Apache Offshore Investment Partnership (AOIP) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	AOIP
Entity Registrant Name	APACHE OFFSHORE INVESTMENT PARTNERSHIP
Entity Central Index Key	727538
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	1,022

Statement_of_Consolidated_Inco

Statement of Consolidated Income (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
REVENUES:
Oil and gas sales	$482,163	$730,188
Total Revenues	482,163	730,188
EXPENSES:
Depreciation, depletion and amortization	105,338	144,651
Asset retirement obligation accretion	32,031	32,568
Lease operating expenses	254,334	306,758
Gathering and transportation costs	29,231	21,470
Administrative	92,500	95,510
Total Expenses	513,434	600,957
NET INCOME (LOSS)	-31,271	129,231
NET INCOME (LOSS) ALLOCATED TO:
Managing Partner	14,627	53,410
Investing Partners	-45,898	75,821
NET INCOME (LOSS)	($31,271)	$129,231
NET INCOME (LOSS) PER INVESTING PARTNER UNIT	($45)	$74
WEIGHTED AVERAGE INVESTING PARTNER UNITS OUTSTANDING	1,021.50	1,021.50

Statement_of_Consolidated_Cash

Statement of Consolidated Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	($31,271)	$129,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	105,338	144,651
Asset retirement obligation accretion	32,031	32,568
Changes in operating assets and liabilities:
(Increase) decrease in accrued receivables	59,896	-431,713
Increase (decrease) in receivable from/payable to Apache Corporation	8,201	27,044
Increase (decrease) in accrued operating expenses	-17,424	148,233
Increase (decrease) in deferred credits and other		-84,817
Net cash provided by (used in) operating activities	156,771	-34,803
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties	-12,284
Net cash used in investing activities	-12,284
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to Managing Partner	-29,585
Contribution from Managing Partner		9,147
Net cash (used in) provided by financing activities	-29,585	9,147
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	114,902	-25,656
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	5,275,503	4,320,218
CASH AND CASH EQUIVALENTS, END OF PERIOD	$5,390,405	$4,294,562

Consolidated_Balance_Sheet

Consolidated Balance Sheet (USD $)	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$5,390,405	$5,275,503
Accrued revenues receivable	249,518	309,414
Receivable from Apache Corporation		2,467
Total Current Assets	5,639,923	5,587,384
OIL AND GAS PROPERTIES, on the basis of full cost accounting:
Proved properties	194,703,386	194,691,102
Less - Accumulated depreciation, depletion and amortization	-186,882,987	-186,777,649
Total oil and gas properties, on the basis of full cost accounting	7,820,399	7,913,453
Total Assets	13,460,322	13,500,837
CURRENT LIABILITIES:
Payable to Apache Corporation	5,734
Current portion of asset retirement obligation	278,954	274,921
Accrued operating expenses	325,679	343,103
Accrued development costs	1,374	1,374
Total Current Liabilities	611,741	619,398
ASSET RETIREMENT OBLIGATION	1,936,260	1,908,262
PARTNERS' CAPITAL:
Managing Partner	399,404	414,362
Investing Partners (1,021.5 units outstanding)	10,512,917	10,558,815
Total Partners' Capital	10,912,321	10,973,177
Total liabilities and partners' capital	$13,460,322	$13,500,837

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Investing Partners, units outstanding	1,021.50	1,021.50

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	As of March 31, 2015, the Partnership’s significant accounting policies are consistent with those discussed in Note 2 of its consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserves and related present value estimates of future net cash flow therefrom and asset retirement obligations. Actual results could differ from those estimates.
	New Pronouncements Issued But Not Yet Adopted
	In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The guidance requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Partnership is currently evaluating the level of effort needed to implement the standard, the impact of adopting this standard on its consolidated financial statements, and whether to use the full retrospective approach or the modified retrospective approach.

Receivable_from_Payable_to_Apa

Receivable from / Payable to Apache Corporation	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Receivable from / Payable to Apache Corporation	2. RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION
	The receivable from/payable to Apache represents the net result of the Investing Partners’ revenue received and expenditure paid on behalf of the Partnership in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined.

Right_of_Presentment

Right of Presentment	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Right of Presentment	3. RIGHT OF PRESENTMENT
	As provided in the Partnership Agreement, as amended (the Amended Partnership Agreement), a first right of presentment valuation was computed during the first quarter of 2015. The per-unit value was determined to be $9,765 based on the valuation date of December 31, 2014. The Partnership will not repurchase any Investing Partner Units (Units) during the first half of 2015 as a result of the Partnership’s limited amount of cash available for discretionary purposes. The Partnership is not in a position to predict how many Units will be presented for repurchase during the remainder of 2015 and cannot, at this time, determine if the Partnership will have sufficient funds available to repurchase any Units. Pursuant to the Amended Partnership Agreement, the Partnership has no obligation to purchase any Units presented to the extent it determines that it has insufficient funds for such purchases.

Asset_Retirement_Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	4. ASSET RETIREMENT OBLIGATIONS
	The following table describes the changes to the Partnership’s asset retirement obligation liability for the first three months of 2015:
	Asset retirement obligation at December 31, 2014	$	2,183,183
	Accretion expense		32,031
	Asset retirement obligation at March 31, 2015		2,215,214
	Less current portion		(278,954	)
	Asset retirement obligation, long-term	$	1,936,260

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. FAIR VALUE MEASUREMENTS
	Certain assets and liabilities are reported at fair value on a recurring basis in the Partnership’s consolidated balance sheet. As of March 31, 2015, and December 31, 2014, the carrying amounts of the Partnership’s current assets and current liabilities approximated fair value because of the short-term nature or maturity of these instruments.
	The Partnership did not use derivative financial instruments or otherwise engage in hedging activities during the three months ended March 31, 2015, and 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserves and related present value estimates of future net cash flow therefrom and asset retirement obligations. Actual results could differ from those estimates.
New Pronouncements Issued But Not Yet Adopted	New Pronouncements Issued But Not Yet Adopted
	In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The guidance requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Partnership is currently evaluating the level of effort needed to implement the standard, the impact of adopting this standard on its consolidated financial statements, and whether to use the full retrospective approach or the modified retrospective approach.

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Changes to Partnership's Asset Retirement Obligation Liability	The following table describes the changes to the Partnership’s asset retirement obligation liability for the first three months of 2015:
	Asset retirement obligation at December 31, 2014	$	2,183,183
	Accretion expense		32,031
	Asset retirement obligation at March 31, 2015		2,215,214
	Less current portion		(278,954	)
	Asset retirement obligation, long-term	$	1,936,260

Right_of_Presentment_Additiona

Right of Presentment - Additional Information (Detail)	Dec. 31, 2014
Equity [Abstract]
Investing partner units value per unit	9,765

Asset_Retirement_Obligations_C

Asset Retirement Obligations - Changes to Partnership's Asset Retirement Obligation Liability (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, Beginning Balance	$2,183,183
Accretion expense	32,031	32,568
Asset retirement obligation, Ending Balance	2,215,214
Less current portion	-278,954		-274,921
Asset retirement obligation, long-term	$1,936,260		$1,908,262