Apache Reports Record 2009 Production of 583,000 boe Per Day, Up 9%
Adjusted earnings total $1.9 billion or $5.59 per share
HOUSTON, Feb. 18 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported that international growth fueled record 2009 production of 583,000 barrels of oil equivalent per day, up 9 percent from 2008.
"Although we reduced capital expenditures by about 40 percent from 2008 levels to achieve our goal of living within our cash flow, Apache increased production by 9 percent and ended 2009 with $2 billion in cash," said G. Steven Farris, Apache's chairman and chief executive officer. "In 2010, we anticipate continued growth of 5 to 10 percent as we ramp up drilling activity across our portfolio and commence production from earlier discoveries."
"We are off to a fast start in 2010, with eight consecutive successful wells in the Gulf of Mexico and first oil production from our Van Gogh Field discovery in Western Australia," Farris said. "Our portfolio is balanced in terms of geology, geography and commodity mix, and each of our regions has critical mass of highly prospective acreage, much of which is held by production.
"Apache's balanced portfolio drove cash flow in 2009 as oil prices recovered," he said. "While oil and natural gas liquids comprised 50 percent of Apache's output, they provided 72 percent of revenues. We also shaved 20 percent off of our per-equivalent-barrel lifting costs."
Apache reported fourth-quarter adjusted earnings,* which exclude certain items that impact the comparability of operating results, more than doubled to $664 million or $1.96 per diluted common share from $276 million or 82 cents per share in the prior-year period. For the year ending Dec. 31, Apache reported adjusted earnings of $1.9 billion or $5.59 per share compared with $3.8 billion or $11.22 per share in 2008.
Using generally accepted accounting principles (GAAP), Apache reported fourth-quarter net income of $583 million or $1.72 per share compared with a net loss of $2.9 billion, or $8.80 per share in the prior-year period. The year-earlier results included a $3.6-billion, non-cash, after-tax reduction in the carrying value of oil and gas properties stemming from significantly lower commodity prices. For the year ending Dec. 31, Apache reported a net loss of $292 million or 87 cents per share, which included a $1.98-billion, non-cash, after-tax reduction which was the result of lower commodity prices at the beginning of 2009. Apache reported net income of $706 million or $2.09 per share in 2008.
"We plan to continue to allocate capital based on our projected cash flow," Farris said. "However, we have ample liquidity from our cash balances and committed credit facilities to pursue incremental opportunities, either through additional exploration or value-adding acquisitions."
Drivers for 2010 growth include:
- Production from Van Gogh as well as from Pyrenees, a second oil development in Australia expected to commence production in the first half;
- Increased activity in the Granite Wash play in Western Oklahoma and the Texas Panhandle;
- Year-round activity at the Horn River Basin shale play in British Columbia, and
- Continued exploration and development in Egypt, including new processing capacity that will increase oil production from earlier discoveries in the Faghur Basin.
Cash from operations before changes in operating assets and liabilities* totaled $5 billion in 2009, down from $7.4 billion in 2008. Fourth-quarter cash from operations totaled $1.4 billion, up from $1.1 billion in the prior-year period.
"Cash flow came in ahead of our initial projections, which enabled Apache to invest $4.1 billion in total capital, including facilities capital and $300 million in tactical acquisitions, and end the year with slightly more cash on the balance sheet," Farris said. "Right now, we plan to spend in the range of $6 billion to $6.5 billion on exploration and development, to be reviewed quarterly."
Apache ended 2009 with proved reserves of 2.37 billion barrels of oil equivalent. The company added 216 million barrels of oil equivalent (MMboe) through discoveries, extensions and acquisitions but excluding price-related downward revisions. Apache's 2009 production was 213 MMboe. Apache spent $3.455 billion of exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest.*
In 2009, Apache's international production increased 21 percent. Net production in Egypt increased 38 percent as a result of additional gas and condensate processing capacity at the Qasr field and from the Phiops oil discovery in the Faghur Basin. In Australia, production increased 40 percent as output was restored at Varanus Island after the June 2008 explosion; production currently exceeds pre-incident levels. The North Sea Region recorded its second consecutive year of production growth.
Apache's North American production declined slightly in 2009 as a result of curtailed drilling activity.
