Apache Reports Record Earnings and Production for 2010
Annual production increased 13 percent, averaging 658,000 BOE per day
Earnings of $3.0 billion or $8.46 per diluted share
Cash flow nearly $7.4 billion
HOUSTON, Feb. 17, 2011 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported that production set a new annual record, averaging nearly 658,000 barrels of oil equivalent per day for the 12-month period ending Dec. 31, 2010, up 13 percent from the prior year. Liquids production increased 18 percent, and this, combined with higher oil prices, drove Apache to record earnings of $3.0 billion for 2010.
"The results for 2010 were outstanding, and the possibilities for future profitable growth are numerous and encouraging. Apache's accomplishments this past year and past quarter reflect the company's operating and financial discipline, with our relentless focus on rate of return, cash generation, and operating and cost oversight. This enables us to optimize existing assets and execute on major transactions, whether they be deliberate or opportunistic. During the year we expanded our global portfolio with acquisitions in the Permian Basin, Canada, the Gulf of Mexico, and Egypt," said G. Steven Farris, Apache's chairman and chief executive officer.
Highlights during 2010 include:
- 25 percent reserve growth, replacing 344 percent of production; 102 percent through drilling
- Record annual production for North America and international
- Most active acquisition year in Apache's history with over $11 billion in transactions
- Van Gogh and Pyrenees, two oil fields offshore Western Australia, commenced production in February 2010, reaching payout by October and December, respectively
- Purchased 51 percent equity interest in the proposed Kitimat LNG Terminal
- Established new regions in the deepwater Gulf of Mexico, Gulf Onshore and Permian Basin, and expanded in Egypt, Canada, and the Gulf of Mexico Shelf.
"In 2011 we will realize a full 12 months of ownership from these newly acquired assets, as well as development and production from our legacy asset base. We also have a number of longer-term growth projects in the pipeline, including LNG developments at Kitimat (Canada) and Wheatstone (Australia) and new exploration ventures in more frontier hydrocarbon basins," he said.
"Apache's diverse asset mix, which balances oil and gas properties in North American and international basins, helped to deliver record results despite low natural gas prices. This is a testament to the effectiveness of Apache's balanced portfolio model," Farris said.
In early 2011 political changes swept through Egypt, with many issues remaining unresolved. Apache's Egyptian operations are located in remote areas of the country, and these events did not disrupt the company's oil and gas production. Apache believes that Egypt will continue to foster an environment that values foreign investment and the development of its ample resource base, and wishes the best for the people of Egypt during this time of transition.
Full-year and fourth-quarter 2010 financial results
For the year ended Dec. 31, 2010, Apache reported net income of $3.0 billion, or $8.46 per diluted common share, compared to a net loss of $292 million, or 87 cents per share in 2009. The prior year included a $1.98 billion, non-cash, after-tax write-down that was a result of lower commodity prices during the first quarter 2009.
Excluding certain items that management believes affect the comparability of operating results, Apache reported adjusted earnings* of $3.2 billion in 2010, a 68 percent increase compared with 2009 adjusted earnings of $1.9 billion. On a per share basis, adjusted net earnings were $8.94 for 2010, compared with $5.59 per share in the prior year. Cash flow from operations before changes in operating assets and liabilities* for 2010 was nearly $7.4 billion, the second-best in Apache's history, and up from $5 billion in 2009.
Apache's 2010 fourth-quarter earnings increased to $670 million, or $1.77 per share, up from $582 million, or $1.72 per share, for the same period in the prior year. Fourth-quarter 2010 adjusted earnings increased 25 percent to $830 million. On a per share basis, 2010 adjusted net earnings were $2.19, up from $1.96 reported for fourth-quarter 2009.
Full-year and fourth-quarter 2010 operating highlights
Apache ended 2010 with proved reserves of 2.95 billion barrels of oil equivalent. Apache's 2010 production was 240 million barrels of oil equivalent (MMboe). The company added 827 MMboe or 344 percent of production, through discoveries, extensions and acquisitions. Approximately 245 MMboe, or 102 percent of 2010 production, in reserve additions came through drilling. Apache spent $15.8 billion on exploration, development and acquisitions capital, excluding asset retirement obligations and capitalized interest.*
In 2010, Apache's international production increased 14 percent. In Australia, production climbed 96 percent with significant contributions from the start-up of the Pyrenees and Van Gogh fields. Net production in Egypt increased 6 percent, with the completion of expansion projects at our Kalabasha oil facilities.
