coastal zone, the payment of costs necessary to clear, re-vegetate, detoxify, and otherwise restore the subject coastal zone as near as practicable to its original condition, and actual restoration of the coastal zone to its original condition. While an adverse judgment against Apache might be possible, Apache intends to vigorously oppose these claims. Apollo Exploration Lawsuit In a case captioned Apollo Exploration, LLC, Cogent Exploration, Ltd. Co. & SellmoCo, LLC v. Apache Corporation , Cause No. CV50538 in the 385t h Judicial District Court, Midland County, Texas, in a Fourth Amended Petition filed on March 21, 2016, plaintiffs allege damages in excess of $500 million (having previously claimed in excess of $1.1 billion ) relating to purchase and sale agreements, mineral leases, and areas of mutual interest agreements concerning properties located in Hartley, Moore, Potter, and Oldham Counties, Texas. Apache believes that plaintiffs’ claims lack merit, and further that plaintiffs’ alleged damages are grossly inflated. Apache will vigorously oppose the claims. 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), would examine Apache’s books and records and those of its subsidiaries and related entities to determine compliance with Delaware Escheat Laws. Delaware completed its audit of the Company's accounts payable, payroll, and royalty payments, on which the Company expects an assessment of less than $200,000 . However, Delaware suspended its audit before completing its examination of the Company’s accounts receivable, following the June 2016 Temple-Inland v. Cook court decision, in which the Delaware federal court determined that Delaware’s current method and technique for estimating a company’s unclaimed property liability violates the due process requirements of the U.S. Constitution. In response to that decision, the Delaware Legislature is considering changes to its unclaimed property statute. The timing and extent of any legislative modifications is currently unknown. Burrup-Related Gas Supply Lawsuits In the cases captioned Radhika Oswal v. Australia and New Zealand Banking Group Limited (ANZ) et al. , No. SCI 2011 4653 and Pankaj Oswal v. Australia and New Zealand Banking Group Limited (ANZ) et al. , No. SCI 2012 01995, in the Supreme Court of Victoria, Australia, trial commenced on May 30, 2016. In August 2016, the cases settled on confidential terms including an exchange of consideration that did not have a material effect on the Company’s financial position. 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, 2016 , the Company had an undiscounted reserve for environmental remediation of approximately $51 million . Apache is not aware of any environmental claims existing as of December 31, 2016 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. Apache Canada Ltd. (ACL) reported a produced water release from a water injection pipeline in a remote area of the Belloy Field that occurred on or about May 4, 2016, and an H2S leak at the Zama 10-33-115-06 on or about September 19, 2016. The causes of these incidents remain under investigation. With respect to previous releases of produced water that occurred in the Zama area on or between October 3 and October 25, 2013, and in the Belloy Field on or about January 20, 2014, the Company resolved all of the charges associated with these releases with the Crown. The Company does not expect the economic impact of any of these incidents to have a material effect on the Company’s financial position, results of operations, or liquidity. LNG Divestiture Dispute Each of Woodside and the Company asserted claims against the other resulting in court proceedings in the Supreme Court of Western Australia and the Court of Queen’s Bench of Alberta, Calgary. Woodside also initiated third party expert determination proceedings at the ICC International Centre for ADR concerning certain aspects of its purchase price adjustment claims. Each of these proceedings has now been dismissed by agreement in November 2016. The parties have resolved the central matters in dispute on mutually agreeable terms and there was no significant impact on the Company’s financial position, results of operations, or liquidity. Australian Operations Divestiture Dispute By a Sale and Purchase Agreement dated April 9, 2015 (SPA), the Company and its subsidiaries divested their remaining Australian operations to Quadrant Energy Pty Ltd (Quadrant). Closing occurred on June 5, 2015. By letter dated June 6, 2016, Quadrant provided the Company with a notice of claim under the SPA claiming approximately $200 million in the aggregate. The Company believes that these claims lack merit and will not have a material adverse effect on the Company’s financial position, results of operation, or liquidity. Contractual Obligations At December 31, 2016 , contractual obligations for long-term operating leases, capital leases, and purchase obligations are as follows: Net Minimum Commitments Total 2017 2018-2019 2020-2021 2022 & Beyond (In millions) Drilling rigs $ 244 $ 177 $ 67 $ — $ — Purchase obligations (1) 680 119 287 250 24 Operating lease obligations (2) 258 56 95 37 70 Capital lease obligations $ 43 $ 1 $ 3 $ 3 $ 36 Total Net Minimum Commitments $ 1,225 $ 353 $ 452 $ 290 $ 130 (1) Includes minimum commitments associated with long-term take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. (2) Amounts include long-term lease payments for office space, aircraft, supply and standby vessels, gas pipeline and land leases, and equipment related to exploration, development, and production activities, such as compressors. The Company expects to receive $10 million in sublease income associated with these leases. The table above includes leases for buildings, facilities, and related equipment with varying expiration dates through 2042 . Net rental expense for continuing operations was $59 million , $57 million , and $45 million for 2016 , 2015 , and 2014 , respectively. Costs incurred under take-or-pay and throughput obligations were $86 million , $92 million , and $89 million for 2016 , 2015 , and 2014 , respectively. |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Deferred Compensation Plans | 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 $82 million , $77 million , and $107 million for 2016 , 2015 , and 2014 , 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, 2016 , 2015 , and 2014 , 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. 2016 2015 2014 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits (In millions) Change in Projected Benefit Obligation Projected benefit obligation beginning of year $ 202 $ 26 $ 216 $ 22 $ 189 $ 28 Service cost 4 2 5 2 5 3 Interest cost 7 1 8 1 9 1 Foreign currency exchange rate changes (39 ) — (10 ) — (13 ) — Actuarial losses (gains) 32 (2 ) (10 ) — 31 (9 ) Effect of curtailment and settlements — — — 2 — — Benefits paid (4 ) (3 ) (7 ) (2 ) (5 ) (2 ) Retiree contributions — 2 — 1 — 1 Projected benefit obligation at end of year 202 26 202 26 216 22 Change in Plan Assets Fair value of plan assets at beginning of year 197 — 206 — 191 — Actual return on plan assets 46 — 1 — 25 — Foreign currency exchange rates (39 ) — (10 ) — (13 ) — Employer contributions 6 1 7 1 8 1 Benefits paid (4 ) (3 ) (7 ) (2 ) (5 ) (2 ) Retiree contributions — 2 — 1 — 1 Fair value of plan assets at end of year 206 — 197 — 206 — Funded status at end of year $ 4 $ (26 ) $ (5 ) $ (26 ) $ (10 ) $ (22 ) Amounts recognized in Consolidated Balance Sheet Current liability $ — $ (2 ) $ — $ (2 ) $ — $ (1 ) Non-current asset (liability) 4 (24 ) (5 ) (24 ) (10 ) (21 ) $ 4 $ (26 ) $ (5 ) $ (26 ) $ (10 ) $ (22 ) Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Accumulated gain (loss) $ (25 ) $ 9 $ (32 ) $ 9 $ (37 ) $ 10 Weighted Average Assumptions used as of December 31 Discount rate 2.70 % 3.76 % 3.90 % 3.95 % 3.70 % 3.62 % Salary increases 4.80 % N/A 4.60 % N/A 4.60 % N/A Expected return on assets 3.40 % N/A 4.10 % N/A 3.90 % 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, 2016 , 2015 , and 2014 , the accumulated benefit obligation for the U.K. Pension Plan was $181 million , $169 million , and $183 million , respectively. Apache’s defined benefit pension plan assets are held by a non-related trustee who has been instructed to invest the assets in a blend of equity securities and low-risk debt securities. The Company intends that this blend of investments will provide a reasonable rate of return such that the benefits promised to members are provided. The U.K. Pension Plan policy is to target an ongoing funding level of 100 percent through prudent investments and includes policies and strategies such as investment goals, risk management practices, and permitted and prohibited investments. A breakout of previous allocations for plan asset holdings and the target allocation for the Company’s plan assets are summarized below: Target Allocation Percentage of Plan Assets at Year-End 2016 2016 2015 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 47 % 47 % 48 % U.K. corporate bonds 12 % 12 % 12 % Debt securities 59 % 59 % 60 % Cash 1 % 1 % — % Total 100 % 100 % 100 % The plan’s assets do not include any direct ownership of equity or debt securities of Apache. The fair value of plan assets is based upon unadjusted quoted prices for identical instruments in active markets, which is a Level 1 fair value measurement. The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2016 and December 31, 2015 : Fair Value Measurements Using: Quoted Price in Active Markets (Level 1) Significant Other Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair Value (In millions) December 31, 2016 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) 97 — — 97 U.K. corporate bonds (4) 25 — — 25 Total debt securities 122 — — 122 Cash 2 — — 2 Fair value of plan assets $ 206 $ — $ — $ 206 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 (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 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 16 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, 2016 , 2015 , and 2014 : 2016 2015 2014 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits (In millions) Component of Net Periodic Benefit Costs Service cost $ 4 $ 2 $ 5 $ 2 $ 5 $ 3 Interest cost 7 1 8 1 9 1 Expected return on assets (7 ) — (8 ) — (11 ) — Amortization of actuarial (gain) loss 1 (1 ) 2 — 1 — Curtailment (gain) loss — — — — — — Net periodic benefit cost $ 5 $ 2 $ 7 $ 3 $ 4 $ 4 Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 % 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 5 (4 ) Apache expects to contribute approximately $5 million to its pension plan and $2 million to its postretirement benefit plan in 2017 . The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Benefits Postretirement Benefits (In millions) 2017 $ 4 $ 2 2018 4 2 2019 4 2 2020 4 2 2021 4 2 Years 2022-2026 24 9 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK Common Stock Outstanding 2016 2015 2014 Balance, beginning of year 378,034,175 376,504,892 395,772,908 Shares issued for stock-based compensation plans: Treasury shares issued 11,504 17,525 17,454 Common shares issued 1,393,997 1,511,758 1,665,259 Treasury shares acquired — — (20,950,729 ) Balance, end of year 379,439,676 378,034,175 376,504,892 Net Income (Loss) per Common Share A reconciliation of the components of basic and diluted net income (loss) per common share for the years ended December 31, 2016 , 2015 , and 2014 is presented in the table below. 2016 2015 2014 Loss Shares Per Share Income (Loss) Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic and Diluted: Loss from continuing operations $ (1,372 ) 379 $ (3.62 ) $ (10,844 ) 378 $ (28.70 ) $ (6,653 ) 384 $ (17.32 ) Income (loss) from discontinued operations (33 ) 379 (0.09 ) 492 378 1.30 (1,707 ) 384 (4.44 ) Loss attributable to common stock $ (1,405 ) 379 $ (3.71 ) $ (10,352 ) 378 $ (27.40 ) $ (8,360 ) 384 $ (21.76 ) The diluted EPS calculation excludes options and restricted shares that were anti-dilutive totaling 4.7 million , 7.0 million , and 4.5 million for the years ended December 31, 2016 , 2015 , and 2014 , 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 2016 or 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 2016 , $1.00 per share in 2015 , and $0.95 per share in 2014 . Stock Compensation Plans The Company has several stock-based compensation plans, which include stock options, restricted stock, and conditional restricted stock unit plans. On May 12, 2016, the Company's shareholders approved the 2016 Omnibus Compensation Plan (the 2016 Plan), which is intended to provide eligible employees with equity-based incentives. The 2016 Plan provides for the granting of Incentive Stock Options, Non-Qualified Stock Options, Performance Awards, Restricted Stock Awards, Restricted Stock Units, Stock Appreciation Rights, Cash Awards, or any combination of the foregoing. A total of 22.9 million shares were authorized and available for grant under the 2016 Plan as of December 31, 2016 . Previously approved plans remain in effect solely for the purpose of governing grants still outstanding that were issued prior to approval of the 2016 Plan. All new grants are issued from the 2016 Plan. For 2016 , 2015 , and 2014 , stock-based compensation expensed was $131 million , $100 million , and $148 million ( $93 million , $65 million , and $95 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: 2016 2015 2014 (In millions) Stock-based compensation expensed $ 131 $ 100 $ 148 Stock-based compensation capitalized 40 53 62 Total stock-based compensation costs $ 171 $ 153 $ 210 Stock Options As of December 31, 2016 , the Company had issued options to purchase shares of the Company’s common stock under the employee stock option plan adopted in 2005 (the Stock Option Plan), as well as the 2007 Omnibus Equity Compensation Plan (the 2007 Plan), the 2011 Plan, and the 2016 Plan (together, the Omnibus Plans). New shares of Company stock will be issued for employee stock option exercises. Under the Stock Option Plan and the Omnibus Plans, the exercise price of each option equals the closing price of Apache’s common stock on the date of grant. Options issued prior to 2016 generally become exercisable ratably over a four -year period and expire 10 years after granted. Options granted in or after 2016 become exercisable ratably over a three -year period and expire 10 years after granted. The Omnibus Plans and the 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 Plan and the Omnibus Plans is presented in the table and narrative below: 2016 Shares Under Option Weighted Average Exercise Price (In thousands) Outstanding, beginning of year 4,931 $ 91.52 Granted 873 41.24 Exercised — — Forfeited or expired (691 ) 76.99 Outstanding, end of year (1) 5,113 84.89 Expected to vest (2) 887 46.88 Exercisable, end of year (3) 4,177 93.40 (1) As of December 31, 2016 , options outstanding had a weighted average remaining contractual life of 4.6 years and aggregate intrinsic value of $18 million . (2) As of December 31, 2016 , options expected to vest had a weighted average remaining contractual life of 8.7 years and aggregate intrinsic value of $17 million . (3) As of December 31, 2016 , options exercisable had a weighted average remaining contractual life of 3.7 years and aggregate intrinsic value of nil . The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. Assumptions used in the valuation are disclosed in the following table. Expected volatilities are based on historical volatility of the Company's common stock and other factors. The expected dividend yield is based on historical yields on the date of grant. The expected term of stock options granted represents the period of time that the stock options are expected to be outstanding and is derived from historical exercise behavior, current trends, and values derived from lattice-based models. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. 2016 2015 2014 Expected volatility 32.72 % N/A N/A Expected dividend yields 2.42 % N/A N/A Expected term (in years) 6 N/A N/A Risk-free rate 1.44 % N/A N/A Weighted-average grant-date fair value $ 10.38 N/A N/A There were no options exercised during 2016. The intrinsic value of options exercised during 2015 and 2014 was approximately $3 million and $13 million , respectively. As of December 31, 2016 , the total compensation cost related to non-vested options not yet recognized was $6 million , which will be recognized over the remaining vesting period of the options. In January 2017, the Company issued 489,773 options to purchase shares of the Company’s common stock to eligible employees under the 2016 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 2016 , the Company awarded 4,049,023 restricted stock units at a weighted-average per-share market price of $47.37 . In 2015 and 2014 , the Company awarded 2,976,562 and 3,046,744 restricted stock units at a weighted-average per-share market price of $61.65 and $86.87 , 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 2016 , 2015 , and 2014 , $113 million ( $73 million after tax), $90 million ( $58 million after tax), and $111 million ( $72 million after tax), respectively, was charged to expense. In 2016 , 2015 , and 2014 , $35 million , $48 million , and $47 million was capitalized, respectively. As of December 31, 2016 , there was $233 million of total unrecognized compensation cost related to 6,061,803 unvested restricted stock units. The weighted-average remaining life of unvested restricted stock units is approximately 1.3 years. The fair value of the awards vested during 2016 , 2015 , and 2014 was approximately $151 million , $149 million , and $138 million , respectively. A summary of restricted stock unit activity for the year ended December 31, 2016 , is presented below. Shares Weighted- Average Grant- Date Fair Value (In thousands) Non-vested at January 1, 2016 4,570 $ 70.86 Granted 4,049 47.37 Vested (2,081 ) 72.59 Forfeited (476 ) 58.05 Non-vested at December 31, 2016 6,062 55.55 In January 2017, the Company awarded 1,866,606 restricted stock units at a weighted-average per-share market price of $63.25 under the 2016 Plan to eligible employees. The total compensation cost of $118 million , absent any forfeitures, 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, 2016 , 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 canceled 918,016 awards under the 2013 Performance Program for nonexecutive employees. Based on measurements of total shareholder return relative to the designated peer group at December 31, 2015, shares were paid out at 70 percent of target. A total of 29,957 awards were outstanding at December 31, 2016 . • 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. Based on measurements of total shareholder return relative to the designated peer group at December 31, 2016, shares were paid out at 100 percent of target. A total of 47,867 awards were outstanding at December 31, 2016 . 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 2016 , 2015 , and 2014 , $0.7 million ( $0.5 million after tax), $0.6 million ( $0.4 million after tax), and $18 million ( $11 million after tax), respectively, was charged to expense. During 2016 , 2015 , and 2014 , $0.1 million , $0.3 million , and $7 million was capitalized, respectively. As of December 31, 2016 , there was $1.2 million of total unrecognized compensation cost related to 77,824 unvested conditional restricted stock units. The weighted-average remaining life of the unvested conditional restricted stock units is approximately 0.7 years. Shares Weighted- Average Grant- Date Fair Value (1) (In thousands) Non-vested at January 1, 2016 172 $ 78.22 Granted — — Vested (34 ) 76.07 Forfeited or expired (60 ) 71.20 Non-vested at December 31, 2016 78 77.10 (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 Apache has a business performance program for 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 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. Grants from the total shareholder return programs outstanding at December 31, 2016 , are as described below: • 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. The actual amount of shares awarded will be between zero and 150 percent of target. A total of 431,707 units were outstanding as of December 31, 2016 , from which a minimum of zero and a maximum of 647,561 shares could be awarded. • In January 2016, the Company’s Board of Directors approved the 2016 Business Performance Program, pursuant to the 2011 Plan. Eligible employees received the initial conditional restricted stock unit totaling 871,369 . The actual amount of shares awarded will be between zero and 200 percent of target. A total of 793,442 units were outstanding as of December 31, 2016 , from which a minimum of zero and a maximum of 1,586,884 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 2016 and 2015 , $14 million ( $9 million after tax) and $3 million ( $2 million after tax), respectively, were charged to expense. During 2016 and 2015 , $2 million and $1 million were capitalized, respectively. As of December 31, 2016 , there was $37 million of total unrecognized compensation cost related to 1,225,149 unvested conditional restricted stock units. The weighted-average remaining life of the unvested conditional restricted stock units is approximately 2.1 years. Shares Weighted Average Grant- Date Fair Value (1) (In thousands) Non-vested at January 1, 2016 501 $ 66.53 Granted 871 34.19 Vested — — Forfeited or expired (147 ) 45.65 Non-vested at December 31, 2016 1,225 45.60 (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 2017, the Company’s Board of Directors approved the 2017 Performance Program, pursuant to the 2016 Plan, with terms similar to the 2016 Performance Program described above. Eligible employees received the initial conditional restricted stock unit totaling 604,147 units, with the ultimate number of restricted stock units to be awarded ranging from zero to a maximum of 1,208,294 units. The grant date fair value per award was $66.97 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss include the following: For the Year Ended December 31, 2016 2015 2014 (In millions) Currency translation adjustment (1) $ (109 ) $ (109 ) $ (109 ) Unfunded pension and postretirement benefit plan (Note 11) (3 ) (10 ) (7 ) Accumulated other comprehensive loss $ (112 ) $ (119 ) $ (116 ) (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, 2016 | |
Risks and Uncertainties [Abstract] | |
Major Customers | MAJOR CUSTOMERS In 2016 and 2015, purchases by China Petroleum & Chemical Corporation and its subsidiaries accounted for 21 percent and 12 percent , respectively, of the Company's worldwide oil and gas production revenues. In 2016 and 2015, purchases by Egyptian General Petroleum Company and its subsidiaries accounted for 12 percent and 11 percent , respectively, of the Company's worldwide oil and gas production revenues. In 2015 and 2014 , purchases by Royal Dutch Shell plc and its subsidiaries accounted for 11 percent and 19 percent , respectively, of the Company’s worldwide oil and gas production revenues. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | 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, 2016 , the Company had production in four reporting segments: the United States, Canada, Egypt, and the U.K. North Sea. Apache also pursues exploration interests in Suriname that may, over time, result in a reportable discovery and development opportunity. Financial information for each area is presented below: United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2016 Oil and gas production revenues $ 1,997 $ 343 $ 2,057 $ 970 $ — $ 5,367 Operating Expenses: Lease operating expenses 553 181 446 314 — 1,494 Gathering and transportation 80 68 44 8 — 200 Taxes other than income 139 20 — (33 ) — 126 Depreciation, depletion, and amortization 1,138 183 778 519 — 2,618 Exploration 285 88 48 37 15 473 Asset retirement obligation accretion 34 47 — 75 — 156 Impairments 80 367 1 655 — 1,103 Operating Income (Loss) $ (312 ) $ (611 ) $ 740 $ (605 ) $ (15 ) (803 ) Other Income (Expense): Gain on divestitures, net 21 Other (34 ) General and administrative (410 ) Transaction, reorganization, and separation (39 ) Financing costs, net (417 ) Net Loss From Continuing Operations Before Income Taxes $ (1,682 ) Net Property and Equipment $ 11,168 $ 1,464 $ 3,362 $ 2,834 $ 39 $ 18,867 Total Assets $ 12,403 $ 1,591 $ 4,893 $ 3,584 $ 48 $ 22,519 Additions to Net Property and Equipment $ 926 $ 34 $ 459 $ 260 $ 2 $ 1,681 United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 2,095 $ 1,280 $ — $ 6,510 Operating Expenses: 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 Depreciation, depletion, and amortization 1,558 301 927 514 — 3,300 Exploration 2,145 231 154 237 4 2,771 Asset retirement obligation accretion 28 43 — 74 — 145 Impairments 6,266 1,593 1,255 211 147 9,472 Operating Loss $ (8,351 ) $ (2,029 ) $ (817 ) $ (177 ) $ (151 ) (11,525 ) Other Income (Expense): Gain on divestitures, net 281 Other 98 General and administrative (380 ) Transaction, reorganization, and separation (132 ) Financing costs, net (511 ) Net Loss From Continuing Operations Before Income Taxes $ (12,169 ) Net Property and Equipment $ 11,753 $ 2,074 $ 3,712 $ 3,263 $ 36 $ 20,838 Total Assets $ 12,782 $ 2,225 $ 6,165 $ 4,280 $ 48 $ 25,500 Additions to Net Property and Equipment $ 2,099 $ 403 $ 862 $ 715 $ 27 $ 4,106 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,643 $ 2,316 $ — $ 12,795 Operating Expenses: 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 Depreciation, depletion, and amortization 2,408 439 872 807 — 4,526 Exploration 2,113 162 112 119 (7 ) 2,499 Asset retirement obligation accretion 43 39 — 72 — 154 Impairments 2,622 2,412 173 1,895 — 7,102 Operating Income (Loss) $ (2,806 ) $ (2,498 ) $ 1,936 $ (1,213 ) $ 7 (4,574 ) Other Income (Expense): Loss on divestitures, net (1,608 ) Other 285 General and administrative (453 ) Transaction, reorganization, and separation (67 ) Financing costs, net (413 ) Net Loss From Continuing Operations Before Income Taxes $ (6,830 ) Net Property and Equipment $ 19,507 $ 4,197 $ 5,141 $ 3,300 $ 9 $ 32,154 Total Assets $ 21,487 $ 4,728 $ 6,926 $ 4,480 $ 544 $ 38,165 Additions to Net Property and Equipment $ 7,006 $ 1,358 $ 1,293 $ 1,060 $ 8 $ 10,725 (1) Includes a noncontrolling interest in Egypt. |
Supplemental Oil and Gas Disclo
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Supplemental Oil and Gas Disclosures (Unaudited) | 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 States Canada Egypt (3) North Sea Other International Total (3)(4) (In millions, except per boe) 2016 Oil and gas production revenues $ 1,997 $ 343 $ 2,057 $ 970 $ — $ 5,367 Operating cost: Depreciation, depletion, and amortization (1) 1,055 174 733 498 — 2,460 Asset retirement obligation accretion 34 47 — 75 — 156 Lease operating expenses 553 181 446 314 — 1,494 Gathering and transportation 80 68 44 8 — 200 Exploration expenses 285 88 48 37 15 473 Impairments related to oil and gas properties 61 366 — — — 427 Production taxes (2) 135 18 — (33 ) — 120 Income tax (72 ) (162 ) 354 28 — 148 2,131 780 1,625 927 15 5,478 Results of operation $ (134 ) $ (437 ) $ 432 $ 43 $ (15 ) $ (111 ) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 2,095 $ 1,280 $ — $ 6,510 Operating cost: Depreciation, depletion, and amortization (1) 1,455 251 780 490 — 2,976 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 Exploration expenses 2,145 231 154 237 4 2,771 Impairments related to oil and gas properties 6,154 1,031 193 11 — 7,389 Production taxes (2) 178 23 — 58 — 259 Income tax (2,886 ) (369 ) 180 26 — (3,049 ) 7,881 1,543 1,874 1,254 4 12,556 Results of operation $ (5,244 ) $ (1,045 ) $ 221 $ 26 $ (4 ) $ (6,046 ) 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,643 $ 2,316 $ — $ 12,795 Operating cost: Depreciation, depletion, and amortization (1) 2,294 382 735 784 — 4,195 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 Exploration expenses 2,113 162 112 119 (7 ) 2,499 Impairments related to oil and gas properties 2,372 1,645 173 1,878 — 6,068 Production taxes (2) 342 27 — 177 — 546 Income tax (864 ) (421 ) 938 (723 ) — (1,070 ) 7,314 2,341 2,497 2,758 (7 ) 14,903 Results of operation $ (1,570 ) $ (1,249 ) $ 1,146 $ (442 ) $ 7 $ (2,108 ) (1) This amount only reflects DD&A of capitalized costs of oil and gas properties and, therefore, does not agree with DD&A reflected on Note 15—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 15—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 States Canada Egypt (2) Australia North Sea Argentina Other International Total (2) (In millions) 2016 Acquisitions: Proved $ — $ 1 $ 6 $ — $ 38 $ — $ — $ 45 Unproved 110 7 49 — 4 — — 170 Exploration 278 23 67 — 84 — 18 470 Development 420 27 353 — 150 — — 950 Costs incurred (1) $ 808 $ 58 $ 475 $ — $ 276 $ — $ 18 $ 1,635 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ 21 $ 6 $ — $ — $ 21 $ — $ — $ 48 Asset retirement costs (51 ) (13 ) — — (128 ) — — (192 ) 2015 Acquisitions: Proved $ 1 $ 8 $ 29 $ — $ — $ — $ — $ 38 Unproved 313 23 — — — — — 336 Exploration 194 51 125 32 246 — 29 677 Development 1,729 151 741 98 479 — — 3,198 Costs incurred (1) $ 2,237 $ 233 $ 895 $ 130 $ 725 $ — $ 29 $ 4,249 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ — $ — $ 8 $ 6 $ 7 $ — $ — $ 21 Asset retirement costs 123 8 — — (66 ) — — 65 2014 Acquisitions: Proved $ 102 $ — $ 11 $ — $ — $ — $ — $ 113 Unproved 1,221 141 — 16 — — — 1,378 Exploration 505 93 207 131 103 9 1 1,049 Development 5,078 789 1,122 990 956 6 — 8,941 Costs incurred (1) $ 6,906 $ 1,023 $ 1,340 $ 1,137 $ 1,059 $ 15 $ 1 $ 11,481 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ 17 $ — $ 9 $ 90 $ 29 $ 3 $ — $ 148 Asset retirement costs 43 175 — 55 34 — — 307 (2) Includes a noncontrolling interest in Egypt. Capitalized Costs The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization relating to the Company’s oil and gas acquisition, exploration, and development activities: United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2016 Proved properties $ 19,170 $ 5,434 $ 10,169 $ 7,920 $ — $ 42,693 Unproved properties 1,465 109 76 280 39 1,969 20,635 5,543 10,245 8,200 39 44,662 Accumulated DD&A (10,034 ) (4,120 ) (7,287 ) (5,531 ) — (26,972 ) $ 10,601 $ 1,423 $ 2,958 $ 2,669 $ 39 $ 17,690 2015 Proved properties $ 18,692 $ 5,812 $ 9,798 $ 7,426 $ — $ 41,728 Unproved properties 1,615 172 25 429 36 2,277 20,307 5,984 9,823 7,855 36 44,005 Accumulated DD&A (9,027 ) (3,958 ) (6,559 ) (4,913 ) — (24,457 ) $ 11,280 $ 2,026 $ 3,264 $ 2,942 $ 36 $ 19,548 (1) Includes a noncontrolling interest in Egypt. Oil and Gas Reserve Information Proved oil and gas reserves are the estimated quantities of natural gas, crude oil, condensate, and natural gas liquids (NGLs) that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing conditions, operating conditions, and government regulations. Estimated proved developed oil and gas reserves can be expected to be recovered through existing wells with existing equipment and operating methods. The Company reports all estimated proved reserves held under production-sharing arrangements utilizing the “economic interest” method, which excludes the host country’s share of reserves. Estimated reserves that can be produced economically through application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an active, improved recovery program using reliable technology establishes the reasonable certainty for the engineering analysis on which the project or program is based. Economically producible means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. Reasonable certainty means a high degree of confidence that the quantities will be recovered. