Delaware | 1-4300 | 41-0747868 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | 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 November 3, 2011. |
APACHE CORPORATION |
||||
Date: November 3, 2011 | /s/ Thomas P. Chambers | |||
Thomas P. Chambers | ||||
(Principal Financial Officer) | ||||
Exhibit No. | Description | |
99.1
|
Press Release of Apache Corporation dated November 3, 2011. |
Media:
|
Bill Mintz | (713) 296-7276 | ||
Robert Dye | (713) 296-6662 | |||
Investors:
|
Patrick Cassidy | (713) 296 6100 | ||
Castlen Kennedy | (713) 296 7189 | |||
(Web site):
|
www.apachecorp.com |
For the Quarter | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES AND OTHER: |
||||||||||||||||
Oil and gas production revenues |
$ | 4,282 | $ | 3,047 | $ | 12,515 | $ | 8,709 | ||||||||
Other |
46 | (34 | ) | 76 | (51 | ) | ||||||||||
4,328 | 3,013 | 12,591 | 8,658 | |||||||||||||
COSTS AND EXPENSES: |
||||||||||||||||
Depreciation, depletion and amortization |
1,065 | 787 | 3,030 | 2,155 | ||||||||||||
Asset retirement obligation accretion |
39 | 25 | 114 | 74 | ||||||||||||
Lease operating expenses |
661 | 507 | 1,946 | 1,393 | ||||||||||||
Gathering and transportation |
72 | 43 | 221 | 126 | ||||||||||||
Taxes other than income |
244 | 158 | 663 | 522 | ||||||||||||
General and administrative |
112 | 89 | 327 | 260 | ||||||||||||
Merger, acquisitions & transition |
4 | 8 | 15 | 16 | ||||||||||||
Financing costs, net |
37 | 59 | 123 | 174 | ||||||||||||
2,234 | 1,676 | 6,439 | 4,720 | |||||||||||||
INCOME BEFORE INCOME TAXES |
2,094 | 1,337 | 6,152 | 3,938 | ||||||||||||
Current income tax provision |
473 | 207 | 1,692 | 889 | ||||||||||||
Deferred income tax provision |
619 | 352 | 1,065 | 706 | ||||||||||||
NET INCOME |
1,002 | 778 | 3,395 | 2,343 | ||||||||||||
Preferred stock dividends |
19 | 13 | 57 | 13 | ||||||||||||
INCOME ATTRIBUTABLE TO COMMON STOCK |
$ | 983 | $ | 765 | $ | 3,338 | $ | 2,330 | ||||||||
NET INCOME PER COMMON SHARE: |
||||||||||||||||
Basic |
$ | 2.56 | $ | 2.14 | $ | 8.70 | $ | 6.78 | ||||||||
Diluted |
$ | 2.50 | $ | 2.12 | $ | 8.49 | $ | 6.72 | ||||||||
WEIGHTED-AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING: |
||||||||||||||||
Basic |
384 | 357 | 384 | 344 | ||||||||||||
Diluted |
400 | 367 | 400 | 349 | ||||||||||||
DIVIDENDS DECLARED PER COMMON SHARE |
$ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.45 |
For the Quarter | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
CAPITAL EXPENDITURES (1): |
||||||||||||||||
Exploration & Development Costs |
||||||||||||||||
United States |
$ | 688 | $ | 421 | $ | 1,976 | $ | 1,039 | ||||||||
Canada |
175 | 228 | 609 | 593 | ||||||||||||
North America |
863 | 649 | 2,585 | 1,632 | ||||||||||||
Egypt |
197 | 205 | 674 | 510 | ||||||||||||
Australia |
127 | 106 | 445 | 401 | ||||||||||||
North Sea |
197 | 207 | 618 | 437 | ||||||||||||
Argentina |
87 | 73 | 245 | 167 | ||||||||||||
Chile |
| 6 | 1 | 20 | ||||||||||||
Other International |
22 | | 48 | | ||||||||||||
International |
630 | 597 | 2,031 | 1,535 | ||||||||||||