Fourth-quarter production increased 14 percent from the prior-year period to 589,799 boe per day.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. From time to time, Apache posts announcements, updates and investor information, in addition to copies of all press releases, on its Web site, www.apachecorp.com.
*Adjusted earnings, cash from operations before changes in operating assets and liabilities, and exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest, are non-GAAP measures. Please see reconciliations below. For supplemental and non-GAAP information, please go to http://www.apachecorp.com/financialinfo.
NOTE: Apache will conduct a conference call to discuss its fourth-quarter and full-year 2009 results at 1 p.m. Central Time on Thursday, Feb. 18. The call will be webcast from Apache's Web site, www.apachecorp.com. The webcast replay and podcast will be archived on Apache's Web site. The conference call will be available for delayed playback by telephone for one week beginning at approximately 3 p.m. on Feb. 18. To access the telephone playback, dial (719) 457-0820 and provide Apache's confirmation code, 4305154.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)
For the Quarter For the Year
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
REVENUES AND OTHER:
Oil and gas
production revenues $2,570,264 $1,876,890 $8,573,927 $12,327,839
Other (15,072) 60,044 40,899 61,911
------- ------ ------ ------
2,555,192 1,936,934 8,614,826 12,389,750
--------- --------- --------- ----------
COSTS AND EXPENSES:
Depreciation,
depletion
and amortization
Recurring 615,189 667,393 2,395,063 2,516,437
Additional - 5,333,821 2,818,161 5,333,821
Asset retirement
obligation accretion 25,541 24,202 104,815 101,348
Lease operating
expenses 413,843 520,083 1,662,140 1,909,625
Gathering and
transportation 39,649 33,373 142,699 156,491
Taxes other than
income 192,225 139,401 579,436 984,807
General and
administrative 85,440 69,938 343,883 288,794
Financing costs, net 60,812 49,441 242,238 166,035
------ ------ ------- -------
1,432,699 6,837,652 8,288,435 11,457,358
--------- --------- --------- ----------
INCOME (LOSS) BEFORE
INCOME TAXES 1,122,493 (4,900,718) 326,391 932,392
Current income tax
provision (benefit) 358,728 (39,259) 841,899 1,456,382
Deferred income tax
provision (benefit) 177,959 (1,915,846) (231,110) (1,235,944)
------- ---------- -------- ----------
NET INCOME (LOSS) 585,806 (2,945,613) (284,398) 711,954
Preferred stock
dividends 3,034 1,420 7,294 5,680
----- ----- ----- -----
INCOME (LOSS)
ATTRIBUTABLE TO COMMON
STOCK $582,772 $(2,947,033) $(291,692) $706,274
======== =========== ========= ========
NET INCOME (LOSS) PER
COMMON SHARE:
Basic $1.73 $(8.80) $(0.87) $2.11
===== ====== ====== =====
Diluted $1.72 $(8.80) $(0.87) $2.09
===== ====== ====== =====
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 336,489 334,967 335,852 334,351
======= ======= ======= =======
DILUTED SHARES
OUTSTANDING 338,605 334,967 335,852 337,191
======= ======= ======= =======
APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands)
For the Quarter For the Year
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
COSTS INCURRED: (1)
North America exploration
and development $326,729 $912,016 $1,629,141 $3,417,275
International exploration
and development 481,873 663,119 1,869,072 2,595,376
Oil and gas property
acquisitions 52,129 - 310,472 149,517
------ --- ------- -------
$860,731 $1,575,135 $3,808,685 $6,162,168
======== ========== ========== ==========
(1) Includes noncash asset retirement costs and capitalized interest as
follows:
Capitalized interest $15,228 $19,823 $60,553 $73,553
Asset retirement costs $71,476 $163,519 $292,939 $513,891
December 31, December 31,
2009 2008
---- ----
BALANCE SHEET DATA:
Cash and Cash Equivalents $2,048,117 $1,181,450
Short-term Investments - 791,999
Other Current Assets 2,537,732 2,477,525
Property and Equipment, net 22,900,615 23,958,517
Restricted Cash - 13,880
Goodwill 189,252 189,252
Other Assets 510,027 573,862
------- -------
Total Assets $28,185,743 $29,186,485
=========== ===========
Short-term Debt $117,326 $112,598
Other Current Liabilities 2,275,232 2,407,837
