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 |