Worldwide Exploration & Development Costs |
$ | 1,493 | $ | 1,246 | $ | 4,616 | $ | 3,167 | ||||||||
Gathering, Transmission and Processing Facilities |
||||||||||||||||
United States |
$ | 9 | $ | | $ | 9 | $ | | ||||||||
Canada |
29 | 35 | 113 | 107 | ||||||||||||
Egypt |
20 | 21 | 74 | 111 | ||||||||||||
Australia |
136 | 12 | 255 | 102 | ||||||||||||
Argentina |
3 | 1 | 7 | 2 | ||||||||||||
Total Gathering, Transmission and Processing |
$ | 197 | $ | 69 | $ | 458 | $ | 322 | ||||||||
Capitalized Interest |
$ | 70 | $ | 29 | $ | 193 | $ | 64 | ||||||||
Capital Expenditures, excluding acquisitions |
$ | 1,760 | $ | 1,344 | $ | 5,267 | $ | 3,553 | ||||||||
Acquisitions |
$ | 398 | $ | 2,517 | $ | 493 | $ | 3,550 | ||||||||
(1) | Accrual basis |
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
BALANCE SHEET DATA: |
||||||||
Cash and Cash Equivalents |
$ | 586 | $ | 134 | ||||
Other Current Assets |
3,990 | 3,346 | ||||||
Property and Equipment, net |
41,136 | 38,151 | ||||||
Goodwill |
1,032 | 1,032 | ||||||
Other Assets |
738 | 762 | ||||||
Total Assets |
$ | 47,482 | $ | 43,425 | ||||
Short-Term Debt |
$ | 417 | $ | 46 | ||||
Other Current Liabilities |
3,607 | 3,478 | ||||||
Long-Term Debt |
6,785 | 8,095 | ||||||
Deferred Credits and Other Noncurrent Liabilities |
8,770 | 7,429 | ||||||
Shareholders Equity |
27,903 | 24,377 | ||||||
Total Liabilities and Shareholders Equity |
$ | 47,482 | $ | 43,425 | ||||
Common shares outstanding at end of period |
384 | 382 |
For the Quarter | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
PRODUCTION DATA: |
||||||||||||||||
OIL VOLUME Barrels per day |
||||||||||||||||
Central |
7,873 | 3,767 | 6,608 | 3,027 | ||||||||||||
Permian |
51,410 | 39,374 | 49,849 | 37,033 | ||||||||||||
GOM Deepwater |
6,155 | 1,782 | 5,859 | 1,968 | ||||||||||||
GOM Shelf |
45,115 | 44,771 | 45,483 | 44,186 | ||||||||||||
GC Onshore |
9,800 | 8,130 | 9,336 | 5,855 | ||||||||||||
United States |
120,353 | 97,824 | 117,135 | 92,069 | ||||||||||||
Canada |
13,027 | 13,868 | 14,040 | 14,252 | ||||||||||||
North America |
133,380 | 111,692 | 131,175 | 106,321 | ||||||||||||
Egypt |
103,289 | 99,818 | 103,913 | 96,387 | ||||||||||||
Australia |
39,400 | 56,876 | 38,248 | 48,324 | ||||||||||||
North Sea |
57,838 | 58,764 | 54,097 | 58,254 | ||||||||||||
Argentina |
9,461 | 9,645 | 9,577 | 9,812 | ||||||||||||
International |
209,988 | 225,103 | 205,835 | 212,777 | ||||||||||||
Total |
343,368 | 336,795 | 337,010 | 319,098 | ||||||||||||
NATURAL GAS VOLUME Mcf per day |
||||||||||||||||
Central |
221,193 | 216,189 | 220,094 | 204,446 | ||||||||||||
Permian |
181,070 | 117,557 | 171,309 | 101,440 | ||||||||||||
GOM Deepwater |
43,596 | 19,804 | 53,557 | 25,836 | ||||||||||||
GOM Shelf |
331,292 | 330,439 | 343,214 | 308,460 | ||||||||||||
GC Onshore |
80,842 | 52,534 | 77,300 | 54,464 | ||||||||||||
United States |
857,993 | 736,523 | 865,474 | 694,646 | ||||||||||||
Canada |
619,897 | 334,945 | 633,031 | 329,443 | ||||||||||||
North America |
1,477,890 | 1,071,468 | 1,498,505 | 1,024,089 | ||||||||||||