Long-Term Debt 4,950,390 4,808,975
Deferred Credits and Other Noncurrent
Liabilities 5,064,174 5,348,354
Shareholders' Equity 15,778,621 16,508,721
---------- ----------
Total Liabilities and Shareholders' Equity $28,185,743 $29,186,485
=========== ===========
Common shares outstanding at end of period 336,437 334,710
APACHE CORPORATION
FINANCIAL INFORMATION
For the Quarter For the Year
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
PRODUCTION DATA:
OIL VOLUME - Barrels per day
Gulf Coast 54,665 39,928 51,757 51,142
Central 38,325 38,478 37,376 38,655
------ ------ ------ ------
United States 92,990 78,406 89,133 89,797
Canada 13,998 16,877 15,186 17,154
------ ------ ------ ------
North America 106,988 95,283 104,319 106,951
------- ------ ------- -------
Egypt 95,970 74,705 92,139 66,753
Australia 9,918 8,140 9,779 8,249
North Sea 56,443 61,740 60,984 59,494
Argentina 10,632 12,610 11,505 12,409
------ ------ ------ ------
International 172,963 157,195 174,407 146,905
------- ------- ------- -------
Total 279,951 252,478 278,726 253,856
======= ======= ======= =======
NATURAL GAS VOLUME - Mcf per
day
Gulf Coast 386,679 267,730 366,565 374,528
Central 301,892 314,899 299,519 305,348
------- ------- ------- -------
United States 688,571 582,629 666,084 679,876
Canada 334,526 343,489 359,235 352,731
------- ------- ------- -------
North America 1,023,097 926,118 1,025,319 1,032,607
--------- ------- --------- ---------
Egypt 382,780 290,292 362,618 263,711
Australia 204,860 117,387 183,617 123,003
North Sea 2,502 2,737 2,703 2,637
Argentina 170,474 202,782 184,557 195,651
------- ------- ------- -------
International 760,616 613,198 733,495 585,002
------- ------- ------- -------
Total 1,783,713 1,539,316 1,758,814 1,617,609
========= ========= ========= =========
NGL VOLUME - Barrels per
day
Gulf Coast 5,030 2,370 4,332 4,365
Central 2,066 1,682 1,804 1,621
----- ----- ----- -----
United States 7,096 4,052 6,136 5,986
Canada 2,029 2,165 2,089 2,076
----- ----- ----- -----
North America 9,125 6,217 8,225 8,062
Argentina 3,439 2,914 3,241 2,887
----- ----- ----- -----
Total 12,564 9,131 11,466 10,949
====== ===== ====== ======
BOE per day
Gulf Coast 124,141 86,919 117,183 117,930
Central 90,706 92,643 89,101 91,167
------ ------ ------ ------
United States 214,847 179,562 206,284 209,097
Canada 71,782 76,290 77,147 78,018
------ ------ ------ ------
North America 286,629 255,852 283,431 287,115
------- ------- ------- -------
Egypt 159,766 123,087 152,575 110,704
Australia 44,061 27,705 40,382 28,750
North Sea 56,860 62,196 61,435 59,934
Argentina 42,483 49,322 45,505 47,904
------ ------ ------ ------
International 303,170 262,310 299,897 247,292
------- ------- ------- -------
Total 589,799 518,162 583,328 534,407
======= ======= ======= =======
APACHE CORPORATION
FINANCIAL INFORMATION
For the
Quarter For the Year
Ended Ended
December 31, December 31,
------------ -------------
2009 2008 2009 2008
---- ---- ---- ----
PRICING DATA:
AVERAGE OIL PRICE PER BARREL
Gulf Coast $74.39 $53.96 $60.22 $103.35
Central 68.29 52.86 54.15 89.04
United States (1) 70.75 56.03 59.06 83.70
Canada 70.10 49.18 56.16 93.53
North America (1) 70.66 54.81 58.64 85.28
Egypt 74.46 43.74 61.34 91.37
Australia 80.97 30.89 64.42 91.78
North Sea 74.82 55.17 60.91 95.76
Argentina 56.41 51.47 49.42 49.46
International 73.84 48.19 60.58 89.63
Total (1) 72.63 50.69 59.85 87.80
AVERAGE NATURAL GAS PRICE PER MCF
Gulf Coast $4.46 $6.95 $4.14 $9.77
Central 4.88 4.55 3.93 8.13
United States (1) 4.92 6.01 4.34 8.86
Canada (1) 4.60 5.84 4.17 7.94
North America (1) 4.81 5.95 4.28 8.55
Egypt 3.50 4.13 3.70 5.25
Australia 2.34 1.86 1.99 2.10
North Sea 18.07 10.02 13.15 18.78
Argentina 2.09 1.85 1.96 1.61
International 2.92 2.97 2.87 3.43
Total (1) 4.00 4.76 3.69 6.70
AVERAGE NGL PRICE PER BARREL
Gulf Coast $44.61 $36.58 $33.92 $61.30
Central 39.45 20.70 30.87 51.39
United States 43.11 29.99 33.02 58.62
Canada 33.28 23.18 25.54 49.33
North America 40.92 27.62 31.12 56.23
Argentina 25.95 34.96 18.76 37.83
Total 36.82 29.96 27.63 51.38
(1) Prices reflect the impact of financial derivative hedging activities.
