Delaware (State or other jurisdiction of incorporation) |
1-4300 (Commission File Number) |
41-0747868 (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1
|
Press Release of Apache Corporation dated April 28, 2011. |
APACHE CORPORATION |
||||
Date: April 28, 2011 | /s/ Thomas P. Chambers | |||
Thomas P. Chambers | ||||
(Principal Financial Officer) |
Exhibit No. | Description | |
99.1
|
Press Release of Apache Corporation dated April 28, 2011. |
CONTACTS: |
||||
Media:
|
Bill Mintz | (713) 296-7276 | ||
Robert Dye | (713) 296-6662 | |||
Patrick Cassidy | (713) 296 6100 | |||
Investors:
|
Alfonso Leon | (713) 296-6692 | ||
(Web site):
|
www.apachecorp.com |
On the operational front, the company achieved several milestones. These include: | |||
| Apaches most prolific development well in the Forties field (North Sea), which came online at approximately 11,800 barrels of oil per day. | ||
| In the Permian Basin, Apache is operating 24 rigs, up nearly five-fold from a year ago. Targeting primarily oil objectives, Apache drilled 110 wells including 15 horizontals during the first quarter. | ||
| Since drilling the first-ever horizontal Hogshooter well last year, Apache has drilled six wells into this oil-rich segment of the Anadarko basins Granite Wash formation. To date, every well has tested in excess of 1,000 barrels of oil and 2 million cubic feet of gas per day. | ||
| The companys first operated deepwater production in the Gulf of Mexico with start-up at the Balboa field. | ||
| Offshore Australia, Apaches Zola discovery well encountered 410 feet of net gas pay. | ||
| In Egypt, Apache operated 22 rigs during the quarter, drilling 33 wells, including the companys first wells in the Tayim development lease in West Kalabsha producing from deeper Paleozoic pay. Apaches production remained online throughout the quarter, increasing sequentially from the previous three months. |
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
REVENUES AND OTHER: |
||||||||
Oil and gas production revenues |
$ | 3,878 | $ | 2,693 | ||||
Other |
47 | (20 | ) | |||||
3,925 | 2,673 | |||||||
COSTS AND EXPENSES: |
||||||||
Depreciation, depletion and amortization |
936 | 639 | ||||||
Asset retirement obligation accretion |
37 | 24 | ||||||
Lease operating expenses |
623 | 440 | ||||||
Gathering and transportation |
76 | 40 | ||||||
Taxes other than income |
164 | 177 | ||||||
General and administrative |
112 | 87 | ||||||
Merger, acquisitions and transition |
5 | | ||||||
Financing costs, net |
45 | 59 | ||||||
1,998 | 1,466 | |||||||
INCOME BEFORE INCOME TAXES |
1,927 | 1,207 | ||||||
Current income tax provision |
643 | 343 | ||||||
Deferred income tax provision |
150 | 159 | ||||||
NET INCOME |
1,134 | 705 | ||||||
Preferred stock dividends |
19 | | ||||||
INCOME ATTRIBUTABLE TO COMMON STOCK |
$ | 1,115 | $ | 705 | ||||
NET INCOME PER COMMON SHARE: |
||||||||
Basic |
$ | 2.91 | $ | 2.09 | ||||
Diluted |
$ | 2.86 | $ | 2.08 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
383 | 337 | ||||||
DILUTED SHARES OUTSTANDING |
397 | 339 | ||||||
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
CAPITAL EXPENDITURES (1): |
||||||||
Exploration & Development Costs |
||||||||
United States |
$ | 615 | $ | 297 | ||||
Canada |
266 | 203 | ||||||
North America |
