HOUSTON, May 8, 2014 /PRNewswire/ -- Apache
Corporation (NYSE, Nasdaq: APA) today announced first-quarter 2014
earnings from continuing operations of $753
million or $1.90 per diluted
common share and adjusted earnings,* which exclude certain items
that impact the comparability of results, of $707 million or $1.78 per share. For the same period in the prior
year, Apache reported earnings from continuing operations of
$759 million or $1.91 per diluted common share and adjusted
earnings of $797 million or
$2.00 per share. Net cash provided by
operating activities totaled approximately $2.3 billion in first-quarter 2014, compared with
$2.6 billion in the prior year, with
cash from continuing operations before changes in operating assets
and liabilities* totaling $2.2
billion, compared with $2.3
billion in first-quarter 2013.
"A record-setting performance by our Permian Region continues to
drive strong overall results for the company," said G. Steven Farris, chairman, chief executive
officer and president of Apache. "We remained the most active
driller in onshore North America,
operating an average of 82 rigs during the quarter."
Apache's onshore North American liquids production increased 21
percent in first-quarter 2014 compared with the same period a year
ago. The first-quarter 2014 average of 198,500 barrels per day for
North American onshore liquids was up 6 percent compared with the
fourth-quarter 2013.
"We continued to strengthen our portfolio and build momentum
toward a strong second half of 2014," Farris said. "Apache
intensified its focus on North
America liquids production by completing the sale of our
Argentina operations and selected
conventional natural gas properties in Western Canada.
"We are currently testing new plays and completion ideas along
the Gulf Coast and are encouraged by early results in Canada where a focus on liquids-rich plays
contributed to a 10 percent increase in crude oil and natural gas
liquids (NGLs) compared with the preceding quarter," Farris said.
"Internationally, we are on track for first oil from significant
development projects offshore Australia later this year at the Balnaves and
Coniston fields, and we announced two new discoveries at the Matruh
and Shushan basins in Egypt's
Western Desert."
Apache also returned additional capital to shareholders,
purchasing 5.9 million shares of Apache common stock on the open
market from January through March
2014.
First-quarter production and operating highlights
Highlights from first-quarter drilling include:
- Total worldwide net daily production of oil, natural gas and
NGLs averaged 640,000 boe per day. Including discontinued
operations in Argentina, daily
production averaged 672,000 boe per day. Liquids production
comprised 58 percent of the total from continuing operations, up
from 57 percent for the fourth-quarter 2013.
- The Permian and Central regions increased liquids production
31,000 barrels per day over the prior-year period. Total production
from the two regions averaged 239,000 boe per day.
- The Permian Region achieved record production averaging 150,000
boe per day, up 25 percent from the prior-year period. The region
averaged 38 rigs in operation during the quarter and spud 202 gross
wells (80 horizontals).
Oil and gas prices
Apache's mix of hydrocarbon production during the first-quarter
2014 included approximately 48 percent crude oil and 10 percent
NGLs. Crude oil and NGLs contributed 82 percent of the company's
revenue during the period.
Worldwide, Apache received an average price of $101.03 per barrel of crude oil during the first
quarter compared with $102.42 per
barrel in the prior-year period. Apache received an average price
of $4.46 per thousand cubic feet
(Mcf) of natural gas, compared with $3.77 per Mcf in the prior-year period.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United
States, Canada,
Egypt, the United Kingdom and Australia. 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 Play Store.
* Adjusted earnings, cash from continuing operations before
changes in operating assets and liabilities, and adjusted effective
tax rate are non-GAAP measures. Please see reconciliations below.
For supplemental financial and operational data and non-GAAP
information, please go to
http://www.apachecorp.com/financialdata.
Conference call
Apache will conduct a conference call to discuss its results and
review its portfolio at 1 p.m. Central time
Thursday, May 8. The conference call will be webcast from
Apache's website, www.apachecorp.com. The webcast replay will be
archived on Apache's website. The conference call will be available
for delayed playback by telephone for one week beginning at
approximately 4 p.m. Central time
May 8. To access the telephone
playback, dial 855-859-2056 or 404-537-3406 for international
calls. The conference access code is 30665579.
Forward-looking statements
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods. These statements include, but
are not limited to, statements about future plans, expectations and
objectives for Apache's operations, including statements about our
drilling plans and production expectations, asset sales and
monetizations and share repurchases. While forward-looking
statements are based on assumptions and analyses made by us that we
believe to be reasonable under the circumstances, whether actual
results and developments will meet our expectations and predictions
depend on a number of risks and uncertainties which could cause our
actual results, performance, and financial condition to differ
materially from our expectations. See "Risk Factors" in our 2013
Form 10-K filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made by us in this news release speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
development or otherwise, except as may be required by law.