APACHE CORPORATION
FINANCIAL INFORMATION
(In thousands, except per share data)
NON-GAAP FINANCIAL MEASURES:
Reconciliation of income attributable to common stock to adjusted
earnings:
The press release discusses Apache's adjusted earnings. Adjusted earnings
exclude certain items that management believes affect the comparability of
operating results and are meaningful for the following reasons:
-- Management uses adjusted earnings to evaluate the company's
operational trends and performance relative to other oil and gas
producing companies.
-- Management believes this presentation may be useful to investors
who follow the practice of some industry analysts who adjust
reported company earnings for items that may obscure underlying
fundamentals and trends.
-- The reconciling items below are the types of items management
believes are frequently excluded by analysts when evaluating the
operating trends and comparability of the company's results.
For the Quarter For the Year
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Income (Loss)
Attributable to Common
Stock (GAAP) $582,772 $(2,947,033) $(291,692) $706,274
Adjustments:
Foreign currency
fluctuation impact on
deferred tax expense 81,551 (272,206) 197,724 (397,454)
Additional depletion,
net of tax - 3,647,745 1,981,398 3,647,745
Out-of-period tax
adjustments - (152,170) - (173,795)
--- -------- --- --------
Adjusted Earnings
(Non-GAAP) $664,323 $276,336 $1,887,430 $3,782,770
======== ======== ========== ==========
Adjusted Earnings Per
Share (Non-GAAP)
Basic $1.97 $0.82 $5.62 $11.31
===== ===== ===== ======
Diluted $1.96 $0.82 $5.59 $11.22
===== ===== ===== ======
Average Number of Common
Shares
Basic 336,489 334,967 335,852 334,351
======= ======= ======= =======
Diluted 338,605 336,986 337,737 337,191
======= ======= ======= =======
Reconciliation of net cash provided by operating activities to cash from
operations before changes in operating assets and liabilities:
The press release discusses Apache's cash from operations before changes
in operating assets and liabilities. It is presented because management
believes the information is useful for investors because it is used
internally and widely accepted by those following the oil and gas industry
as a financial indicator of a company's ability to generate cash to
internally fund exploration and development activities, fund dividend
programs, and service debt. It is also used by research analysts to value
and compare oil and gas exploration and production companies, and is
frequently included in published research when providing investment
recommendations. Cash from operations before changes in operating assets
and liabilities, therefore, is an additional measure of liquidity, but is
not a measure of financial performance under GAAP and should not be
considered as an alternative to cash flows from operating, investing, or
financing activities.
The following table reconciles net cash provided by operating activities
to cash from operations before changes in operating assets and
liabilities.