881 | 500 | ||||||
Egypt |
193 | 166 | ||||||
Australia |
162 | 165 | ||||||
North Sea |
210 | 94 | ||||||
Argentina |
69 | 37 | ||||||
Chile |
| 10 | ||||||
International |
634 | 472 | ||||||
Worldwide Exploration & Development Costs |
$ | 1,515 | $ | 972 | ||||
Gathering, Transmission and Processing Facilities |
||||||||
Canada |
$ | 42 | $ | 33 | ||||
Egypt |
29 | 24 | ||||||
Australia |
51 | 56 | ||||||
Argentina |
| 1 | ||||||
Total Gathering, Transmission and Processing |
$ | 122 | $ | 114 | ||||
Capitalized Interest |
$ | 60 | $ | 17 | ||||
Capital Expenditures, excluding acquisitions |
$ | 1,697 | $ | 1,103 | ||||
Acquisitions |
$ | 11 | $ | 5 | ||||
(1) | Accrual basis |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
BALANCE SHEET DATA: |
||||||||
Cash and Cash Equivalents |
$ | 356 | $ | 134 | ||||
Other Current Assets |
3,645 | 3,346 | ||||||
Property and Equipment, net |
39,046 | 38,151 | ||||||
Goodwill |
1,032 | 1,032 | ||||||
Other Assets |
787 | 762 | ||||||
Total Assets |
$ | 44,866 | $ | 43,425 | ||||
Short-Term Debt |
$ | 30 | $ | 46 | ||||
Other Current Liabilities |
3,926 | 3,478 | ||||||
Long-Term Debt |
8,130 | 8,095 | ||||||
Deferred Credits and Other Noncurrent Liabilities |
7,582 | 7,429 | ||||||
Shareholders Equity |
25,198 | 24,377 | ||||||
Total Liabilities and Shareholders Equity |
$ | 44,866 | $ | 43,425 | ||||
Common shares outstanding at end of period |
383 | 382 |
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
PRODUCTION DATA: |
||||||||
OIL VOLUME Barrels per day |
||||||||
Central |
5,046 | 2,371 | ||||||
Permian |
48,280 | 35,875 | ||||||
GOM Deepwater |
5,322 | 2,202 | ||||||
GOM Shelf |
46,558 | 43,664 | ||||||
GC Onshore |
8,517 | 4,643 | ||||||
United States |
113,723 | 88,755 | ||||||
Canada |
14,704 | 14,330 | ||||||
North America |
128,427 | 103,085 | ||||||
Egypt |
108,876 | 90,746 | ||||||
Australia |
34,720 | 27,090 | ||||||
North Sea |
46,968 | 57,847 | ||||||
Argentina |
9,617 | 9,921 | ||||||
International |
200,181 | 185,604 | ||||||
Total |
328,608 | 288,689 | ||||||
NATURAL GAS VOLUME Mcf per day |
||||||||
Central |
215,612 | 190,481 | ||||||
Permian |
159,005 | 100,626 | ||||||
GOM Deepwater |
60,589 | 32,253 | ||||||
GOM Shelf |
348,845 | 293,969 | ||||||
GC Onshore |
74,095 | 54,490 | ||||||
United States |
858,146 | 671,819 | ||||||
Canada |
642,729 | 313,537 | ||||||
North America |
1,500,875 | 985,356 | ||||||
Egypt |
371,514 | 361,986 | ||||||
Australia |
182,922 | 207,294 | ||||||
North Sea |
1,901 | 2,563 | ||||||
Argentina |
188,092 | 154,723 | ||||||
International |
744,429 | 726,566 | ||||||
Total |
2,245,304 | 1,711,922 | ||||||
NGL VOLUME Barrels per day |
||||||||
Central |
787 | 493 | ||||||
Permian |
9,341 | 1,452 | ||||||
GOM Deepwater |
1,129 | 649 | ||||||
GOM Shelf |
6,407 | 3,189 | ||||||
GC Onshore |
1,588 | 1,060 | ||||||
United States |
19,252 | 6,843 | ||||||
Canada |
6,545 | 1,734 | ||||||
North America |
25,797 | 8,577 | ||||||
Egypt |
228 | | ||||||
Argentina |
3,055 | 3,291 | ||||||
International |
3,283 | 3,291 | ||||||
Total |
29,080 | 11,868 | ||||||
BOE per day |
||||||||
Central |
41,768 | 34,610 | ||||||
Permian |
84,121 | 54,098 | ||||||
GOM Deepwater |
16,549 | 8,226 | ||||||
GOM Shelf |
111,106 | 95,848 | ||||||
GC Onshore |