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field-tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. In estimating its proved reserves, Apache uses several different traditional methods that can be classified in three general categories: 1) performance-based methods; 2) volumetric-based methods; and 3) analogy with similar properties. Apache will, at times, utilize additional technical analysis such as computer reservoir models, petrophysical techniques, and proprietary 3-D seismic interpretation methods to provide additional support for more complex reservoirs. Information from this additional analysis is combined with traditional methods outlined above to enhance the certainty of our reserve estimates. There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact. Crude Oil and Condensate (Thousands of barrels) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 300,900 51,508 138,771 — 91,138 — 582,317 Proved undeveloped reserves: 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 December 31, 2016 21,088 7,906 20,187 — 10,784 — 59,965 Total proved reserves: 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 ) 2,645 (216 ) (7 ) — 4,693 Production (48,789 ) (6,421 ) (32,934 ) (7,494 ) (22,154 ) (620 ) (118,412 ) 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 ) 27,330 11,189 (2,255 ) — (165,609 ) Production (45,138 ) (5,755 ) (33,163 ) (2,778 ) (21,657 ) — (108,491 ) 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 Extensions, discoveries and other additions 9,614 3,372 17,599 — 9,766 — 40,351 Purchase of minerals in-place 21 — — — 438 — 459 Revisions of previous estimates (58,882 ) (43,282 ) 17,301 — (3,851 ) — (88,714 ) Production (38,000 ) (4,787 ) (37,962 ) — (19,995 ) — (100,744 ) Sale of properties (67 ) (2,062 ) — — — — (2,129 ) Balance December 31, 2016 321,988 59,414 158,958 — 101,922 — 642,282 (1) 2016 , 2015 , 2014 , and 2013 includes proved reserves of 53 MMbbls, 54 MMbbls, 48 MMbbls, and 45 MMbbls, respectively, attributable to a noncontrolling interest in Egypt. Natural Gas Liquids (Thousands of barrels) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 155,124 13,866 1,266 — 1,627 — 171,883 Proved undeveloped reserves: 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 December 31, 2016 17,311 2,473 131 — 646 — 20,561 Total proved reserves: 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 (11 ) — (2 ) — 2,697 Production (21,464 ) (2,256 ) (251 ) — (508 ) (116 ) (24,595 ) 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 Extensions, discoveries and other additions 10,238 755 208 — 671 — 11,872 Purchase of minerals in-place 2 — — — 5 — 7 Revisions of previous estimates 6,824 (1,355 ) 17 — 141 — 5,627 Production (19,824 ) (2,098 ) (397 ) — (623 ) — (22,942 ) Sale of properties (9 ) (1,048 ) — — — — (1,057 ) Balance December 31, 2016 172,435 16,339 1,397 — 2,273 — 192,444 (1) 2016 , 2015 , and 2014 includes proved reserves of 466 Mbbls, 523 Mbbls, and 519 Mbbls, respectively, attributable to a noncontrolling interest in Egypt. Natural Gas (Millions of cubic feet) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 1,200,379 553,724 675,559 — 86,948 — 2,516,610 Proved undeveloped reserves: 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 December 31, 2016 231,304 45,312 42,109 — 23,813 — 342,538 Total proved reserves: 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 ) 17,326 — (54 ) — 40,556 Production (215,829 ) (117,816 ) (146,522 ) (78,104 ) (20,427 ) (12,722 ) (591,420 ) 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 ) 61,442 8,162 (22,373 ) — (782,083 ) Production (160,614 ) (100,289 ) (134,870 ) (34,352 ) (23,647 ) — (453,772 ) 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 Extensions, discoveries and other additions 219,633 30,234 35,202 — 20,814 — 305,883 Purchase of minerals in-place 7 — — — 6,677 — 6,684 Revisions of previous estimates (215,378 ) (242,080 ) (4,305 ) — 4,239 — (457,524 ) Production (145,019 ) (88,792 ) (143,461 ) — (26,261 ) — (403,533 ) Sale of properties (328 ) (22,456 ) — — — — (22,784 ) Balance December 31, 2016 1,431,683 599,036 717,668 — 110,761 — 2,859,148 (1) 2016 , 2015 , 2014 , and 2013 include proved reserves of 239 Bcf, 277 Bcf, 270 Bcf, and 271 Bcf, respectively, attributable to a noncontrolling interest in Egypt. Total Equivalent Reserves (Thousands barrels of oil equivalent) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 656,087 157,662 252,630 — 107,256 — 1,173,635 Proved undeveloped reserves: 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 December 31, 2016 76,950 17,931 27,336 — 15,399 — 137,616 Total proved reserves: 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 ) 5,522 (216 ) (18 ) — 14,150 Production (106,225 ) (28,313 ) (57,605 ) (20,511 ) (26,067 ) (2,856 ) (241,577 ) 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 ) 37,825 12,549 (6,305 ) — (365,135 ) Production (91,591 ) (24,706 ) (56,029 ) (8,503 ) (26,011 ) — (206,840 ) 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 Extensions, discoveries and other additions 56,458 9,166 23,674 — 13,906 — 103,204 Purchase of minerals in-place 24 — — — 1,556 — 1,580 Revisions of previous estimates (87,954 ) (84,984 ) 16,599 — (3,002 ) — (159,341 ) Production (81,994 ) (21,684 ) (62,269 ) — (24,995 ) — (190,942 ) Sale of properties (131 ) (6,852 ) — — — — (6,983 ) Balance December 31, 2016 733,037 175,593 279,966 — 122,655 — 1,311,251 (1) 2016 , 2015 , 2014 , and 2013 include total proved reserves of 93 MMboe, 101 MMboe, 93 MMboe, and 90 MMboe, respectively, attributable to a noncontrolling interest in Egypt. During 2016 , Apache sold a combined 7 MMboe primarily through divestiture transactions in Canada. The Company added 2 MMboe of estimated proved reserves through purchases of minerals in-place and 103 MMboe from extensions, discoveries, and other additions. The Company recorded 66 MMboe of exploration and development adds in North America, primarily associated with Woodford, Bone Springs, and Wolfcamp drilling programs in the Permian Basin ( 49 MMboe), Montney and Glauconite drilling in Canada ( 9 MMboe), and Woodford drilling activity in the MidContinent region ( 8 MMboe). The international regions contributed 37 MMboe of exploration and development adds during 2016 with Egypt contributing 23 MMboe from onshore exploration and appraisal activity in the Khalda, Khalda 2, and East Beni Suef concessions. The North Sea offshore region contributed 14 MMboe from drilling success in the Beryl, Forties, and Nevis fields. During 2016 , Apache also had combined downward revisions of previously estimated reserves of 159 MMboe. Changes in product prices accounted for 172 MMboe, lease ownership changes accounted for 6 MMboe, offset by engineering and performance upward revisions totaling 19 MMboe. Approximately 9 percent of Apache’s year-end 2016 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 16, under “Future Net Cash Flows.” Future Net Cash Flows Future cash inflows as of December 31, 2016 and 2015 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation. The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under current laws, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. United States Canada Egypt (2) North Sea Total (2) (In millions) 2016 Cash inflows $ 20,067 $ 3,625 $ 8,778 $ 4,734 $ 37,204 Production costs (8,858 ) (2,582 ) (1,967 ) (2,255 ) (15,662 ) Development costs (1,653 ) (1,565 ) (1,111 ) (2,410 ) (6,739 ) Income tax expense (32 ) — (1,775 ) (8 ) (1,815 ) Net cash flows 9,524 (522 ) 3,925 61 12,988 10 percent discount rate (5,319 ) 549 (956 ) 798 (4,928 ) Discounted future net cash flows (1) $ 4,205 $ 27 $ 2,969 $ 859 $ 8,060 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 (1) Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $9.5 billion and $13.1 billion as of December 31, 2016 and 2015 , respectively. (2) Includes discounted future net cash flows of approximately $1.0 billion and $1.3 billion in 2016 and 2015 , 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, 2016 2015 2014 (In millions) Sales, net of production costs $ (3,479 ) $ (4,056 ) $ (10,350 ) Net change in prices and production costs (3,835 ) (21,710 ) (1,029 ) Discoveries and improved recovery, net of related costs 1,153 1,953 6,297 Change in future development costs 309 705 (1,136 ) Previously estimated development costs incurred during the period 986 1,991 4,462 Revision of quantities (574 ) (2,292 ) 256 Purchases of minerals in-place 8 22 508 Accretion of discount 1,313 3,642 4,442 Change in income taxes 1,070 7,264 836 Sales of properties (52 ) (5,240 ) (4,780 ) Change in production rates and other 567 (3,343 ) (442 ) $ (2,534 ) $ (21,064 ) $ (936 ) |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Financial Data (Unaudited) | SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) First Second Third Fourth Total (In millions, except per share amounts) 2016 Revenues and other $ 1,084 $ 1,365 $ 1,433 $ 1,451 $ 5,333 Gain (loss) on divestitures (1 ) 17 5 — 21 Expenses (1) 1,454 1,582 1,964 1,594 6,594 Net loss from continuing operations including noncontrolling interest (371 ) (200 ) (526 ) (143 ) (1,240 ) Net loss from discontinued operations, net of tax — — (33 ) — (33 ) Net loss including noncontrolling interest $ (371 ) $ (200 ) $ (559 ) $ (143 ) $ (1,273 ) Net loss attributable to common stock $ (372 ) $ (244 ) $ (607 ) $ (182 ) $ (1,405 ) Basic and diluted net loss per common share (2) : Net loss from continuing operations $ (0.98 ) $ (0.65 ) $ (1.51 ) $ (0.48 ) $ (3.62 ) Net loss from discontinued operations — — (0.09 ) — (0.09 ) Net loss per share $ (0.98 ) $ (0.65 ) $ (1.60 ) $ (0.48 ) $ (3.71 ) 2015 Revenues and other $ 1,653 $ 2,019 $ 1,531 $ 1,405 $ 6,608 Gain (loss) on divestitures (18 ) 227 (5 ) 77 281 Expenses (1) 2,703 3,163 5,645 6,537 18,048 Net loss from continuing operations including noncontrolling interest (1,068 ) (917 ) (4,119 ) (5,055 ) (11,159 ) Net income (loss) from discontinued operations, net of tax (238 ) 120 (17 ) 627 492 Net loss including noncontrolling interest $ (1,306 ) $ (797 ) $ (4,136 ) $ (4,428 ) $ (10,667 ) Net loss attributable to common stock $ (1,334 ) $ (860 ) $ (4,143 ) $ (4,015 ) $ (10,352 ) Basic and diluted net income (loss) per common share (2) : Net loss from continuing operations $ (2.91 ) $ (2.60 ) $ (10.91 ) $ (12.28 ) $ (28.70 ) Net income (loss) from discontinued operations (0.63 ) 0.32 (0.04 ) 1.66 1.30 Net loss per share $ (3.54 ) $ (2.28 ) $ (10.95 ) $ (10.62 ) $ (27.40 ) (1) Continuing operating expenses for 2016 include non-cash asset impairments totaling $42 million , $238 million , $951 million , and $144 million in the first, second, third, and fourth quarters of 2016, respectively. Continuing operating expenses for 2015 include non-cash asset impairments totaling $2.1 billion , $660 million , $4.1 billion , and $5.1 billion in the first, second, third, and fourth quarters of 2015, respectively. (2) 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. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Supplemental Guarantor Information | 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. Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,035 $ — $ 4,332 $ — $ 5,367 Equity in net income (loss) of affiliates (575 ) (173 ) — 748 — Other 15 (19 ) (29 ) (1 ) (34 ) Gain on divestiture 2 — 19 — 21 477 (192 ) 4,322 747 5,354 OPERATING EXPENSES: Lease operating expenses 285 — 1,209 — 1,494 Gathering and transportation 33 — 167 — 200 Taxes other than income 76 — 50 — 126 Exploration 258 — 215 — 473 General and administrative 344 — 67 (1 ) 410 Depreciation, depletion, and amortization 618 — 2,000 — 2,618 Asset retirement obligation accretion 18 — 138 — 156 Impairments 80 — 1,023 — 1,103 Transaction, reorganization, and separation 39 — — — 39 Financing costs, net 256 (27 ) 188 — 417 2,007 (27 ) 5,057 (1 ) 7,036 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,530 ) (165 ) (735 ) 748 (1,682 ) Provision (benefit) for income taxes (158 ) 8 (292 ) — (442 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,372 ) (173 ) (443 ) 748 (1,240 ) Net loss from discontinued operations, net of tax (33 ) — — — (33 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (1,405 ) (173 ) (443 ) 748 (1,273 ) Net income attributable to noncontrolling interest — — 132 — 132 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,405 ) $ (173 ) $ (575 ) $ 748 $ (1,405 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,398 ) $ (173 ) $ (575 ) $ 748 $ (1,398 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,446 $ — $ 5,064 $ — $ 6,510 Equity in net income (loss) of affiliates (5,254 ) (740 ) 57 5,937 — Other (71 ) 54 96 19 98 Gain on divestiture 36 — 245 — 281 (3,843 ) (686 ) 5,462 5,956 6,889 OPERATING EXPENSES: Lease operating expenses 399 — 1,455 — 1,854 Gathering and transportation 35 — 176 — 211 Taxes other than income 103 — 179 — 282 Exploration 2,096 — 675 — 2,771 General and administrative 296 — 65 19 380 Depreciation, depletion, and amortization 966 — 2,334 — 3,300 Asset retirement obligation accretion 15 — 130 — 145 Impairments 3,885 — 5,587 — 9,472 Transaction, reorganization, and separation 132 — — — 132 Financing costs, net 475 (14 ) 50 — 511 8,402 (14 ) 10,651 19 19,058 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (12,245 ) (672 ) (5,189 ) 5,937 (12,169 ) Provision (benefit) for income taxes (2,065 ) 11 1,044 — (1,010 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (10,180 ) (683 ) (6,233 ) 5,937 (11,159 ) Net income (loss) from discontinued operations, net of tax (172 ) — 664 — 492 NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (10,352 ) (683 ) (5,569 ) 5,937 (10,667 ) Net loss attributable to noncontrolling interest — — (315 ) — (315 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (10,352 ) $ (683 ) $ (5,254 ) $ 5,937 $ (10,352 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (10,355 ) $ (683 ) $ (5,254 ) $ 5,937 $ (10,355 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2014 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 3,399 $ — $ 9,396 $ — $ 12,795 Equity in net income (loss) of affiliates (3,489 ) (1,191 ) 73 4,607 — Other 375 55 (150 ) 5 285 Loss on divestiture (1,031 ) — (577 ) — (1,608 ) (746 ) (1,136 ) 8,742 4,612 11,472 OPERATING EXPENSES: Lease operating expenses 509 — 1,729 — 2,238 Gathering and transportation 58 — 215 — 273 Taxes other than income 206 — 371 — 577 Exploration 1,966 — 533 — 2,499 General and administrative 370 — 78 5 453 Depreciation, depletion, and amortization 1,493 — 3,033 — 4,526 Asset retirement obligation accretion 31 — 123 — 154 Impairments 1,626 — 5,476 — 7,102 Transaction, reorganization, and separation 67 — — — 67 Financing costs, net 372 (24 ) 65 — 413 6,698 (24 ) 11,623 5 18,302 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (7,444 ) (1,112 ) (2,881 ) 4,607 (6,830 ) Provision (benefit) for income taxes 789 6 (1,313 ) — (518 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (8,233 ) (1,118 ) (1,568 ) 4,607 (6,312 ) Net loss from discontinued operations, net of tax (127 ) — (1,580 ) — (1,707 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (8,360 ) (1,118 ) (3,148 ) 4,607 (8,019 ) Net income attributable to noncontrolling interest — — 341 — 341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (8,360 ) $ (1,118 ) $ (3,489 ) $ 4,607 $ (8,360 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (8,361 ) $ (1,118 ) $ (3,489 ) $ 4,607 $ (8,361 ) Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 625 $ 51 $ 1,777 $ — $ 2,453 CASH USED IN DISCONTINUED OPERATIONS — — (23 ) — (23 ) CASH PROVIDED BY OPERATING ACTIVITIES $ 625 $ 51 $ 1,754 $ — $ 2,430 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (813 ) — (797 ) — (1,610 ) Additions to gas gathering, transmission, and processing facilities (111 ) — (47 ) — (158 ) Leasehold and property acquisitions (108 ) — (73 ) — (181 ) Proceeds from sale of oil and gas properties, other 88 — 46 — 134 Investment in subsidiaries, net 914 — — (914 ) — Other (77 ) — 232 — 155 NET CASH USED IN INVESTING ACTIVITIES (107 ) — (639 ) (914 ) (1,660 ) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany borrowings — (23 ) (891 ) 914 — Payments on fixed rate debt (181 ) — — — (181 ) Dividends paid (379 ) — — — (379 ) Common stock activity, net — (28 ) 28 — — Distributions to noncontrolling interest — — (293 ) — (293 ) Other 8 — (15 ) — (7 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (552 ) (51 ) (1,171 ) 914 (860 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (34 ) — (56 ) — (90 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 378 — 1,089 — 1,467 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 344 $ — $ 1,033 $ — $ 1,377 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 98 $ 18 $ 2,438 $ — $ 2,554 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 113 — 113 CASH PROVIDED BY OPERATING ACTIVITIES 98 18 2,551 — 2,667 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,500 ) — (2,708 ) — (4,208 ) 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 163 — 105 — 268 Investment in subsidiaries, net 6,363 — — (6,363 ) — Other (34 ) — 40 — 6 NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES 4,523 — (1,449 ) (6,363 ) (3,289 ) NET CASH PROVIDED BY DISCONTINUED OPERATIONS — — 4,372 — 4,372 NET CASH USED IN INVESTING ACTIVITIES 4,523 — 2,923 (6,363 ) 1,083 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (1,570 ) — — — (1,570 ) Intercompany borrowings (1,621 ) (18 ) (4,724 ) 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 (4,510 ) (18 ) (4,797 ) 6,363 (2,962 ) NET CASH USED IN FINANCING ACTIVITIES (4,510 ) (18 ) (4,797 ) 6,363 (2,962 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 111 — 677 — 788 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 — 412 — 679 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 378 $ — $ 1,089 $ — $ 1,467 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 3,104 $ 17 $ 3,892 $ — $ 7,013 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 944 — 944 CASH PROVIDED BY OPERATING ACTIVITIES 3,104 17 4,836 — 7,957 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (4,364 ) — (4,244 ) — (8,608 ) Additions to gas gathering, transmission, and processing facilities (9 ) — (872 ) — (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 (1,475 ) — — — (1,475 ) Proceeds from sale of oil and gas properties 15 — 455 — 470 Investment in subsidiaries, net 1,132 — — (1,132 ) — Other (186 ) — (113 ) — (299 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (2,265 ) — (4,774 ) (1,132 ) (8,171 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (219 ) — (219 ) NET CASH USED IN INVESTING ACTIVITIES (2,265 ) — (4,993 ) (1,132 ) (8,390 ) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net 1,570 — (2 ) — 1,568 Intercompany borrowings — 8 (1,152 ) 1,144 — Dividends paid (365 ) — — — (365 ) Distributions to noncontrolling interest — — (140 ) — (140 ) Shares repurchased (1,864 ) — — — (1,864 ) Other (68 ) (28 ) 157 (12 ) 49 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (727 ) (20 ) (1,137 ) 1,132 (752 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (42 ) — (42 ) NET CASH USED IN FINANCING ACTIVITIES (727 ) (20 ) (1,179 ) 1,132 (794 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 112 (3 ) (1,336 ) — (1,227 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 — 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 267 $ — $ 412 $ — $ 679 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 344 $ — $ 1,033 $ — $ 1,377 Receivables, net of allowance 358 — 770 — 1,128 Inventories 29 — 447 — 476 Drilling advances 4 — 77 — 81 Prepaid assets and other 134 — 45 — 179 Intercompany receivable 5,038 — — (5,038 ) — 5,907 — 2,372 (5,038 ) 3,241 PROPERTY AND EQUIPMENT, NET 7,014 — 11,853 — 18,867 OTHER ASSETS: Intercompany receivable — — 12,152 (12,152 ) — Equity in affiliates 15,517 (1,240 ) 706 (14,983 ) — Deferred charges and other 97 1,000 314 (1,000 ) 411 $ 28,535 $ (240 ) $ 27,397 $ (33,173 ) $ 22,519 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 371 $ (12 ) $ 226 $ — $ 585 Other current liabilities 653 3 602 — 1,258 Intercompany payable — — 5,038 (5,038 ) — 1,024 (9 ) 5,866 (5,038 ) 1,843 LONG-TERM DEBT 8,247 297 — — 8,544 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 12,152 — — (12,152 ) — Income taxes (271 ) 5 1,976 — 1,710 Asset retirement obligation 257 — 2,175 — 2,432 Other 888 1 422 (1,000 ) 311 13,026 6 4,573 (13,152 ) 4,453 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 6,238 (534 ) 15,517 (14,983 ) 6,238 Noncontrolling interest — — 1,441 — 1,441 TOTAL EQUITY 6,238 (534 ) 16,958 (14,983 ) 7,679 $ 28,535 $ (240 ) $ 27,397 $ (33,173 ) $ 22,519 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations 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 6,546 — 14,292 — 20,838 OTHER ASSETS: Intercompany receivable — — 10,744 (10,744 ) — Equity in affiliates 16,092 (807 ) 446 (15,731 ) — Deferred charges and other 96 1,001 813 (1,000 ) 910 $ 28,790 $ 194 $ 29,203 $ (32,687 ) $ 25,500 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 8,418 298 — — 8,716 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 10,744 — — (10,744 ) — Income taxes (412 ) 4 2,937 — 2,529 Asset retirement obligation 271 — 2,291 — 2,562 Other 933 250 179 (1,000 ) 362 11,536 254 5,407 (11,744 ) 5,453 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 7,888 (361 ) 16,092 (15,731 ) 7,888 Noncontrolling interest — — 1,602 — 1,602 TOTAL EQUITY 7,888 (361 ) 17,694 (15,731 ) 9,490 $ 28,790 $ 194 $ 29,203 $ (32,687 ) $ 25,500 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. Sinopec International Petroleum Exploration and Production Corporation (Sinopec) owns a one-third minority participation in Apache’s Egypt oil and gas business as a noncontrolling interest, which is reflected as a separate component of equity in Apache’s consolidated balance sheet. 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 3—Acquisitions and Divestitures), the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom (see Note 16—Supplemental Oil and Gas Disclosures), the assessment of asset retirement obligations (see Note 7—Asset Retirement Obligation), the estimates of fair value for long-lived assets and goodwill (see “Fair Value Measurements,” “Property and Equipment,” and “Goodwill” sections in this Note 1 below), and the estimate of income taxes (see Note 9—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. 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 8—Debt and Note 11—Retirement and Deferred Compensation Plans. Apache also uses fair value measurements on a nonrecurring basis when certain qualitative assessments of its assets indicate a potential impairment. For the year ended December 31, 2016 , the Company recorded asset impairments totaling $1.1 billion in connection with fair value assessments in the current low commodity price environment. Impairments totaling $427 million and $135 million were recorded for proved properties and gathering, transmission, and processing (GTP) facilities, respectively, which were written down to their fair values. These impairments are discussed in further detail below in “Property and Equipment.” Also in 2016, the Company recorded $486 million for a U.K. Petroleum Revenue Tax (PRT) decommissioning asset that is no longer expected to be realizable from future abandonment activities in the North Sea and $55 million for inventory write-downs. In 2016, the U.K. government enacted Finance Bill 2016, providing tax relief to exploration and production (E&P) companies operating in the U.K. North Sea. Under the enacted legislation, the U.K. PRT rate was reduced to zero from the previously enacted 35 percent rate in effect from January 1, 2016. PRT expense ceased prospectively from that date. As a further result of this change, the Company reduced the recoverable PRT decommissioning asset that would have been realized from future abandonment activities by $486 million ( $292 million net of tax). This recoverable PRT decommissioning asset had an aggregate remaining value of $8 million as of December 31, 2016, which is recorded in “Deferred charges and other” on the consolidated balance sheet. The recoverable value of the PRT decommissioning asset was estimated using the income approach. The expected future cash flows used in the determination were based on anticipated spending and timing of planned future abandonment activities for applicable fields, considering all available information at the date of review. Apache has classified this fair value measurement as Level 3 in the fair value hierarchy. For the year ended December 31, 2015, the Company recorded asset impairments totaling $9.5 billion in connection with fair value assessments. Impairments totaling $7.4 billion and $1.7 billion were recorded for proved properties and GTP facilities, respectively, which were written down to their fair values. These impairments are discussed in further detail below in “Property and Equipment.” Also in 2015, the Company recorded $163 million for the impairment of goodwill, $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 3—Acquisitions and Divestitures. For the year ended December 31, 2014, the Company recorded asset impairments totaling $7.1 billion in connection with fair value assessments, including $6.1 billion for proved properties, $347 million for the impairment of goodwill, $655 million for the impairment of assets held for sale, and $32 million for inventory write-downs. The Company also recorded $833 million in impairments related to the sale of the Company’s Australian assets and an additional $271 million in impairment of proved properties and inventory in Australia. These impairments are classified as discontinued operations in 2014. For discussion of these impairments, see “Property and Equipment” and “Goodwill” below and Note 3—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, 2016 and 2015 , Apache had $1.4 billion and $1.5 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. |
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, net of any impairments. 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 successful efforts method of accounting for its oil and gas property. Under this method of accounting, exploration costs such as exploratory geological and geophysical costs, delay rentals, and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. If an exploratory well provides evidence to justify potential development of reserves, drilling costs associated with the well are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation of the cost of proved oil and gas properties is calculated using the unit-of-production (UOP) method. The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the carrying value of those reserves. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. With respect to lease and well equipment costs, which include development costs and successful exploration drilling costs, the reserve base includes only proved developed reserves. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities - Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. When circumstances indicate that proved oil and gas properties may be impaired, the Company compares unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on Apache’s estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820 “Fair Value Measurement.” If applicable, the Company utilizes accepted bids as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a discount rate believed to be consistent with those applied by market participants. Apache has classified these fair value measurements as Level 3 in the fair value hierarchy. The following table represents non-cash impairments of the carrying value of the Company’s proved and unproved property and equipment for 2016 , 2015 , and 2014 : For the Year Ended December 31, 2016 2015 2014 (In millions) Oil and Gas Property: Proved $ 427 $ 7,389 $ 6,068 Unproved 272 2,462 1,976 The fair values of the impaired proved properties as of the most recent date of impairment were $306 million , $3.9 billion , and $4.8 billion for 2016 , 2015 , and 2014 , respectively. In the statement of consolidated operations, unproved property impairments are recorded in exploration expense, and proved property impairments are recorded in impairments. Gains and losses on significant divestitures are recognized in the statement of consolidated operations. See Note 3—Acquisitions and Divestitures for more detail. |
Gathering, Transmission, and Processing Facilities | Gathering, Transmission, and Processing Facilities GTP facilities totaled $976 million and $1.1 billion at December 31, 2016 and 2015 , respectively, with accumulated depreciation for these assets totaling $130 million and $160 million 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 2016, the Company recorded impairments of $135 million on certain GTP assets in the North Sea, which were written down to their fair values of $142 million . The fair values of the impaired assets were determined using a combination of the income approach and the market approach. The income approach considers 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 2015, the Company recorded impairments of $1.7 billion on certain GTP assets, including $1.1 billion in Egypt, $555 million in Canada, and $103 million in the U.S., which were written down to their fair values of $306 million in aggregate. During 2014, the Company recorded impairments of $1.1 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. The $430 million impairment of GTP assets related to Apache's Wheatstone LNG project is reflected in discontinued operations in the Company's statement of consolidated operations. 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 “Gain (loss) on divestitures” under “Revenues and Other” in the Company’s statement of consolidated operations. No gain or loss on the sales of GTP facilities was recognized during 2016. 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. |
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 $780 million and $693 million at December 31, 2016 and 2015 , 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. 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, and it is recorded in “Deferred charges and other” in the Company's consolidated balance sheet. 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. As of December 31, 2016 , 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. When there is a disposal of a reporting unit or a portion of a reporting unit that constitutes a business, goodwill associated with that business is included in the carrying amount to determine the gain or loss on disposal. The amount of goodwill allocated to the carrying amount of a business can significantly impact the amount of gain or loss recognized on the sale of that business. The amount of goodwill to be included in that carrying amount is based on the relative fair value of the business to be disposed of and the portion of the reporting unit that will be retained. The following presents the changes to goodwill for the years ended 2016 , 2015 , and 2014 : United States Canada Egypt North Sea Total (In millions) Goodwill at December 31, 2013 $ 384 $ 103 $ 87 $ 163 $ 737 Divested (140 ) — — — (140 ) Impairments (244 ) (103 ) — — (347 ) Goodwill at December 31, 2014 — — 87 163 250 Impairments — — — (163 ) (163 ) Goodwill at December 31, 2015 — — 87 — 87 Impairments — — — — — Goodwill at December 31, 2016 $ — $ — $ 87 $ — $ 87 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. These goodwill impairments have been recorded in “Impairments” in the Company’s statement of consolidated operations. |
Accounts Payable | Accounts Payable Included in accounts payable at December 31, 2016 and 2015 , are liabilities of approximately $86 million and $129 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 oil and gas to fulfill sales obligations and commitments. The costs of third-party oil and gas purchases totaled $159 million , $105 million , and $70 million , for 2016, 2015, and 2014, respectively, which offset the related sales proceeds recorded as “Other” under “Revenues and Other” in the statement of consolidated operations. 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, 2016 , 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 “Other” 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 2014 oil and gas cash flow hedges, including terminated contracts, were recognized in oil and gas production revenues when the forecasted transaction occurred. |