For the Quarter For the Year
Ended December 31, Ended December 31,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Net cash provided by
operating activities $1,544,172 $1,036,776 $4,223,643 $7,065,344
Changes in operating
assets and liabilities (97,593) 52,230 761,499 311,676
------- ------ ------- -------
Cash from operations
before changes in
operating assets and
liabilities $1,446,579 $1,089,006 $4,985,142 $7,377,020
========== ========== ========== ==========
APACHE CORPORATION
OIL & GAS RESERVE INFORMATION
For the Year Ended December 31, 2009
OIL (Mbbl)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Balance -Dec 31,
2008 476,689 144,443 114,406 76,535
Extensions and
Discoveries 20,555 432 41,104 3,574
Purchases 9,969 - - -
Revisions 12,976 (4,246) (6,286) 1,901
Production (32,534) (5,543) (33,631) (3,569)
Sales - - - -
--- --- --- ---
Balance -Dec 31,
2009 487,655 135,086 115,593 78,441
======= ======= ======= ======
NGL's (Mbbl)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Balance -Dec 31,
2008 38,075 11,302 - -
Extensions and
Discoveries (2,913) 1,407 - -
Purchases 3,054 - - -
Revisions 5 (258) - -
Production (2,239) (763) - -
Sales - - - -
--- --- --- ---
Balance -Dec 31,
2009 35,982 11,688 - -
====== ====== === ===
Oil & NGL's
U.S. Canada Egypt Australia
---- ------ ----- ---------
Balance -Dec 31,
2008 514,764 155,745 114,406 76,535
Extensions and
Discoveries 17,642 1,839 41,104 3,574
Purchases 13,023 - - -
Revisions 12,981 (4,504) (6,286) 1,901
Production (34,773) (6,306) (33,631) (3,569)
Sales - - - -
--- --- --- ---
Balance -Dec 31,
2009 523,637 146,774 115,593 78,441
======= ======= ======= ======
GAS (MMcf)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Balance -Dec 31,
2008 2,537,182 2,203,361 1,370,978 1,253,545
Extensions and
Discoveries 150,668 340,278 2,142 174,883
Purchases 47,782 35 - -
Revisions (54,591) (107,205) (81,623) 33
Production (243,120) (131,121) (132,356) (67,020)
Sales - - - -
--- --- --- ---
Balance -Dec 31,
2009 2,437,921 2,305,348 1,159,141 1,361,441
========= ========= ========= =========
TOTAL BOE (Mboe)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Balance -Dec 31,
2008 937,628 522,972 342,902 285,459
Extensions and
Discoveries 42,754 58,552 41,461 32,721
Purchases 20,987 6 - -
Revisions 3,883 (22,373) (19,890) 1,907
Production (75,294) (28,160) (55,690) (14,739)
Sales - - - -
--- --- --- ---
Balance -Dec 31,
2009 929,958 530,997 308,783 305,348
======= ======= ======= =======
Net Change (7,670) 8,025 (34,119) 19,889
====== ======= ======= =======
2009 BOE
Percentage 39.3% 22.4% 13.1% 12.9%
==== ==== ==== ====
2009 Production
Percentage 35.4% 13.2% 26.2% 6.9%
==== ==== ==== ===
Production (BOE)
Oil + NGL's 46.2% 22.4% 60.4% 24.2%
Gas 53.8% 77.6% 39.6% 75.8%
---- ---- ---- ----
100.0% 100.0% 100.0% 100.0%
===== ===== ===== =====
OIL (Mbbl)
North Sea Argentina Total
--------- --------- -----
Balance -Dec 31, 2008 187,915 24,193 1,024,181
Extensions and Discoveries 6,056 3,728 75,449
Purchases - - 9,969
Revisions 2 (202) 4,145
Production (22,259) (4,199) (101,735)
Sales - - -
--- --- ---
Balance -Dec 31, 2009 171,714 23,520 1,012,009
======= ====== =========
NGL's (Mbbl)
North Sea Argentina Total
--------- --------- -----
Balance -Dec 31, 2008 - 7,586 56,963
Extensions and Discoveries - 1,137 (369)
Purchases - - 3,054
Revisions - 29 (224)
Production - (1,183) (4,185)
Sales - - -
--- --- ---
Balance -Dec 31, 2009 - 7,569 55,239
=== ===== ======
Oil & NGL's
North Sea Argentina Total
--------- --------- -----
Balance -Dec 31, 2008 187,915 31,779 1,081,144
Extensions and Discoveries 6,056 4,865 75,080
Purchases - - 13,023
Revisions 2 (173) 3,921
Production (22,259) (5,382) (105,920)
Sales - - -
--- --- ---
Balance -Dec 31, 2009 171,714 31,089 1,067,248