Egypt |
376,259 | 380,598 | 368,898 | 377,051 | ||||||||||||
Australia |
187,852 | 197,090 | 183,470 | 202,473 | ||||||||||||
North Sea |
2,497 | 2,372 | 2,257 | 2,483 | ||||||||||||
Argentina |
223,929 | 202,381 | 209,206 | 180,219 | ||||||||||||
International |
790,537 | 782,441 | 763,831 | 762,226 | ||||||||||||
Total |
2,268,427 | 1,853,909 | 2,262,336 | 1,786,315 | ||||||||||||
NGL VOLUME Barrels per day |
||||||||||||||||
Central |
1,961 | 592 | 1,156 | 529 | ||||||||||||
Permian |
12,733 | 9,426 | 11,645 | 5,814 | ||||||||||||
GOM Deepwater |
726 | 369 | 760 | 475 | ||||||||||||
GOM Shelf |
4,560 | 5,079 | 5,559 | 3,902 | ||||||||||||
GC Onshore |
1,939 | 1,033 | 1,881 | 1,056 | ||||||||||||
United States |
21,919 | 16,499 | 21,001 | 11,776 | ||||||||||||
Canada |
6,120 | 2,134 | 6,220 | 1,956 | ||||||||||||
North America |
28,039 | 18,633 | 27,221 | 13,732 | ||||||||||||
Egypt |
(4 | ) | | 66 | | |||||||||||
North Sea |
14 | | 5 | | ||||||||||||
Argentina |
3,008 | 3,047 | 3,024 | 3,151 | ||||||||||||
International |
3,018 | 3,047 | 3,095 | 3,151 | ||||||||||||
Total |
31,057 | 21,680 | 30,316 | 16,883 | ||||||||||||
BOE per day |
||||||||||||||||
Central |
46,699 | 40,390 | 44,446 | 37,631 | ||||||||||||
Permian |
94,321 | 68,393 | 90,045 | 59,753 | ||||||||||||
GOM Deepwater |
14,148 | 5,451 | 15,545 | 6,749 | ||||||||||||
GOM Shelf |
104,890 | 104,924 | 108,244 | 99,498 | ||||||||||||
GC Onshore |
25,213 | 17,918 | 24,101 | 15,988 | ||||||||||||
United States |
285,271 | 237,076 | 282,381 | 219,619 | ||||||||||||
Canada |
122,463 | 71,827 | 125,765 | 71,115 | ||||||||||||
North America |
407,734 | 308,903 | 408,146 | 290,734 | ||||||||||||
Egypt |
165,995 | 163,251 | 165,461 | 159,228 | ||||||||||||
Australia |
70,708 | 89,724 | 68,826 | 82,070 | ||||||||||||
North Sea |
58,269 | 59,159 | 54,478 | 58,668 | ||||||||||||
Argentina |
49,790 | 46,423 | 47,471 | 43,000 | ||||||||||||
International |
344,762 | 358,557 | 336,236 | 342,966 | ||||||||||||
Total |
752,496 | 667,460 | 744,382 | 633,700 | ||||||||||||
For the Quarter | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
PRICING DATA: |
||||||||||||||||
AVERAGE OIL PRICE PER BARREL |
||||||||||||||||
Central |
$ | 84.55 | $ | 72.43 | $ | 90.09 | $ | 73.73 | ||||||||
Permian |
86.67 | 72.47 | 91.19 | 73.78 | ||||||||||||
GOM Deepwater |
104.05 | 76.77 | 104.50 | 76.46 | ||||||||||||
GOM Shelf |
106.64 | 75.72 | 106.52 | 76.49 | ||||||||||||
GC Onshore |
102.66 | 75.95 | 103.56 | 76.88 | ||||||||||||
United States (1) |
93.86 | 73.67 | 94.05 | 74.05 | ||||||||||||
Canada |
88.34 | 69.01 | 92.77 | 71.76 | ||||||||||||
North America (1) |
93.32 | 73.09 | 93.91 | 73.74 | ||||||||||||
Egypt(1) |
110.96 | 75.91 | 111.02 | 76.15 | ||||||||||||
Australia(1) |
113.40 | 74.80 | 111.78 | 74.66 | ||||||||||||
North Sea(2) |
101.85 | 75.25 | 103.90 | 76.13 | ||||||||||||
Argentina |
69.27 | 57.31 | 65.08 | 56.84 | ||||||||||||
International (1,2) |
107.03 | 74.66 | 107.15 | 74.91 | ||||||||||||
Total(1,2) |