Apache's North American production increased 11 percent in 2010, lifted in part by contributions from newly acquired fields in Canada, the Permian Basin, and Gulf of Mexico.
Globally, fourth-quarter 2010 production increased 24 percent from the prior-year period to average 729,000 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, operational updates and investor information, and 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 2010 results at 1 p.m. Central time on Thursday, Feb. 17. 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. 17. To access the telephone playback, dial (800) 642-1687 and provide Apache's confirmation code, 21261191.
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.
APA-F
APACHE CORPORATION |
|||||||||
FINANCIAL INFORMATION |
|||||||||
(In millions, except per share data) |
|||||||||
For the Quarter Ended December 31, |
For the Year Ended December 31, |
||||||||
2010 |
2009 |
2010 |
2009 |
||||||
REVENUES AND OTHER: |
|||||||||
Oil and gas production revenues |
$ 3,474 |
$ 2,570 |
$ 12,183 |
$ 8,574 |
|||||
Other |
(40) |
(15) |
(91) |
41 |
|||||
3,434 |
2,555 |
12,092 |
8,615 |
||||||
COSTS AND EXPENSES: |
|||||||||
Depreciation, depletion and amortization |
|||||||||
Recurring |
928 |
615 |
3,083 |
2,395 |
|||||
Additional |
- |
- |
- |
2,818 |
|||||
Asset retirement obligation accretion |
37 |
26 |
111 |
105 |
|||||
Lease operating expenses |
639 |
414 |
2,032 |
1,662 |
|||||
Gathering and transportation |
52 |
40 |
178 |
143 |
|||||
Taxes other than income |
168 |
193 |
690 |
580 |
|||||
General and administrative |
120 |
85 |
380 |
344 |
|||||
Merger, acquisitions and transition |
167 |
- |
183 |
- |
|||||
Financing costs, net |
55 |
60 |
229 |
242 |
|||||
2,166 |
1,433 |
6,886 |
8,289 |
||||||
INCOME BEFORE INCOME TAXES |
1,268 |
1,122 |
5,206 |
326 |
|||||
Current income tax provision |
333 |
359 |
1,222 |
842 |
|||||
Deferred income tax provision (benefit) |
246 |
178 |
952 |
(231) |
|||||
NET INCOME (LOSS) |
689 |
585 |
3,032 |
(285) |
|||||
Preferred stock dividends |
19 |
3 |
32 |
7 |
|||||
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK |
$ 670 |
$ 582 |
$ 3,000 |
$ (292) |
|||||
NET INCOME (LOSS) PER COMMON SHARE: |
|||||||||
Basic |
$ 1.79 |
$ 1.73 |
$ 8.53 |
$ (0.87) |
|||||
Diluted |
$ 1.77 |
$ 1.72 |
$ 8.46 |
$ (0.87) |
|||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
375 |
336 |
352 |
336 |
|||||
DILUTED SHARES OUTSTANDING |
388 |
339 |
359 |
336 |
|||||
APACHE CORPORATION |
||||||||||||
FINANCIAL INFORMATION |
||||||||||||
(In millions) |
||||||||||||
For the Quarter Ended December 31, |
For the Year Ended December 31, |
|||||||||||
2010 |
2009 |
2010 |
2009 |
|||||||||
CAPITAL EXPENDITURES (1): |
||||||||||||
Exploration & Development Costs |
||||||||||||
United States |
$ 584 |
$ 181 |
$ 1,623 |
$ 929 |
||||||||
Canada |
267 |
99 |
860 |
412 |
||||||||
North America |
851 |
280 |
2,483 |
1,341 |
||||||||