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 9—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 9—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 2016 of $25 million , a loss in 2015 of $11 million , and a gain in 2014 of $8 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. |
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 12—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 $2 million , $1 million , and $35,000 as financing cash inflows in 2016 , 2015 , and 2014 , 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 January 2017, the FASB issued Accounting Standards Update (ASU) 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 seeks to simplify the accounting for goodwill by eliminating the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Under the new guidance, an entity will recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. This update will be applied prospectively and is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company plans to early adopt this ASU, and does not expect the adoption to have a material impact on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows (Topic 230). ASU 2016-15 seeks to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the provisions of ASU 2016-15 and assessing the impact, if any, it may have on its statement of consolidated cash flows. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses.” The standard changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for a fiscal year beginning after December 15, 2018, including interim periods within that fiscal year. The Company does not expect to adopt the guidance early. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is evaluating the new guidance and does not believe this standard will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which seeks to simplify accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The new standard requires the Company to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance is effective for fiscal years beginning after December 15, 2016. The Company has evaluated the new guidance and recorded a cumulative-effect adjustment of $11 million as of January 1, 2017 representing an increase in accumulated deficit with the offset to paid-in capital to reflect actual forfeitures versus the previously-estimated forfeiture rate. In February 2016, the FASB issued ASU 2016-02, a new lease standard requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently evaluating the impact of adopting this standard 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 codification was amended through additional ASUs and, as amended, 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. The guidance is 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 will adopt the new standard utilizing the modified retrospective approach. Upon preliminary evaluation, the Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. The Company is continuing to evaluate the disclosure requirements of this ASU and does not plan on early adopting the standard. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following table describes changes to the Company’s allowance for doubtful accounts for 2016 , 2015 , and 2014 : 2016 2015 2014 (In millions) Allowance for doubtful accounts at beginning of year $ 103 $ 98 $ 78 Additional provisions for the year 14 40 4 Uncollectible accounts written off net of recoveries (24 ) (35 ) 16 Allowance for doubtful accounts at end of year $ 93 $ 103 $ 98 |
Schedule of Non-cash Impairments of Proved and Unproved Property and Equipment | The following table represents non-cash impairments of the carrying value of the Company’s proved and unproved property and equipment for 2016 , 2015 , and 2014 : For the Year Ended December 31, 2016 2015 2014 (In millions) Oil and Gas Property: Proved $ 427 $ 7,389 $ 6,068 Unproved 272 2,462 1,976 |
Schedule of Goodwill | The following presents the changes to goodwill for the years ended 2016 , 2015 , and 2014 : United States Canada Egypt North Sea Total (In millions) Goodwill at December 31, 2013 $ 384 $ 103 $ 87 $ 163 $ 737 Divested (140 ) — — — (140 ) Impairments (244 ) (103 ) — — (347 ) Goodwill at December 31, 2014 — — 87 163 250 Impairments — — — (163 ) (163 ) Goodwill at December 31, 2015 — — 87 — 87 Impairments — — — — — Goodwill at December 31, 2016 $ — $ — $ 87 $ — $ 87 |
Change in Accounting Principle
Change in Accounting Principle (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of effects of the change to the successful efforts method | The following tables present the effects of the change to the successful efforts method in the statement of consolidated operations: Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 3,983 $ 189 $ 4,172 Natural gas revenues 997 (30 ) 967 NGL revenues 228 — 228 Oil and gas production revenues 5,208 159 5,367 Other (38 ) 4 (34 ) Gain on divestiture 17 4 21 Exploration — 473 473 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 1,974 486 2,460 Additional 1,438 (1,438 ) — Impairments 677 426 1,103 Financing costs, net 365 52 417 Current income tax provision 232 159 391 Deferred income tax benefit (721 ) (112 ) (833 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,361 ) 121 (1,240 ) Net income (loss) attributable to noncontrolling interest (26 ) 158 132 NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (1,335 ) (37 ) (1,372 ) Net loss from discontinued operations, net of tax (33 ) — (33 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (1,368 ) (37 ) (1,405 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (3.52 ) $ (0.10 ) $ (3.62 ) Basic and diluted net loss from discontinued operations per share (0.09 ) — (0.09 ) Basic and diluted net loss per share $ (3.61 ) $ (0.10 ) $ (3.71 ) Other Comprehensive Income COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK (1,361 ) (37 ) (1,398 ) Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 4,999 $ 108 $ 5,107 Natural gas revenues 1,157 19 1,176 NGL revenues 227 — 227 Oil and gas production revenues 6,383 127 6,510 Other (76 ) 174 98 Gain on divestiture 59 222 281 Exploration — 2,771 2,771 General and administrative 377 3 380 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 3,531 (555 ) 2,976 Additional 25,517 (25,517 ) — Impairments 1,920 7,552 9,472 Financing costs, net 299 212 511 Current income tax provision 309 126 435 Deferred income tax benefit (5,778 ) 4,333 (1,445 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (22,757 ) 11,598 (11,159 ) Net loss attributable to noncontrolling interest (409 ) 94 (315 ) NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (22,348 ) 11,504 (10,844 ) Net income (loss) from discontinued operations, net of tax (771 ) 1,263 492 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (23,119 ) 12,767 (10,352 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (59.16 ) $ 30.46 $ (28.70 ) Basic and diluted net income (loss) from discontinued operations per share (2.04 ) 3.34 1.30 Basic and diluted net loss per share $ (61.20 ) $ 33.80 $ (27.40 ) Other Comprehensive Income Pension and postretirement benefit plan, net of tax $ — $ (3 ) $ (3 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK (23,119 ) 12,764 (10,355 ) Changes to the Statement of Consolidated Operations and Statement of Consolidated Comprehensive Income (Loss) For the Year Ended December 31, 2014 Under Full Cost Changes* As Reported Under Successful Efforts (In millions, except per share data) Oil revenues $ 10,040 $ 70 $ 10,110 Natural gas revenues 1,983 34 2,017 NGL revenues 668 — 668 Oil and gas production revenues 12,691 104 12,795 Other 290 (5 ) 285 Loss on divestiture (180 ) (1,428 ) (1,608 ) Exploration — 2,499 2,499 General and administrative 451 2 453 Depreciation, depletion, and amortization: Oil and gas property and equipment Recurring 4,388 (193 ) 4,195 Additional 5,001 (5,001 ) — Impairments 1,919 5,183 7,102 Financing costs, net 211 202 413 Current income tax provision 1,177 104 1,281 Deferred income tax benefit (514 ) (1,285 ) (1,799 ) NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (3,472 ) (2,840 ) (6,312 ) Net income attributable to noncontrolling interest 343 (2 ) 341 NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (3,815 ) (2,838 ) (6,653 ) Net loss from discontinued operations, net of tax (1,588 ) (119 ) (1,707 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (5,403 ) (2,957 ) (8,360 ) Per Common Share Basic and diluted net loss from continuing operations per share $ (9.93 ) $ (7.39 ) $ (17.32 ) Basic and diluted net loss from discontinued operations per share (4.13 ) (0.31 ) (4.44 ) Basic and diluted net loss per share $ (14.06 ) $ (7.70 ) $ (21.76 ) Other Comprehensive Income COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCK $ (5,404 ) $ (2,957 ) $ (8,361 ) The following tables present the effects of the change to the successful efforts method in the statement of consolidated cash flows: Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (1,394 ) $ 121 $ (1,273 ) Gain on divestitures, net (17 ) (4 ) (21 ) Exploratory dry hole expense and unproved leasehold impairments — 353 353 Depreciation, depletion, and amortization 3,570 (952 ) 2,618 Impairments 677 426 1,103 Benefit from deferred income taxes (721 ) (112 ) (833 ) Changes in operating assets and liabilities 138 15 153 Net cash provided by continuing operating activities 2,606 (153 ) 2,453 Additions to oil and gas property (1,776 ) 166 (1,610 ) Net cash used in investing activities (1,826 ) 166 (1,660 ) Other 6 (13 ) (7 ) Net cash used in financing activities (847 ) (13 ) (860 ) NET DECREASE IN CASH (90 ) — (90 ) BEGINNING CASH BALANCE 1,467 — 1,467 ENDING CASH BALANCE 1,377 — 1,377 Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (23,528 ) $ 12,861 $ (10,667 ) Loss (income) from discontinued operations 771 (1,263 ) (492 ) Gain on divestitures, net (59 ) (222 ) (281 ) Exploratory dry hole expense and unproved leasehold impairments — 2,595 2,595 Depreciation, depletion, and amortization 29,372 (26,072 ) 3,300 Impairments 1,920 7,552 9,472 Other noncash items, net 161 (154 ) 7 Benefit from deferred income taxes (5,778 ) 4,333 (1,445 ) Changes in operating assets and liabilities (170 ) 90 (80 ) Net cash provided by operating activities - continuing operations 2,834 (280 ) 2,554 Net cash provided by operating activities - discontinued operations 150 (37 ) 113 Additions to oil and gas property (4,578 ) 370 (4,208 ) Net cash used in investing activities - continuing operations (3,659 ) 370 (3,289 ) Net cash provided by investing activities - discontinued operations 4,335 37 4,372 NET INCREASE IN CASH 698 90 788 BEGINNING CASH BALANCE 769 (90 ) 679 ENDING CASH BALANCE 1,467 — 1,467 Changes to the Statement of Consolidated Cash Flows For the Year Ended December 31, 2014 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) Net loss including noncontrolling interest $ (5,060 ) $ (2,959 ) $ (8,019 ) Income from discontinued operations 1,588 119 1,707 Loss on divestitures, net 180 1,428 1,608 Exploratory dry hole expense and unproved leasehold impairments — 2,294 2,294 Depreciation, depletion, and amortization 9,720 (5,194 ) 4,526 Impairments 1,919 5,183 7,102 Benefit from deferred income taxes (514 ) (1,285 ) (1,799 ) Changes in operating assets and liabilities (239 ) (90 ) (329 ) Net cash provided by operating activities - continuing operations 7,517 (504 ) 7,013 Net cash provided by operating activities - discontinued operations 944 — 944 Additions to oil and gas property (9,022 ) 414 (8,608 ) Net cash used in investing activities - continuing operations (8,585 ) 414 (8,171 ) Net cash used in investing activities - discontinued operations (219 ) — (219 ) NET DECREASE IN CASH (1,137 ) (90 ) (1,227 ) BEGINNING CASH BALANCE 1,906 — 1,906 ENDING CASH BALANCE 769 (90 ) 679 The following tables present the effects of the change to the successful efforts method in the consolidated balance sheet: Changes to the Consolidated Balance Sheet December 31, 2016 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) PROPERTY AND EQUIPMENT: Property and equipment - cost $ 95,371 $ (48,622 ) $ 46,749 Less: Accumulated depreciation, depletion, and amortization (83,230 ) 55,348 (27,882 ) PROPERTY AND EQUIPMENT, NET 12,141 6,726 18,867 TOTAL ASSETS 15,793 6,726 22,519 Income taxes 353 1,357 1,710 Paid-in capital 12,225 139 12,364 Accumulated deficit (8,521 ) 5,136 (3,385 ) Accumulated other comprehensive loss (109 ) (3 ) (112 ) Noncontrolling interest 1,344 97 1,441 TOTAL EQUITY 2,310 5,369 7,679 Changes to the Consolidated Balance Sheet December 31, 2015 Under Full Cost Changes* As Reported Under Successful Efforts (In millions) PROPERTY AND EQUIPMENT: Property and equipment - cost $ 93,825 $ (47,675 ) $ 46,150 Less: Accumulated depreciation, depletion, and amortization (79,706 ) 54,394 (25,312 ) PROPERTY AND EQUIPMENT, NET 14,119 6,719 20,838 TOTAL ASSETS 18,781 6,719 25,500 Income taxes 1,072 1,457 2,529 Paid-in capital 12,467 152 12,619 Accumulated deficit (7,153 ) 5,173 (1,980 ) Accumulated other comprehensive loss (116 ) (3 ) (119 ) Noncontrolling interest 1,662 (60 ) 1,602 TOTAL EQUITY 4,228 5,262 9,490 *In conjunction with recasting the financial information for the adoption of the successful efforts method of accounting, the Company corrected certain immaterial errors in the North Sea pertaining to the improper calculation of deferred tax liabilities associated with capitalized interest under the full cost method. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) - Divestiture [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Argentina [Member] | |
Summary of Sales and Other Operating Revenue and Loss from Discontinued Operation Related to Disposition | For the Year Ended December 31, 2016 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ — $ 87 Loss from Argentina divestiture $ (10 ) $ — $ (654 ) Loss from operations in Argentina — — (1 ) Income tax benefit — — 23 Loss from discontinued operations, net of tax $ (10 ) $ — $ (632 ) |
Australia [Member] | |
Summary of Sales and Other Operating Revenue and Loss from Discontinued Operation Related to Disposition | For the Year Ended December 31, 2016 2015 2014 (In millions) Revenues and other from discontinued operations $ — $ 288 $ 1,050 Impairment on Woodside sale $ — $ (49 ) $ (833 ) Loss on Woodside sale (23 ) — — Loss on Consortium sale — (139 ) — Income (loss) from divested Australian operations — 28 (12 ) Income tax benefit (expense) — 652 (231 ) Income (loss) from Australian discontinued operations, net of tax $ (23 ) $ 492 $ (1,076 ) |
Capitalized Exploratory Well 32
Capitalized Exploratory Well Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Capitalized Exploratory Well Costs, Roll Forward | The following summarizes the changes in capitalized exploratory well costs for each of the last three years ended December 31, 2016 , 2015 , and 2014 . Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. 2016 2015 2014 (In millions) Balance at January 1 $ 245 $ 849 $ 630 Additions pending determination of proved reserves 249 382 622 Divestitures and other — (557 ) (54 ) Reclassifications to proved properties (211 ) (369 ) (207 ) Charged to exploration expense (19 ) (60 ) (142 ) Balance at December 31 (1) $ 264 $ 245 $ 849 (1) Includes $49 million of assets that were held for sale in Australia at December 31, 2014. |
Schedule of Aging of Capitalized Exploratory Well Costs | The following provides an aging of capitalized exploratory well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling: 2016 2015 2014 (In millions) Exploratory well costs capitalized for a period of one year or less $ 119 $ 184 $ 504 Exploratory well costs capitalized for a period greater than one year 145 61 345 Balance at December 31 (1) $ 264 $ 245 $ 849 Number of projects with exploratory well costs capitalized for a period greater than one year 3 2 18 (1) Includes $49 million of assets that were held for sale in Australia at December 31, 2014. |
Schedule of Projects with Exploratory Well Costs Capitalized for More than One Year | The following summarizes a further aging by geographic area of those exploratory well costs that have been capitalized for a period greater than one year since the completion of drilling at December 31, 2016 : 2013 and Total 2015 2014 Prior North Sea $ 113 $ 53 $ 58 $ 2 Other International 32 28 3 1 $ 145 $ 81 $ 61 $ 3 |
Derivative Instruments and He33
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 (In millions) Derivatives not designated as cash flow hedges: Realized loss $ — $ — $ (16 ) Unrealized gain (loss) — — 300 Gain (loss) on derivatives not designated as cash flow hedges Revenues and Other: Other $ — $ — $ 284 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Detail of Other Current Liabilities | The following table provides detail of the Company’s other current liabilities at December 31, 2016 and 2015 : December 31, 2016 2015 (In millions) Accrued operating expenses $ 110 $ 139 Accrued exploration and development 463 637 Accrued compensation and benefits 201 166 Accrued interest 145 144 Accrued income taxes 22 47 Current asset retirement obligation 66 36 Current debt — 1 Refundable deposits 174 — Other 77 53 Total Other current liabilities $ 1,258 $ 1,223 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : 2016 2015 (In millions) Asset retirement obligation at beginning of year $ 2,598 $ 2,952 Liabilities incurred 41 68 Liabilities divested (7 ) (490 ) Liabilities settled (57 ) (90 ) Accretion expense 156 158 Revisions in estimated liabilities (233 ) — Asset retirement obligation at end of year 2,498 2,598 Less current portion (66 ) (36 ) Asset retirement obligation, long-term $ 2,432 $ 2,562 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt for Apache and Subsidiaries | The following table presents the carrying value of the Company’s debt at December 31, 2016 and 2015 : December 31, 2016 2015 (In millions) Commercial paper $ — $ — 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) 493 500 3.25% notes due 2022 (1) 857 919 2.625% notes due 2023 (1) 528 531 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) 1,499 1,500 5.25% notes due 2042 (1) 500 500 4.75% notes due 2043 (1) 1,413 1,500 4.25% notes due 2044 (1) 780 800 7.375% debentures due 2047 150 150 7.625% debentures due 2096 150 150 8,350 8,530 Subsidiary and other obligations: Notes due in 2017 — 1 Apache Finance Canada 7.75% notes due 2029 300 300 300 301 Debt before unamortized discount and debt issuance costs 8,650 8,831 Unamortized discount (50 ) (53 ) Debt issuance costs (56 ) (61 ) Total debt 8,544 8,717 Current maturities — (1 ) Long-term debt $ 8,544 $ 8,716 (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, 2016 , excluding discounts and debt issuance costs, are as follows: (In millions) 2017 $ — 2018 550 2019 150 2020 — 2021 493 Thereafter (1) 7,457 Total Debt (1) , excluding discounts and debt issuance costs $ 8,650 (1) In January 2017, Apache purchased and canceled $69 million aggregate principal amount of senior notes (see overview above), which reduces “Thereafter” and “Total Debt” maturities to $7.4 billion and $8.6 billion , respectively, as of January 31, 2017. |
Summary of Carrying Amounts and Estimated Fair Values | December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Commercial paper $ — $ — $ — $ — Notes and debentures 8,544 9,183 8,717 8,330 Total Debt $ 8,544 $ 9,183 $ 8,717 $ 8,330 |
Components of Financing Costs, Net | The following table presents the components of Apache’s financing costs, net: For the Year Ended December 31, 2016 2015 2014 (In millions) Interest expense $ 464 $ 486 $ 499 Amortization of deferred loan costs 8 11 6 Capitalized interest (48 ) (15 ) (85 ) Loss on extinguishment of debt 1 39 — Interest income (8 ) (10 ) (7 ) Financing costs, net $ 417 $ 511 $ 413 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Loss from continuing operations before income taxes is composed of the following: For the Year Ended December 31, 2016 2015 2014 (In millions) U.S. $ (997 ) $ (9,386 ) $ (4,807 ) Foreign (685 ) (2,783 ) (2,023 ) Total $ (1,682 ) $ (12,169 ) $ (6,830 ) |
Total Provision for Income Taxes | The total income tax provision (benefit) from continuing operations consists of the following: For the Year Ended December 31, 2016 2015 2014 (In millions) Current income taxes: Federal $ (14 ) $ 363 $ (10 ) State (30 ) 41 1 Foreign 435 31 1,290 391 435 1,281 Deferred income taxes: Federal (257 ) (1,123 ) (671 ) State — (51 ) (45 ) Foreign (576 ) (271 ) (1,083 ) (833 ) (1,445 ) (1,799 ) Total $ (442 ) $ (1,010 ) $ (518 ) |
Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense | A reconciliation of the tax on the Company’s loss from continuing operations before income taxes and total tax expense is shown below: For the Year Ended December 31, 2016 2015 2014 (In millions) Income tax expense (benefit) at U.S. statutory rate $ (589 ) $ (4,259 ) $ (2,391 ) State income tax, less federal effect (1) (19 ) (7 ) (28 ) Taxes related to foreign operations 303 (662 ) (147 ) Tax credits (1 ) (6 ) — Tax on distributed foreign earnings 80 726 311 Foreign tax credits (136 ) (2,090 ) — Deferred tax on undistributed foreign earnings (31 ) 1,903 560 Tax impact of goodwill adjustments — 82 161 Change in U.K. tax rate (238 ) (414 ) — Net change in tax contingencies (19 ) 20 (3 ) Canadian USD functional currency election 158 — — Valuation allowances (1) 10 3,746 1,021 All other, net 40 (49 ) (2 ) $ (442 ) $ (1,010 ) $ (518 ) (1) The change in state valuation allowance is included as a component of state income tax. |
Net Deferred Tax Liability | The net deferred income tax liability consists of the following: December 31, 2016 2015 (In millions) Deferred tax assets: Deferred income $ 105 $ 20 U.S. and state net operating losses 1,095 329 Foreign net operating losses 1,424 1,507 Tax credits and other tax incentives 62 82 Foreign tax credits 2,226 2,090 Accrued expenses and liabilities 153 136 Asset retirement obligation 875 1,037 Property and equipment 1,189 1,534 Total deferred tax assets 7,129 6,735 Valuation allowance (5,401 ) (5,434 ) Net deferred tax assets 1,728 1,301 Deferred tax liabilities: Deferred income — 140 Investment in foreign subsidiaries 1,872 1,903 Equity investments 23 5 Property and equipment 1,533 1,773 Other 5 4 Total deferred tax liabilities 3,433 3,825 Net deferred income tax liability $ 1,705 $ 2,524 Net deferred tax assets and liabilities are included in the consolidated balance sheet as follows: December 31, 2016 2015 (In millions) Assets: Deferred charges and other $ 5 $ 5 Liabilities: Deferred income taxes 1,710 2,529 Net deferred income tax liability $ 1,705 $ 2,524 |
Summary of Valuation Allowance Against Certain Foreign Net Deferred Tax Assets and State Net Operating Losses | In 2016 , 2015 , and 2014 , the Company's valuation allowance decreased by $33 million , increased by $3.9 billion , and increased by $966 million , respectively, as detailed in the table below: 2016 2015 2014 (In millions) Balance at beginning of year $ 5,434 $ 1,564 $ 598 State (1) (43 ) 151 62 U.S. 139 2,159 — Foreign (2) (129 ) 1,560 1,021 Discontinued operations (3) — — (117 ) Balance at end of year $ 5,401 $ 5,434 $ 1,564 (1) Reported as a component of state income taxes. (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, 2016 , the Company had net operating losses as follows: Amount Expiration (In millions) Net operating losses: U.S. $ 2,452 2018 - 2037 State 4,774 Various Canada 125 2028 - 2035 |
Schedule of Foreign Tax Credit Carryforward | On December 31, 2016 , the Company had foreign tax credits as follows: Amount Expiration (In millions) Foreign tax credits $ 2,226 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: 2016 2015 2014 (In millions) Balance at beginning of year $ 19 $ — $ 3 Additions based on tax positions related to the current year 15 19 — Reductions for tax positions of prior years (19 ) — (3 ) Balance at end of year $ 15 $ 19 $ — |
Key Jurisdictions of Company's Earliest Open Tax Years | U.S. 2012 Canada 2012 Egypt 1998 U.K. 2014 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations | At December 31, 2016 , contractual obligations for long-term operating leases, capital leases, and purchase obligations are as follows: Net Minimum Commitments Total 2017 2018-2019 2020-2021 2022 & Beyond (In millions) Drilling rigs $ 244 $ 177 $ 67 $ — $ — Purchase obligations (1) 680 119 287 250 24 Operating lease obligations (2) 258 56 95 37 70 Capital lease obligations $ 43 $ 1 $ 3 $ 3 $ 36 Total Net Minimum Commitments $ 1,225 $ 353 $ 452 $ 290 $ 130 (1) Includes minimum commitments associated with long-term take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. (2) Amounts include long-term lease payments for office space, aircraft, supply and standby vessels, gas pipeline and land leases, and equipment related to exploration, development, and production activities, such as compressors. The Company expects to receive $10 million in sublease income associated with these leases. |
Retirement and Deferred Compe39
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 , 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. 2016 2015 2014 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits (In millions) Change in Projected Benefit Obligation Projected benefit obligation beginning of year $ 202 $ 26 $ 216 $ 22 $ 189 $ 28 Service cost 4 2 5 2 5 3 Interest cost 7 1 8 1 9 1 Foreign currency exchange rate changes (39 ) — (10 ) — (13 ) — Actuarial losses (gains) 32 (2 ) (10 ) — 31 (9 ) Effect of curtailment and settlements — — — 2 — — Benefits paid (4 ) (3 ) (7 ) (2 ) (5 ) (2 ) Retiree contributions — 2 — 1 — 1 Projected benefit obligation at end of year 202 26 202 26 216 22 Change in Plan Assets Fair value of plan assets at beginning of year 197 — 206 — 191 — Actual return on plan assets 46 — 1 — 25 — Foreign currency exchange rates (39 ) — (10 ) — (13 ) — Employer contributions 6 1 7 1 8 1 Benefits paid (4 ) (3 ) (7 ) (2 ) (5 ) (2 ) Retiree contributions — 2 — 1 — 1 Fair value of plan assets at end of year 206 — 197 — 206 — Funded status at end of year $ 4 $ (26 ) $ (5 ) $ (26 ) $ (10 ) $ (22 ) Amounts recognized in Consolidated Balance Sheet Current liability $ — $ (2 ) $ — $ (2 ) $ — $ (1 ) Non-current asset (liability) 4 (24 ) (5 ) (24 ) (10 ) (21 ) $ 4 $ (26 ) $ (5 ) $ (26 ) $ (10 ) $ (22 ) Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Accumulated gain (loss) $ (25 ) $ 9 $ (32 ) $ 9 $ (37 ) $ 10 Weighted Average Assumptions used as of December 31 Discount rate 2.70 % 3.76 % 3.90 % 3.95 % 3.70 % 3.62 % Salary increases 4.80 % N/A 4.60 % N/A 4.60 % N/A Expected return on assets 3.40 % N/A 4.10 % N/A 3.90 % 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 Allocation Percentage of Plan Assets at Year-End 2016 2016 2015 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 47 % 47 % 48 % U.K. corporate bonds 12 % 12 % 12 % Debt securities 59 % 59 % 60 % Cash 1 % 1 % — % Total 100 % 100 % 100 % |
Fair Values of Plan Assets for Each Major Asset Category Based on Nature and Significant Concentration of Risks in Plan Assets | The following tables present the fair values of plan assets for each major asset category based on the nature and significant concentration of risks in plan assets at December 31, 2016 and December 31, 2015 : Fair Value Measurements Using: Quoted Price in Active Markets (Level 1) Significant Other Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair Value (In millions) December 31, 2016 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) 97 — — 97 U.K. corporate bonds (4) 25 — — 25 Total debt securities 122 — — 122 Cash 2 — — 2 Fair value of plan assets $ 206 $ — $ — $ 206 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 (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 percent passive global equities benchmarked against the MSCI World (NDR) Index, 12 percent passive global equities (hedged) benchmarked against the MSCI World (NDR) Hedged Index, 30 percent fundamental indexation global equities benchmarked against the FTSE RAFI Developed 1000 index, 12 percent fundamental indexation global equities (hedged) benchmarked against the FTSE RAFI Developed 1000 Hedge Index, and 16 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, 2016 , 2015 , and 2014 : 2016 2015 2014 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits (In millions) Component of Net Periodic Benefit Costs Service cost $ 4 $ 2 $ 5 $ 2 $ 5 $ 3 Interest cost 7 1 8 1 9 1 Expected return on assets (7 ) — (8 ) — (11 ) — Amortization of actuarial (gain) loss 1 (1 ) 2 — 1 — Curtailment (gain) loss — — — — — — Net periodic benefit cost $ 5 $ 2 $ 7 $ 3 $ 4 $ 4 Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 % |
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 5 (4 ) |
Expected Future Benefit Payment | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Benefits Postretirement Benefits (In millions) 2017 $ 4 $ 2 2018 4 2 2019 4 2 2020 4 2 2021 4 2 Years 2022-2026 24 9 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock Outstanding | Common Stock Outstanding 2016 2015 2014 Balance, beginning of year 378,034,175 376,504,892 395,772,908 Shares issued for stock-based compensation plans: Treasury shares issued 11,504 17,525 17,454 Common shares issued 1,393,997 1,511,758 1,665,259 Treasury shares acquired — — (20,950,729 ) Balance, end of year 379,439,676 378,034,175 376,504,892 |
Net Income Per Common Share | A reconciliation of the components of basic and diluted net income (loss) per common share for the years ended December 31, 2016 , 2015 , and 2014 is presented in the table below. 2016 2015 2014 Loss Shares Per Share Income (Loss) Shares Per Share Loss Shares Per Share (In millions, except per share amounts) Basic and Diluted: Loss from continuing operations $ (1,372 ) 379 $ (3.62 ) $ (10,844 ) 378 $ (28.70 ) $ (6,653 ) 384 $ (17.32 ) Income (loss) from discontinued operations (33 ) 379 (0.09 ) 492 378 1.30 (1,707 ) 384 (4.44 ) Loss attributable to common stock $ (1,405 ) 379 $ (3.71 ) $ (10,352 ) 378 $ (27.40 ) $ (8,360 ) 384 $ (21.76 ) |
Description of Stock Based Compensation Plans and Related Costs | A description of the Company’s stock-based compensation plans and related costs follows: 2016 2015 2014 (In millions) Stock-based compensation expensed $ 131 $ 100 $ 148 Stock-based compensation capitalized 40 53 62 Total stock-based compensation costs $ 171 $ 153 $ 210 |
Summary of Stock Options Activities | A summary of stock options issued and outstanding under the Stock Option Plan and the Omnibus Plans is presented in the table and narrative below: 2016 Shares Under Option Weighted Average Exercise Price (In thousands) Outstanding, beginning of year 4,931 $ 91.52 Granted 873 41.24 Exercised — — Forfeited or expired (691 ) 76.99 Outstanding, end of year (1) 5,113 84.89 Expected to vest (2) 887 46.88 Exercisable, end of year (3) 4,177 93.40 (1) As of December 31, 2016 , options outstanding had a weighted average remaining contractual life of 4.6 years and aggregate intrinsic value of $18 million . (2) As of December 31, 2016 , options expected to vest had a weighted average remaining contractual life of 8.7 years and aggregate intrinsic value of $17 million . (3) As of December 31, 2016 , options exercisable had a weighted average remaining contractual life of 3.7 years and aggregate intrinsic value of nil . |
Schedule of Assumptions Used | 2016 2015 2014 Expected volatility 32.72 % N/A N/A Expected dividend yields 2.42 % N/A N/A Expected term (in years) 6 N/A N/A Risk-free rate 1.44 % N/A N/A Weighted-average grant-date fair value $ 10.38 N/A N/A |
Schedule of Restricted Stock and Restricted Stock Units Activity | A summary of restricted stock unit activity for the year ended December 31, 2016 , is presented below. Shares Weighted- Average Grant- Date Fair Value (In thousands) Non-vested at January 1, 2016 4,570 $ 70.86 Granted 4,049 47.37 Vested (2,081 ) 72.59 Forfeited (476 ) 58.05 Non-vested at December 31, 2016 6,062 55.55 |
Total Shareholder Return Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Restricted Stock and Restricted Stock Units Activity | The weighted-average remaining life of the unvested conditional restricted stock units is approximately 0.7 years. Shares Weighted- Average Grant- Date Fair Value (1) (In thousands) Non-vested at January 1, 2016 172 $ 78.22 Granted — — Vested (34 ) 76.07 Forfeited or expired (60 ) 71.20 Non-vested at December 31, 2016 78 77.10 (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. |
