HOUSTON, Aug. 3, 2016 /PRNewswire/ -- Apache
Corporation (NYSE, Nasdaq: APA) today announced that during the
second quarter of 2016, the company changed its method of
accounting for oil and gas exploration and development activities
from the full-cost to the successful-efforts method.
Second-quarter 2016 results, which will be released Aug. 4, 2016, will reflect this change. The
company will provide additional information related to its
conversion to successful efforts in its earnings supplement,
including a reconciliation of second-quarter 2016 results of
operations under successful efforts to full cost.
In addition to filing its second-quarter 10-Q, Apache will file
Form 8-Ks after the close of business on August 4, 2016, that include certain financial
information from Apache's 2015 Form 10-K and first-quarter 2016
Form 10-Q revised to reflect the retrospective application of the
successful-efforts method. These filings will include
reconciliations of financial statements under successful efforts to
full cost for all periods presented.
"We believe the conversion to the successful-efforts method of
accounting will benefit Apache and its stakeholders," said
Steve Riney, executive vice
president and chief financial officer. "This method is more
commonly used by our peer group and will, therefore, improve the
comparability of Apache's financial results. It will also provide
management with greater transparency to the financial performance
of the company, enabling us to improve capital allocation and
operational decision-making going forward."
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United
States, Canada,
Egypt and the United Kingdom. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com, and on its Media and
Investor Center mobile application, which is available for free
download from the Apple App Store and the Google's Play store. To
sign up to receive email alerts regarding news and other website
updates, please visit
http://investor.apachecorp.com/alerts.cfm.
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SOURCE Apache Corporation