Egypt |
247 |
141 |
757 |
676 |
||||||||
Australia |
223 |
181 |
624 |
602 |
||||||||
North Sea |
180 |
82 |
617 |
375 |
||||||||
Argentina |
73 |
31 |
240 |
140 |
||||||||
Chile |
- |
7 |
20 |
11 |
||||||||
International |
723 |
442 |
2,258 |
1,804 |
||||||||
Worldwide Exploration & Development Costs |
$ 1,574 |
$ 722 |
$ 4,741 |
$ 3,145 |
||||||||
Gathering, Transmission and Processing Facilities |
||||||||||||
Canada |
$ 52 |
$ 14 |
$ 159 |
$ 83 |
||||||||
Egypt |
71 |
41 |
182 |
151 |
||||||||
Australia |
60 |
46 |
162 |
69 |
||||||||
Argentina |
1 |
- |
3 |
2 |
||||||||
Total Gathering, Transmission and Processing |
$ 184 |
$ 101 |
$ 506 |
$ 305 |
||||||||
Capitalized Interest |
$ 56 |
$ 16 |
$ 120 |
$ 61 |
||||||||
Capital Expenditures, excluding acquisitions |
$ 1,814 |
$ 839 |
$ 5,367 |
$ 3,511 |
||||||||
Acquisitions |
$ 8,007 |
$ 52 |
$ 11,557 |
$ 310 |
||||||||
(1) Accrual basis |
||||||||||||
December 31, |
December 31, |
|||||||||||
2010 |
2009 |
|||||||||||
BALANCE SHEET DATA: |
||||||||||||
Cash and Cash Equivalents |
$ 134 |
$ 2,048 |
||||||||||
Other Current Assets |
3,346 |
2,538 |
||||||||||
Property and Equipment, net |
38,151 |
22,901 |
||||||||||
Goodwill |
1,032 |
189 |
||||||||||
Other Assets |
762 |
510 |
||||||||||
Total Assets |
$ 43,425 |
$ 28,186 |
||||||||||
Short-Term Debt |
$ 46 |
$ 117 |
||||||||||
Other Current Liabilities |
3,478 |
2,276 |
||||||||||
Long-Term Debt |
8,095 |
4,950 |
||||||||||
Deferred Credits and Other Noncurrent Liabilities |
7,429 |
5,064 |
||||||||||
Shareholders' Equity |
24,377 |
15,779 |
||||||||||
Total Liabilities and Shareholders' Equity |
$ 43,425 |
$ 28,186 |
||||||||||
Common shares outstanding at end of period |
382 |
336 |
||||||||||
APACHE CORPORATION |
|||||||||||||
FINANCIAL INFORMATION |
|||||||||||||
For the Quarter Ended December 31, |
For the Year Ended December 31, |
||||||||||||
2010 |
2009 |
2010 |
2009 |
||||||||||
PRODUCTION DATA: |
|||||||||||||
OIL VOLUME - Barrels per day |
|||||||||||||
Gulf Coast |
58,285 |
54,665 |
53,591 |
51,757 |
|||||||||
Central |
5,077 |
2,507 |
3,544 |
2,295 |
|||||||||
Permian |
46,586 |
35,818 |
39,441 |
35,081 |
|||||||||
United States |
109,948 |
92,990 |
96,576 |
89,133 |
|||||||||
Canada |
15,557 |
13,998 |
14,581 |
15,186 |
|||||||||
North America |
125,505 |
106,988 |
111,157 |
104,319 |
|||||||||
Egypt |
107,238 |
95,970 |
99,122 |
92,139 |
|||||||||
Australia |
38,738 |
9,918 |
45,908 |
9,779 |
|||||||||
North Sea |
52,453 |
56,443 |
56,791 |
60,984 |
|||||||||
Argentina |
10,382 |
10,632 |
9,956 |
11,505 |
|||||||||
International |
208,811 |
172,963 |
211,777 |
174,407 |
|||||||||
Total |
334,316 |
279,951 |
322,934 |
278,726 |
|||||||||
NATURAL GAS VOLUME - Mcf per day |
|||||||||||||
Gulf Coast |
452,118 |
386,679 |
404,730 |
366,565 |
|||||||||
Central |
223,883 |
199,470 |
209,346 |
202,859 |
|||||||||
Permian |
162,266 |
102,422 |
116,771 |
96,660 |
|||||||||