Conditional Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Restricted Stock and Restricted Stock Units Activity | Shares Weighted Average Grant- Date Fair Value (1) (In thousands) Non-vested at January 1, 2016 501 $ 66.53 Granted 871 34.19 Vested — — Forfeited or expired (147 ) 45.65 Non-vested at December 31, 2016 1,225 45.60 (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 Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive loss include the following: For the Year Ended December 31, 2016 2015 2014 (In millions) Currency translation adjustment (1) $ (109 ) $ (109 ) $ (109 ) Unfunded pension and postretirement benefit plan (Note 11) (3 ) (10 ) (7 ) Accumulated other comprehensive loss $ (112 ) $ (119 ) $ (116 ) (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, 2016 | |
Segment Reporting [Abstract] | |
Financial Segment Information | Financial information for each area is presented below: United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2016 Oil and gas production revenues $ 1,997 $ 343 $ 2,057 $ 970 $ — $ 5,367 Operating Expenses: Lease operating expenses 553 181 446 314 — 1,494 Gathering and transportation 80 68 44 8 — 200 Taxes other than income 139 20 — (33 ) — 126 Depreciation, depletion, and amortization 1,138 183 778 519 — 2,618 Exploration 285 88 48 37 15 473 Asset retirement obligation accretion 34 47 — 75 — 156 Impairments 80 367 1 655 — 1,103 Operating Income (Loss) $ (312 ) $ (611 ) $ 740 $ (605 ) $ (15 ) (803 ) Other Income (Expense): Gain on divestitures, net 21 Other (34 ) General and administrative (410 ) Transaction, reorganization, and separation (39 ) Financing costs, net (417 ) Net Loss From Continuing Operations Before Income Taxes $ (1,682 ) Net Property and Equipment $ 11,168 $ 1,464 $ 3,362 $ 2,834 $ 39 $ 18,867 Total Assets $ 12,403 $ 1,591 $ 4,893 $ 3,584 $ 48 $ 22,519 Additions to Net Property and Equipment $ 926 $ 34 $ 459 $ 260 $ 2 $ 1,681 United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 2,095 $ 1,280 $ — $ 6,510 Operating Expenses: 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 Depreciation, depletion, and amortization 1,558 301 927 514 — 3,300 Exploration 2,145 231 154 237 4 2,771 Asset retirement obligation accretion 28 43 — 74 — 145 Impairments 6,266 1,593 1,255 211 147 9,472 Operating Loss $ (8,351 ) $ (2,029 ) $ (817 ) $ (177 ) $ (151 ) (11,525 ) Other Income (Expense): Gain on divestitures, net 281 Other 98 General and administrative (380 ) Transaction, reorganization, and separation (132 ) Financing costs, net (511 ) Net Loss From Continuing Operations Before Income Taxes $ (12,169 ) Net Property and Equipment $ 11,753 $ 2,074 $ 3,712 $ 3,263 $ 36 $ 20,838 Total Assets $ 12,782 $ 2,225 $ 6,165 $ 4,280 $ 48 $ 25,500 Additions to Net Property and Equipment $ 2,099 $ 403 $ 862 $ 715 $ 27 $ 4,106 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,643 $ 2,316 $ — $ 12,795 Operating Expenses: 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 Depreciation, depletion, and amortization 2,408 439 872 807 — 4,526 Exploration 2,113 162 112 119 (7 ) 2,499 Asset retirement obligation accretion 43 39 — 72 — 154 Impairments 2,622 2,412 173 1,895 — 7,102 Operating Income (Loss) $ (2,806 ) $ (2,498 ) $ 1,936 $ (1,213 ) $ 7 (4,574 ) Other Income (Expense): Loss on divestitures, net (1,608 ) Other 285 General and administrative (453 ) Transaction, reorganization, and separation (67 ) Financing costs, net (413 ) Net Loss From Continuing Operations Before Income Taxes $ (6,830 ) Net Property and Equipment $ 19,507 $ 4,197 $ 5,141 $ 3,300 $ 9 $ 32,154 Total Assets $ 21,487 $ 4,728 $ 6,926 $ 4,480 $ 544 $ 38,165 Additions to Net Property and Equipment $ 7,006 $ 1,358 $ 1,293 $ 1,060 $ 8 $ 10,725 (1) Includes a noncontrolling interest in Egypt. |
Supplemental Oil and Gas Disc43
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities | 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 States Canada Egypt (3) North Sea Other International Total (3)(4) (In millions, except per boe) 2016 Oil and gas production revenues $ 1,997 $ 343 $ 2,057 $ 970 $ — $ 5,367 Operating cost: Depreciation, depletion, and amortization (1) 1,055 174 733 498 — 2,460 Asset retirement obligation accretion 34 47 — 75 — 156 Lease operating expenses 553 181 446 314 — 1,494 Gathering and transportation 80 68 44 8 — 200 Exploration expenses 285 88 48 37 15 473 Impairments related to oil and gas properties 61 366 — — — 427 Production taxes (2) 135 18 — (33 ) — 120 Income tax (72 ) (162 ) 354 28 — 148 2,131 780 1,625 927 15 5,478 Results of operation $ (134 ) $ (437 ) $ 432 $ 43 $ (15 ) $ (111 ) 2015 Oil and gas production revenues $ 2,637 $ 498 $ 2,095 $ 1,280 $ — $ 6,510 Operating cost: Depreciation, depletion, and amortization (1) 1,455 251 780 490 — 2,976 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 Exploration expenses 2,145 231 154 237 4 2,771 Impairments related to oil and gas properties 6,154 1,031 193 11 — 7,389 Production taxes (2) 178 23 — 58 — 259 Income tax (2,886 ) (369 ) 180 26 — (3,049 ) 7,881 1,543 1,874 1,254 4 12,556 Results of operation $ (5,244 ) $ (1,045 ) $ 221 $ 26 $ (4 ) $ (6,046 ) 2014 Oil and gas production revenues $ 5,744 $ 1,092 $ 3,643 $ 2,316 $ — $ 12,795 Operating cost: Depreciation, depletion, and amortization (1) 2,294 382 735 784 — 4,195 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 Exploration expenses 2,113 162 112 119 (7 ) 2,499 Impairments related to oil and gas properties 2,372 1,645 173 1,878 — 6,068 Production taxes (2) 342 27 — 177 — 546 Income tax (864 ) (421 ) 938 (723 ) — (1,070 ) 7,314 2,341 2,497 2,758 (7 ) 14,903 Results of operation $ (1,570 ) $ (1,249 ) $ 1,146 $ (442 ) $ 7 $ (2,108 ) (1) This amount only reflects DD&A of capitalized costs of oil and gas properties and, therefore, does not agree with DD&A reflected on Note 15—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 15—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 States Canada Egypt (2) Australia North Sea Argentina Other International Total (2) (In millions) 2016 Acquisitions: Proved $ — $ 1 $ 6 $ — $ 38 $ — $ — $ 45 Unproved 110 7 49 — 4 — — 170 Exploration 278 23 67 — 84 — 18 470 Development 420 27 353 — 150 — — 950 Costs incurred (1) $ 808 $ 58 $ 475 $ — $ 276 $ — $ 18 $ 1,635 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ 21 $ 6 $ — $ — $ 21 $ — $ — $ 48 Asset retirement costs (51 ) (13 ) — — (128 ) — — (192 ) 2015 Acquisitions: Proved $ 1 $ 8 $ 29 $ — $ — $ — $ — $ 38 Unproved 313 23 — — — — — 336 Exploration 194 51 125 32 246 — 29 677 Development 1,729 151 741 98 479 — — 3,198 Costs incurred (1) $ 2,237 $ 233 $ 895 $ 130 $ 725 $ — $ 29 $ 4,249 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ — $ — $ 8 $ 6 $ 7 $ — $ — $ 21 Asset retirement costs 123 8 — — (66 ) — — 65 2014 Acquisitions: Proved $ 102 $ — $ 11 $ — $ — $ — $ — $ 113 Unproved 1,221 141 — 16 — — — 1,378 Exploration 505 93 207 131 103 9 1 1,049 Development 5,078 789 1,122 990 956 6 — 8,941 Costs incurred (1) $ 6,906 $ 1,023 $ 1,340 $ 1,137 $ 1,059 $ 15 $ 1 $ 11,481 (1) Includes capitalized interest and asset retirement costs as follows: Capitalized interest $ 17 $ — $ 9 $ 90 $ 29 $ 3 $ — $ 148 Asset retirement costs 43 175 — 55 34 — — 307 (2) Includes a noncontrolling interest in Egypt. United States Canada Egypt (1) North Sea Other International Total (1) (In millions) 2016 Proved properties $ 19,170 $ 5,434 $ 10,169 $ 7,920 $ — $ 42,693 Unproved properties 1,465 109 76 280 39 1,969 20,635 5,543 10,245 8,200 39 44,662 Accumulated DD&A (10,034 ) (4,120 ) (7,287 ) (5,531 ) — (26,972 ) $ 10,601 $ 1,423 $ 2,958 $ 2,669 $ 39 $ 17,690 2015 Proved properties $ 18,692 $ 5,812 $ 9,798 $ 7,426 $ — $ 41,728 Unproved properties 1,615 172 25 429 36 2,277 20,307 5,984 9,823 7,855 36 44,005 Accumulated DD&A (9,027 ) (3,958 ) (6,559 ) (4,913 ) — (24,457 ) $ 11,280 $ 2,026 $ 3,264 $ 2,942 $ 36 $ 19,548 (1) Includes a noncontrolling interest in Egypt. |
Proved Reserve Data | Crude Oil and Condensate (Thousands of barrels) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 300,900 51,508 138,771 — 91,138 — 582,317 Proved undeveloped reserves: 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 December 31, 2016 21,088 7,906 20,187 — 10,784 — 59,965 Total proved reserves: 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 ) 2,645 (216 ) (7 ) — 4,693 Production (48,789 ) (6,421 ) (32,934 ) (7,494 ) (22,154 ) (620 ) (118,412 ) 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 ) 27,330 11,189 (2,255 ) — (165,609 ) Production (45,138 ) (5,755 ) (33,163 ) (2,778 ) (21,657 ) — (108,491 ) 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 Extensions, discoveries and other additions 9,614 3,372 17,599 — 9,766 — 40,351 Purchase of minerals in-place 21 — — — 438 — 459 Revisions of previous estimates (58,882 ) (43,282 ) 17,301 — (3,851 ) — (88,714 ) Production (38,000 ) (4,787 ) (37,962 ) — (19,995 ) — (100,744 ) Sale of properties (67 ) (2,062 ) — — — — (2,129 ) Balance December 31, 2016 321,988 59,414 158,958 — 101,922 — 642,282 (1) 2016 , 2015 , 2014 , and 2013 includes proved reserves of 53 MMbbls, 54 MMbbls, 48 MMbbls, and 45 MMbbls, respectively, attributable to a noncontrolling interest in Egypt. Natural Gas Liquids (Thousands of barrels) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 155,124 13,866 1,266 — 1,627 — 171,883 Proved undeveloped reserves: 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 December 31, 2016 17,311 2,473 131 — 646 — 20,561 Total proved reserves: 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 (11 ) — (2 ) — 2,697 Production (21,464 ) (2,256 ) (251 ) — (508 ) (116 ) (24,595 ) 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 Extensions, discoveries and other additions 10,238 755 208 — 671 — 11,872 Purchase of minerals in-place 2 — — — 5 — 7 Revisions of previous estimates 6,824 (1,355 ) 17 — 141 — 5,627 Production (19,824 ) (2,098 ) (397 ) — (623 ) — (22,942 ) Sale of properties (9 ) (1,048 ) — — — — (1,057 ) Balance December 31, 2016 172,435 16,339 1,397 — 2,273 — 192,444 (1) 2016 , 2015 , and 2014 includes proved reserves of 466 Mbbls, 523 Mbbls, and 519 Mbbls, respectively, attributable to a noncontrolling interest in Egypt. Natural Gas (Millions of cubic feet) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 1,200,379 553,724 675,559 — 86,948 — 2,516,610 Proved undeveloped reserves: 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 December 31, 2016 231,304 45,312 42,109 — 23,813 — 342,538 Total proved reserves: 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 ) 17,326 — (54 ) — 40,556 Production (215,829 ) (117,816 ) (146,522 ) (78,104 ) (20,427 ) (12,722 ) (591,420 ) 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 ) 61,442 8,162 (22,373 ) — (782,083 ) Production (160,614 ) (100,289 ) (134,870 ) (34,352 ) (23,647 ) — (453,772 ) 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 Extensions, discoveries and other additions 219,633 30,234 35,202 — 20,814 — 305,883 Purchase of minerals in-place 7 — — — 6,677 — 6,684 Revisions of previous estimates (215,378 ) (242,080 ) (4,305 ) — 4,239 — (457,524 ) Production (145,019 ) (88,792 ) (143,461 ) — (26,261 ) — (403,533 ) Sale of properties (328 ) (22,456 ) — — — — (22,784 ) Balance December 31, 2016 1,431,683 599,036 717,668 — 110,761 — 2,859,148 (1) 2016 , 2015 , 2014 , and 2013 include proved reserves of 239 Bcf, 277 Bcf, 270 Bcf, and 271 Bcf, respectively, attributable to a noncontrolling interest in Egypt. Total Equivalent Reserves (Thousands barrels of oil equivalent) United States Canada Egypt (1) Australia North Sea Argentina Total (1) Proved developed reserves: 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 December 31, 2016 656,087 157,662 252,630 — 107,256 — 1,173,635 Proved undeveloped reserves: 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 December 31, 2016 76,950 17,931 27,336 — 15,399 — 137,616 Total proved reserves: 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 ) 5,522 (216 ) (18 ) — 14,150 Production (106,225 ) (28,313 ) (57,605 ) (20,511 ) (26,067 ) (2,856 ) (241,577 ) 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 ) 37,825 12,549 (6,305 ) — (365,135 ) Production (91,591 ) (24,706 ) (56,029 ) (8,503 ) (26,011 ) — (206,840 ) 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 Extensions, discoveries and other additions 56,458 9,166 23,674 — 13,906 — 103,204 Purchase of minerals in-place 24 — — — 1,556 — 1,580 Revisions of previous estimates (87,954 ) (84,984 ) 16,599 — (3,002 ) — (159,341 ) Production (81,994 ) (21,684 ) (62,269 ) — (24,995 ) — (190,942 ) Sale of properties (131 ) (6,852 ) — — — — (6,983 ) Balance December 31, 2016 733,037 175,593 279,966 — 122,655 — 1,311,251 (1) 2016 , 2015 , 2014 , and 2013 include total proved reserves of 93 MMboe, 101 MMboe, 93 MMboe, and 90 MMboe, respectively, attributable to a noncontrolling interest in Egypt. |
Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense | United States Canada Egypt (2) North Sea Total (2) (In millions) 2016 Cash inflows $ 20,067 $ 3,625 $ 8,778 $ 4,734 $ 37,204 Production costs (8,858 ) (2,582 ) (1,967 ) (2,255 ) (15,662 ) Development costs (1,653 ) (1,565 ) (1,111 ) (2,410 ) (6,739 ) Income tax expense (32 ) — (1,775 ) (8 ) (1,815 ) Net cash flows 9,524 (522 ) 3,925 61 12,988 10 percent discount rate (5,319 ) 549 (956 ) 798 (4,928 ) Discounted future net cash flows (1) $ 4,205 $ 27 $ 2,969 $ 859 $ 8,060 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 (1) Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $9.5 billion and $13.1 billion as of December 31, 2016 and 2015 , respectively. (2) Includes discounted future net cash flows of approximately $1.0 billion and $1.3 billion in 2016 and 2015 , 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, 2016 2015 2014 (In millions) Sales, net of production costs $ (3,479 ) $ (4,056 ) $ (10,350 ) Net change in prices and production costs (3,835 ) (21,710 ) (1,029 ) Discoveries and improved recovery, net of related costs 1,153 1,953 6,297 Change in future development costs 309 705 (1,136 ) Previously estimated development costs incurred during the period 986 1,991 4,462 Revision of quantities (574 ) (2,292 ) 256 Purchases of minerals in-place 8 22 508 Accretion of discount 1,313 3,642 4,442 Change in income taxes 1,070 7,264 836 Sales of properties (52 ) (5,240 ) (4,780 ) Change in production rates and other 567 (3,343 ) (442 ) $ (2,534 ) $ (21,064 ) $ (936 ) |
Supplemental Quarterly Financ44
Supplemental Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Financial Data | First Second Third Fourth Total (In millions, except per share amounts) 2016 Revenues and other $ 1,084 $ 1,365 $ 1,433 $ 1,451 $ 5,333 Gain (loss) on divestitures (1 ) 17 5 — 21 Expenses (1) 1,454 1,582 1,964 1,594 6,594 Net loss from continuing operations including noncontrolling interest (371 ) (200 ) (526 ) (143 ) (1,240 ) Net loss from discontinued operations, net of tax — — (33 ) — (33 ) Net loss including noncontrolling interest $ (371 ) $ (200 ) $ (559 ) $ (143 ) $ (1,273 ) Net loss attributable to common stock $ (372 ) $ (244 ) $ (607 ) $ (182 ) $ (1,405 ) Basic and diluted net loss per common share (2) : Net loss from continuing operations $ (0.98 ) $ (0.65 ) $ (1.51 ) $ (0.48 ) $ (3.62 ) Net loss from discontinued operations — — (0.09 ) — (0.09 ) Net loss per share $ (0.98 ) $ (0.65 ) $ (1.60 ) $ (0.48 ) $ (3.71 ) 2015 Revenues and other $ 1,653 $ 2,019 $ 1,531 $ 1,405 $ 6,608 Gain (loss) on divestitures (18 ) 227 (5 ) 77 281 Expenses (1) 2,703 3,163 5,645 6,537 18,048 Net loss from continuing operations including noncontrolling interest (1,068 ) (917 ) (4,119 ) (5,055 ) (11,159 ) Net income (loss) from discontinued operations, net of tax (238 ) 120 (17 ) 627 492 Net loss including noncontrolling interest $ (1,306 ) $ (797 ) $ (4,136 ) $ (4,428 ) $ (10,667 ) Net loss attributable to common stock $ (1,334 ) $ (860 ) $ (4,143 ) $ (4,015 ) $ (10,352 ) Basic and diluted net income (loss) per common share (2) : Net loss from continuing operations $ (2.91 ) $ (2.60 ) $ (10.91 ) $ (12.28 ) $ (28.70 ) Net income (loss) from discontinued operations (0.63 ) 0.32 (0.04 ) 1.66 1.30 Net loss per share $ (3.54 ) $ (2.28 ) $ (10.95 ) $ (10.62 ) $ (27.40 ) (1) Continuing operating expenses for 2016 include non-cash asset impairments totaling $42 million , $238 million , $951 million , and $144 million in the first, second, third, and fourth quarters of 2016, respectively. Continuing operating expenses for 2015 include non-cash asset impairments totaling $2.1 billion , $660 million , $4.1 billion , and $5.1 billion in the first, second, third, and fourth quarters of 2015, respectively. (2) 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. |
Supplemental Guarantor Inform45
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Supplemental Condensed Consolidating Statement of Operations and Comprehensive Income | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2016 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,035 $ — $ 4,332 $ — $ 5,367 Equity in net income (loss) of affiliates (575 ) (173 ) — 748 — Other 15 (19 ) (29 ) (1 ) (34 ) Gain on divestiture 2 — 19 — 21 477 (192 ) 4,322 747 5,354 OPERATING EXPENSES: Lease operating expenses 285 — 1,209 — 1,494 Gathering and transportation 33 — 167 — 200 Taxes other than income 76 — 50 — 126 Exploration 258 — 215 — 473 General and administrative 344 — 67 (1 ) 410 Depreciation, depletion, and amortization 618 — 2,000 — 2,618 Asset retirement obligation accretion 18 — 138 — 156 Impairments 80 — 1,023 — 1,103 Transaction, reorganization, and separation 39 — — — 39 Financing costs, net 256 (27 ) 188 — 417 2,007 (27 ) 5,057 (1 ) 7,036 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,530 ) (165 ) (735 ) 748 (1,682 ) Provision (benefit) for income taxes (158 ) 8 (292 ) — (442 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (1,372 ) (173 ) (443 ) 748 (1,240 ) Net loss from discontinued operations, net of tax (33 ) — — — (33 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (1,405 ) (173 ) (443 ) 748 (1,273 ) Net income attributable to noncontrolling interest — — 132 — 132 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,405 ) $ (173 ) $ (575 ) $ 748 $ (1,405 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (1,398 ) $ (173 ) $ (575 ) $ 748 $ (1,398 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 1,446 $ — $ 5,064 $ — $ 6,510 Equity in net income (loss) of affiliates (5,254 ) (740 ) 57 5,937 — Other (71 ) 54 96 19 98 Gain on divestiture 36 — 245 — 281 (3,843 ) (686 ) 5,462 5,956 6,889 OPERATING EXPENSES: Lease operating expenses 399 — 1,455 — 1,854 Gathering and transportation 35 — 176 — 211 Taxes other than income 103 — 179 — 282 Exploration 2,096 — 675 — 2,771 General and administrative 296 — 65 19 380 Depreciation, depletion, and amortization 966 — 2,334 — 3,300 Asset retirement obligation accretion 15 — 130 — 145 Impairments 3,885 — 5,587 — 9,472 Transaction, reorganization, and separation 132 — — — 132 Financing costs, net 475 (14 ) 50 — 511 8,402 (14 ) 10,651 19 19,058 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (12,245 ) (672 ) (5,189 ) 5,937 (12,169 ) Provision (benefit) for income taxes (2,065 ) 11 1,044 — (1,010 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (10,180 ) (683 ) (6,233 ) 5,937 (11,159 ) Net income (loss) from discontinued operations, net of tax (172 ) — 664 — 492 NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (10,352 ) (683 ) (5,569 ) 5,937 (10,667 ) Net loss attributable to noncontrolling interest — — (315 ) — (315 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (10,352 ) $ (683 ) $ (5,254 ) $ 5,937 $ (10,352 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (10,355 ) $ (683 ) $ (5,254 ) $ 5,937 $ (10,355 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2014 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) REVENUES AND OTHER: Oil and gas production revenues $ 3,399 $ — $ 9,396 $ — $ 12,795 Equity in net income (loss) of affiliates (3,489 ) (1,191 ) 73 4,607 — Other 375 55 (150 ) 5 285 Loss on divestiture (1,031 ) — (577 ) — (1,608 ) (746 ) (1,136 ) 8,742 4,612 11,472 OPERATING EXPENSES: Lease operating expenses 509 — 1,729 — 2,238 Gathering and transportation 58 — 215 — 273 Taxes other than income 206 — 371 — 577 Exploration 1,966 — 533 — 2,499 General and administrative 370 — 78 5 453 Depreciation, depletion, and amortization 1,493 — 3,033 — 4,526 Asset retirement obligation accretion 31 — 123 — 154 Impairments 1,626 — 5,476 — 7,102 Transaction, reorganization, and separation 67 — — — 67 Financing costs, net 372 (24 ) 65 — 413 6,698 (24 ) 11,623 5 18,302 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (7,444 ) (1,112 ) (2,881 ) 4,607 (6,830 ) Provision (benefit) for income taxes 789 6 (1,313 ) — (518 ) NET INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST (8,233 ) (1,118 ) (1,568 ) 4,607 (6,312 ) Net loss from discontinued operations, net of tax (127 ) — (1,580 ) — (1,707 ) NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST (8,360 ) (1,118 ) (3,148 ) 4,607 (8,019 ) Net income attributable to noncontrolling interest — — 341 — 341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (8,360 ) $ (1,118 ) $ (3,489 ) $ 4,607 $ (8,360 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ (8,361 ) $ (1,118 ) $ (3,489 ) $ 4,607 $ (8,361 ) |
Supplemental Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 625 $ 51 $ 1,777 $ — $ 2,453 CASH USED IN DISCONTINUED OPERATIONS — — (23 ) — (23 ) CASH PROVIDED BY OPERATING ACTIVITIES $ 625 $ 51 $ 1,754 $ — $ 2,430 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (813 ) — (797 ) — (1,610 ) Additions to gas gathering, transmission, and processing facilities (111 ) — (47 ) — (158 ) Leasehold and property acquisitions (108 ) — (73 ) — (181 ) Proceeds from sale of oil and gas properties, other 88 — 46 — 134 Investment in subsidiaries, net 914 — — (914 ) — Other (77 ) — 232 — 155 NET CASH USED IN INVESTING ACTIVITIES (107 ) — (639 ) (914 ) (1,660 ) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany borrowings — (23 ) (891 ) 914 — Payments on fixed rate debt (181 ) — — — (181 ) Dividends paid (379 ) — — — (379 ) Common stock activity, net — (28 ) 28 — — Distributions to noncontrolling interest — — (293 ) — (293 ) Other 8 — (15 ) — (7 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (552 ) (51 ) (1,171 ) 914 (860 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (34 ) — (56 ) — (90 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 378 — 1,089 — 1,467 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 344 $ — $ 1,033 $ — $ 1,377 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 98 $ 18 $ 2,438 $ — $ 2,554 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 113 — 113 CASH PROVIDED BY OPERATING ACTIVITIES 98 18 2,551 — 2,667 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (1,500 ) — (2,708 ) — (4,208 ) 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 163 — 105 — 268 Investment in subsidiaries, net 6,363 — — (6,363 ) — Other (34 ) — 40 — 6 NET CASH PROVIDED BY (USED IN) CONTINUING INVESTING ACTIVITIES 4,523 — (1,449 ) (6,363 ) (3,289 ) NET CASH PROVIDED BY DISCONTINUED OPERATIONS — — 4,372 — 4,372 NET CASH USED IN INVESTING ACTIVITIES 4,523 — 2,923 (6,363 ) 1,083 CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net (1,570 ) — — — (1,570 ) Intercompany borrowings (1,621 ) (18 ) (4,724 ) 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 (4,510 ) (18 ) (4,797 ) 6,363 (2,962 ) NET CASH USED IN FINANCING ACTIVITIES (4,510 ) (18 ) (4,797 ) 6,363 (2,962 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 111 — 677 — 788 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 267 — 412 — 679 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 378 $ — $ 1,089 $ — $ 1,467 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES $ 3,104 $ 17 $ 3,892 $ — $ 7,013 CASH PROVIDED BY DISCONTINUED OPERATIONS — — 944 — 944 CASH PROVIDED BY OPERATING ACTIVITIES 3,104 17 4,836 — 7,957 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and gas property (4,364 ) — (4,244 ) — (8,608 ) Additions to gas gathering, transmission, and processing facilities (9 ) — (872 ) — (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 (1,475 ) — — — (1,475 ) Proceeds from sale of oil and gas properties 15 — 455 — 470 Investment in subsidiaries, net 1,132 — — (1,132 ) — Other (186 ) — (113 ) — (299 ) NET CASH USED IN CONTINUING INVESTING ACTIVITIES (2,265 ) — (4,774 ) (1,132 ) (8,171 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (219 ) — (219 ) NET CASH USED IN INVESTING ACTIVITIES (2,265 ) — (4,993 ) (1,132 ) (8,390 ) CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper, credit facility, and bank notes, net 1,570 — (2 ) — 1,568 Intercompany borrowings — 8 (1,152 ) 1,144 — Dividends paid (365 ) — — — (365 ) Distributions to noncontrolling interest — — (140 ) — (140 ) Shares repurchased (1,864 ) — — — (1,864 ) Other (68 ) (28 ) 157 (12 ) 49 NET CASH USED IN CONTINUING FINANCING ACTIVITIES (727 ) (20 ) (1,137 ) 1,132 (752 ) NET CASH USED IN DISCONTINUED OPERATIONS — — (42 ) — (42 ) NET CASH USED IN FINANCING ACTIVITIES (727 ) (20 ) (1,179 ) 1,132 (794 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 112 (3 ) (1,336 ) — (1,227 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 155 3 1,748 — 1,906 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 267 $ — $ 412 $ — $ 679 |
Supplemental Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations Consolidated (In millions) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 344 $ — $ 1,033 $ — $ 1,377 Receivables, net of allowance 358 — 770 — 1,128 Inventories 29 — 447 — 476 Drilling advances 4 — 77 — 81 Prepaid assets and other 134 — 45 — 179 Intercompany receivable 5,038 — — (5,038 ) — 5,907 — 2,372 (5,038 ) 3,241 PROPERTY AND EQUIPMENT, NET 7,014 — 11,853 — 18,867 OTHER ASSETS: Intercompany receivable — — 12,152 (12,152 ) — Equity in affiliates 15,517 (1,240 ) 706 (14,983 ) — Deferred charges and other 97 1,000 314 (1,000 ) 411 $ 28,535 $ (240 ) $ 27,397 $ (33,173 ) $ 22,519 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 371 $ (12 ) $ 226 $ — $ 585 Other current liabilities 653 3 602 — 1,258 Intercompany payable — — 5,038 (5,038 ) — 1,024 (9 ) 5,866 (5,038 ) 1,843 LONG-TERM DEBT 8,247 297 — — 8,544 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 12,152 — — (12,152 ) — Income taxes (271 ) 5 1,976 — 1,710 Asset retirement obligation 257 — 2,175 — 2,432 Other 888 1 422 (1,000 ) 311 13,026 6 4,573 (13,152 ) 4,453 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 6,238 (534 ) 15,517 (14,983 ) 6,238 Noncontrolling interest — — 1,441 — 1,441 TOTAL EQUITY 6,238 (534 ) 16,958 (14,983 ) 7,679 $ 28,535 $ (240 ) $ 27,397 $ (33,173 ) $ 22,519 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 Apache Corporation Apache Finance Canada All Other Subsidiaries of Apache Corporation Reclassifications & Eliminations 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 6,546 — 14,292 — 20,838 OTHER ASSETS: Intercompany receivable — — 10,744 (10,744 ) — Equity in affiliates 16,092 (807 ) 446 (15,731 ) — Deferred charges and other 96 1,001 813 (1,000 ) 910 $ 28,790 $ 194 $ 29,203 $ (32,687 ) $ 25,500 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 8,418 298 — — 8,716 DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: Intercompany payable 10,744 — — (10,744 ) — Income taxes (412 ) 4 2,937 — 2,529 Asset retirement obligation 271 — 2,291 — 2,562 Other 933 250 179 (1,000 ) 362 11,536 254 5,407 (11,744 ) 5,453 COMMITMENTS AND CONTINGENCIES APACHE SHAREHOLDERS’ EQUITY 7,888 (361 ) 16,092 (15,731 ) 7,888 Noncontrolling interest — — 1,602 — 1,602 TOTAL EQUITY 7,888 (361 ) 17,694 (15,731 ) 9,490 $ 28,790 $ 194 $ 29,203 $ (32,687 ) $ 25,500 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2016Area | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of geographical areas | 4 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll-forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts at beginning of year | $ 103 | $ 98 | $ 78 |
Additional provisions for the year | 14 | 40 | 4 |
Uncollectible accounts written off net of recoveries | (24) | (35) | 16 |
Allowance for doubtful accounts at end of year | $ 93 | $ 103 | $ 98 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2017 | Dec. 31, 2013 | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Total asset impairment charges | $ 1,100,000,000 | $ 9,500,000,000 | $ 7,100,000,000 | |||||||||||||||||||
Impairment charge of Petroleum Revenue Tax benefits, before tax | 486,000,000 | |||||||||||||||||||||
Inventory write-downs | 55,000,000 | 55,000,000 | 32,000,000 | |||||||||||||||||||
UK Petroleum Revenue Tax (PRT) rate | 0.00% | 35.00% | ||||||||||||||||||||
Impairment charge of Petroleum Revenue Tax benefits, net of tax | 292,000,000 | |||||||||||||||||||||
Remaining recoverable Petroleum Revenue Tax benefits | $ 8,000,000 | 8,000,000 | ||||||||||||||||||||
Goodwill impairment charges | 0 | 163,000,000 | 347,000,000 | |||||||||||||||||||
Impairment of equity method investment | 148,000,000 | |||||||||||||||||||||
Impairment of assets held for sale and other assets | 655,000,000 | |||||||||||||||||||||
Asset impairments | 144,000,000 | $ 951,000,000 | $ 238,000,000 | $ 42,000,000 | $ 5,100,000,000 | $ 4,100,000,000 | $ 660,000,000 | $ 2,100,000,000 | 1,103,000,000 | 9,472,000,000 | [1],[2] | 7,102,000,000 | [1],[2] | |||||||||
Cash and cash equivalents | $ 1,467,000,000 | [2],[3] | 1,377,000,000 | 1,467,000,000 | [2],[3] | $ 679,000,000 | [2] | 1,377,000,000 | 1,467,000,000 | [2],[3] | 679,000,000 | [2] | $ 1,906,000,000 | [2] | ||||||||
Allowance for doubtful accounts | 103,000,000 | 93,000,000 | 103,000,000 | 98,000,000 | 93,000,000 | 103,000,000 | 98,000,000 | $ 78,000,000 | ||||||||||||||
Oil and gas property, fair value | 3,900,000,000 | 306,000,000 | 3,900,000,000 | 4,800,000,000 | 306,000,000 | 3,900,000,000 | 4,800,000,000 | |||||||||||||||
Gathering, transmission and processing facilities | 1,052,000,000 | [3] | 976,000,000 | 1,052,000,000 | [3] | 976,000,000 | 1,052,000,000 | [3] | ||||||||||||||
Accumulated depreciation | 25,312,000,000 | [3] | 27,882,000,000 | 25,312,000,000 | [3] | 27,882,000,000 | 25,312,000,000 | [3] | ||||||||||||||
Impairment of GTP assets | 135,000,000 | 1,700,000,000 | 1,100,000,000 | |||||||||||||||||||
Fair value of GTP assets | 306,000,000 | 142,000,000 | 306,000,000 | 142,000,000 | 306,000,000 | |||||||||||||||||
Accounts payable | 86,000,000 | 129,000,000 | ||||||||||||||||||||
Net cost of third party gas | $ 159,000,000 | 105,000,000 | 70,000,000 | |||||||||||||||||||
Maximum percentage of production available to contract partners | 40.00% | |||||||||||||||||||||
Other foreign currency gains and (losses) | $ (25,000,000) | (11,000,000) | 8,000,000 | |||||||||||||||||||
Benefit of tax deductions in excess of recognized compensation cost | 2,000,000 | 1,000,000 | 35,000 | |||||||||||||||||||
GTP Facilities [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Gathering, transmission and processing facilities | 1,100,000,000 | 976,000,000 | 1,100,000,000 | 976,000,000 | 1,100,000,000 | |||||||||||||||||
Accumulated depreciation | 160,000,000 | 130,000,000 | 160,000,000 | 130,000,000 | 160,000,000 | |||||||||||||||||
Gain (loss) on the sale of GTP facilities | 59,000,000 | (180,000,000) | ||||||||||||||||||||
Oil and Gas Properties, Proved [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Asset impairments for property and equipment | 427,000,000 | 7,389,000,000 | 6,068,000,000 | |||||||||||||||||||
Gas Gathering, Transmission, and Processing Assets [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Asset impairments for property and equipment | 135,000,000 | 1,700,000,000 | ||||||||||||||||||||
Other Property and Equipment [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Accumulated depreciation | $ 693,000,000 | $ 780,000,000 | $ 693,000,000 | 780,000,000 | 693,000,000 | |||||||||||||||||