|
APACHE
CORPORATION
|
|
STATEMENT OF
CONSOLIDATED OPERATIONS
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Quarter
|
|
|
Ended March
31,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
REVENUES AND
OTHER:
|
|
|
|
|
Oil
revenues
|
$ 2,815
|
|
$ 3,192
|
|
Gas
revenues
|
646
|
|
681
|
|
NGL
revenues
|
186
|
|
148
|
|
Oil and gas
production revenues
|
3,647
|
|
4,021
|
|
Derivative instrument
gains (losses)
|
(20)
|
|
(100)
|
|
Other
|
48
|
|
25
|
|
|
3,675
|
|
3,946
|
|
|
|
|
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
|
|
Oil and gas property
and equipment
|
|
|
|
|
Recurring
|
1,109
|
|
1,210
|
|
Other
assets
|
97
|
|
102
|
|
Asset retirement
obligation accretion
|
44
|
|
63
|
|
Lease operating
expenses
|
597
|
|
722
|
|
Gathering and
transportation
|
70
|
|
73
|
|
Taxes other than
income
|
181
|
|
229
|
|
General and
administrative
|
119
|
|
112
|
|
Acquisitions,
divestitures & transition
|
2
|
|
-
|
|
Financing costs,
net
|
27
|
|
55
|
|
|
2,246
|
|
2,566
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
1,429
|
|
1,380
|
|
Current income tax
provision
|
416
|
|
497
|
|
Deferred income tax
provision
|
162
|
|
105
|
|
|
|
|
|
|
INCOME FROM
CONTINUING OPERATIONS INCLUDING NONCONTROLLING
INTEREST
|
851
|
|
778
|
|
Loss from
discontinued operations, net of tax
|
(517)
|
|
(61)
|
|
|
|
|
|
|
INCOME INCLUDING
NONCONTROLLING INTEREST
|
334
|
|
717
|
|
Net income
attributable to noncontrolling interest
|
98
|
|
-
|
|
Preferred stock
dividends
|
-
|
|
19
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO COMMON STOCK
|
$
236
|
|
$
698
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
|
|
|
|
Net income from
continuing operations attributable to common
shareholders
|
$
753
|
|
$
759
|
|
Net income (loss)
from discontinued operations
|
(517)
|
|
(61)
|
|
Net income
attributable to common shareholders
|
$
236
|
|
$
698
|
|
|
|
|
|
|
BASIC NET INCOME
(LOSS) PER COMMON SHARE:
|
|
|
|
|
Basic net income from
continuing operations per share
|
$
1.92
|
|
$
1.94
|
|
Basic net loss from
discontinued operations per share
|
(1.32)
|
|
(0.16)
|
|
Basic net income per
share
|
$
0.60
|
|
$
1.78
|
|
|
|
|
|
|
DILUTED NET INCOME
(LOSS) PER COMMON SHARE:
|
|
|
|
|
Diluted net income
from continuing operations per share
|
$
1.90
|
|
$
1.91
|
|
Diluted net loss from
discontinued operations per share
|
(1.30)
|
|
(0.15)
|
|
Diluted net income
per share
|
$
0.60
|
|
$
1.76
|
|
|
|
|
|
|
WEIGHTED-AVERAGE
NUMBER OF COMMON
|
|
|
|
|
SHARES OUTSTANDING:
|
|
|
|
|
Basic
|
394
|
|
392
|
|
Diluted
|
396
|
|
408
|
|
|
|
|
|
|
DIVIDENDS DECLARED
PER COMMON SHARE
|
$
0.25
|
|
$
0.20
|
|
APACHE
CORPORATION
|
|
SUMMARY OF CAPITAL
COSTS INCURRED
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Quarter
|
|
|
|
|
Ended March
31,
|
|
|
|
|
2014
|
|
2013
|
|
CAPITAL
EXPENDITURES:
|
|
|
|
|
Exploration &
Development Costs
|
|
|
|
|
|
United
States
|
$
1,349
|
|
$
1,269
|
|
|
Canada
|
269
|
|
258
|
|
|
|
North
America
|
1,618
|
|
1,527
|
|
|
Egypt
(1)
|
320
|
|
262
|
|
|
Australia
|
261
|
|
225
|
|
|
North Sea
|
227
|
|
177
|
|
|
Argentina
|
12
|
|
33
|
|
|
New Ventures -
International
|
1
|
|
5
|
|
|
|
International
(1)
|
821
|
|
702
|
|
|
|
Worldwide Exploration
& Development Costs (1)
|
$
2,439
|
|
$
2,229
|
|
|
|
|
|
|
|
|
Gathering,