United States |
838,267 |
688,571 |
730,847 |
666,084 |
|||||||||
Canada |
593,523 |
334,526 |
396,005 |
359,235 |
|||||||||
North America |
1,431,790 |
1,023,097 |
1,126,852 |
1,025,319 |
|||||||||
Egypt |
368,350 |
382,780 |
374,858 |
362,618 |
|||||||||
Australia |
191,585 |
204,860 |
199,729 |
183,617 |
|||||||||
North Sea |
2,118 |
2,502 |
2,391 |
2,703 |
|||||||||
Argentina |
198,513 |
170,474 |
184,830 |
184,557 |
|||||||||
International |
760,566 |
760,616 |
761,808 |
733,495 |
|||||||||
Total |
2,192,356 |
1,783,713 |
1,888,660 |
1,758,814 |
|||||||||
NGL VOLUME - Barrels per day |
|||||||||||||
Gulf Coast |
5,934 |
5,030 |
5,559 |
4,332 |
|||||||||
Central |
1,045 |
437 |
659 |
346 |
|||||||||
Permian |
12,740 |
1,629 |
7,559 |
1,458 |
|||||||||
United States |
19,719 |
7,096 |
13,777 |
6,136 |
|||||||||
Canada |
5,637 |
2,029 |
2,884 |
2,089 |
|||||||||
North America |
25,356 |
9,125 |
16,661 |
8,225 |
|||||||||
Egypt |
326 |
- |
82 |
- |
|||||||||
Argentina |
3,265 |
3,439 |
3,180 |
3,241 |
|||||||||
International |
3,591 |
3,439 |
3,262 |
3,241 |
|||||||||
Total |
28,947 |
12,564 |
19,923 |
11,466 |
|||||||||
BOE per day |
|||||||||||||
Gulf Coast |
139,572 |
124,141 |
126,605 |
117,183 |
|||||||||
Central |
43,436 |
36,189 |
39,094 |
36,451 |
|||||||||
Permian |
86,370 |
54,517 |
66,462 |
52,650 |
|||||||||
United States |
269,378 |
214,847 |
232,161 |
206,284 |
|||||||||
Canada |
120,115 |
71,782 |
83,466 |
77,147 |
|||||||||
North America |
389,493 |
286,629 |
315,627 |
283,431 |
|||||||||
Egypt |
168,956 |
159,766 |
161,680 |
152,575 |
|||||||||
Australia |
70,669 |
44,061 |
79,196 |
40,382 |
|||||||||
North Sea |
52,806 |
56,860 |
57,190 |
61,435 |
|||||||||
Argentina |
46,733 |
42,483 |
43,941 |
45,505 |
|||||||||
International |
339,164 |
303,170 |
342,007 |
299,897 |
|||||||||
Total |
728,657 |
589,799 |
657,634 |
583,328 |
|||||||||
APACHE CORPORATION |
|||||||||||||
FINANCIAL INFORMATION |
|||||||||||||
For the Quarter Ended December 31, |
For the Year Ended December 31, |
||||||||||||
2010 |
2009 |
2010 |
2009 |
||||||||||
PRICING DATA: |
|||||||||||||
AVERAGE OIL PRICE PER BARREL |
|||||||||||||
Gulf Coast |
$ 85.53 |
$ 74.39 |
$ 79.00 |
$ 60.22 |
|||||||||
Central |
80.76 |
72.99 |
76.27 |
57.75 |
|||||||||
Permian |
81.26 |
67.97 |
76.00 |
53.92 |
|||||||||
United States (1) |
81.29 |
70.75 |
76.13 |
59.06 |
|||||||||
Canada |
75.73 |
70.10 |
72.83 |
56.16 |
|||||||||
North America (1) |
80.60 |
70.66 |
75.69 |
58.64 |
|||||||||
Egypt |
88.27 |
74.46 |
79.45 |
61.34 |
|||||||||
Australia |
87.14 |
80.97 |
77.32 |
64.42 |
|||||||||
North Sea |
78.43 |
74.82 |
76.66 |
60.91 |
|||||||||
Argentina |
59.23 |
56.41 |
57.47 |
49.42 |
|||||||||
International |
84.14 |
73.84 |
77.21 |
60.58 |
|||||||||
Total (1) |
82.81 |
72.63 |
76.69 |
59.85 |
|||||||||
AVERAGE NATURAL GAS PRICE PER MCF |
|||||||||||||
Gulf Coast |
$ 4.18 |
$ 4.46 |
$ 4.72 |
$ 4.14 |
|||||||||