United States [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Goodwill impairment charges | 0 | 0 | 244,000,000 | |||||||||||||||||||
Impairment of GTP assets | 103,000,000 | |||||||||||||||||||||
Canada [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Goodwill impairment charges | 0 | 0 | 103,000,000 | |||||||||||||||||||
Impairment of GTP assets | 555,000,000 | |||||||||||||||||||||
Egypt [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Goodwill impairment charges | $ 0 | 0 | 0 | |||||||||||||||||||
Impairment of GTP assets | $ 1,100,000,000 | |||||||||||||||||||||
Australia [Member] | Discontinued Operations [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Asset impairments | 833,000,000 | |||||||||||||||||||||
Australia [Member] | Oil and Gas Properties, Proved [Member] | Discontinued Operations [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Asset impairments | 271,000,000 | |||||||||||||||||||||
Wheatstone LNG [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Impairment of GTP assets | $ 430,000,000 | |||||||||||||||||||||
Wheatstone LNG [Member] | Australia [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Asset impairments | $ 833,000,000 | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Voting interest required for consolidation of investments | 50.00% | 50.00% | ||||||||||||||||||||
Minimum [Member] | Other Property and Equipment [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Useful lives of gas gathering, transmission and processing facilities | 3 years | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Voting interest required for consolidation of investments | 50.00% | 50.00% | ||||||||||||||||||||
Maximum [Member] | Other Property and Equipment [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Useful lives of gas gathering, transmission and processing facilities | 20 years | |||||||||||||||||||||
Retained Earnings (Accumulated Deficit) [Member] | Subsequent Event [Member] | Accounting Standards Update 2016-09 [Member] | ||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Cumulative effect of change on equity | $ 11,000,000 | |||||||||||||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||||||||||||||
[3] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Non-Cash Impairments of Proved and Unproved Property and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Oil and Gas Properties, Proved [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Impairment of Oil and Gas properties | $ 427 | $ 7,389 | $ 6,068 |
Oil and Gas Properties, Unproved [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Impairment of Oil and Gas properties | $ 272 | $ 2,462 | $ 1,976 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 87,000,000 | $ 250,000,000 | $ 737,000,000 |
Divested | (140,000,000) | ||
Impairments | 0 | (163,000,000) | (347,000,000) |
Goodwill, Ending Balance | 87,000,000 | 87,000,000 | 250,000,000 |
United States [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 0 | 0 | 384,000,000 |
Divested | (140,000,000) | ||
Impairments | 0 | 0 | (244,000,000) |
Goodwill, Ending Balance | 0 | 0 | 0 |
Canada [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 0 | 0 | 103,000,000 |
Divested | 0 | ||
Impairments | 0 | 0 | (103,000,000) |
Goodwill, Ending Balance | 0 | 0 | 0 |
Egypt [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 87,000,000 | 87,000,000 | 87,000,000 |
Divested | 0 | ||
Impairments | 0 | 0 | 0 |
Goodwill, Ending Balance | 87,000,000 | 87,000,000 | 87,000,000 |
North Sea [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 0 | 163,000,000 | 163,000,000 |
Divested | 0 | ||
Impairments | 0 | (163,000,000) | 0 |
Goodwill, Ending Balance | $ 0 | $ 0 | $ 163,000,000 |
Change in Accounting Principl51
Change in Accounting Principle - Statement of Consolidated Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | $ 5,367 | $ 6,510 | [1] | $ 12,795 | [1] | ||||||||
Other | (34) | 98 | [1] | 285 | [1] | ||||||||
Gain (loss) on divestiture | $ 0 | $ 5 | $ 17 | $ (1) | $ 77 | $ (5) | $ 227 | $ (18) | 21 | 281 | [1],[2] | (1,608) | [1],[2] |
Exploration | 473 | 2,771 | [1] | 2,499 | [1] | ||||||||
General and administrative | 410 | 380 | [1] | 453 | [1] | ||||||||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [2] | 4,526 | [2] | ||||||||
Impairments | 144 | 951 | 238 | 42 | 5,100 | 4,100 | 660 | 2,100 | 1,103 | 9,472 | [1],[2] | 7,102 | [1],[2] |
Financing costs, net | 417 | 511 | [1] | 413 | [1] | ||||||||
Current income tax provision | 391 | 435 | [1] | 1,281 | [1] | ||||||||
Deferred income tax benefit | (833) | (1,445) | [1],[2] | (1,799) | [1],[2] | ||||||||
NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (143) | (526) | (200) | (371) | (5,055) | (4,119) | (917) | (1,068) | (1,240) | (11,159) | [1] | (6,312) | [1] |
Net income (loss) attributable to noncontrolling interest | 132 | (315) | [1] | 341 | [1] | ||||||||
Net loss from continuing operations attributable to common shareholders | (1,372) | (10,844) | [1] | (6,653) | [1] | ||||||||
Net loss from discontinued operations, net of tax | (33) | 492 | [1],[2] | (1,707) | [1],[2] | ||||||||
Net income (loss) attributable to common shareholders | $ (182) | $ (607) | $ (244) | $ (372) | $ (4,015) | $ (4,143) | $ (860) | $ (1,334) | $ (1,405) | $ (10,352) | [1] | $ (8,360) | [1] |
Per Common Share | |||||||||||||
Basic and diluted net loss from continuing operations per share | $ (0.48) | $ (1.51) | $ (0.65) | $ (0.98) | $ (12.28) | $ (10.91) | $ (2.60) | $ (2.91) | $ (3.62) | $ (28.70) | [1] | $ (17.32) | [1] |
Basic and diluted net loss from discontinued operations per share | 0 | (0.09) | 0 | 0 | 1.66 | (0.04) | 0.32 | (0.63) | (0.09) | 1.30 | [1] | (4.44) | [1] |
Basic and diluted net loss per share | $ (0.48) | $ (1.60) | $ (0.65) | $ (0.98) | $ (10.62) | $ (10.95) | $ (2.28) | $ (3.54) | $ (3.71) | $ (27.40) | [1] | $ (21.76) | [1] |
Other Comprehensive Income | |||||||||||||
Pension and postretirement benefit plan, net of tax | $ 7 | $ (3) | [3],[4] | $ 0 | [3] | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (1,398) | (10,355) | [3] | (8,361) | [3] | ||||||||
Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 5,208 | 6,383 | 12,691 | ||||||||||
Other | (38) | (76) | 290 | ||||||||||
Gain (loss) on divestiture | 17 | 59 | (180) | ||||||||||
Exploration | 0 | 0 | 0 | ||||||||||
General and administrative | 377 | 451 | |||||||||||
Depreciation, depletion, and amortization | 3,570 | 29,372 | 9,720 | ||||||||||
Impairments | 677 | 1,920 | 1,919 | ||||||||||
Financing costs, net | 365 | 299 | 211 | ||||||||||
Current income tax provision | 232 | 309 | 1,177 | ||||||||||
Deferred income tax benefit | (721) | (5,778) | (514) | ||||||||||
NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | (1,361) | (22,757) | (3,472) | ||||||||||
Net income (loss) attributable to noncontrolling interest | (26) | (409) | 343 | ||||||||||
Net loss from continuing operations attributable to common shareholders | (1,335) | (22,348) | (3,815) | ||||||||||
Net loss from discontinued operations, net of tax | (33) | (771) | (1,588) | ||||||||||
Net income (loss) attributable to common shareholders | $ (1,368) | $ (23,119) | $ (5,403) | ||||||||||
Per Common Share | |||||||||||||
Basic and diluted net loss from continuing operations per share | $ (3.52) | $ (59.16) | $ (9.93) | ||||||||||
Basic and diluted net loss from discontinued operations per share | (0.09) | (2.04) | (4.13) | ||||||||||
Basic and diluted net loss per share | $ (3.61) | $ (61.20) | $ (14.06) | ||||||||||
Other Comprehensive Income | |||||||||||||
Pension and postretirement benefit plan, net of tax | $ 0 | ||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (1,361) | (23,119) | $ (5,404) | ||||||||||
Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 159 | 127 | 104 | ||||||||||
Other | 4 | 174 | (5) | ||||||||||
Gain (loss) on divestiture | 4 | 222 | (1,428) | ||||||||||
Exploration | 473 | 2,771 | 2,499 | ||||||||||
General and administrative | 3 | 2 | |||||||||||
Depreciation, depletion, and amortization | (952) | (26,072) | (5,194) | ||||||||||
Impairments | 426 | 7,552 | 5,183 | ||||||||||
Financing costs, net | 52 | 212 | 202 | ||||||||||
Current income tax provision | 159 | 126 | 104 | ||||||||||
Deferred income tax benefit | (112) | 4,333 | (1,285) | ||||||||||
NET LOSS FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTEREST | 121 | 11,598 | (2,840) | ||||||||||
Net income (loss) attributable to noncontrolling interest | 158 | 94 | (2) | ||||||||||
Net loss from continuing operations attributable to common shareholders | (37) | 11,504 | (2,838) | ||||||||||
Net loss from discontinued operations, net of tax | 0 | 1,263 | (119) | ||||||||||
Net income (loss) attributable to common shareholders | $ (37) | $ 12,767 | $ (2,957) | ||||||||||
Per Common Share | |||||||||||||
Basic and diluted net loss from continuing operations per share | $ (0.10) | $ 30.46 | $ (7.39) | ||||||||||
Basic and diluted net loss from discontinued operations per share | 0 | 3.34 | (0.31) | ||||||||||
Basic and diluted net loss per share | $ (0.10) | $ 33.80 | $ (7.70) | ||||||||||
Other Comprehensive Income | |||||||||||||
Pension and postretirement benefit plan, net of tax | $ (3) | ||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (37) | 12,764 | $ (2,957) | ||||||||||
Oil [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 4,172 | 5,107 | [1] | 10,110 | [1] | ||||||||
Oil [Member] | Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 3,983 | 4,999 | 10,040 | ||||||||||
Oil [Member] | Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 189 | 108 | 70 | ||||||||||
Natural Gas [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 967 | 1,176 | [1] | 2,017 | [1] | ||||||||
Natural Gas [Member] | Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 997 | 1,157 | 1,983 | ||||||||||
Natural Gas [Member] | Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | (30) | 19 | 34 | ||||||||||
Natural Gas Liquids [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 228 | 227 | [1] | 668 | [1] | ||||||||
Natural Gas Liquids [Member] | Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 228 | 227 | 668 | ||||||||||
Natural Gas Liquids [Member] | Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Oil and gas production revenues | 0 | 0 | 0 | ||||||||||
Recurring [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 2,460 | 2,976 | 4,195 | ||||||||||
Recurring [Member] | Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 1,974 | 3,531 | 4,388 | ||||||||||
Recurring [Member] | Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 486 | (555) | (193) | ||||||||||
Additional [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 0 | 0 | 0 | ||||||||||
Additional [Member] | Under Full Cost [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 1,438 | 25,517 | 5,001 | ||||||||||
Additional [Member] | Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | $ (1,438) | $ (25,517) | $ (5,001) | ||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Change in Accounting Principl52
Change in Accounting Principle - Statement of Consolidated Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | $ (143) | $ (559) | $ (200) | $ (371) | $ (4,428) | $ (4,136) | $ (797) | $ (1,306) | $ (1,273) | $ (10,667) | [1],[2],[3],[4] | $ (8,019) | [1],[2],[3],[4] | ||||
Loss (income) from discontinued operations | 33 | (492) | [2],[3] | 1,707 | [2],[3] | ||||||||||||
Loss (gain) on divestitures | 0 | (5) | (17) | 1 | (77) | 5 | (227) | 18 | (21) | (281) | [2],[3] | 1,608 | [2],[3] | ||||
Exploratory dry hole expense and unproved leasehold impairments | 353 | 2,595 | [3] | 2,294 | [3] | ||||||||||||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [3] | 4,526 | [3] | ||||||||||||
Impairments | 144 | $ 951 | $ 238 | 42 | 5,100 | $ 4,100 | $ 660 | 2,100 | 1,103 | 9,472 | [2],[3] | 7,102 | [2],[3] | ||||
Other noncash items, net | 164 | 7 | [3] | (231) | [3] | ||||||||||||
Deferred income tax benefit | (833) | (1,445) | [2],[3] | (1,799) | [2],[3] | ||||||||||||
Changes in operating assets and liabilities | 153 | (80) | (329) | ||||||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,453 | 2,554 | [3] | 7,013 | [3] | ||||||||||||
CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | (23) | 113 | [3] | 944 | [3] | ||||||||||||
Additions to oil and gas property | (1,610) | (4,208) | [3] | (8,608) | [3] | ||||||||||||
Net cash provided by (used in) investing activities - continuing operations | (1,660) | (3,289) | [3] | (8,171) | [3] | ||||||||||||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 0 | 4,372 | [3] | (219) | [3] | ||||||||||||
Other | (7) | 53 | [3] | 49 | [3] | ||||||||||||
Net cash used in financing activities | (860) | (2,962) | [3] | (794) | [3] | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (90) | 788 | [3] | (1,227) | [3] | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | [3] | 1,467 | [5] | 679 | 1,467 | [5] | 679 | 1,906 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,377 | 1,467 | [3],[5] | 1,377 | 1,467 | [3],[5] | 679 | [3] | |||||||||
Under Full Cost [Member] | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | (1,394) | (23,528) | (5,060) | ||||||||||||||
Loss (income) from discontinued operations | 33 | 771 | 1,588 | ||||||||||||||
Loss (gain) on divestitures | (17) | (59) | 180 | ||||||||||||||
Exploratory dry hole expense and unproved leasehold impairments | 0 | 0 | 0 | ||||||||||||||
Depreciation, depletion, and amortization | 3,570 | 29,372 | 9,720 | ||||||||||||||
Impairments | 677 | 1,920 | 1,919 | ||||||||||||||
Other noncash items, net | 161 | ||||||||||||||||
Deferred income tax benefit | (721) | (5,778) | (514) | ||||||||||||||
Changes in operating assets and liabilities | 138 | (170) | (239) | ||||||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 2,606 | 2,834 | 7,517 | ||||||||||||||
CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 150 | 944 | |||||||||||||||
Additions to oil and gas property | (1,776) | (4,578) | (9,022) | ||||||||||||||
Net cash provided by (used in) investing activities - continuing operations | (1,826) | (3,659) | (8,585) | ||||||||||||||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 4,335 | (219) | |||||||||||||||
Other | 6 | ||||||||||||||||
Net cash used in financing activities | (847) | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (90) | 698 | (1,137) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,467 | 769 | 1,467 | 769 | 1,906 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,377 | 1,467 | 1,377 | 1,467 | 769 | ||||||||||||
Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | 121 | 12,861 | (2,959) | ||||||||||||||
Loss (income) from discontinued operations | 0 | (1,263) | 119 | ||||||||||||||
Loss (gain) on divestitures | (4) | (222) | 1,428 | ||||||||||||||
Exploratory dry hole expense and unproved leasehold impairments | 353 | 2,595 | 2,294 | ||||||||||||||
Depreciation, depletion, and amortization | (952) | (26,072) | (5,194) | ||||||||||||||
Impairments | 426 | 7,552 | 5,183 | ||||||||||||||
Other noncash items, net | (154) | ||||||||||||||||
Deferred income tax benefit | (112) | 4,333 | (1,285) | ||||||||||||||
Changes in operating assets and liabilities | 15 | 90 | (90) | ||||||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | (153) | (280) | (504) | ||||||||||||||
CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | (37) | 0 | |||||||||||||||
Additions to oil and gas property | 166 | 370 | 414 | ||||||||||||||
Net cash provided by (used in) investing activities - continuing operations | 166 | 370 | 414 | ||||||||||||||
NET CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | 37 | 0 | |||||||||||||||
Other | (13) | ||||||||||||||||
Net cash used in financing activities | (13) | ||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 90 | (90) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 0 | $ (90) | 0 | (90) | 0 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 0 | $ 0 | $ 0 | $ 0 | $ (90) | ||||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||||||
[5] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Change in Accounting Principl53
Change in Accounting Principle - Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [2] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Property and equipment - cost | $ 46,749 | $ 46,150 | [1] | ||||
Less: Accumulated depreciation, depletion, and amortization | (27,882) | (25,312) | [1] | ||||
Property and equipment, net | 18,867 | 20,838 | [1] | ||||
Total assets | 22,519 | 25,500 | [1] | ||||
Deferred income taxes | 1,710 | 2,529 | [1] | ||||
Paid-in capital | 12,364 | 12,619 | [1] | ||||
Accumulated deficit | (3,385) | (1,980) | [1] | ||||
Accumulated other comprehensive loss | (112) | (119) | [1] | $ (116) | |||
Noncontrolling interest | 1,441 | 1,602 | [1] | ||||
TOTAL EQUITY | 7,679 | 9,490 | [1],[2] | 20,541 | [2] | $ 30,756 | |
Change from Full Cost Method to Successful Efforts Method [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Property and equipment - cost | 46,749 | 46,150 | |||||
Less: Accumulated depreciation, depletion, and amortization | (27,882) | (25,312) | |||||
Property and equipment, net | 18,867 | 20,838 | |||||
Total assets | 22,519 | 25,500 | |||||
Deferred income taxes | 1,710 | 2,529 | |||||
Paid-in capital | 12,364 | 12,619 | |||||
Accumulated deficit | (3,385) | (1,980) | |||||
Accumulated other comprehensive loss | (112) | (119) | |||||
Noncontrolling interest | 1,441 | 1,602 | |||||
TOTAL EQUITY | 7,679 | 9,490 | |||||
Change from Full Cost Method to Successful Efforts Method [Member] | Under Full Cost [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Property and equipment - cost | 95,371 | 93,825 | |||||
Less: Accumulated depreciation, depletion, and amortization | (83,230) | (79,706) | |||||
Property and equipment, net | 12,141 | 14,119 | |||||
Total assets | 15,793 | 18,781 | |||||
Deferred income taxes | 353 | 1,072 | |||||
Paid-in capital | 12,225 | 12,467 | |||||
Accumulated deficit | (8,521) | (7,153) | |||||
Accumulated other comprehensive loss | (109) | (116) | |||||
Noncontrolling interest | 1,344 | 1,662 | |||||
TOTAL EQUITY | 2,310 | 4,228 | |||||
Change from Full Cost Method to Successful Efforts Method [Member] | Changes [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Property and equipment - cost | (48,622) | (47,675) | |||||
Less: Accumulated depreciation, depletion, and amortization | 55,348 | 54,394 | |||||
Property and equipment, net | 6,726 | 6,719 | |||||
Total assets | 6,726 | 6,719 | |||||
Deferred income taxes | 1,357 | 1,457 | |||||
Paid-in capital | 139 | 152 | |||||
Accumulated deficit | 5,136 | 5,173 | |||||
Accumulated other comprehensive loss | (3) | (3) | |||||
Noncontrolling interest | 97 | (60) | |||||
TOTAL EQUITY | 5,369 | 5,262 | |||||
Retained Earnings (Accumulated Deficit) [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
TOTAL EQUITY | $ (3,385) | $ (1,980) | [2] | $ 8,655 | [2] | $ 17,395 | |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[2] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information - 2016 Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Business Acquisition [Line Items] | |||||||
Proceeds from sale of certain non-core assets | $ 440 | ||||||
Refundable deposits | $ 174 | $ 174 | $ 0 | ||||
Leasehold and property acquisition | 181 | 367 | [1] | $ 1,475 | [1] | ||
Proceeds from divestiture of other oil and gas properties | 134 | 268 | 96 | ||||
Gain (loss) on divestiture of other oil and gas properties | $ 21 | $ 135 | $ (216) | ||||
Scottish Area Gas Evacuation System [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership | 30.28% | 30.28% | |||||
Beryl Pipeline [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of ownership | 60.56% | 60.56% | |||||
Scenario, Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gain from sale of certain non-core assets | $ 300 | ||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures55
Acquisitions and Divestitures - Additional Information - 2015 Activity - Yara Pilbara Holdings Pty Limited Sale (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceed from sale of equity method investments | $ 0 | $ 391 | $ 0 | ||||
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 | ||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures56
Acquisitions and Divestitures - Additional Information - 2015 Activity - Canada Divestiture (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Apr. 30, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [1] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds form sale of operations | $ 0 | $ 854 | [1] | $ 0 | ||||||||||||
Asset impairments | $ 144 | $ 951 | $ 238 | $ 42 | $ 5,100 | $ 4,100 | $ 660 | $ 2,100 | $ 1,103 | 9,472 | [1],[2] | $ 7,102 | [2] | |||
Loss on sale of upstream assets | $ 139 | |||||||||||||||
Canada [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds form sale of operations | $ 854 | |||||||||||||||
Kitimat LNG [Member] | Canada [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of ownership | 50.00% | |||||||||||||||
Proceeds form sale of operations | $ 344 | |||||||||||||||
Asset impairments | $ 655 | |||||||||||||||
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 | |||||||||||||||
Loss on sale of upstream assets | $ (146) | |||||||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures57
Acquisitions and Divestitures - Additional Information - 2015 Activity - Australia Divestiture (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Apr. 30, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of other oil and gas properties | $ 134 | $ 268 | $ 96 | |||||||||||||
Asset impairments | $ 144 | $ 951 | $ 238 | $ 42 | $ 5,100 | $ 4,100 | $ 660 | $ 2,100 | $ 1,103 | $ 9,472 | [1],[2] | $ 7,102 | [1],[2] | |||
Loss on sale of upstream assets | $ 139 | |||||||||||||||
Wheatstone LNG [Member] | Australia [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Asset impairments | $ 833 | |||||||||||||||
Loss on sale of upstream assets | $ 23 | |||||||||||||||
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 | $ 49 | |||||||||||||||
Woodside Sale [Member] | Australia [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of other oil and gas properties | $ 2,800 | |||||||||||||||
Consortium Sale [Member] | Australia [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of other oil and gas properties | $ 1,900 | |||||||||||||||
LNG Assets [Member] | Woodside Sale [Member] | Australia [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of other oil and gas properties | 1,400 | |||||||||||||||
Upstream Assets [Member] | Woodside Sale [Member] | Australia [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of other oil and gas properties | $ 1,400 | |||||||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures58
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Loss on sale | $ 139 | |||||||||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ (33) | $ 0 | $ 0 | $ 627 | $ (17) | $ 120 | $ (238) | $ (33) | $ 492 | [1] | $ (1,707) | [1] | |
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 | 0 | 288 | 1,050 | |||||||||||
Income (loss) from divested Australian operations | 0 | 28 | (12) | |||||||||||
Income tax benefit (expense) | 0 | 652 | (231) | |||||||||||
Income (loss) from discontinued operations, net of tax | (23) | 492 | (1,076) | |||||||||||
Australia [Member] | Divestiture [Member] | Woodside Sale [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Impairment on Woodside sale | 0 | (49) | (833) | |||||||||||
Loss on sale | (23) | 0 | 0 | |||||||||||
Australia [Member] | Divestiture [Member] | Consortium Sale [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Loss on sale | $ 0 | $ (139) | $ 0 | |||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures59
Acquisitions and Divestitures - Additional Information - 2015 Activity - Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Business Combinations [Abstract] | |||||
Leasehold and property acquisition | $ 181 | $ 367 | [1] | $ 1,475 | [1] |
Proceeds from Divestiture of Businesses | 134 | 268 | 96 | ||
Gain (loss) on divestiture of other oil and gas properties | $ 21 | $ 135 | $ (216) | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures60
Acquisitions and Divestitures - Additional Information - 2014 Activity - Anadarko Basin and Southern Louisiana Divestitures (Detail) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)a | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of oil and gas assets | $ 134,000,000 | $ 268,000,000 | [1] | $ 470,000,000 | [1] | |
Loss on sale of oil and gas property | (21,000,000) | (135,000,000) | 216,000,000 | |||
Goodwill impairment charges | $ 0 | $ 163,000,000 | $ 347,000,000 | |||
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 | $ 1,300,000,000 | |||||
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 | ||||
Loss on sale of oil and gas property | $ 823,000,000 | |||||
Goodwill impairment charges | 10,000,000 | |||||
Loss on disposal of assets, before tax | $ 180,000,000 | |||||
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 | ||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures61
Acquisitions and Divestitures - Additional Information - 2014 Activity - Gulf of Mexico Deepwater Divestiture (Detail) - USD ($) | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sale of 11 primary-term deepwater exploration blocks | $ 134,000,000 | $ 268,000,000 | [1] | $ 470,000,000 | [1] | |
Loss on sale of oil and gas property | (21,000,000) | (135,000,000) | 216,000,000 | |||
Goodwill impairment charges | $ 0 | $ 163,000,000 | $ 347,000,000 | |||
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 | $ 1,400,000,000 | |||||
Effective date of sale | May 1, 2014 | |||||
Loss on sale of oil and gas property | $ 332,000,000 | |||||
Goodwill impairment charges | $ 130,000,000 | |||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures62
Acquisitions and Divestitures - Additional Information - 2014 Activity - Canada Divestiture (Detail) $ in Millions | Apr. 30, 2014USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of oil and gas assets | $ 134 | $ 268 | [1] | $ 470 | [1] | |
Loss on sale of oil and gas property | $ (21) | $ (135) | $ 216 | |||
Natural Gas [Member] | Canada [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of oil and gas assets | $ 374 | |||||
Oil and gas properties sold | a | 328,400 | |||||
Effective date of sale | Jan. 1, 2014 | |||||
Loss on sale of oil and gas property | $ 237 | |||||
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% | |||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures63
Acquisitions and Divestitures - Additional Information - 2014 Activity - Argentina Divestiture (Detail) - USD ($) $ in Millions | Mar. 12, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of oil and gas assets | $ 134 | $ 268 | $ 470 | |||
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 | |||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures64
Acquisitions and Divestitures - Summary of Sales and Other Operating Revenue and Loss From Discontinued Operation Related to Disposition (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Loss from divestiture | $ (139) | |||||||||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ (33) | $ 0 | $ 0 | $ 627 | $ (17) | $ 120 | $ (238) | $ (33) | $ 492 | [1] | $ (1,707) | [1] | |
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 | 0 | 0 | 87 | |||||||||||
Loss from divestiture | (10) | 0 | (654) | |||||||||||
Income (loss) from operations in Argentina | 0 | 0 | (1) | |||||||||||
Income tax benefit (expense) | 0 | 0 | 23 | |||||||||||
Income (loss) from discontinued operations, net of tax | $ (10) | $ 0 | $ (632) | |||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Acquisitions and Divestitures65
Acquisitions and Divestitures - Additional Information - 2014 Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Business Combinations [Abstract] | |||||
Leasehold and property acquisition | $ 181 | $ 367 | [1] | $ 1,475 | [1] |
Proceeds from divestiture of other oil and gas properties | 134 | 268 | 96 | ||
Gain (loss) on divestiture of other oil and gas properties | 21 | 135 | (216) | ||
Transaction, reorganization, and separation expense | $ 39 | $ 132 | [2] | $ 67 | [2] |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Capitalized Exploratory Well 66
Capitalized Exploratory Well Costs - Capitalized Exploratory Well Costs Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |||
Capitalized exploratory well costs, Beginning Balance | $ 245 | $ 849 | $ 630 |
Additions pending determination of proved reserves | 249 | 382 | 622 |
Divestitures and other | 0 | (557) | (54) |
Reclassifications to proved properties | (211) | (369) | (207) |
Charged to exploration expense | (19) | (60) | (142) |
Capitalized exploratory well costs, Ending Balance | $ 264 | $ 245 | 849 |
Australia [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Assets held for sale | $ 49 |
Capitalized Exploratory Well 67
Capitalized Exploratory Well Costs - Aging of Suspended Well Balances (Details) $ in Millions | Dec. 31, 2016USD ($)Project | Dec. 31, 2015USD ($)Project | Dec. 31, 2014USD ($)Project | Dec. 31, 2013USD ($) |
Extractive Industries [Abstract] | ||||
Exploratory well costs capitalized for a period of one year or less | $ 119 | $ 184 | $ 504 | |
Exploratory well costs capitalized for a period greater than one year | 145 | 61 | 345 | |
Capitalized exploratory well costs | $ 264 | $ 245 | $ 849 | $ 630 |
Number of projects with exploratory well costs capitalized for a period greater than one year | Project | 3,000,000 | 2,000,000 | 18,000,000 |
Capitalized Exploratory Well 68
Capitalized Exploratory Well Costs - Aging by Geographic Area of Exploratory Well Costs Capitalized Greater than One Year (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | $ 145 | $ 61 | $ 345 |
2015 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 81 | ||
2014 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 61 | ||
2013 and Prior [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 3 | ||
North Sea [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 113 | ||
North Sea [Member] | 2015 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 53 | ||
North Sea [Member] | 2014 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 58 | ||
North Sea [Member] | 2013 and Prior [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 2 | ||
Other International [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 32 | ||
Other International [Member] | 2015 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 28 | ||
Other International [Member] | 2014 [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 3 | ||
Other International [Member] | 2013 and Prior [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | $ 1 |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities - Additional Information (Details) - Subsequent Event [Member] - Not Designated as Hedging Instrument [Member] - Crude Oil [Member] - Commodity Option [Member] $ in Millions | Jan. 01, 2017USD ($)Boe$ / Boe |
Derivative [Line Items] | |
Underlying, derivative mass | Boe | 175,000 |
Weighted average strike price | 50.47 |
Derivative premium | $ | $ 100 |
Derivative premium per unit | 3.09 |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities - Commodity Derivative Activity Recorded in Statement of Consolidated Operations (Detail) - Other Revenue [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized loss | $ 0 | $ 0 | $ (16) |
Unrealized gain (loss) | 0 | 0 | 300 |
Gain (loss) on derivatives not designated as cash flow hedges | $ 0 | $ 0 | $ 284 |
Other Current Liabilities - Det
Other Current Liabilities - Details of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |||
Accrued operating expenses | $ 110 | $ 139 | |
Accrued exploration and development | 463 | 637 | |
Accrued compensation and benefits | 201 | 166 | |
Accrued interest | 145 | 144 | |
Accrued income taxes | 22 | 47 | |
Current asset retirement obligation | 66 | 36 | |
Current debt | 0 | 1 | |
Refundable deposits | 174 | 0 | |
Other | 77 | 53 | |
Total Other current liabilities | $ 1,258 | $ 1,223 | [1] |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Asset Retirement Obligation - A