101.71 | 74.14 | 102.00 | 74.52 | ||||||||||||
AVERAGE NATURAL GAS PRICE PER MCF |
||||||||||||||||
Central |
$ | 4.67 | $ | 4.41 | $ | 4.60 | $ | 4.76 | ||||||||
Permian |
5.35 | 4.64 | 5.21 | 5.49 | ||||||||||||
GOM Deepwater |
4.03 | 4.29 | 4.23 | 4.55 | ||||||||||||
GOM Shelf |
4.62 | 4.69 | 4.60 | 4.96 | ||||||||||||
GC Onshore |
4.60 | 4.71 | 4.63 | 4.94 | ||||||||||||
United States (1) |
5.06 | 5.10 | 5.02 | 5.41 | ||||||||||||
Canada (1) |
4.49 | 4.42 | 4.58 | 4.72 | ||||||||||||
North America (1) |
4.82 | 4.89 | 4.83 | 5.19 | ||||||||||||
Egypt |
4.60 | 3.57 | 4.61 | 3.55 | ||||||||||||
Australia |
2.88 | 2.20 | 2.71 | 2.21 | ||||||||||||
North Sea |
21.43 | 16.54 | 22.87 | 17.35 | ||||||||||||
Argentina |
2.74 | 1.79 | 2.57 | 1.93 | ||||||||||||
International |
3.71 | 2.80 | 3.65 | 2.86 | ||||||||||||
Total (1) |
4.44 | 4.01 | 4.43 | 4.19 | ||||||||||||
AVERAGE NGL PRICE PER BARREL |
||||||||||||||||
Central |
$ | 51.55 | $ | 48.38 | $ | 52.79 | $ | 45.90 | ||||||||
Permian |
53.84 | 34.11 | 51.00 | 36.31 | ||||||||||||
GOM Deepwater |
54.95 | 40.93 | 48.41 | 45.31 | ||||||||||||
GOM Shelf |
53.44 | 25.84 | 48.17 | 38.41 | ||||||||||||
GC Onshore |
62.57 | 64.16 | 59.62 | 57.09 | ||||||||||||
United States |
54.36 | 34.11 | 51.03 | 39.66 | ||||||||||||
Canada |
46.93 | 34.18 | 44.47 | 36.58 | ||||||||||||
North America |
52.74 | 34.12 | 49.53 | 39.22 | ||||||||||||
Egypt |
33.62 | | 66.37 | | ||||||||||||
North Sea |
65.45 | | 65.45 | | ||||||||||||
Argentina |
26.45 | 26.39 | 28.20 | 28.98 | ||||||||||||
International |
26.62 | 26.39 | 29.06 | 28.98 | ||||||||||||
Total |
50.20 | 33.03 | 47.44 | 37.31 |
(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 | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Income Attributable to Common Stock (GAAP) |
$ | 983 | $ | 765 | $ | 3,338 | $ | 2,330 | ||||||||
Adjustments: |
||||||||||||||||
U.K. tax rate increase |
274 | | 218 | | ||||||||||||
Foreign currency fluctuation impact on deferred tax expense |
(99 | ) | 27 | (68 | ) | 2 | ||||||||||
Merger, acquisitions & transition, net of tax |
2 | 5 | 9 | 10 | ||||||||||||
Adjusted Earnings (Non-GAAP) |
$ | 1,160 | $ | 797 | $ | 3,497 | $ | 2,342 | ||||||||
Net Income per Common Share Diluted (GAAP) |
$ | 2.50 | $ | 2.12 | $ | 8.49 | $ | 6.72 | ||||||||
Adjustments: |
||||||||||||||||
U.K. tax rate increase |
0.69 | | 0.55 | | ||||||||||||
Foreign currency fluctuation impact on deferred tax expense |
(0.25 | ) | 0.07 | (0.17 | ) | | ||||||||||
Merger, acquisitions & transition, net of tax |
0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
Adjusted Earnings Per Share Diluted (Non-GAAP) |
$ | 2.95 | $ | 2.20 | $ | 8.89 | $ | 6.75 | ||||||||
For the Quarter | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net cash provided by operating activities |
$ | 2,447 | $ | 1,715 | $ | 7,171 | $ | 4,800 | ||||||||
Changes in operating assets and liabilities |
241 | 269 | 399 | 587 | ||||||||||||
Cash from operations before changes in
operating assets and liabilities |
$ | 2,688 | $ | 1,984 | $ | 7,570 | $ | 5,387 | ||||||||