Central |
3.91 |
4.30 |
4.53 |
3.58 |
|||||||||
Permian |
4.68 |
6.01 |
5.21 |
4.65 |
|||||||||
United States (1) |
4.95 |
4.92 |
5.28 |
4.34 |
|||||||||
Canada (1) |
4.08 |
4.60 |
4.48 |
4.17 |
|||||||||
North America (1) |
4.59 |
4.81 |
5.00 |
4.28 |
|||||||||
Egypt |
3.84 |
3.50 |
3.62 |
3.70 |
|||||||||
Australia |
2.33 |
2.34 |
2.24 |
1.99 |
|||||||||
North Sea |
23.12 |
18.07 |
18.64 |
13.15 |
|||||||||
Argentina |
2.04 |
2.09 |
1.96 |
1.96 |
|||||||||
International |
3.04 |
2.92 |
2.90 |
2.87 |
|||||||||
Total (1) |
4.06 |
4.00 |
4.15 |
3.69 |
|||||||||
AVERAGE NGL PRICE PER BARREL |
|||||||||||||
Gulf Coast |
$ 45.44 |
$ 44.61 |
$ 43.40 |
$ 33.92 |
|||||||||
Central |
50.32 |
36.79 |
47.67 |
29.00 |
|||||||||
Permian |
43.78 |
40.16 |
39.49 |
31.32 |
|||||||||
United States |
44.63 |
43.11 |
41.45 |
33.02 |
|||||||||
Canada |
36.64 |
33.28 |
36.61 |
25.54 |
|||||||||
North America |
42.85 |
40.92 |
40.62 |
31.12 |
|||||||||
Egypt |
69.75 |
- |
69.75 |
- |
|||||||||
Argentina |
21.61 |
25.95 |
27.08 |
18.76 |
|||||||||
International |
25.98 |
25.95 |
28.15 |
18.76 |
|||||||||
Total |
40.76 |
36.82 |
38.58 |
27.63 |
|||||||||
(1) Prices reflect the impact of financial derivative hedging activities. |
|||||||||||||
APACHE CORPORATION |
||||||||||
FINANCIAL INFORMATION |
||||||||||
(In millions, 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: |
||||||||||
|
||||||||||
|
||||||||||
|
||||||||||
For the Quarter Ended December 31, |
For the Year Ended December 31, |
|||||||||
2010 |
2009 |
2010 |
2009 |
|||||||
Income (Loss) Attributable to Common Stock (GAAP) |
$ 670 |
$ 582 |
$ 3,000 |
$ (292) |
||||||
Adjustments: |
||||||||||
Foreign currency fluctuation impact on deferred tax expense |
51 |
82 |
52 |
198 |
||||||
Merger, acquisitions and transition costs, net of tax |
109 |
- |
120 |
- |
||||||
Additional depletion, net of tax |
- |
- |
- |
1,981 |
||||||
Adjusted Earnings (Non-GAAP) |
$ 830 |
$ 664 |
$ 3,172 |
$ 1,887 |
||||||
Adjusted Earnings Per Share (Non-GAAP) |
||||||||||
Basic |
$ 2.22 |
$ 1.97 |
$ 9.02 |
$ 5.62 |
||||||
Diluted |
$ 2.19 |
$ 1.96 |
$ 8.94 |
$ 5.59 |
||||||
Average Number of Common Shares |
||||||||||
Basic |
375 |
336 |
352 |
336 |
||||||
Diluted |
388 |
339 |
359 |
338 |
||||||
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, |
|||||||||
2010 |
2009 |
2010 |
2009 |
|||||||
Net cash provided by operating activities |
$ 1,926 |
$ 1,544 |
$ 6,726 |
$ 4,224 |
||||||
Changes in operating assets and liabilities |
55 |
(98) |
642 |
761 |
||||||
Cash from operations before changes in |
||||||||||
operating assets and liabilities |
$ 1,981 |
$ 1,446 |
$ 7,368 |
$ 4,985 |
||||||
APACHE CORPORATION |
|||||||||||
OIL & GAS RESERVE INFORMATION |
|||||||||||
For the Year Ended December 31, 2010 |
|||||||||||
OIL (Mbbl) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Total |
|||||
Balance - Dec 31, 2009 |
487,655 |
135,086 |
115,593 |
78,441 |
171,714 |