Asset Retirement Obligation - Asset Retirement Obligation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligation at beginning of year | $ 2,598 | $ 2,952 | |
Liabilities incurred | 41 | 68 | |
Liabilities divested | (7) | (490) | |
Liabilities settled | (57) | (90) | |
Accretion expense | 156 | 158 | |
Revisions in estimated liabilities | (233) | 0 | |
Asset retirement obligation at end of year | 2,498 | 2,598 | |
Less current portion | (66) | (36) | |
Asset retirement obligation, long-term | $ 2,432 | $ 2,562 | [1] |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Asset Retirement Obligation -73
Asset Retirement Obligation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [1],[2] | ||
Asset Retirement Obligation [Line Items] | |||||
Asset retirement obligation accretion | $ 156 | $ 145 | [1],[2] | $ 154 | |
Additional abandonment liabilities associated with its drilling and development program | 41 | 68 | |||
Revisions in estimated liabilities | $ (233) | 0 | |||
Net Income (Loss) From Discontinued Operations, Net Of Tax [Member] | |||||
Asset Retirement Obligation [Line Items] | |||||
Asset retirement obligation accretion | $ 13 | ||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2017USD ($) | Feb. 29, 2016GBP (£) | Jun. 30, 2015USD ($)Contract | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | Nov. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ 1,000,000 | $ 39,000,000 | $ 0 | ||||||
Repayments of debt principal after year five | $ 7,457,000,000 | 7,457,000,000 | |||||||
Debt issuance costs | 56,000,000 | 56,000,000 | 61,000,000 | ||||||
Line of credit outstanding | 0 | 0 | |||||||
Commercial paper program | 3,500,000,000 | 3,500,000,000 | |||||||
Debt before unamortized discount | 8,650,000,000 | 8,650,000,000 | |||||||
Discount of debt amortization | 3,000,000 | 3,000,000 | $ 3,000,000 | ||||||
Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt repurchased principle amount | 181,000,000 | 181,000,000 | |||||||
Early repayment of senior notes | 182,000,000 | ||||||||
Debt premium | $ 500,000 | ||||||||
Loss on extinguishment of debt | 1,000,000 | ||||||||
Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | 56,000,000 | 56,000,000 | 61,000,000 | ||||||
Debt before unamortized discount | 8,650,000,000 | 8,650,000,000 | 8,831,000,000 | ||||||
Unamortized discount | 50,000,000 | 50,000,000 | 53,000,000 | ||||||
Maximum [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt repurchased principle amount | $ 250,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt principal after year five | $ 7,400,000,000 | ||||||||
Debt before unamortized discount | 8,600,000,000 | ||||||||
Subsequent Event [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt repurchased principle amount | 69,000,000 | ||||||||
Early repayment of senior notes | 71,000,000 | ||||||||
Debt premium | $ 1,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum potential lien on assets located in specified regions | $ 1,100,000,000 | $ 1,100,000,000 | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of liens of companies consolidated asset | 5.00% | 5.00% | 5.00% | ||||||
Notes Payable, Other Payables [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Period for borrowing funds | 270 days | ||||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term debt outstanding | $ 0 | $ 0 | 0 | ||||||
2015 Credit Facility [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Letter of credit subfacility | $ 750,000,000 | ||||||||
2015 Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility term | 5 years | ||||||||
Credit facility maturity date | Jun. 30, 2020 | ||||||||
Line of credit facility, number of extension options | Contract | 2 | ||||||||
Credit facility, extension period for maturity | 1 year | ||||||||
Line of credit facility maximum borrowing capacity | $ 3,500,000,000 | ||||||||
Line of credit facility, amount terminated | 5,300,000,000 | ||||||||
Line of credit facility, available borrowing capacity | $ 3,500,000,000 | $ 3,500,000,000 | |||||||
Quarterly facility fees at per annum rate | 0.175% | ||||||||
2015 Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, commitment amount | $ 4,500,000,000 | ||||||||
Debt-to-capital ratio | 0.60 | 0.60 | 0.60 | ||||||
2015 Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Margin percentage | 0.075% | ||||||||
2015 Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Margin percentage | 1.075% | ||||||||
2016 Credit Facility [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility term | 3 years | ||||||||
Credit facility, extension period for maturity | 1 year | ||||||||
Line of credit facility maximum borrowing capacity | £ | £ 1,075,000,000 | ||||||||
Quarterly facility fees at per annum rate | 0.175% | ||||||||
Number of debt instrument | Contract | 3 | ||||||||
Letters of credit outstanding, amount | £ | £ 147,500,000 | ||||||||
Letter of credit facility | £ | £ 900,000,000 | ||||||||
2016 Credit Facility [Member] | Letter of Credit [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Margin percentage | 0.075% | ||||||||
2016 Credit Facility [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Margin percentage | 1.075% | ||||||||
Apache finance Canada 7.75% notes due 2029 [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt before unamortized discount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 8,650 | ||
Debt issuance costs | 56 | $ 61 | |
Total debt | 8,544 | 8,717 | |
Current maturities | 0 | (1) | |
Long-term debt | 8,544 | 8,716 | [1] |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | 8,650 | 8,831 | |
Unamortized discount | (50) | (53) | |
Debt issuance costs | 56 | 61 | |
Total debt | 8,544 | 8,717 | |
Current maturities | 0 | (1) | |
Long-term debt | 8,544 | 8,716 | |
Unsecured Debt [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | 8,350 | 8,530 | |
Unsecured Debt [Member] | United States [Member] | Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 0 | $ 0 | |
Unsecured Debt [Member] | 6.9% notes due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 6.90% | 6.90% | |
Unsecured Debt [Member] | 6.9% notes due 2018 [Member] | United States [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 interest rate | 7.00% | 7.00% | |
Unsecured Debt [Member] | 7.0% notes due 2018 [Member] | United States [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 interest rate | 7.625% | 7.625% | |
Unsecured Debt [Member] | 7.625% notes due 2019 [Member] | United States [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 interest rate | 3.625% | 3.625% | |
Unsecured Debt [Member] | 3.625% notes due 2021 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 493 | $ 500 | |
Unsecured Debt [Member] | 3.25% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 3.25% | 3.25% | |
Unsecured Debt [Member] | 3.25% notes due 2022 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 857 | $ 919 | |
Unsecured Debt [Member] | 2.625% notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 2.625% | 2.625% | |
Unsecured Debt [Member] | 2.625% notes due 2023 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 528 | $ 531 | |
Unsecured Debt [Member] | 7.7% notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 7.70% | 7.70% | |
Unsecured Debt [Member] | 7.7% notes due 2026 [Member] | United States [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 interest rate | 7.95% | 7.95% | |
Unsecured Debt [Member] | 7.95% notes due 2026 [Member] | United States [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 interest rate | 6.00% | 6.00% | |
Unsecured Debt [Member] | 6.0% notes due 2037 [Member] | United States [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 interest rate | 5.10% | 5.10% | |
Unsecured Debt [Member] | 5.1% notes due 2040 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 1,499 | $ 1,500 | |
Unsecured Debt [Member] | 5.25% notes due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 5.25% | 5.25% | |
Unsecured Debt [Member] | 5.25% notes due 2042 [Member] | United States [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 interest rate | 4.75% | 4.75% | |
Unsecured Debt [Member] | 4.75% notes due 2043 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 1,413 | $ 1,500 | |
Unsecured Debt [Member] | 4.25% notes due 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 4.25% | 4.25% | |
Unsecured Debt [Member] | 4.25% notes due 2044 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 780 | $ 800 | |
Unsecured Debt [Member] | 7.375% debentures due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 7.375% | 7.375% | |
Unsecured Debt [Member] | 7.375% debentures due 2047 [Member] | United States [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 interest rate | 7.625% | 7.625% | |
Unsecured Debt [Member] | 7.625% debentures due 2096 [Member] | United States [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 150 | $ 150 | |
Unsecured Debt [Member] | Notes due In 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | 0 | 1 | |
Unsecured Debt [Member] | Apache finance Canada 7.75% notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 300 | $ 300 | |
Debt interest rate | 7.75% | 7.75% | |
Unsecured Debt [Member] | Subsidiary and other obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt before unamortized discount | $ 300 | $ 301 | |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt by Maturity (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 0 |
2,018 | 550 |
2,019 | 150 |
2,020 | 0 |
2,021 | 493 |
Thereafter | 7,457 |
Total Debt, excluding discounts and debt issuance costs | $ 8,650 |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 8,544 | $ 8,717 |
Debt issuance costs | 56 | 61 |
Debt, Fair Value | 9,183 | 8,330 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | 0 | 0 |
Debt, Fair Value | 0 | 0 |
Notes and Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | 8,544 | 8,717 |
Debt, Fair Value | $ 9,183 | $ 8,330 |
Debt - Components of Financing
Debt - Components of Financing Costs, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 464 | $ 486 | $ 499 |
Amortization of deferred loan costs | 8 | 11 | 6 |
Capitalized interest | (48) | (15) | (85) |
Loss on extinguishment of debt | 1 | 39 | 0 |
Interest income | (8) | (10) | (7) |
Financing costs, net | $ 417 | $ 511 | $ 413 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Tax Disclosure [Abstract] | |||||
U.S. | $ (997) | $ (9,386) | $ (4,807) | ||
Foreign | (685) | (2,783) | (2,023) | ||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ (1,682) | $ (12,169) | [1] | $ (6,830) | [1] |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Income Taxes - Total Provision
Income Taxes - Total Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Current income taxes: | |||||
Federal | $ (14) | $ 363 | $ (10) | ||
State | (30) | 41 | 1 | ||
Foreign | 435 | 31 | 1,290 | ||
Current tax, net | 391 | 435 | [1] | 1,281 | [1] |
Deferred income taxes: | |||||
Federal | (257) | (1,123) | (671) | ||
State | 0 | (51) | (45) | ||
Foreign | (576) | (271) | (1,083) | ||
Deferred taxes, net | (833) | (1,445) | [1],[2] | (1,799) | [1],[2] |
Total | $ (442) | $ (1,010) | $ (518) | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at U.S. statutory rate | $ (589) | $ (4,259) | $ (2,391) |
State income tax, less federal effect | (19) | (7) | (28) |
Taxes related to foreign operations | 303 | (662) | (147) |
Tax credits | (1) | (6) | 0 |
Tax on distributed foreign earnings | 80 | 726 | 311 |
Foreign tax credits | (136) | (2,090) | 0 |
Deferred tax on undistributed foreign earnings | (31) | 1,903 | 560 |
Tax impact of goodwill adjustments | 0 | 82 | 161 |
Change in U.K. tax rate | (238) | (414) | 0 |
Net change in tax contingencies | (19) | 20 | (3) |
Canadian USD functional currency election | 158 | 0 | 0 |
Valuation allowances | 10 | 3,746 | 1,021 |
All other, net | 40 | (49) | (2) |
Total | $ (442) | $ (1,010) | $ (518) |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||||
Deferred income | $ 105 | $ 20 | ||
U.S. and state net operating losses | 1,095 | 329 | ||
Foreign net operating losses | 1,424 | 1,507 | ||
Tax credits and other tax incentives | 62 | 82 | ||
Foreign tax credits | 2,226 | 2,090 | ||
Accrued expenses and liabilities | 153 | 136 | ||
Asset retirement obligation | 875 | 1,037 | ||
Property and equipment | 1,189 | 1,534 | ||
Total deferred tax assets | 7,129 | 6,735 | ||
Valuation allowance | (5,401) | (5,434) | $ (1,564) | $ (598) |
Net deferred tax assets | 1,728 | 1,301 | ||
Deferred tax liabilities: | ||||
Deferred income | 0 | 140 | ||
Investment in foreign subsidiaries | 1,872 | 1,903 | ||
Equity investments | 23 | 5 | ||
Property and equipment | 1,533 | 1,773 | ||
Other | 5 | 4 | ||
Total deferred tax liabilities | 3,433 | 3,825 | ||
Net deferred income tax liability | $ 1,705 | $ 2,524 |
Income Taxes - Net Deferred T83
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Deferred charges and other | $ 5 | $ 5 | |
Liabilities: | |||
Deferred income taxes | 1,710 | 2,529 | [1] |
Net deferred income tax liability | $ 1,705 | $ 2,524 | |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Current income tax liability | $ 560 | ||
Deferred income tax liability on undistributed foreign earnings | $ 560 | ||
Deferred income tax expense on foreign undistributed earnings | 311 | ||
Deferred tax benefit | $ 576 | 271 | 1,083 |
Increase in valuation allowances | 33 | 3,900 | 966 |
Foreign tax credit carryforward, amount | 2,226 | 2,090 | |
Tax expense (benefit) recorded for interest and penalties | 0 | 1 | 1 |
Accrued for payment of interest and penalties | 0 | 1 | $ 0 |
Reserve for uncertain tax positions related to the current year | 4 | $ (19) | |
Settlements | 3 | ||
United States [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 2,452 | ||
Operating loss carryforwards subject to annual limitation | 197 | ||
Canada [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 125 | ||
Capital loss carryforwards | $ 829 | ||
Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Income Tax [Line Items] | |||
Supplementary charge, percent | 10.00% | 20.00% | 32.00% |
Deferred tax benefit | $ 238 | $ 414 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 5,434 | $ 1,564 | $ 598 |
State | (43) | 151 | 62 |
U.S. | 139 | 2,159 | 0 |
Foreign | 129 | (1,560) | (1,021) |
Discontinued operations | 0 | 0 | (117) |
Balance at end of year | $ 5,401 | $ 5,434 | $ 1,564 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses (Detail) $ in Millions | Dec. 31, 2016USD ($) |
United States [Member] | |
Schedule Of Income Tax [Line Items] | |
Net operating losses | $ 2,452 |
State [Member] | |
Schedule Of Income Tax [Line Items] | |
Net operating losses | 4,774 |
Canada [Member] | |
Schedule Of Income Tax [Line Items] | |
Net operating losses | $ 125 |
Income Taxes - Schedule of Fore
Income Taxes - Schedule of Foreign Tax Credit Carryforward (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Foreign tax credits | $ 2,226 | $ 2,090 |
Income Taxes - Reconciliation88
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Balance at beginning of year | $ 15 | $ 19 | $ 0 | $ 3 |
Additions based on tax positions related to the current year | 15 | 19 | 0 | |
Reductions for tax positions of prior years | (19) | 0 | (3) | |
Balance at end of year | $ 15 | $ 19 | $ 0 | $ 3 |
Income Taxes - Key Jurisdiction
Income Taxes - Key Jurisdictions of Company's Earliest Open Tax Years (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
United States [Member] | |
Schedule Of Income Tax [Line Items] | |
Open tax year by major tax jurisdiction | 2,012 |
Canada [Member] | |
Schedule Of Income Tax [Line Items] | |
Open tax year by major tax jurisdiction | 2,012 |
Egypt [Member] | |
Schedule Of Income Tax [Line Items] | |
Open tax year by major tax jurisdiction | 1,998 |
United Kingdom [Member] | |
Schedule Of Income Tax [Line Items] | |
Open tax year by major tax jurisdiction | 2,014 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 21, 2016 | Mar. 20, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 06, 2016 | Mar. 12, 2014 |
Commitment And Contingencies [Line Items] | |||||||
Accrued liability for legal contingencies | $ 15,000,000 | ||||||
Environmental tax and royalty obligations | $ 100,000,000 | ||||||
Retain right of obligations | 67,500,000 | ||||||
Maximum cost considered to be recognized for additional reserve | 300,000 | ||||||
Undiscounted reserve for environmental remediation | 51,000,000 | ||||||
Net rental expenses | 59,000,000 | $ 57,000,000 | $ 45,000,000 | ||||
Contractual obligation cost incurred | 86,000,000 | $ 92,000,000 | $ 89,000,000 | ||||
Apollo Exploration Lawsuit [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency damages sought value | $ 500,000,000 | ||||||
Minimum [Member] | Apollo Exploration Lawsuit [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency damages sought value | $ 1,100,000,000 | ||||||
Maximum [Member] | Escheat Audits [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency estimate of possible loss | $ 200,000 | ||||||
Australian Operations [Member] | Australian Operations Divestiture Dispute [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Loss contingency estimate of possible loss | $ 200,000,000 |
Commitments and Contingencies91
Commitments and Contingencies - Contractual Obligations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | $ 1,225 |
2,017 | 353 |
2018-2019 | 452 |
2020-2021 | 290 |
2022 & Beyond | 130 |
Sublease income | 10 |
Drilling Rigs [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 244 |
2,017 | 177 |
2018-2019 | 67 |
2020-2021 | 0 |
2022 & Beyond | 0 |
Purchase Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 680 |
2,017 | 119 |
2018-2019 | 287 |
2020-2021 | 250 |
2022 & Beyond | 24 |
Operating Lease Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 258 |
2,017 | 56 |
2018-2019 | 95 |
2020-2021 | 37 |
2022 & Beyond | 70 |
Capital Lease Obligations [Member] | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Total | 43 |
2,017 | 1 |
2018-2019 | 3 |
2020-2021 | 3 |
2022 & Beyond | $ 36 |
Retirement and Deferred Compe92
Retirement and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Portion of employee's salary, employee contributions under non-qualified retirement savings plan | 50.00% | ||
Maximum percentage of compensation contributed by the company | 8.00% | ||
Percentage of additional contribution to money purchase retirement plan | 6.00% | ||
Maximum percentage of eligible compensation contributed by the participating employees | 50.00% | ||
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 | $ 82 | $ 77 | $ 107 |
Targeted ongoing funding level of pension plan policy, percent | 100.00% | ||
Outperformance relative to gilts for equities | 3.50% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for pension plans | $ 181 | $ 169 | $ 183 |
Expected contribution towards pension and postretirement plan | 5 | ||
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution towards pension and postretirement plan | $ 2 |
Retirement and Deferred Compe93
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Projected Benefit Obligation | |||
Benefits paid | $ (5) | ||
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 197 | ||
Benefits paid | (5) | ||
Fair value of plan assets at end of year | 206 | $ 197 | |
Pension Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | 202 | 216 | 189 |
Service cost | 4 | 5 | 5 |
Interest cost | 7 | 8 | 9 |
Foreign currency exchange rate changes | (39) | (10) | (13) |
Actuarial losses (gains) | 32 | (10) | 31 |
Benefits paid | (4) | (7) | (5) |
Projected benefit obligation at end of year | 202 | 202 | 216 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 197 | 206 | 191 |
Actual return on plan assets | 46 | 1 | 25 |
Foreign currency exchange rates | (39) | (10) | (13) |
Employer contributions | 6 | 7 | 8 |
Benefits paid | (4) | (7) | (5) |
Fair value of plan assets at end of year | 206 | 197 | 206 |
Funded status at end of year | 4 | (5) | (10) |
Amounts recognized in Consolidated Balance Sheet | |||
Current liability | 0 | ||
Non-current asset (liability) | 4 | (5) | (10) |
Defined Benefit Plans, Liabilities, Total | 4 | (5) | (10) |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | $ (25) | $ (32) | $ (37) |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 2.70% | 3.90% | 3.70% |
Salary increases | 4.80% | 4.60% | 4.60% |
Expected return on assets | 3.40% | 4.10% | 3.90% |
Postretirement Benefits [Member] | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation beginning of year | $ 26 | $ 22 | $ 28 |
Service cost | 2 | 2 | 3 |
Interest cost | 1 | 1 | 1 |
Actuarial losses (gains) | (2) | (9) | |
Effect of curtailment and settlements | 2 | ||
Benefits paid | (3) | (2) | (2) |
Retiree contributions | 2 | 1 | 1 |
Projected benefit obligation at end of year | 26 | 26 | 22 |
Change in Plan Assets | |||
Employer contributions | 1 | 1 | 1 |
Benefits paid | (3) | (2) | (2) |
Retiree contributions | 2 | 1 | 1 |
Funded status at end of year | (26) | (26) | (22) |
Amounts recognized in Consolidated Balance Sheet | |||
Current liability | (2) | (2) | (1) |
Non-current asset (liability) | (24) | (24) | (21) |
Defined Benefit Plans, Liabilities, Total | (26) | (26) | (22) |
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | |||
Accumulated gain (loss) | $ 9 | $ 9 | $ 10 |
Weighted Average Assumptions used as of December 31 | |||
Discount rate | 3.76% | 3.95% | 3.62% |
Healthcare cost trend | |||
Initial | 7.00% | 7.00% | 7.00% |
Ultimate in 2025 | 5.00% | 5.00% | 5.00% |
Retirement and Deferred Compe94
Retirement and Deferred Compensation Plans - Allocations for Plan Asset Holding and Target Allocation for Company's Plan Asset (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets at Year-End | 100.00% | 100.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets at Year-End | 1.00% | 0.00% |
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 | 59.00% | |
Percentage of Plan Assets at Year-End | 59.00% | 60.00% |
Debt Securities [Member] | U.K. Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 47.00% | |
Percentage of Plan Assets at Year-End | 47.00% | 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 Compe95
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, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 206 | $ 197 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82 | 80 |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 122 | 117 |
Quoted Price in Active Markets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 206 | 197 |
Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82 | 80 |
Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 122 | 117 |
UK Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 28 | 27 |
UK Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 28 | 27 |
Overseas Quoted Equities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54 | 53 |
Overseas Quoted Equities [Member] | Quoted Price in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54 | 53 |
U.K. Government Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 97 | 93 |
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 | 97 | 93 |
U.K. Corporate Bonds [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25 | 24 |
U.K. Corporate Bonds [Member] | Quoted Price in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25 | $ 24 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | |
Cash [Member] | Quoted Price in Active Markets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2 |
Retirement and Deferred Compe96
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 Footnote (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 100.00% | 100.00% |
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 | |
Overseas Quoted Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Performance target over the benchmark | 2.00% | |
Period for the portion of UK Equities, overseas equities, government bonds and corporate bonds, benchmarked against FTSE | 3 years | |
U.K. Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Performance target over the benchmark | 0.75% | |
Benchmarked against BofAML Sterling Corporate & Collateralised (excluding Subordinated) Index | 12.00% | |
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% | |
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 | |
Sterling Nominal LDI Bonds [Member] | Nominal LDI Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benchmarked against ILIM Custom Benchmark index | 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% | |
Passive Global Equities [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.00% | |
Passive Global Equities Hedged [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.00% | |
Fundamental Indexation Global Equities [Member] | FTSE RAFI Developed 1000 Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 30.00% | |
Fundamental Indexation Global Equities Hedged [Member] | FTSE RAFI Developed 1000 Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 12.00% | |
Emerging Markets [Member] | MSCI World Index [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Portion of overseas equities | 16.00% |
Retirement and Deferred Compe97
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $ 4 | $ 5 | $ 5 |
Interest cost | 7 | 8 | 9 |
Expected return on assets | (7) | (8) | (11) |
Amortization of actuarial (gain) loss | 1 | 2 | 1 |
Net periodic benefit cost | $ 5 | $ 7 | $ 4 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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] | |||
Component of Net Periodic Benefit Costs | |||
Service cost | $ 2 | $ 2 | $ 3 |
Interest cost | 1 | 1 | 1 |
Amortization of actuarial (gain) loss | (1) | ||
Curtailment (gain) loss | 0 | ||
Net periodic benefit cost | $ 2 | $ 3 | $ 4 |
Weighted Average Assumptions used to determine Net Period Benefit Cost for the Years ended 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 Compe98
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, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on service and interest cost components, 1% Increase | $ 1 |
Effect on postretirement benefit obligation, 1% Increase | 5 |
Effect on service and interest cost components, 1% Decrease | (1) |
Effect on postretirement benefit obligation, 1% Decrease | $ (4) |
Retirement and Deferred Compe99
Retirement and Deferred Compensation Plans - Expected Future Benefit Payment (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 4 |
2,018 | 4 |
2,019 | 4 |
2,020 | 4 |
2,021 | 4 |
Years 2022-2026 | 24 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 2 |
2,018 | 2 |
2,019 | 2 |
2,020 | 2 |
2,021 | 2 |
Years 2022-2026 | $ 9 |
Capital Stock - Common Stock Ou
Capital Stock - Common Stock Outstanding (Detail) - shares | 12 Months Ended | 19 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Equity [Abstract] | ||||
Balance, beginning of year (in shares) | 378,034,175 | 376,504,892 | 395,772,908 | |
Shares issued for stock-based compensation plans: | ||||
Treasury shares issued | 11,504 | 17,525 | 17,454 | |
Common shares issued | 1,393,997 | 1,511,758 | 1,665,259 | |
Treasury shares acquired | 0 | 0 | (20,950,729) | (32,200,000) |
Balance, end of year (in shares) | 379,439,676 | 378,034,175 | 376,504,892 | 376,504,892 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net loss from continuing operations attributable to common shareholders | $ (1,372) | $ (10,844) | [1] | $ (6,653) | [1] | ||||||||
Net income (loss) from discontinued operations | (33) | 492 | [1],[2] | (1,707) | [1],[2] | ||||||||
Net income (loss) attributable to common shareholders | $ (182) | $ (607) | $ (244) | $ (372) | $ (4,015) | $ (4,143) | $ (860) | $ (1,334) | $ (1,405) | $ (10,352) | [1] | $ (8,360) | [1] |
Income (loss) from continuing operations, shares | 379 | 378 | 384 | ||||||||||
Income (loss) from discontinued operations, shares | 379 | 378 | 384 | ||||||||||
Income (loss) attributable to common stock, shares | 379 | 378 | [1] | 384 | [1] | ||||||||
Basic and diluted net loss from continuing operations per share | $ (0.48) | $ (1.51) | $ (0.65) | $ (0.98) | $ (12.28) | $ (10.91) | $ (2.60) | $ (2.91) | $ (3.62) | $ (28.70) | [1] | $ (17.32) | [1] |
Basic and diluted net loss from discontinued operations per share | 0 | (0.09) | 0 | 0 | 1.66 | (0.04) | 0.32 | (0.63) | (0.09) | 1.30 | [1] | (4.44) | [1] |
Basic and diluted net loss per share | $ (0.48) | $ (1.60) | $ (0.65) | $ (0.98) | $ (10.62) | $ (10.95) | $ (2.28) | $ (3.54) | $ (3.71) | $ (27.40) | [1] | $ (21.76) | [1] |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | 19 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options and restricted stock, anti-dilutive | 4,700,000 | 7,000,000 | 4,500,000 | ||
Common stock share purchase, shares | 40,000,000 | ||||
Common stock share repurchase, shares | 0 | 0 | 20,950,729 | 32,200,000 | |
Common stock share repurchase, per share | $ 88.96 | ||||
Common stock dividends (in USD per share) | $ 1 | $ 1 | $ 0.95 | ||
Shares authorized and available for grant | 22,900,000 | ||||
Compensation expense | $ 131 | $ 100 | $ 148 | ||
Stock-based compensation expenses, after tax | $ 93 | 65 | 95 | ||
Exercised, Shares | 0 | ||||
Intrinsic value of options exercised | 3 | 13 | |||
Stock-based compensation capitalized | $ 40 | 53 | 62 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation cost related to non-vested awards not yet recognized | 6 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 113 | 90 | 111 | ||
Stock-based compensation expenses, after tax | 73 | $ 58 | $ 72 | ||
Total compensation cost related to non-vested awards not yet recognized | $ 233 | ||||
Granted, Shares | 4,049,023 | 2,976,562 | 3,046,744 | ||
Weighted average grant date fair value per share (in USD per share) | $ 47.37 | $ 61.65 | $ 86.87 | ||
Stock-based compensation capitalized | $ 35 | $ 48 | $ 47 | ||
Weighted-average remaining life of unvested restricted stock units | 1 year 3 months 6 days | ||||
Unvested restricted stock units | 6,061,803 | ||||
Total fair value of restricted stock awards vested | $ 151 | $ 149 | $ 138 | ||
Subsequent Event [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period in which stock options become exercisable | 3 years | ||||
Total compensation cost related to non-vested awards not yet recognized | $ 9 | ||||
Options Issued | 489,773 | ||||
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 | ||||
Total compensation cost related to non-vested awards not yet recognized | $ 118 | ||||
Options Issued | 1,866,606 | ||||
Weighted average grant date fair value per share (in USD per share) | $ 63.25 | ||||
Prior to 2016 [Member] | Employee Stock 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 | ||||
In or After 2016 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period in which stock options become exercisable | 3 years | ||||
Period in which stock options expires after grant date | 10 years |
Capital Stock - Description of
Capital Stock - Description of Stock Based Compensation Plans and Related Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Stock-based compensation expensed | $ 131 | $ 100 | $ 148 |
Stock-based compensation capitalized | 40 | 53 | 62 |
Total stock-based compensation costs | $ 171 | $ 153 | $ 210 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Options Activities (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of year, Shares | shares | 4,931,000 |
Granted, Shares | shares | 873,000 |
Exercised, Shares | shares | 0 |
Forfeited or expired, Shares | shares | (691,000) |
Outstanding, end of year, Shares | shares | 5,113,000 |
Expected to vest, Shares | shares | 887,000 |
Exercisable, end of year, Shares | shares | 4,177,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of year, Weighted Average exercise Price (in USD per share) | $ / shares | $ 91.52 |
Granted, Weighted Average Exercise Price (in USD per share) | $ / shares | 41.24 |
Exercised, Weighted Average Exercise Price (in USD per share) | $ / shares | 0 |
Forfeited or expired, Weighted Average Exercise Price (in USD per share) | $ / shares | 76.99 |
Outstanding, end of year, Weighted Average Exercise Price (in USD per share) | $ / shares | 84.89 |
Expected to vest, Weighted Average Exercise Price (in USD per share) | $ / shares | 46.88 |
