Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2012

Supplemental Guarantor Information [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

11. SUPPLEMENTAL GUARANTOR INFORMATION

Apache Finance Canada Corporation (Apache Finance Canada) issued approximately $300 million of publicly-traded notes due in 2029 and an additional $350 million of publicly-traded notes due in 2015 that are fully and unconditionally guaranteed by Apache. The following condensed consolidating financial statements are provided as an alternative to filing separate financial statements.

Apache Finance Canada has been fully consolidated in Apache’s consolidated financial statements. As such, these condensed consolidating financial statements should be read in conjunction with the financial statements of Apache Corporation and subsidiaries and notes thereto, of which this note is an integral part.

APACHE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Quarter Ended March 31, 2012

	Apache Corporation			Apache Finance Canada			All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
REVENUES AND OTHER:
Oil and gas production revenues	$	1,058		$	—		$	3,399		$	—		$	4,457
Equity in net income (loss) of affiliates		555			(174	)		46			(427	)		—
Other		(1	)		17			64			(1	)		79
		1,612			(157	)		3,509			(428	)		4,536
OPERATING EXPENSES:
Depreciation, depletion and amortization		292			—			1,448			—			1,740
Asset retirement obligation accretion		19			—			36			—			55
Lease operating expenses		215			—			458			—			673
Gathering and transportation		12			—			65			—			77
Taxes other than income		50			—			207			—			257
General and administrative		99			—			30			(1	)		128
Merger, acquisitions & transition		6			—			—			—			6
Financing costs, net		44			14			(18	)		—			40
		737			14			2,226			(1	)		2,976
INCOME (LOSS) BEFORE INCOME TAXES		875			(171	)		1,283			(427	)		1,560
Provision (benefit) for income taxes		78			(43	)		728			—			763
NET INCOME (LOSS)		797			(128	)		555			(427	)		797
Preferred stock dividends		19			—			—			—			19
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	778		$	(128	)	$	555		$	(427	)	$	778
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	745		$	(128	)	$	555		$	(427	)	$	745

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Quarter Ended March 31, 2011

	Apache Corporation		Apache Finance Canada			All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
REVENUES AND OTHER:
Oil and gas production revenues	$	1,006	$	—		$	2,872		$	—		$	3,878
Equity in net income (loss) of affiliates		894		(14	)		(28	)		(852	)		—
Other		1		(20	)		67			(1	)		47
		1,901		(34	)		2,911			(853	)		3,925
OPERATING EXPENSES:
Depreciation, depletion and amortization		300		—			636			—			936
Asset retirement obligation accretion		17		—			20			—			37
Lease operating expenses		191		—			432			—			623
Gathering and transportation		12		—			64			—			76
Taxes other than income		41		—			123			—			164
General and administrative		89		—			24			(1	)		112
Merger, acquisitions & transition		5		—			—			—			5
Financing costs, net		37		14			(6	)		—			45
		692		14			1,293			(1	)		1,998
INCOME (LOSS) BEFORE INCOME TAXES		1,209		(48	)		1,618			(852	)		1,927
Provision (benefit) for income taxes		75		(6	)		724			—			793
NET INCOME (LOSS)		1,134		(42	)		894			(852	)		1,134
Preferred stock dividends		19		—			—			—			19
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	$	1,115	$	(42	)	$	894		$	(852	)	$	1,115
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCK	$	811	$	280		$	3,590		$	(3,870	)	$	811

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Quarter Ended March 31, 2012

	Apache Corporation			Apache Finance Canada			All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	230		$	(7	)	$	1,784		$	—		$	2,007
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas property		(417	)		—			(1,288	)		—			(1,705	)
Additions to gas gathering, transmission and processing facilities		—			—			(262	)		—			(262	)
Equity investment in BHL		—			—			(439	)		—			(439	)
Deposit related to Cordillera acquisition		(200	)		—			—			—			(200	)
Investment in subsidiaries, net		(210	)		—			—			210			—
Other		(23	)		—			(13	)		—			(36	)
NET CASH USED IN INVESTING ACTIVITIES		(850	)		—			(2,002	)		210			(2,642	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Commercial paper, credit facility and bank notes, net		657			—			—			—			657
Intercompany borrowings		—			—			225			(225	)		—
Dividends paid		(77	)		—			—			—			(77	)
Common stock activity		2			4			(19	)		15			2
Other		8			—			(5	)		—			3
NET CASH PROVIDED BY FINANCING ACTIVITIES		590			4			201			(210	)		585
NET DECREASE IN CASH AND CASH EQUIVALENTS		(30	)		(3	)		(17	)		—			(50	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		41			5			249			—			295
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	11		$	2		$	232		$	—		$	245