23,520 |
1,012,009 |
||||
Extensions and Discoveries |
43,879 |
5,384 |
41,175 |
4,452 |
3,383 |
396 |
98,669 |
||||
Purchases |
133,627 |
25,342 |
11,261 |
- |
- |
- |
170,230 |
||||
Revisions |
6,943 |
(13,270) |
(4,723) |
- |
- |
363 |
(10,687) |
||||
Production |
(35,250) |
(5,322) |
(36,179) |
(16,757) |
(20,729) |
(3,634) |
(117,871) |
||||
Sales |
- |
(73) |
- |
- |
- |
- |
(73) |
||||
Balance - Dec 31, 2010 |
636,854 |
147,147 |
127,127 |
66,136 |
154,368 |
20,645 |
1,152,277 |
||||
NGL's (Mbbl) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Total |
|||||
Balance - Dec 31, 2009 |
35,982 |
11,688 |
- |
- |
- |
7,569 |
55,239 |
||||
Extensions and Discoveries |
29,049 |
1,432 |
30 |
- |
- |
30 |
30,541 |
||||
Purchases |
61,504 |
17,098 |
- |
- |
- |
- |
78,602 |
||||
Revisions |
654 |
(1,322) |
- |
- |
- |
16 |
(652) |
||||
Production |
(5,028) |
(1,053) |
(30) |
- |
- |
(1,161) |
(7,272) |
||||
Balance - Dec 31, 2010 |
122,161 |
27,843 |
- |
- |
- |
6,454 |
156,458 |
||||
Oil & NGL's |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Total |
|||||
Balance - Dec 31, 2009 |
523,637 |
146,774 |
115,593 |
78,441 |
171,714 |
31,089 |
1,067,248 |
||||
Extensions and Discoveries |
72,928 |
6,816 |
41,205 |
4,452 |
3,383 |
426 |
129,210 |
||||
Purchases |
195,131 |
42,440 |
11,261 |
- |
- |
- |
248,832 |
||||
Revisions |
7,597 |
(14,592) |
(4,723) |
- |
- |
379 |
(11,339) |
||||
Production |
(40,278) |
(6,375) |
(36,209) |
(16,757) |
(20,729) |
(4,795) |
(125,143) |
||||
Sales |
- |
(73) |
- |
- |
- |
- |
(73) |
||||
Balance - Dec 31, 2010 |
759,015 |
174,990 |
127,127 |
66,136 |
154,368 |
27,099 |
1,308,735 |
||||
GAS (MMcf) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Total |
|||||
Balance - Dec 31, 2009 |
2,437,921 |
2,305,348 |
1,159,141 |
1,361,441 |
4,851 |
527,329 |
7,796,031 |
||||
Extensions and Discoveries |
102,180 |
274,755 |
46,692 |
199,958 |
166 |
71,632 |
695,383 |
||||
Purchases |
951,654 |
1,064,618 |
49,044 |
- |
- |
- |
2,065,316 |
||||
Revisions |
47,989 |
(8,211) |
(41,137) |
- |
- |
1,173 |
(186) |
||||
Production |
(266,759) |
(144,542) |
(136,823) |
(72,901) |
(873) |
(67,463) |
(689,361) |
||||
Sales |
- |
(1) |
- |
- |
- |
- |
(1) |
||||
Balance - Dec 31, 2010 |
3,272,985 |
3,491,967 |
1,076,917 |
1,488,498 |
4,144 |
532,671 |
9,867,182 |
||||
TOTAL BOE (Mboe) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Total |
|||||
Balance - Dec 31, 2009 |
929,958 |
530,997 |
308,783 |
305,348 |
172,523 |
118,977 |
2,366,586 |
||||
Extensions and Discoveries |
89,958 |
52,609 |
48,987 |
37,778 |
3,411 |
12,365 |
245,108 |
||||
Purchases |
353,740 |
219,876 |
19,435 |
- |
- |
- |
593,051 |
||||
Revisions |
15,595 |
(15,961) |
(11,579) |
- |
- |
575 |
(11,370) |
||||
Production |
(84,738) |
(30,465) |
(59,013) |
(28,907) |
(20,875) |
(16,039) |
(240,037) |
||||
Sales |
- |
(73) |
- |
- |
- |
- |
(73) |
||||
Balance - Dec 31, 2010 |
1,304,513 |