======= ====== =========
GAS (MMcf)
North Sea Argentina Total
--------- --------- -----
Balance -Dec 31, 2008 5,585 546,374 7,917,025
Extensions and Discoveries 252 50,714 718,937
Purchases - - 47,817
Revisions - (2,395) (245,781)
Production (986) (67,364) (641,967)
Sales - - -
--- --- ---
Balance -Dec 31, 2009 4,851 527,329 7,796,031
===== ======= =========
TOTAL BOE (Mboe)
----------------
North Sea Argentina Total
--------- --------- -----
Balance -Dec 31, 2008 188,846 122,841 2,400,648
Extensions and Discoveries 6,098 13,317 194,903
Purchases - - 20,993
Revisions 2 (572) (37,043)
Production (22,423) (16,609) (212,915)
Sales - - -
--- --- ---
Balance -Dec 31, 2009 172,523 118,977 2,366,586
======= ======= =========
Net Change (16,323) (3,864) (34,062)
======= ====== =======
2009 BOE Percentage 7.3% 5.0% 100.0%
=== === =====
2009 Production Percentage 10.5% 7.8% 100.0%
==== === =====
Production (BOE)
Oil + NGL's 99.3% 32.4% 49.7%
Gas 0.7% 67.6% 50.3%
--- ---- ----
100.0% 100.0% 100.0%
===== ===== =====
APACHE CORPORATION
OIL & GAS RESERVES AND COSTS
For the Year Ended December 31, 2009
Reserve Additions (Mboe)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Extensions and Discoveries 42,754 58,552 41,461 32,721
Revisions 3,883 (22,373) (19,890) 1,907
Purchases 20,987 6 - -
------ --- --- ---
Total Adds 67,624 36,185 21,571 34,628
====== ====== ====== ======
North Sea Argentina Chile Total
--------- --------- ----- -----
Extensions and Discoveries 6,098 13,317 - 194,903
Revisions 2 (572) - (37,043)
Purchases - - - 20,993
--- --- --- ------
Total Adds 6,100 12,745 - 178,853
===== ====== === =======
Capital Cost Information (in
thousands)
U.S. Canada Egypt Australia
---- ------ ----- ---------
Exploration & Development,
excluding Capitalized
Interest & Asset Retirement
Cost (1) $928,415 412,059 675,748 602,734
Acquisitions 195,966 13,182 39,000 37,835
------- ------ ------ ------
$1,124,381 425,241 714,748 640,569
========== ======= ======= =======
North Sea Argentina Chile Total
--------- --------- ----- -----
Exploration & Development,
excluding Capitalized
Interest & Asset Retirement
Cost (1) 375,204 139,804 10,757 $3,144,721
Acquisitions - 24,489 - 310,472
--- ------ --- -------
375,204 164,293 10,757 $3,455,193
======= ======= ====== ==========
(1) Reconciliation of Exploration and Development Costs to Exploration
and Development Costs, excluding Capitalized Interest and Asset
Retirement Cost, a Non-GAAP Financial Measure
Presented below is a reconciliation of exploration and development costs
(GAAP) to exploration and development costs, excluding capitalized
interest and asset retirement cost (Non-GAAP). Management believes
exploration and development costs, excluding capitalized interest and
asset retirement cost is a more accurate reflection of the expenditures
during the current year.
U.S. Canada Egypt Australia
---- ------ ----- ---------
Exploration & Development
Costs $1,124,805 504,336 683,136 656,283
Less: Capitalized Interest (14,666) (11,936) (7,388) (15,423)
Less: Asset Retirement Cost (181,724) (80,341) - (38,126)
-------- ------- --- -------
Exploration, Development,
excluding Capitalized
Interest & Asset Retirement
Cost $928,415 412,059 675,748 602,734
======== ======= ======= =======
North Sea Argentina Chile Total
--------- --------- ----- -----
Exploration & Development
Costs 375,485 143,411 10,757 $3,498,213
Less: Capitalized Interest (281) (10,859) - (60,553)
Less: Asset Retirement Cost - 7,252 - (292,939)
--- ----- --- --------
Exploration, Development,
excluding Capitalized
Interest & Asset Retirement
Cost 375,204 139,804 10,757 $3,144,721
======= ======= ====== ==========
APA-F
SOURCE Apache Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article