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Quarter Ended March 31, 2011

	Apache Corporation			Apache Finance Canada			All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	392		$	(5	)	$	1,592		$	—		$	1,979
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas property		(469	)		—			(1,102	)		—			(1,571	)
Additions to gas gathering, transmission and processing facilities		—			—			(125	)		—			(125	)
Investment in subsidiaries, net		95			—			—			(95	)		—
Other		(17	)		—			(36	)		—			(53	)
NET CASH USED IN INVESTING ACTIVITIES		(391	)		—			(1,263	)		(95	)		(1,749	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Commercial paper, credit facility and bank notes, net		19			—			—			—			19
Intercompany borrowings		—			1			(96	)		95			—
Dividends paid		(76	)		—			—			—			(76	)
Common stock activity		26			4			(4	)		—			26
Other		31			—			(8	)		—			23
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		—			5			(108	)		95			(8	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		1			—			221			—			222
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		6			—			128			—			134
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	7		$	—		$	349		$	—		$	356

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2012

	Apache Corporation		Apache Finance Canada		All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	11	$	2	$	232		$	—		$	245
Receivables, net of allowance		777		—		2,386			—			3,163
Inventories		55		—		552			—			607
Drilling advances		12		—		356			—			368
Derivative instruments		106		—		178			—			284
Prepaid assets and other		4,082		—		(3,795	)		—			287
		5,043		2		(91	)		—			4,954
PROPERTY AND EQUIPMENT, NET		12,570		—		33,259			—			45,829
OTHER ASSETS:
Intercompany receivable, net		4,156		—		(1,754	)		(2,402	)		—
Equity in affiliates		20,736		1,186		90			(22,012	)		—
Goodwill, net		—		—		1,114			—			1,114
Deferred charges and other		371		1,003		966			(1,000	)		1,340
	$	42,876	$	2,191	$	33,584		$	(25,414	)	$	53,237
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	580	$	1	$	2,880		$	(2,402	)	$	1,059
Current debt		400		—		29			—			429
Asset retirement obligation		434		—		14			—			448
Derivative instruments		71		—		79			—			150
Other current liabilities		593		12		2,007			—			2,612
		2,078		13		5,009			(2,402	)		4,698
LONG-TERM DEBT		6,796		647		1			—			7,444
DEFERRED CREDITS AND OTHER
NONCURRENT LIABILITIES:
Income taxes		2,723		5		4,489			—			7,217
Asset retirement obligation		956		—		2,526			—			3,482
Other		608		250		823			(1,000	)		681
		4,287		255		7,838			(1,000	)		11,380
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY		29,715		1,276		20,736			(22,012	)		29,715
	$	42,876	$	2,191	$	33,584		$	(25,414	)	$	53,237

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

	Apache Corporation		Apache Finance Canada		All Other Subsidiaries of Apache Corporation			Reclassifications & Eliminations			Consolidated
	(In millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	41	$	5	$	249		$	—		$	295
Receivables, net of allowance		773		—		2,306			—			3,079
Inventories		51		—		604			—			655
Drilling advances		11		—		218			—			229
Derivative instruments		113		—		191			—			304
Prepaid assets and other		3,859		—		(3,618	)		—			241
		4,848		5		(50	)		—			4,803
PROPERTY AND EQUIPMENT, NET		12,262		—		33,186			—			45,448
OTHER ASSETS:
Intercompany receivable, net		3,931		—		(1,908	)		(2,023	)		—
Equity in affiliates		20,214		1,372		99			(21,685	)		—
Goodwill, net		—		—		1,114			—			1,114
Deferred charges and other		158		1,002		526			(1,000	)		686
	$	41,413	$	2,379	$	32,967		$	(24,708	)	$	52,051
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	609	$	1	$	2,461		$	(2,023	)	$	1,048
Current debt		400		—		31			—			431
Asset retirement obligation		434		—		13			—			447
Derivative instruments		76		—		37			—			113
Other current liabilities		614		5		2,305			—			2,924
		2,133		6		4,847			(2,023	)		4,963
LONG-TERM DEBT		6,137		647		1			—			6,785
DEFERRED CREDITS AND OTHER
NONCURRENT LIABILITIES:
Income taxes		2,622		5		4,570			—			7,197
Asset retirement obligation		936		—		2,504			—			3,440
Other		592		250		831			(1,000	)		673
		4,150		255		7,905			(1,000	)		11,310
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY		28,993		1,471		20,214			(21,685	)		28,993
	$	41,413	$	2,379	$	32,967		$	(24,708	)	$	52,051