Exercisable, end of year, Weighted Average Exercise Price (in USD per share) | $ / shares | $ 93.40 |
Weighted average remaining contractual life for options outstanding | 4 years 7 months |
Weighted average remaining contractual life for expected to vest | 8 years 8 months |
Weighted average remaining contractual life for exercisable | 3 years 8 months |
Aggregate intrinsic value for options outstanding | $ | $ 18,000,000 |
Aggregate intrinsic value for expected to vest | $ | 17,000,000 |
Aggregate intrinsic value for exercisable | $ | $ 0 |
Capital Stock - Schedule of Ass
Capital Stock - Schedule of Assumptions Used (Details) - Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 32.72% |
Expected dividend yields | 2.42% |
Expected term (in years) | 6 years |
Risk-free rate | 1.44% |
Weighted-average grant-date fair value | $ 10.38 |
Capital Stock - Schedule of Res
Capital Stock - Schedule of Restricted Stock Activities (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Shares, nonvested, Beginning Balance, Shares | 4,570,000 | ||
Granted, Shares | 4,049,023 | 2,976,562 | 3,046,744 |
Vested, Shares | (2,081,000) | ||
Forfeited, Shares | (476,000) | ||
Restricted Shares, nonvested, Ending Balance, Shares | 6,062,000 | 4,570,000 | |
Non-vested at January 1, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ 70.86 | ||
Granted, Weighted Average Grant-Date Fair Value (in USD per share) | 47.37 | $ 61.65 | $ 86.87 |
Vested, Weighted Average Grant-Date Fair Value (in USD per share) | 72.59 | ||
Forfeited, Weighted Average Grant-Date Fair Value (in USD per share) | 58.05 | ||
Non-vested at December 31, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ 55.55 | $ 70.86 |
Capital Stock - TSR Stock Units
Capital Stock - TSR Stock Units and Business Performance RSU Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2017 | Jan. 31, 2016 | Feb. 28, 2015 | Jan. 31, 2014 | May 31, 2013 | Jan. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 22,900,000 | ||||||||
Compensation expense | $ 131 | $ 100 | $ 148 | ||||||
Stock-based compensation expenses, after tax | 93 | 65 | 95 | ||||||
Stock-based compensation capitalized | 40 | 53 | 62 | ||||||
Total Shareholder Return Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | 0.7 | 0.6 | 18 | ||||||
Stock-based compensation expenses, after tax | 0.5 | 0.4 | 11 | ||||||
Stock-based compensation capitalized | 0.1 | 0.3 | $ 7 | ||||||
Total compensation cost related to non-vested awards not yet recognized | $ 1.2 | ||||||||
Unvested restricted stock units | 77,824 | ||||||||
Weighted-average remaining life of unvested restricted stock units | 8 months 18 days | ||||||||
Conditional Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested shares outstanding | 1,225,149 | ||||||||
Compensation expense | $ 14 | 3 | |||||||
Stock-based compensation expenses, after tax | 9 | 2 | |||||||
Stock-based compensation capitalized | 2 | $ 1 | |||||||
Total compensation cost related to non-vested awards not yet recognized | $ 37 | ||||||||
Weighted-average remaining life of unvested restricted stock units | 2 years 1 month 24 days | ||||||||
Total Shareholder Return Program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of additional vest on succeeding anniversaries | 25.00% | ||||||||
Total Shareholder Return Program [Member] | Total Shareholder Return Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested shares outstanding | 78,000 | 172,000 | |||||||
Granted, Shares | 0 | ||||||||
Weighted average grant date fair value per share (in USD per share) | $ 0 | ||||||||
2013 TSR 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 | ||||||||
Forfeited, Shares | 918,016 | ||||||||
Shares paid out as percentage of target | 70.00% | ||||||||
Total awards, outstanding | 29,957 | ||||||||
2014 TSR 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 | ||||||||
Shares paid out as percentage of target | 100.00% | ||||||||
Total awards, outstanding | 47,867 | ||||||||
Business Performance Program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares allocation percentage | 50.00% | ||||||||
Shares vesting period | 3 years | ||||||||
Business Performance Program [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares vesting percentage | 50.00% | ||||||||
Remaining shares vesting percentage | 50.00% | ||||||||
Business Performance Program [Member] | Conditional Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Nonvested shares outstanding | 1,225,000 | 501,000 | |||||||
Granted, Shares | 871,000 | ||||||||
Weighted average grant date fair value per share (in USD per share) | $ 34.19 | ||||||||
2015 Business Performance Program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 602,304 | ||||||||
Total awards, outstanding | 431,707 | ||||||||
2015 Business Performance Program [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 0 | ||||||||
Percentage of shares awarded | 0.00% | ||||||||
2015 Business Performance Program [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 647,561 | ||||||||
Percentage of shares awarded | 150.00% | ||||||||
2016 Business Performance Program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Initial conditional restricted stock unit awards granted to eligible employees | 871,369 | ||||||||
Total awards, outstanding | 793,442 | ||||||||
2016 Business Performance Program [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 0 | ||||||||
Percentage of shares awarded | 0.00% | ||||||||
2016 Business Performance Program [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 1,586,884 | ||||||||
Percentage of shares awarded | 200.00% | ||||||||
2017 Performance Program [Member] | Conditional Restricted Stock [Member] | Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, Shares | 604,147 | ||||||||
Weighted average grant date fair value per share (in USD per share) | $ 66.97 | ||||||||
2017 Performance Program [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 0 | ||||||||
2017 Performance Program [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares authorized and available for grant | 1,208,294 | ||||||||
Non Employee Director [Member] | Total Shareholder Return Program [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock units, vested (Percentage) | 50.00% |
Capital Stock - Schedule of TSR
Capital Stock - Schedule of TSR Stock Units and Business Performance RSU Activities (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Conditional Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted Shares, nonvested, Beginning Balance, Shares | |
Restricted Shares, nonvested, Ending Balance, Shares | 1,225,149 |
Total Shareholder Return Program [Member] | Total Shareholder Return Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted Shares, nonvested, Beginning Balance, Shares | 172,000 |
Granted, Shares | 0 |
Vested, Shares | (34,000) |
Forfeited or expired, Shares | (60,000) |
Restricted Shares, nonvested, Ending Balance, Shares | 78,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested at January 1, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 78.22 |
Granted, Weighted Average Grant-Date Fair Value (in USD per share) | $ / shares | 0 |
Vested, Weighted Average Grant-Date Fair Value (in USD per share) | $ / shares | 76.07 |
Forfeited or expired, Weighted Average Grant-Date Fair Value (in USD per share) | $ / shares | 71.20 |
Non-vested at December 31, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 77.10 |
Business Performance Program [Member] | Conditional Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted Shares, nonvested, Beginning Balance, Shares | 501,000 |
Granted, Shares | 871,000 |
Forfeited or expired, Shares | (147,000) |
Restricted Shares, nonvested, Ending Balance, Shares | 1,225,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested at January 1, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 66.53 |
Granted, Weighted Average Grant-Date Fair Value (in USD per share) | $ / shares | 34.19 |
Forfeited or expired, Weighted Average Grant-Date Fair Value (in USD per share) | $ / shares | 45.65 |
Non-vested at December 31, 2016, Weighted Average Grant Date Fair Value (in USD per share) | $ / shares | $ 45.60 |
Accumulated Other Comprehens109
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Currency translation adjustment | $ (109) | $ (109) | $ (109) | |
Unfunded pension and postretirement benefit plan | (3) | (10) | (7) | |
Accumulated other comprehensive loss | $ (112) | $ (119) | [1] | $ (116) |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Major Customers - Additional In
Major Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Oil and Gas Production Revenues [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
China Petroleum & Chemical Corporation [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity wide revenue major customer percentage | 21.00% | 12.00% | |
Egyptian General Petroleum Company [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity wide revenue major customer percentage | 12.00% | 11.00% | |
Shell Plc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity wide revenue major customer percentage | 11.00% | 19.00% |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Country | |
Segment Reporting [Abstract] | |
Production in number of countries | 4 |
Business Segment Information112
Business Segment Information - Financial Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Oil and gas production revenues | $ 5,367 | $ 6,510 | [1] | $ 12,795 | [1] | ||||||||
Lease operating expenses | 1,494 | 1,854 | [1] | 2,238 | [1] | ||||||||
Gathering and transportation | 200 | 211 | [1] | 273 | [1] | ||||||||
Taxes other than income | 126 | 282 | [1] | 577 | [1] | ||||||||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [2] | 4,526 | [2] | ||||||||
Exploration | 473 | 2,771 | [1] | 2,499 | [1] | ||||||||
Asset retirement obligation accretion | 156 | 145 | [1],[2] | 154 | [1],[2] | ||||||||
Impairments | 1,103 | 9,472 | 7,102 | ||||||||||
Operating Income (Loss) | (803) | (11,525) | (4,574) | ||||||||||
Other Income (Expense): | |||||||||||||
Gain (loss) on divestiture | $ 0 | $ 5 | $ 17 | $ (1) | $ 77 | $ (5) | $ 227 | $ (18) | 21 | 281 | [1],[2] | (1,608) | [1],[2] |
Other | (34) | 98 | 285 | ||||||||||
General and administrative | (410) | (380) | [1] | (453) | [1] | ||||||||
Transaction, reorganization, and separation | (39) | (132) | [1] | (67) | [1] | ||||||||
Financing costs, net | (417) | (511) | [1] | (413) | [1] | ||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,682) | (12,169) | [1] | (6,830) | [1] | ||||||||
Net property and equipment | 18,867 | 20,838 | 18,867 | 20,838 | 32,154 | ||||||||
Total Assets | 22,519 | 25,500 | 22,519 | 25,500 | 38,165 | ||||||||
Additions to Net Property and Equipment | 1,681 | 4,106 | 1,681 | 4,106 | 10,725 | ||||||||
Operating Segments [Member] | United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Oil and gas production revenues | 1,997 | 2,637 | 5,744 | ||||||||||
Lease operating expenses | 553 | 739 | 921 | ||||||||||
Gathering and transportation | 80 | 68 | 93 | ||||||||||
Taxes other than income | 139 | 184 | 350 | ||||||||||
Depreciation, depletion, and amortization | 1,138 | 1,558 | 2,408 | ||||||||||
Exploration | 285 | 2,145 | 2,113 | ||||||||||
Asset retirement obligation accretion | 34 | 28 | 43 | ||||||||||
Impairments | 80 | 6,266 | 2,622 | ||||||||||
Operating Income (Loss) | (312) | (8,351) | (2,806) | ||||||||||
Other Income (Expense): | |||||||||||||
Net property and equipment | 11,168 | 11,753 | 11,168 | 11,753 | 19,507 | ||||||||
Total Assets | 12,403 | 12,782 | 12,403 | 12,782 | 21,487 | ||||||||
Additions to Net Property and Equipment | 926 | 2,099 | 926 | 2,099 | 7,006 | ||||||||
Operating Segments [Member] | Canada [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Oil and gas production revenues | 343 | 498 | 1,092 | ||||||||||
Lease operating expenses | 181 | 244 | 384 | ||||||||||
Gathering and transportation | 68 | 89 | 123 | ||||||||||
Taxes other than income | 20 | 26 | 31 | ||||||||||
Depreciation, depletion, and amortization | 183 | 301 | 439 | ||||||||||
Exploration | 88 | 231 | 162 | ||||||||||
Asset retirement obligation accretion | 47 | 43 | 39 | ||||||||||
Impairments | 367 | 1,593 | 2,412 | ||||||||||
Operating Income (Loss) | (611) | (2,029) | (2,498) | ||||||||||
Other Income (Expense): | |||||||||||||
Net property and equipment | 1,464 | 2,074 | 1,464 | 2,074 | 4,197 | ||||||||
Total Assets | 1,591 | 2,225 | 1,591 | 2,225 | 4,728 | ||||||||
Additions to Net Property and Equipment | 34 | 403 | 34 | 403 | 1,358 | ||||||||
Operating Segments [Member] | Egypt [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Oil and gas production revenues | 2,057 | 2,095 | 3,643 | ||||||||||
Lease operating expenses | 446 | 522 | 499 | ||||||||||
Gathering and transportation | 44 | 45 | 40 | ||||||||||
Taxes other than income | 0 | 9 | 11 | ||||||||||
Depreciation, depletion, and amortization | 778 | 927 | 872 | ||||||||||
Exploration | 48 | 154 | 112 | ||||||||||
Impairments | 1 | 1,255 | 173 | ||||||||||
Operating Income (Loss) | 740 | (817) | 1,936 | ||||||||||
Other Income (Expense): | |||||||||||||
Net property and equipment | 3,362 | 3,712 | 3,362 | 3,712 | 5,141 | ||||||||
Total Assets | 4,893 | 6,165 | 4,893 | 6,165 | 6,926 | ||||||||
Additions to Net Property and Equipment | 459 | 862 | 459 | 862 | 1,293 | ||||||||
Operating Segments [Member] | North Sea [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Oil and gas production revenues | 970 | 1,280 | 2,316 | ||||||||||
Lease operating expenses | 314 | 349 | 434 | ||||||||||
Gathering and transportation | 8 | 9 | 17 | ||||||||||
Taxes other than income | (33) | 63 | 185 | ||||||||||
Depreciation, depletion, and amortization | 519 | 514 | 807 | ||||||||||
Exploration | 37 | 237 | 119 | ||||||||||
Asset retirement obligation accretion | 75 | 74 | 72 | ||||||||||
Impairments | 655 | 211 | 1,895 | ||||||||||
Operating Income (Loss) | (605) | (177) | (1,213) | ||||||||||
Other Income (Expense): | |||||||||||||
Net property and equipment | 2,834 | 3,263 | 2,834 | 3,263 | 3,300 | ||||||||
Total Assets | 3,584 | 4,280 | 3,584 | 4,280 | 4,480 | ||||||||
Additions to Net Property and Equipment | 260 | 715 | 260 | 715 | 1,060 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation, depletion, and amortization | 0 | ||||||||||||
Exploration | 15 | 4 | (7) | ||||||||||
Impairments | 0 | 147 | |||||||||||
Operating Income (Loss) | (15) | (151) | 7 | ||||||||||
Other Income (Expense): | |||||||||||||
Net property and equipment | 39 | 36 | 39 | 36 | 9 | ||||||||
Total Assets | 48 | 48 | 48 | 48 | 544 | ||||||||
Additions to Net Property and Equipment | $ 2 | $ 27 | $ 2 | $ 27 | $ 8 | ||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Oil and Gas Dis113
Supplemental Oil and Gas Disclosures (Unaudited) - Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Oil and gas production revenues | $ 5,367 | $ 6,510 | [1] | $ 12,795 | [1] |
Depreciation, depletion, and amortization | 2,460 | 2,976 | 4,195 | ||
Asset retirement obligation accretion | 156 | 145 | [1],[2] | 154 | [1],[2] |
Lease operating expenses | 1,494 | 1,854 | [1] | 2,238 | [1] |
Gathering and transportation | 200 | 211 | [1] | 273 | [1] |
Exploration expenses | 473 | 2,771 | 2,499 | ||
Impairments related to oil and gas properties | 427 | 7,389 | 6,068 | ||
Production taxes | 120 | 259 | 546 | ||
Income tax | 148 | (3,049) | (1,070) | ||
Oil and gas properties production expense | 5,478 | 12,556 | 14,903 | ||
Results of operation | (111) | (6,046) | (2,108) | ||
United States [Member] | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Oil and gas production revenues | 1,997 | 2,637 | 5,744 | ||
Depreciation, depletion, and amortization | 1,055 | 1,455 | 2,294 | ||
Asset retirement obligation accretion | 34 | 28 | 43 | ||
Lease operating expenses | 553 | 739 | 921 | ||
Gathering and transportation | 80 | 68 | 93 | ||
Exploration expenses | 285 | 2,145 | 2,113 | ||
Impairments related to oil and gas properties | 61 | 6,154 | 2,372 | ||
Production taxes | 135 | 178 | 342 | ||
Income tax | (72) | (2,886) | (864) | ||
Oil and gas properties production expense | 2,131 | 7,881 | 7,314 | ||
Results of operation | (134) | (5,244) | (1,570) | ||
Canada [Member] | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Oil and gas production revenues | 343 | 498 | 1,092 | ||
Depreciation, depletion, and amortization | 174 | 251 | 382 | ||
Asset retirement obligation accretion | 47 | 43 | 39 | ||
Lease operating expenses | 181 | 244 | 384 | ||
Gathering and transportation | 68 | 89 | 123 | ||
Exploration expenses | 88 | 231 | 162 | ||
Impairments related to oil and gas properties | 366 | 1,031 | 1,645 | ||
Production taxes | 18 | 23 | 27 | ||
Income tax | (162) | (369) | (421) | ||
Oil and gas properties production expense | 780 | 1,543 | 2,341 | ||
Results of operation | (437) | (1,045) | (1,249) | ||
Egypt [Member] | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Oil and gas production revenues | 2,057 | 2,095 | 3,643 | ||
Depreciation, depletion, and amortization | 733 | 780 | 735 | ||
Lease operating expenses | 446 | 522 | 499 | ||
Gathering and transportation | 44 | 45 | 40 | ||
Exploration expenses | 48 | 154 | 112 | ||
Impairments related to oil and gas properties | 0 | 193 | 173 | ||
Income tax | 354 | 180 | 938 | ||
Oil and gas properties production expense | 1,625 | 1,874 | 2,497 | ||
Results of operation | 432 | 221 | 1,146 | ||
North Sea [Member] | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Oil and gas production revenues | 970 | 1,280 | 2,316 | ||
Depreciation, depletion, and amortization | 498 | 490 | 784 | ||
Asset retirement obligation accretion | 75 | 74 | 72 | ||
Lease operating expenses | 314 | 349 | 434 | ||
Gathering and transportation | 8 | 9 | 17 | ||
Exploration expenses | 37 | 237 | 119 | ||
Impairments related to oil and gas properties | 0 | 11 | 1,878 | ||
Production taxes | (33) | 58 | 177 | ||
Income tax | 28 | 26 | (723) | ||
Oil and gas properties production expense | 927 | 1,254 | 2,758 | ||
Results of operation | 43 | 26 | (442) | ||
Other International [Member] | |||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Exploration expenses | 15 | 4 | (7) | ||
Oil and gas properties production expense | 15 | 4 | (7) | ||
Results of operation | $ (15) | $ (4) | $ 7 | ||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Oil and Gas Dis114
Supplemental Oil and Gas Disclosures (Unaudited) - Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | $ 45 | $ 38 | $ 113 |
Unproved | 170 | 336 | 1,378 |
Exploration | 470 | 677 | 1,049 |
Development | 950 | 3,198 | 8,941 |
Costs incurred | 1,635 | 4,249 | 11,481 |
Capitalized interest | 48 | 21 | 148 |
Asset retirement costs | (192) | 65 | 307 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 0 | 1 | 102 |
Unproved | 110 | 313 | 1,221 |
Exploration | 278 | 194 | 505 |
Development | 420 | 1,729 | 5,078 |
Costs incurred | 808 | 2,237 | 6,906 |
Capitalized interest | 21 | 0 | 17 |
Asset retirement costs | (51) | 123 | 43 |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 1 | 8 | |
Unproved | 7 | 23 | 141 |
Exploration | 23 | 51 | 93 |
Development | 27 | 151 | 789 |
Costs incurred | 58 | 233 | 1,023 |
Capitalized interest | 6 | ||
Asset retirement costs | (13) | 8 | 175 |
Egypt [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 6 | 29 | 11 |
Unproved | 49 | 0 | 0 |
Exploration | 67 | 125 | 207 |
Development | 353 | 741 | 1,122 |
Costs incurred | 475 | 895 | 1,340 |
Capitalized interest | 0 | 8 | 9 |
Australia [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 0 | 0 | |
Unproved | 0 | 16 | |
Exploration | 0 | 32 | 131 |
Development | 0 | 98 | 990 |
Costs incurred | 0 | 130 | 1,137 |
Capitalized interest | 0 | 6 | 90 |
Asset retirement costs | 0 | 55 | |
North Sea [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved | 38 | 0 | |
Unproved | 4 | 0 | |
Exploration | 84 | 246 | 103 |
Development | 150 | 479 | 956 |
Costs incurred | 276 | 725 | 1,059 |
Capitalized interest | 21 | 7 | 29 |
Asset retirement costs | (128) | (66) | 34 |
Argentina [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Unproved | 0 | ||
Exploration | 0 | 9 | |
Development | 0 | 6 | |
Costs incurred | 0 | 15 | |
Capitalized interest | 0 | 3 | |
Asset retirement costs | 0 | ||
Other International [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Exploration | 18 | 29 | 1 |
Costs incurred | $ 18 | $ 29 | $ 1 |
Supplemental Oil and Gas Dis115
Supplemental Oil and Gas Disclosures (Unaudited) - Capitalized Costs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserve Quantities [Line Items] | |||
Proved properties | $ 42,693 | $ 41,728 | [1] |
Unproved properties | 1,969 | 2,277 | [1] |
Capitalized costs, gross | 44,662 | 44,005 | |
Accumulated DD&A | (26,972) | (24,457) | |
Capitalized costs, net | 17,690 | 19,548 | |
United States [Member] | |||
Reserve Quantities [Line Items] | |||
Proved properties | 19,170 | 18,692 | |
Unproved properties | 1,465 | 1,615 | |
Capitalized costs, gross | 20,635 | 20,307 | |
Accumulated DD&A | (10,034) | (9,027) | |
Capitalized costs, net | 10,601 | 11,280 | |
Canada [Member] | |||
Reserve Quantities [Line Items] | |||
Proved properties | 5,434 | 5,812 | |
Unproved properties | 109 | 172 | |
Capitalized costs, gross | 5,543 | 5,984 | |
Accumulated DD&A | (4,120) | (3,958) | |
Capitalized costs, net | 1,423 | 2,026 | |
Egypt [Member] | |||
Reserve Quantities [Line Items] | |||
Proved properties | 10,169 | 9,798 | |
Unproved properties | 76 | 25 | |
Capitalized costs, gross | 10,245 | 9,823 | |
Accumulated DD&A | (7,287) | (6,559) | |
Capitalized costs, net | 2,958 | 3,264 | |
North Sea [Member] | |||
Reserve Quantities [Line Items] | |||
Proved properties | 7,920 | 7,426 | |
Unproved properties | 280 | 429 | |
Capitalized costs, gross | 8,200 | 7,855 | |
Accumulated DD&A | (5,531) | (4,913) | |
Capitalized costs, net | 2,669 | 2,942 | |
Other International [Member] | |||
Reserve Quantities [Line Items] | |||
Proved properties | 0 | 0 | |
Unproved properties | 39 | 36 | |
Capitalized costs, gross | 39 | 36 | |
Accumulated DD&A | 0 | 0 | |
Capitalized costs, net | $ 39 | $ 36 | |
[1] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Oil and Gas Dis116
Supplemental Oil and Gas Disclosures (Unaudited) - Oil and Gas Reserve Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016MBoeMMcfMBbls | Dec. 31, 2015MBoeMMcfMBbls | Dec. 31, 2014MBoeMMcfMBbls | Dec. 31, 2013MBoeMMcfMBbls | |
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,173,635 | 1,331,397 | 1,651,291 | 1,832,936 |
Proved undeveloped reserves | 137,616 | 232,336 | 744,979 | 813,480 |
Beginning balance | 1,563,733 | 2,396,270 | 2,646,416 | |
Extensions, discoveries and other additions | 103,204 | 117,405 | 313,095 | |
Purchase of minerals in-place | 1,580 | 6,860 | 21,712 | |
Revisions of previous estimates | (159,341) | (365,135) | 14,150 | |
Production | (190,942) | (206,840) | (241,577) | |
Sale of properties | (6,983) | (384,827) | (357,526) | |
Ending balance | 1,311,251 | 1,563,733 | 2,396,270 | |
Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 252,630 | 275,033 | 236,256 | 222,880 |
Proved undeveloped reserves | 27,336 | 26,929 | 43,446 | 48,028 |
Beginning balance | 301,962 | 279,702 | 270,908 | |
Extensions, discoveries and other additions | 23,674 | 40,464 | 60,877 | |
Revisions of previous estimates | 16,599 | 37,825 | 5,522 | |
Production | (62,269) | (56,029) | (57,605) | |
Ending balance | 279,966 | 301,962 | 279,702 | |
United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 656,087 | 726,424 | 897,422 | 976,795 |
Proved undeveloped reserves | 76,950 | 120,210 | 336,670 | 370,566 |
Beginning balance | 846,634 | 1,234,092 | 1,347,361 | |
Extensions, discoveries and other additions | 56,458 | 26,488 | 138,413 | |
Purchase of minerals in-place | 24 | 21,712 | ||
Revisions of previous estimates | (87,954) | (322,123) | 11,662 | |
Production | (81,994) | (91,591) | (106,225) | |
Sale of properties | (131) | (232) | (178,831) | |
Ending balance | 733,037 | 846,634 | 1,234,092 | |
Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 157,662 | 209,647 | 258,848 | 322,362 |
Proved undeveloped reserves | 17,931 | 70,300 | 155,028 | 139,509 |
Beginning balance | 279,947 | 413,876 | 461,871 | |
Extensions, discoveries and other additions | 9,166 | 26,226 | 74,666 | |
Purchase of minerals in-place | 6,860 | |||
Revisions of previous estimates | (84,984) | (87,081) | (2,800) | |
Production | (21,684) | (24,706) | (28,313) | |
Sale of properties | (6,852) | (55,228) | (91,548) | |
Ending balance | 175,593 | 279,947 | 413,876 | |
Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 136,707 | 126,948 | ||
Proved undeveloped reserves | 186,534 | 199,240 | ||
Beginning balance | 0 | 323,241 | 326,188 | |
Extensions, discoveries and other additions | 17,780 | |||
Revisions of previous estimates | 0 | 12,549 | (216) | |
Production | 0 | (8,503) | (20,511) | |
Sale of properties | 0 | (327,287) | ||
Ending balance | 0 | 323,241 | ||
North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 107,256 | 120,293 | 122,058 | 117,457 |
Proved undeveloped reserves | 15,399 | 14,897 | 23,301 | 32,633 |
Beginning balance | 135,190 | 145,359 | 150,090 | |
Extensions, discoveries and other additions | 13,906 | 24,227 | 21,354 | |
Purchase of minerals in-place | 1,556 | |||
Revisions of previous estimates | (3,002) | (6,305) | (18) | |
Production | (24,995) | (26,011) | (26,067) | |
Sale of properties | 0 | (2,080) | ||
Ending balance | 122,655 | 135,190 | 145,359 | |
Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 66,494 | |||
Proved undeveloped reserves | 23,504 | |||
Beginning balance | 89,998 | |||
Extensions, discoveries and other additions | 5 | |||
Revisions of previous estimates | 0 | |||
Production | (2,856) | |||
Sale of properties | (87,147) | |||
Crude Oil and Condensate [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 582,317 | 665,063 | 784,770 | 794,795 |
Proved undeveloped reserves | 59,965 | 127,996 | 289,499 | 336,690 |
Beginning balance | 793,059 | 1,074,269 | 1,131,485 | |
Extensions, discoveries and other additions | 40,351 | 59,556 | 126,387 | |
Purchase of minerals in-place | 459 | 1,763 | 15,240 | |
Revisions of previous estimates | (88,714) | (165,609) | 4,693 | |
Production | (100,744) | (108,491) | (118,412) | |
Sale of properties | (2,129) | (68,429) | (85,124) | |
Ending balance | 642,282 | 793,059 | 1,074,269 | |
Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 138,771 | 144,164 | 128,712 | 119,242 |
Proved undeveloped reserves | 20,187 | 17,856 | 14,617 | 16,302 |
Beginning balance | 162,020 | 143,329 | 135,544 | |
Extensions, discoveries and other additions | 17,599 | 24,524 | 38,074 | |
Revisions of previous estimates | 17,301 | 27,330 | 2,645 | |
Production | (37,962) | (33,163) | (32,934) | |
Ending balance | 158,958 | 162,020 | 143,329 | |
Crude Oil and Condensate [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 300,900 | 348,797 | 444,440 | 457,981 |
Proved undeveloped reserves | 21,088 | 60,505 | 170,125 | 195,835 |
Beginning balance | 409,302 | 614,565 | 653,816 | |
Extensions, discoveries and other additions | 9,614 | 13,903 | 57,011 | |
Purchase of minerals in-place | 21 | 15,240 | ||
Revisions of previous estimates | (58,882) | (173,907) | 3,083 | |
Production | (38,000) | (45,138) | (48,789) | |
Sale of properties | (67) | (121) | (65,796) | |
Ending balance | 321,988 | 409,302 | 614,565 | |
Crude Oil and Condensate [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 51,508 | 67,847 | 75,876 | 80,526 |
Proved undeveloped reserves | 7,906 | 38,326 | 59,923 | 56,366 |
Beginning balance | 106,173 | 135,799 | 136,892 | |
Extensions, discoveries and other additions | 3,372 | 4,550 | 9,657 | |
Purchase of minerals in-place | 1,763 | |||
Revisions of previous estimates | (43,282) | (27,966) | (812) | |
Production | (4,787) | (5,755) | (6,421) | |
Sale of properties | (2,062) | (2,218) | (3,517) | |
Ending balance | 59,414 | 106,173 | 135,799 | |
Crude Oil and Condensate [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 29,996 | 22,524 | ||
Proved undeveloped reserves | 25,775 | 36,703 | ||
Beginning balance | 55,771 | 59,227 | ||
Extensions, discoveries and other additions | 0 | 4,254 | ||
Revisions of previous estimates | 11,189 | (216) | ||
Production | (2,778) | (7,494) | ||
Sale of properties | (64,182) | |||
Ending balance | 55,771 | |||
Crude Oil and Condensate [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 91,138 | 104,255 | 105,746 | 100,327 |
Proved undeveloped reserves | 10,784 | 11,309 | 19,059 | 29,253 |
Beginning balance | 115,564 | 124,805 | 129,580 | |
Extensions, discoveries and other additions | 9,766 | 16,579 | 17,386 | |
Purchase of minerals in-place | 438 | |||
Revisions of previous estimates | (3,851) | (2,255) | (7) | |
Production | (19,995) | (21,657) | (22,154) | |
Sale of properties | (1,908) | |||
Ending balance | 101,922 | 115,564 | 124,805 | |
Crude Oil and Condensate [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 14,195 | |||
Proved undeveloped reserves | 2,231 | |||
Beginning balance | 16,426 | |||
Extensions, discoveries and other additions | 5 | |||
Production | (620) | |||
Sale of properties | (15,811) | |||
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 171,883 | 168,786 | 204,628 | 217,129 |
Proved undeveloped reserves | 20,561 | 30,151 | 77,579 | 74,732 |
Beginning balance | 198,937 | 282,207 | 291,861 | |
Extensions, discoveries and other additions | 11,872 | 8,074 | 50,500 | |
Purchase of minerals in-place | 7 | 976 | 2,916 | |
Revisions of previous estimates | 5,627 | (69,178) | 2,697 | |
Production | (22,942) | (22,721) | (24,595) | |
Sale of properties | (1,057) | (421) | (41,172) | |
Ending balance | 192,444 | 198,937 | 282,207 | |
Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,266 | 1,491 | 1,346 | |
Proved undeveloped reserves | 131 | 78 | 212 | |
Beginning balance | 1,569 | 1,558 | ||
Extensions, discoveries and other additions | 208 | 144 | 1,820 | |
Revisions of previous estimates | 17 | 255 | (11) | |
Production | (397) | (388) | (251) | |
Ending balance | 1,397 | 1,569 | 1,558 | |
Natural Gas Liquids [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 155,124 | 150,265 | 183,565 | 184,485 |
Proved undeveloped reserves | 17,311 | 24,939 | 69,828 | 63,538 |
Beginning balance | 175,204 | 253,393 | 248,023 | |
Extensions, discoveries and other additions | 10,238 | 5,768 | 47,516 | |
Purchase of minerals in-place | 2 | 2,916 | ||
Revisions of previous estimates | 6,824 | (64,226) | 2,594 | |
Production | (19,824) | (19,684) | (21,464) | |
Sale of properties | (9) | (47) | (26,192) | |
Ending balance | 172,435 | 175,204 | 253,393 | |
Natural Gas Liquids [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 13,866 | 15,246 | 17,947 | 26,099 |
Proved undeveloped reserves | 2,473 | 4,839 | 7,168 | 9,970 |
Beginning balance | 20,085 | 25,115 | 36,069 | |
Extensions, discoveries and other additions | 755 | 1,473 | 1,163 | |
Purchase of minerals in-place | 976 | |||
Revisions of previous estimates | (1,355) | (4,886) | 116 | |
Production | (2,098) | (2,236) | (2,256) | |
Sale of properties | (1,048) | (357) | (9,977) | |
Ending balance | 16,339 | 20,085 | 25,115 | |
Natural Gas Liquids [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 1,627 | 1,784 | 1,770 | 2,435 |
Proved undeveloped reserves | 646 | 295 | 371 | 215 |
Beginning balance | 2,079 | 2,141 | 2,650 | |
Extensions, discoveries and other additions | 671 | 689 | 1 | |
Purchase of minerals in-place | 5 | |||
Revisions of previous estimates | 141 | (321) | (2) | |
Production | (623) | (413) | (508) | |
Sale of properties | (17) | |||
Ending balance | 2,273 | 2,079 | 2,141 | |
Natural Gas Liquids [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 4,110 | |||
Proved undeveloped reserves | 1,009 | |||
Beginning balance | 5,119 | |||
Production | (116) | |||
Sale of properties | (5,003) | |||
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 2,516,610 | 2,985,290 | 3,971,360 | 4,926,064 |
Proved undeveloped reserves | MMcf | 342,538 | 445,132 | 2,267,400 | 2,412,348 |
Beginning balance | MMcf | 3,430,422 | 6,238,760 | 7,338,412 | |