756,983 |
306,613 |
314,219 |
155,059 |
115,878 |
2,953,265 |
||||
Proved developed reserves: |
|||||||||||
Oil + NGL's (Mbbls) |
514,537 |
113,993 |
109,657 |
48,072 |
115,705 |
22,458 |
924,422 |
||||
Gas (Mboe) |
380,686 |
363,603 |
124,762 |
113,794 |
691 |
77,033 |
1,060,569 |
||||
Balance - Dec 31, 2010 (Mboe) |
895,223 |
477,596 |
234,419 |
161,866 |
116,396 |
99,491 |
1,984,991 |
||||
APACHE CORPORATION |
|||||||||||
OIL & GAS RESERVES AND COSTS |
|||||||||||
For the Year Ended December 31, 2010 |
|||||||||||
Reserve Additions (Mboe) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Chile |
Total |
||||
Extensions and Discoveries |
89,958 |
52,609 |
48,987 |
37,778 |
3,411 |
12,365 |
- |
245,108 |
|||
Revisions |
15,595 |
(15,961) |
(11,579) |
- |
- |
575 |
- |
(11,370) |
|||
Purchases |
353,740 |
219,876 |
19,435 |
- |
- |
- |
- |
593,051 |
|||
Total Adds |
459,293 |
256,524 |
56,843 |
37,778 |
3,411 |
12,940 |
- |
826,789 |
|||
Capital Cost Information (in millions) |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Chile |
Total |
||||
Exploration & Development, excluding Capitalized Interest & Asset Retirement Cost (ARC) (1) |
|||||||||||
$ 1,623 |
860 |
757 |
624 |
617 |
240 |
20 |
$ 4,741 |
||||
Acquisitions, excluding ARC - Acquired (2) |
|||||||||||
Proved |
4,815 |
2,694 |
325 |
- |
- |
- |
- |
7,834 |
|||
Unproved |
2,497 |
542 |
145 |
32 |
- |
- |
- |
3,216 |
|||
$ 8,935 |
4,096 |
1,227 |
656 |
617 |
240 |
20 |
$ 15,791 |
||||
(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 |
North Sea |
Argentina |
Chile |
Total |
||||
Exploration & Development Costs |
$ 1,985 |
923 |
767 |
732 |
617 |
267 |
20 |
$ 5,311 |
|||
Less: Capitalized Interest |
(52) |
(23) |
(10) |
(15) |
- |
(11) |
- |
(111) |
|||
Less: Asset Retirement Cost |
(310) |
(40) |
- |
(93) |
- |
(16) |
- |
(459) |
|||
Exploration, Development, excluding Capitalized Interest & Asset Retirement Cost |
|||||||||||
$ 1,623 |
860 |
757 |
624 |
617 |
240 |
20 |
$ 4,741 |
||||
(2) Reconciliation of Total Acquisition Costs to Acquisitions, excluding Asset Retirement Cost - Acquired, a Non-GAAP Financial Measure |
|||||||||||
Presented below is a reconciliation of total acquisition costs (GAAP) to acquisitions, excluding asset retirement cost - acquired (Non-GAAP). Management believes acquisitions, excluding asset retirement cost - acquired is a more accurate reflection of the costs of acquisitions during the current year. |
|||||||||||
U.S. |
Canada |
Egypt |
Australia |
North Sea |
Argentina |
Chile |
Total |
||||
Total Acquisition Costs |
|||||||||||
Proved |
$ 5,604 |
2,752 |
325 |
- |
- |
- |
- |
$ 8,681 |
|||
Unproved |
2,497 |
542 |
145 |
32 |
3,216 |
||||||
Less: ARC - Acquired |
(789) |
(58) |
- |
- |
- |
- |
- |
(847) |
|||
Acquisitions, excluding ARC - Acquired |
$ 7,312 |
3,236 |
470 |
32 |
- |
- |
- |
$ 11,050 |
|||
SOURCE Apache Corporation
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