22,455 | 14,785 | ||||||
United States |
275,999 | 207,567 | ||||||
Canada |
128,370 | 68,320 | ||||||
North America |
404,369 | 275,887 | ||||||
Egypt |
171,023 | 151,077 | ||||||
Australia |
65,207 | 61,639 | ||||||
North Sea |
47,285 | 58,275 | ||||||
Argentina |
44,021 | 38,999 | ||||||
International |
327,536 | 309,990 | ||||||
Total |
731,905 | 585,877 | ||||||
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
PRICING DATA: |
||||||||
AVERAGE OIL PRICE PER BARREL |
||||||||
Central |
$ | 89.33 | $ | 75.24 | ||||
Permian |
88.72 | 75.06 | ||||||
GOM Deepwater |
97.61 | 76.30 | ||||||
GOM Shelf |
98.84 | 76.87 | ||||||
GC Onshore |
97.73 | 77.90 | ||||||
United States (1) |
89.72 | 74.33 | ||||||
Canada |
87.21 | 75.39 | ||||||
North America (1) |
89.43 | 74.47 | ||||||
Egypt (1) |
107.14 | 76.49 | ||||||
Australia (1) |
105.89 | 74.94 | ||||||
North Sea (2) |
100.89 | 74.34 | ||||||
Argentina |
60.36 | 57.81 | ||||||
International (1, 2) |
103.21 | 74.60 | ||||||
Total (1, 2) |
97.83 | 74.55 | ||||||
AVERAGE NATURAL GAS PRICE PER MCF |
||||||||
Central |
$ | 4.42 | $ | 5.73 | ||||
Permian |
4.99 | 7.12 | ||||||
GOM Deepwater |
4.10 | 5.19 | ||||||
GOM Shelf |
4.53 | 5.78 | ||||||
GC Onshore |
4.51 | 5.69 | ||||||
United States (1) |
4.94 | 6.06 | ||||||
Canada (1) |
4.54 | 5.29 | ||||||
North America (1) |
4.77 | 5.82 | ||||||
Egypt |
4.44 | 3.57 | ||||||
Australia |
2.50 | 2.22 | ||||||
North Sea |
20.34 | 18.31 | ||||||
Argentina |
2.18 | 2.17 | ||||||
International |
3.43 | 2.94 | ||||||
Total (1) |
4.32 | 4.60 | ||||||
AVERAGE NGL PRICE PER BARREL |
||||||||
Central |
$ | 48.34 | $ | 50.06 | ||||
Permian |
45.52 | 44.50 | ||||||
GOM Deepwater |
37.69 | 54.21 | ||||||
GOM Shelf |
42.41 | 54.14 | ||||||
GC Onshore |
55.85 | 54.83 | ||||||
United States |
44.99 | 51.91 | ||||||
Canada |
40.12 | 40.54 | ||||||
North America |
43.76 | 49.61 | ||||||
Egypt |
63.35 | | ||||||
Argentina |
30.51 | 34.60 | ||||||
International |
32.79 | 34.60 | ||||||
Total |
42.52 | 45.45 |
(1) | Prices reflect the impact of financial derivative hedging activities. | |
(2) | Prices reflect the impact of the North Sea fixed-price oil sales contract. |
| Management uses adjusted earnings to evaluate the companys 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 companys results. |
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Income Attributable to Common Stock (GAAP) |
$ | 1,115 | $ | 705 | ||||
Adjustments: |
||||||||
Foreign currency fluctuation impact on deferred tax expense |
12 | 7 | ||||||
Merger, acquisitions and transition costs, net of tax |
4 | | ||||||
Adjusted Earnings (Non-GAAP) |
$ | 1,131 | $ | 712 | ||||
Net Income per Common Share Diluted (GAAP) |
$ | 2.86 | $ | 2.08 | ||||
Adjustments: |
||||||||
Foreign currency fluctuation impact on deferred tax expense |
0.03 | 0.02 | ||||||
Merger, acquisitions and transition costs, net of tax |
0.01 | | ||||||
Adjusted Earnings Per Share Diluted (Non-GAAP) |
$ | 2.90 | $ | 2.10 | ||||
For the Quarter | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Net cash provided by operating activities |
$ | 1,979 | $ | 1,154 | ||||
Changes in operating assets and liabilities |
264 | 415 | ||||||
Cash from operations before changes in
operating assets and liabilities |
$ | 2,243 | $ | 1,569 | ||||