Extensions, discoveries and other additions | MMcf | 305,883 | 298,649 | 817,253 | |
Purchase of minerals in-place | MMcf | 6,684 | 24,727 | 21,337 | |
Revisions of previous estimates | MMcf | (457,524) | (782,083) | 40,556 | |
Production | MMcf | (403,533) | (453,772) | (591,420) | |
Sale of properties | MMcf | (22,784) | (1,895,859) | (1,387,378) | |
Ending balance | MMcf | 2,859,148 | 3,430,422 | 6,238,760 | |
Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 675,559 | 776,263 | 637,187 | 621,825 |
Proved undeveloped reserves | MMcf | 42,109 | 53,969 | 171,696 | 190,355 |
Beginning balance | MMcf | 830,232 | 808,883 | 812,180 | |
Extensions, discoveries and other additions | MMcf | 35,202 | 94,777 | 125,899 | |
Revisions of previous estimates | MMcf | (4,305) | 61,442 | 17,326 | |
Production | MMcf | (143,461) | (134,870) | (146,522) | |
Ending balance | MMcf | 717,668 | 830,232 | 808,883 | |
Natural Gas [Member] | United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 1,200,379 | 1,364,174 | 1,616,504 | 2,005,966 |
Proved undeveloped reserves | MMcf | 231,304 | 208,594 | 580,299 | 667,160 |
Beginning balance | MMcf | 1,572,768 | 2,196,803 | 2,673,126 | |
Extensions, discoveries and other additions | MMcf | 219,633 | 40,901 | 203,318 | |
Purchase of minerals in-place | MMcf | 7 | 21,337 | ||
Revisions of previous estimates | MMcf | (215,378) | (503,939) | 35,910 | |
Production | MMcf | (145,019) | (160,614) | (215,829) | |
Sale of properties | MMcf | (328) | (383) | (521,059) | |
Ending balance | MMcf | 1,431,683 | 1,572,768 | 2,196,803 | |
Natural Gas [Member] | Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 553,724 | 759,321 | 990,145 | 1,294,420 |
Proved undeveloped reserves | MMcf | 45,312 | 162,809 | 527,623 | 439,037 |
Beginning balance | MMcf | 922,130 | 1,517,768 | 1,733,457 | |
Extensions, discoveries and other additions | MMcf | 30,234 | 121,216 | 383,077 | |
Purchase of minerals in-place | MMcf | 24,727 | |||
Revisions of previous estimates | MMcf | (242,080) | (325,375) | (12,626) | |
Production | MMcf | (88,792) | (100,289) | (117,816) | |
Sale of properties | MMcf | (22,456) | (315,917) | (468,324) | |
Ending balance | MMcf | 599,036 | 922,130 | 1,517,768 | |
Natural Gas [Member] | Australia [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 640,265 | 626,543 | ||
Proved undeveloped reserves | MMcf | 964,554 | 975,224 | ||
Beginning balance | MMcf | 1,604,819 | 1,601,767 | ||
Extensions, discoveries and other additions | MMcf | 81,156 | |||
Revisions of previous estimates | MMcf | 8,162 | |||
Production | MMcf | (34,352) | (78,104) | ||
Sale of properties | MMcf | (1,578,629) | |||
Ending balance | MMcf | 1,604,819 | |||
Natural Gas [Member] | North Sea [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 86,948 | 85,532 | 87,259 | 88,177 |
Proved undeveloped reserves | MMcf | 23,813 | 19,760 | 23,228 | 18,988 |
Beginning balance | MMcf | 105,292 | 110,487 | 107,165 | |
Extensions, discoveries and other additions | MMcf | 20,814 | 41,755 | 23,803 | |
Purchase of minerals in-place | MMcf | 6,677 | |||
Revisions of previous estimates | MMcf | 4,239 | (22,373) | (54) | |
Production | MMcf | (26,261) | (23,647) | (20,427) | |
Sale of properties | MMcf | (930) | |||
Ending balance | MMcf | 110,761 | 105,292 | 110,487 | |
Natural Gas [Member] | Argentina [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 289,133 | |||
Proved undeveloped reserves | MMcf | 121,584 | |||
Beginning balance | MMcf | 410,717 | |||
Production | MMcf | (12,722) | |||
Sale of properties | MMcf | (397,995) | |||
Noncontrolling Interest [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves (Energy) | MBoe | 93,322 | 101,000 | 93,000 | 90,000 |
Noncontrolling Interest [Member] | Crude Oil and Condensate [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 52,986 | 54,007 | 47,776 | 45,181 |
Noncontrolling Interest [Member] | Natural Gas Liquids [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | 466 | 523 | 519 | |
Noncontrolling Interest [Member] | Natural Gas [Member] | Egypt [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved developed reserves | MMcf | 239,223 | 277 | 270 | 271 |
Supplemental Oil and Gas Dis117
Supplemental Oil and Gas Disclosures (Unaudited) - Future Net Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | $ 37,204 | $ 52,073 |
Production costs | (15,662) | (21,413) |
Development costs | (6,739) | (8,055) |
Income tax expense | (1,815) | (3,080) |
Net cash flows | 12,988 | 19,525 |
10 percent discount rate | (4,928) | (8,931) |
Discounted future net cash flows | $ 8,060 | 10,594 |
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 | $ 9,500 | 13,100 |
Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 8,778 | 11,124 |
Production costs | (1,967) | (2,185) |
Development costs | (1,111) | (1,515) |
Income tax expense | (1,775) | (2,326) |
Net cash flows | 3,925 | 5,098 |
10 percent discount rate | (956) | (1,330) |
Discounted future net cash flows | 2,969 | 3,768 |
United States [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 20,067 | 26,610 |
Production costs | (8,858) | (12,178) |
Development costs | (1,653) | (2,255) |
Income tax expense | (32) | (63) |
Net cash flows | 9,524 | 12,114 |
10 percent discount rate | (5,319) | (6,876) |
Discounted future net cash flows | 4,205 | 5,238 |
Canada [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 3,625 | 7,345 |
Production costs | (2,582) | (3,841) |
Development costs | (1,565) | (1,939) |
Net cash flows | (522) | 1,565 |
10 percent discount rate | 549 | (868) |
Discounted future net cash flows | 27 | 697 |
North Sea [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Cash inflows | 4,734 | 6,994 |
Production costs | (2,255) | (3,209) |
Development costs | (2,410) | (2,346) |
Income tax expense | (8) | (691) |
Net cash flows | 61 | 748 |
10 percent discount rate | 798 | 143 |
Discounted future net cash flows | 859 | 891 |
Noncontrolling Interest [Member] | Egypt [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Discounted future net cash flows | $ 1,000 | $ 1,300 |
Supplemental Oil and Gas Dis118
Supplemental Oil and Gas Disclosures (Unaudited) - Principal Sources of Change In Discounted Future Net Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Extractive Industries [Abstract] | |||
Sales, net of production costs | $ (3,479) | $ (4,056) | $ (10,350) |
Net change in prices and production costs | (3,835) | (21,710) | (1,029) |
Discoveries and improved recovery, net of related costs | 1,153 | 1,953 | 6,297 |
Change in future development costs | 309 | 705 | (1,136) |
Previously estimated development costs incurred during the period | 986 | 1,991 | 4,462 |
Revision of quantities | (574) | (2,292) | 256 |
Purchases of minerals in-place | 8 | 22 | 508 |
Accretion of discount | 1,313 | 3,642 | 4,442 |
Change in income taxes | 1,070 | 7,264 | 836 |
Sales of properties | (52) | (5,240) | (4,780) |
Change in production rates and other | 567 | (3,343) | (442) |
Change in the discounted future net cash flows, Total | $ (2,534) | $ (21,064) | $ (936) |
Supplemental Oil and Gas Dis119
Supplemental Oil and Gas Disclosures (Unaudited) - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016MMBoeMBbls | Dec. 31, 2015MBbls | Dec. 31, 2014MBbls | |
Reserve Quantities [Line Items] | |||
Purchases of minerals in-place | 2 | ||
Sale of minerals in-place through divestiture transactions | 7 | ||
Extensions, discoveries and other additions | MMBoe | 103 | ||
Combined downward revisions of previously estimated reserves | 159 | ||
Changes in reserves accounted | (159,341) | (365,135) | 14,150 |
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 | 66 | ||
Premian Basin [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 49 | ||
Canada [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 9 | ||
Changes in reserves accounted | (84,984) | (87,081) | (2,800) |
MidContinent Region [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 8 | ||
Egypt [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 23 | ||
Changes in reserves accounted | 16,599 | 37,825 | 5,522 |
North Sea [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 14 | ||
Changes in reserves accounted | (3,002) | (6,305) | (18) |
Australia [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 0 | 12,549 | (216) |
International Regions [Member] | |||
Reserve Quantities [Line Items] | |||
Extensions, discoveries and other additions | MMBoe | 37 | ||
Changes in Product Prices [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 172 | ||
Changes in Lease Ownership [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 6 | ||
Changes in Engineering and Performance [Member] | |||
Reserve Quantities [Line Items] | |||
Changes in reserves accounted | 19 |
Supplemental Quarterly Finan120
Supplemental Quarterly Financial Data (Unaudited) - Supplemental Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [1] | ||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues and other | $ 1,451 | $ 1,433 | $ 1,365 | $ 1,084 | $ 1,405 | $ 1,531 | $ 2,019 | $ 1,653 | $ 5,333 | $ 6,608 | |||
Gain (loss) on divestiture | 0 | 5 | 17 | (1) | 77 | (5) | 227 | (18) | 21 | 281 | [1],[2] | $ (1,608) | [2] |
Expenses | 1,594 | 1,964 | 1,582 | 1,454 | 6,537 | 5,645 | 3,163 | 2,703 | 6,594 | 18,048 | |||
Net loss from continuing operations including noncontrolling interest | (143) | (526) | (200) | (371) | (5,055) | (4,119) | (917) | (1,068) | (1,240) | (11,159) | [1] | (6,312) | |
Net income (loss) from discontinued operations, net of tax | 0 | (33) | 0 | 0 | 627 | (17) | 120 | (238) | (33) | 492 | [1] | (1,707) | |
NET LOSS INCLUDING NONCONTROLLING INTEREST | (143) | (559) | (200) | (371) | (4,428) | (4,136) | (797) | (1,306) | (1,273) | (10,667) | [1],[2],[3],[4] | (8,019) | [2],[3],[4] |
Net income (loss) attributable to common stock | $ (182) | $ (607) | $ (244) | $ (372) | $ (4,015) | $ (4,143) | $ (860) | $ (1,334) | $ (1,405) | $ (10,352) | [1] | $ (8,360) | |
Basic and diluted net loss per common share: | |||||||||||||
Basic and diluted net loss from continuing operations per share | $ (0.48) | $ (1.51) | $ (0.65) | $ (0.98) | $ (12.28) | $ (10.91) | $ (2.60) | $ (2.91) | $ (3.62) | $ (28.70) | [1] | $ (17.32) | |
Basic and diluted net income (loss) from discontinued operations per share | 0 | (0.09) | 0 | 0 | 1.66 | (0.04) | 0.32 | (0.63) | (0.09) | 1.30 | [1] | (4.44) | |
Basic and diluted net loss per share | $ (0.48) | $ (1.60) | $ (0.65) | $ (0.98) | $ (10.62) | $ (10.95) | $ (2.28) | $ (3.54) | $ (3.71) | $ (27.40) | [1] | $ (21.76) | |
Asset impairments | $ 144 | $ 951 | $ 238 | $ 42 | $ 5,100 | $ 4,100 | $ 660 | $ 2,100 | $ 1,103 | $ 9,472 | [1],[2] | $ 7,102 | [2] |
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Guarantor Infor121
Supplemental Guarantor Information - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 1999 |
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 |
Supplemental Guarantor Infor122
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
REVENUES AND OTHER: | |||||||||||||
Oil and gas production revenues | $ 5,367 | $ 6,510 | [1] | $ 12,795 | [1] | ||||||||
Other | (34) | 98 | [1] | 285 | [1] | ||||||||
Gain (loss) on divestiture | $ 0 | $ 5 | $ 17 | $ (1) | $ 77 | $ (5) | $ 227 | $ (18) | 21 | 281 | [1],[2] | (1,608) | [1],[2] |
Total revenues and other | 5,354 | 6,889 | [1] | 11,472 | [1] | ||||||||
OPERATING EXPENSES: | |||||||||||||
Lease operating expenses | 1,494 | 1,854 | [1] | 2,238 | [1] | ||||||||
Gathering and transportation | 200 | 211 | [1] | 273 | [1] | ||||||||
Taxes other than income | 126 | 282 | [1] | 577 | [1] | ||||||||
Exploration | 473 | 2,771 | [1] | 2,499 | [1] | ||||||||
General and administrative | 410 | 380 | [1] | 453 | [1] | ||||||||
Depreciation, depletion, and amortization | 2,618 | 3,300 | [2] | 4,526 | [2] | ||||||||
Asset retirement obligation accretion | 156 | 145 | [1],[2] | 154 | [1],[2] | ||||||||
Asset impairments | 144 | 951 | 238 | 42 | 5,100 | 4,100 | 660 | 2,100 | 1,103 | 9,472 | [1],[2] | 7,102 | [1],[2] |
Transaction, reorganization, and separation | 39 | 132 | [1] | 67 | [1] | ||||||||
Financing costs, net | 417 | 511 | 413 | ||||||||||
Total operating expenses | 7,036 | 19,058 | 18,302 | ||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,682) | (12,169) | [1] | (6,830) | [1] | ||||||||
Provision (benefit) for income taxes | (442) | (1,010) | (518) | ||||||||||
Net loss from continuing operations including noncontrolling interest | (143) | (526) | (200) | (371) | (5,055) | (4,119) | (917) | (1,068) | (1,240) | (11,159) | [1] | (6,312) | [1] |
Net income (loss) from discontinued operations, net of tax | 0 | (33) | 0 | 0 | 627 | (17) | 120 | (238) | (33) | 492 | [1] | (1,707) | [1] |
NET LOSS INCLUDING NONCONTROLLING INTEREST | (143) | (559) | (200) | (371) | (4,428) | (4,136) | (797) | (1,306) | (1,273) | (10,667) | [1],[2],[3],[4] | (8,019) | [1],[2],[3],[4] |
Net income attributable to noncontrolling interest | 132 | (315) | [1] | 341 | [1] | ||||||||
Net income (loss) attributable to common shareholders | $ (182) | $ (607) | $ (244) | $ (372) | $ (4,015) | $ (4,143) | $ (860) | $ (1,334) | (1,405) | (10,352) | [1] | (8,360) | [1] |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (1,398) | (10,355) | [3] | (8,361) | [3] | ||||||||
Reclassifications & Eliminations [Member] | |||||||||||||
REVENUES AND OTHER: | |||||||||||||
Equity in net income (loss) of affiliates | 748 | 5,937 | 4,607 | ||||||||||
Other | (1) | 19 | 5 | ||||||||||
Total revenues and other | 747 | 5,956 | 4,612 | ||||||||||
OPERATING EXPENSES: | |||||||||||||
General and administrative | (1) | 19 | 5 | ||||||||||
Total operating expenses | (1) | 19 | 5 | ||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 748 | 5,937 | 4,607 | ||||||||||
Net loss from continuing operations including noncontrolling interest | 748 | 5,937 | 4,607 | ||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | 748 | 5,937 | 4,607 | ||||||||||
Net income (loss) attributable to common shareholders | 748 | 5,937 | 4,607 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | 748 | 5,937 | 4,607 | ||||||||||
Apache Corporation [Member] | |||||||||||||
REVENUES AND OTHER: | |||||||||||||
Oil and gas production revenues | 1,035 | 1,446 | 3,399 | ||||||||||
Equity in net income (loss) of affiliates | (575) | (5,254) | (3,489) | ||||||||||
Other | 15 | (71) | 375 | ||||||||||
Gain (loss) on divestiture | 2 | 36 | (1,031) | ||||||||||
Total revenues and other | 477 | (3,843) | (746) | ||||||||||
OPERATING EXPENSES: | |||||||||||||
Lease operating expenses | 285 | 399 | 509 | ||||||||||
Gathering and transportation | 33 | 35 | 58 | ||||||||||
Taxes other than income | 76 | 103 | 206 | ||||||||||
Exploration | 258 | 2,096 | 1,966 | ||||||||||
General and administrative | 344 | 296 | 370 | ||||||||||
Depreciation, depletion, and amortization | 618 | 966 | 1,493 | ||||||||||
Asset retirement obligation accretion | 18 | 15 | 31 | ||||||||||
Asset impairments | 80 | 3,885 | 1,626 | ||||||||||
Transaction, reorganization, and separation | 39 | 132 | 67 | ||||||||||
Financing costs, net | 256 | 475 | 372 | ||||||||||
Total operating expenses | 2,007 | 8,402 | 6,698 | ||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,530) | (12,245) | (7,444) | ||||||||||
Provision (benefit) for income taxes | (158) | (2,065) | 789 | ||||||||||
Net loss from continuing operations including noncontrolling interest | (1,372) | (10,180) | (8,233) | ||||||||||
Net income (loss) from discontinued operations, net of tax | (33) | (172) | (127) | ||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | (1,405) | (10,352) | (8,360) | ||||||||||
Net income (loss) attributable to common shareholders | (1,405) | (10,352) | (8,360) | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (1,398) | (10,355) | (8,361) | ||||||||||
Apache Finance Canada [Member] | |||||||||||||
REVENUES AND OTHER: | |||||||||||||
Equity in net income (loss) of affiliates | (173) | (740) | (1,191) | ||||||||||
Other | (19) | 54 | 55 | ||||||||||
Total revenues and other | (192) | (686) | (1,136) | ||||||||||
OPERATING EXPENSES: | |||||||||||||
Financing costs, net | (27) | (14) | (24) | ||||||||||
Total operating expenses | (27) | (14) | (24) | ||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (165) | (672) | (1,112) | ||||||||||
Provision (benefit) for income taxes | 8 | 11 | 6 | ||||||||||
Net loss from continuing operations including noncontrolling interest | (173) | (683) | (1,118) | ||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | (173) | (683) | (1,118) | ||||||||||
Net income (loss) attributable to common shareholders | (173) | (683) | (1,118) | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | (173) | (683) | (1,118) | ||||||||||
All Other Subsidiaries of Apache Corporation [Member] | |||||||||||||
REVENUES AND OTHER: | |||||||||||||
Oil and gas production revenues | 4,332 | 5,064 | 9,396 | ||||||||||
Equity in net income (loss) of affiliates | 0 | 57 | 73 | ||||||||||
Other | (29) | 96 | (150) | ||||||||||
Gain (loss) on divestiture | 19 | 245 | (577) | ||||||||||
Total revenues and other | 4,322 | 5,462 | 8,742 | ||||||||||
OPERATING EXPENSES: | |||||||||||||
Lease operating expenses | 1,209 | 1,455 | 1,729 | ||||||||||
Gathering and transportation | 167 | 176 | 215 | ||||||||||
Taxes other than income | 50 | 179 | 371 | ||||||||||
Exploration | 215 | 675 | 533 | ||||||||||
General and administrative | 67 | 65 | 78 | ||||||||||
Depreciation, depletion, and amortization | 2,000 | 2,334 | 3,033 | ||||||||||
Asset retirement obligation accretion | 138 | 130 | 123 | ||||||||||
Asset impairments | 1,023 | 5,587 | 5,476 | ||||||||||
Financing costs, net | 188 | 50 | 65 | ||||||||||
Total operating expenses | 5,057 | 10,651 | 11,623 | ||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (735) | (5,189) | (2,881) | ||||||||||
Provision (benefit) for income taxes | (292) | 1,044 | (1,313) | ||||||||||
Net loss from continuing operations including noncontrolling interest | (443) | (6,233) | (1,568) | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | 664 | (1,580) | ||||||||||
NET LOSS INCLUDING NONCONTROLLING INTEREST | (443) | (5,569) | (3,148) | ||||||||||
Net income attributable to noncontrolling interest | 132 | (315) | 341 | ||||||||||
Net income (loss) attributable to common shareholders | (575) | (5,254) | (3,489) | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK | $ (575) | $ (5,254) | $ (3,489) | ||||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[2] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[3] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||||||||
[4] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Guarantor Infor123
Supplemental Guarantor Information - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | $ 2,453 | $ 2,554 | [1] | $ 7,013 | [1] | |||||
CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | (23) | 113 | [1] | 944 | [1] | |||||
CASH PROVIDED BY OPERATING ACTIVITIES | 2,430 | 2,667 | [1] | 7,957 | [1] | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Additions to oil and gas property | (1,610) | (4,208) | (8,608) | |||||||
Additions to gas gathering, transmission, and processing facilities | (158) | (233) | (881) | |||||||
Proceeds from sale of Kitimat LNG | 0 | 854 | [1] | 0 | [1] | |||||
Proceeds from sale of Yara Pilbara | 0 | 391 | [1] | 0 | [1] | |||||
Leasehold and property acquisitions | (181) | (367) | [1] | (1,475) | [1] | |||||
Proceeds from sale of oil and gas assets | 134 | 268 | [1] | 470 | [1] | |||||
Other | 155 | 6 | [1] | (299) | [1] | |||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (1,660) | (3,289) | [1] | (8,171) | [1] | |||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 0 | 4,372 | [1] | (219) | [1] | |||||
NET CASH USED IN INVESTING ACTIVITIES | (1,660) | 1,083 | [1] | (8,390) | [1] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Commercial paper, credit facility, and bank notes, net | 0 | (1,570) | [1] | 1,568 | [1] | |||||
Payments on fixed rate debt | (181) | (939) | [1] | 0 | [1] | |||||
Dividends paid | (379) | (377) | [1] | (365) | [1] | |||||
Distributions to noncontrolling interest | (293) | (129) | [1] | (140) | [1] | |||||
Shares repurchased | 0 | 0 | [1] | (1,864) | [1] | |||||
Other | (7) | 53 | [1] | 49 | [1] | |||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (860) | (2,962) | [1] | (752) | [1] | |||||
NET CASH USED IN DISCONTINUED OPERATIONS | 0 | 0 | [1] | (42) | [1] | |||||
NET CASH USED IN FINANCING ACTIVITIES | (860) | (2,962) | [1] | (794) | [1] | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (90) | 788 | [1] | (1,227) | [1] | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | [1] | 1,467 | [2] | 679 | 1,906 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 679 | [1] | 1,377 | 1,467 | [1],[2] | 679 | [1] | |||
Reclassifications & Eliminations [Member] | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Investment in subsidiaries, net | (914) | (6,363) | (1,132) | |||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (6,363) | (1,132) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (914) | (6,363) | (1,132) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Intercompany borrowings | 914 | 6,363 | 1,144 | |||||||
Other | 0 | (12) | ||||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | 6,363 | 1,132 | ||||||||
NET CASH USED IN FINANCING ACTIVITIES | 914 | 6,363 | 1,132 | |||||||
Apache Corporation [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 625 | 98 | 3,104 | |||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 625 | 98 | 3,104 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Additions to oil and gas property | (813) | (1,500) | (4,364) | |||||||
Additions to gas gathering, transmission, and processing facilities | (111) | (156) | (9) | |||||||
Leasehold and property acquisitions | (108) | (313) | (1,475) | |||||||
Proceeds from sale of oil and gas assets | 88 | 163 | 15 | |||||||
Investment in subsidiaries, net | 914 | 6,363 | 1,132 | |||||||
Other | (77) | (34) | (186) | |||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | 4,523 | (2,265) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (107) | 4,523 | (2,265) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Commercial paper, credit facility, and bank notes, net | (1,570) | 1,570 | ||||||||
Intercompany borrowings | 0 | (1,621) | ||||||||
Payments on fixed rate debt | (181) | (939) | ||||||||
Dividends paid | (379) | (377) | (365) | |||||||
Shares repurchased | (1,864) | |||||||||
Other | 8 | (3) | (68) | |||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (4,510) | (727) | ||||||||
NET CASH USED IN FINANCING ACTIVITIES | (552) | (4,510) | (727) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (34) | 111 | 112 | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 378 | 267 | 155 | |||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 267 | 344 | 378 | 267 | ||||||
Apache Finance Canada [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 51 | 18 | 17 | |||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 51 | 18 | 17 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Intercompany borrowings | (23) | (18) | 8 | |||||||
Common stock activity, net | (28) | |||||||||
Other | 0 | (28) | ||||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (18) | (20) | ||||||||
NET CASH USED IN FINANCING ACTIVITIES | (51) | (18) | (20) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | (3) | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 3 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 | 0 | |||||||
All Other Subsidiaries of Apache Corporation [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 1,777 | 2,438 | 3,892 | |||||||
CASH PROVIDED BY (USED IN) DISCONTINUED OPERATIONS | (23) | 113 | 944 | |||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 1,754 | 2,551 | 4,836 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Additions to oil and gas property | (797) | (2,708) | (4,244) | |||||||
Additions to gas gathering, transmission, and processing facilities | (47) | (77) | (872) | |||||||
Proceeds from sale of Kitimat LNG | 854 | |||||||||
Proceeds from sale of Yara Pilbara | 391 | |||||||||
Leasehold and property acquisitions | (73) | (54) | 0 | |||||||
Proceeds from sale of oil and gas assets | 46 | 105 | 455 | |||||||
Other | 232 | 40 | (113) | |||||||
NET CASH USED IN CONTINUING INVESTING ACTIVITIES | (1,449) | (4,774) | ||||||||
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 4,372 | (219) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (639) | 2,923 | (4,993) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Commercial paper, credit facility, and bank notes, net | 0 | (2) | ||||||||
Intercompany borrowings | (891) | (4,724) | (1,152) | |||||||
Distributions to noncontrolling interest | (293) | (129) | (140) | |||||||
Common stock activity, net | 28 | |||||||||
Other | (15) | 56 | 157 | |||||||
NET CASH USED IN CONTINUING FINANCING ACTIVITIES | (4,797) | (1,137) | ||||||||
NET CASH USED IN DISCONTINUED OPERATIONS | (42) | |||||||||
NET CASH USED IN FINANCING ACTIVITIES | (1,171) | (4,797) | (1,179) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (56) | 677 | (1,336) | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,089 | 412 | 1,748 | |||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 412 | 1,033 | 1,089 | 412 | ||||||
Anadarko Basin and Southern Louisiana [Member] | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from sale of productive assets | 0 | 0 | [1] | 1,262 | [1] | |||||
Proceeds from sale of oil and gas assets | $ 1,300 | |||||||||
Anadarko Basin and Southern Louisiana [Member] | Apache Corporation [Member] | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from sale of productive assets | 1,262 | |||||||||
Deepwater Gulf of Mexico [Member] | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from sale of productive assets | $ 0 | $ 0 | [1] | 1,360 | [1] | |||||
Proceeds from sale of oil and gas assets | $ 1,400 | |||||||||
Deepwater Gulf of Mexico [Member] | Apache Corporation [Member] | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from sale of productive assets | $ 1,360 | |||||||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | |||||||||
[2] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |
Supplemental Guarantor Infor124
Supplemental Guarantor Information - Supplemental Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ 1,377 | $ 1,467 | [1],[2] | $ 679 | [1] | $ 1,906 | [1] |
Receivables, net of allowance | 1,128 | 1,253 | [2] | ||||
Inventories | 476 | 570 | [2] | ||||
Drilling advances | 81 | 172 | [2] | ||||
Prepaid assets and other | 179 | 290 | [2] | ||||
Total current assets | 3,241 | 3,752 | [2] | ||||
PROPERTY AND EQUIPMENT, NET | 18,867 | 20,838 | [2] | ||||
OTHER ASSETS: | |||||||
Deferred charges and other | 411 | 910 | [2] | ||||
Total assets | 22,519 | 25,500 | [2] | ||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 585 | 618 | [2] | ||||
Other current liabilities | 1,258 | 1,223 | [2] | ||||
Total current liabilities | 1,843 | 1,841 | [2] | ||||
Long-term debt | 8,544 | 8,716 | [2] | ||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||
Income taxes | 1,710 | 2,529 | [2] | ||||
Asset retirement obligation, non current | 2,432 | 2,562 | [2] | ||||
Other | 311 | 362 | [2] | ||||
Total deferred credits and other noncurrent liabilities | 4,453 | 5,453 | [2] | ||||
APACHE SHAREHOLDERS' EQUITY | 6,238 | 7,888 | [2] | ||||
Noncontrolling interest | 1,441 | 1,602 | [2] | ||||
TOTAL EQUITY | 7,679 | 9,490 | [2],[3] | 20,541 | [3] | 30,756 | [3] |
Total liabilities and shareholders' equity | 22,519 | 25,500 | [2] | ||||
Reclassifications & Eliminations [Member] | |||||||
CURRENT ASSETS: | |||||||
Intercompany receivable | (5,038) | (5,212) | |||||
Total current assets | (5,038) | (5,212) | |||||
OTHER ASSETS: | |||||||
Intercompany receivable | (12,152) | (10,744) | |||||
Equity in affiliates | (14,983) | (15,731) | |||||
Deferred charges and other | (1,000) | (1,000) | |||||
Total assets | (33,173) | (32,687) | |||||
CURRENT LIABILITIES: | |||||||
Intercompany payable | (5,038) | (5,212) | |||||
Total current liabilities | (5,038) | (5,212) | |||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||
Intercompany payable | (12,152) | (10,744) | |||||
Other | (1,000) | (1,000) | |||||
Total deferred credits and other noncurrent liabilities | (13,152) | (11,744) | |||||
APACHE SHAREHOLDERS' EQUITY | (14,983) | (15,731) | |||||
TOTAL EQUITY | (14,983) | (15,731) | |||||
Total liabilities and shareholders' equity | (33,173) | (32,687) | |||||
Apache Corporation [Member] | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 344 | 378 | 267 | 155 | |||
Receivables, net of allowance | 358 | 314 | |||||
Inventories | 29 | 34 | |||||
Drilling advances | 4 | 16 | |||||
Prepaid assets and other | 134 | 102 | |||||
Intercompany receivable | 5,038 | 5,212 | |||||
Total current assets | 5,907 | 6,056 | |||||
PROPERTY AND EQUIPMENT, NET | 7,014 | 6,546 | |||||
OTHER ASSETS: | |||||||
Equity in affiliates | 15,517 | 16,092 | |||||
Deferred charges and other | 97 | 96 | |||||
Total assets | 28,535 | 28,790 | |||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 371 | 409 | |||||
Other current liabilities | 653 | 539 | |||||
Total current liabilities | 1,024 | 948 | |||||
Long-term debt | 8,247 | 8,418 | |||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||
Intercompany payable | 12,152 | 10,744 | |||||
Income taxes | (271) | (412) | |||||
Asset retirement obligation, non current | 257 | 271 | |||||
Other | 888 | 933 | |||||
Total deferred credits and other noncurrent liabilities | 13,026 | 11,536 | |||||
APACHE SHAREHOLDERS' EQUITY | 6,238 | 7,888 | |||||
TOTAL EQUITY | 6,238 | 7,888 | |||||
Total liabilities and shareholders' equity | 28,535 | 28,790 | |||||
Apache Finance Canada [Member] | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 0 | 0 | 3 | ||||
OTHER ASSETS: | |||||||
Equity in affiliates | (1,240) | (807) | |||||
Deferred charges and other | 1,000 | 1,001 | |||||
Total assets | (240) | 194 | |||||
CURRENT LIABILITIES: | |||||||
Accounts payable | (12) | ||||||
Other current liabilities | 3 | 3 | |||||
Total current liabilities | (9) | 3 | |||||
Long-term debt | 297 | 298 | |||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||
Income taxes | 5 | 4 | |||||
Other | 1 | 250 | |||||
Total deferred credits and other noncurrent liabilities | 6 | 254 | |||||
APACHE SHAREHOLDERS' EQUITY | (534) | (361) | |||||
TOTAL EQUITY | (534) | (361) | |||||
Total liabilities and shareholders' equity | (240) | 194 | |||||
All Other Subsidiaries of Apache Corporation [Member] | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 1,033 | 1,089 | $ 412 | $ 1,748 | |||
Receivables, net of allowance | 770 | 939 | |||||
Inventories | 447 | 536 | |||||
Drilling advances | 77 | 156 | |||||
Prepaid assets and other | 45 | 188 | |||||
Total current assets | 2,372 | 2,908 | |||||
PROPERTY AND EQUIPMENT, NET | 11,853 | 14,292 | |||||
OTHER ASSETS: | |||||||
Intercompany receivable | 12,152 | 10,744 | |||||
Equity in affiliates | 706 | 446 | |||||
Deferred charges and other | 314 | 813 | |||||
Total assets | 27,397 | 29,203 | |||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 226 | 209 | |||||
Other current liabilities | 602 | 681 | |||||
Intercompany payable | 5,038 | 5,212 | |||||
Total current liabilities | 5,866 | 6,102 | |||||
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: | |||||||
Income taxes | 1,976 | 2,937 | |||||
Asset retirement obligation, non current | 2,175 | 2,291 | |||||
Other | 422 | 179 | |||||
Total deferred credits and other noncurrent liabilities | 4,573 | 5,407 | |||||
APACHE SHAREHOLDERS' EQUITY | 15,517 | 16,092 | |||||
Noncontrolling interest | 1,441 | 1,602 | |||||
TOTAL EQUITY | 16,958 | 17,694 | |||||
Total liabilities and shareholders' equity | $ 27,397 | $ 29,203 | |||||
[1] | Financial information for 2015 and 2014 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[2] | Financial information for 2015 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. | ||||||
[3] | Financial information for 2015, 2014, and 2013 has been recast to reflect retrospective application of the successful efforts method of accounting. See Note 1. |