Transmission and Processing Facilities
|
|
|
|
|
|
United
States
|
$
45
|
|
$
18
|
|
|
Canada
|
102
|
|
30
|
|
|
Egypt
(1)
|
15
|
|
19
|
|
|
Australia
|
168
|
|
180
|
|
|
Argentina
|
1
|
|
2
|
|
|
North Sea
|
1
|
|
-
|
|
|
|
Total Gathering,
Transmission and Processing (1)
|
$
332
|
|
$
249
|
|
|
|
|
|
|
|
|
Asset Retirement
Costs
|
$
28
|
|
$
134
|
|
|
|
|
|
|
|
|
Capitalized Interest
(2)
|
$
98
|
|
$
93
|
|
|
|
|
|
|
|
|
Capital Expenditures,
excluding Acquisitions (1)
|
$
2,897
|
|
$
2,705
|
|
|
|
|
|
|
|
|
Asset Retirement
Costs - Acquired
|
$
-
|
|
$
53
|
|
|
|
|
|
|
|
|
Acquisitions
|
$
2
|
|
$
310
|
|
|
|
|
|
|
|
|
(1)
Includes capital costs attributable to noncontrolling interest in
Egypt
|
|
|
|
|
|
|
|
|
|
(2)
Capitalized interest in both quarters includes Argentina
discontinued operations of $3M
|
|
|
|
|
|
|
|
|
|
|
APACHE
CORPORATION
|
|
SUMMARY BALANCE
SHEET INFORMATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
1,643
|
|
$
1,906
|
|
Other Current
Assets
|
3,820
|
|
4,460
|
|
Property and
Equipment, net
|
52,752
|
|
52,421
|
|
Goodwill
|
1,369
|
|
1,369
|
|
Other
Assets
|
1,537
|
|
1,481
|
|
Total
Assets
|
$
61,121
|
|
$
61,637
|
|
|
|
|
|
|
|
|
Short-Term
Debt
|
$
-
|
|
$
53
|
|
Other Current
Liabilities
|
4,356
|
|
4,647
|
|
Long-Term
Debt
|
9,673
|
|
9,672
|
|
Deferred Credits and
Other Noncurrent Liabilities
|
11,915
|
|
11,872
|
|
Apache Shareholders'
Equity
|
33,082
|
|
33,396
|
|
Noncontrolling
interest
|
2,095
|
|
1,997
|
|
Total Liabilities and
Shareholders' Equity
|
$
61,121
|
|
$
61,637
|
|
|
|
|
|
|
|
|
Common shares
outstanding at end of period
|
390
|
|
396
|
|
APACHE
CORPORATION
|
|
PRODUCTION
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Quarter
|
|
|
|
|
|
|
Ended March
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
OIL VOLUME
- Barrels per day
|
|
|
|
|
|
Central
|
|
|
21,686
|
|
20,526
|
|
Permian
|
|
|
88,327
|
|
67,900
|
|
Gulf of
Mexico
|
|
6,266
|
|
7,235
|
|
Gulf Coast
|
|
10,975
|
|
9,977
|
|
GOM Shelf
|
|
697
|
|
43,625
|
|
|
United
States
|
|
127,951
|
|
149,263
|
|
Canada
|
|
|
17,589
|
|
17,176
|
|
|
North
America
|
|
145,540
|
|
166,439
|
|
Egypt
(1)
|
|
|
88,093
|
|
91,315
|
|
Australia
|
|
|
16,825
|
|
20,001
|
|
North Sea
|
|
59,092
|
|
68,462
|
|
|
International
(1)
|
|
164,010
|
|
179,778
|
|
|
|
Total
(1)
|
|
309,550
|
|
346,217
|
|
|
|
|
|
|
|
|
|
|
NATURAL GAS
VOLUME - Mcf per day
|
|
|
|
|
|
Central
|
|
|
260,298
|
|
277,025
|
|
Permian
|
|
|
215,860
|
|
185,713
|
|
Gulf of
Mexico
|
|
16,123
|
|
31,136
|
|
Gulf Coast
|
|
99,242
|
|
105,412
|
|
GOM Shelf
|
|
1,162
|
|
254,405
|
|
|
United
States
|
|
592,685
|
|
853,691
|
|
Canada
|
|
|
377,712
|
|
519,175
|
|
|
North
America
|
|
970,397
|
|
1,372,866
|
|
Egypt
(1)
|
|
|
377,357
|
|
365,612
|
|
Australia
|
|
|
215,792
|
|
214,395
|
|
North Sea
|
|
45,071
|
|
55,032
|
|
|
International
(1)
|
|
638,220
|
|
635,039
|
|
|
|
Total
(1)
|
|
1,608,617
|
|
2,007,905
|
|
|
|
|
|
|
|
|
|
|
NGL VOLUME
- Barrels per day
|
|
|
|
|
|
Central
|
|
|
24,455
|
|
19,517
|
|
Permian
|
|
|
25,260
|
|
20,583
|
|
Gulf of
Mexico
|
|
828
|
|
887
|
|
Gulf Coast
|
|
2,423
|
|
2,313
|
|
GOM Shelf
|
|
92
|
|
5,999
|
|
|
United
States
|
|
53,058
|
|
49,299
|
|
Canada
|
|
|
7,769
|
|
6,663
|
|
|
North
America
|
|
60,827
|
|
55,962
|
|
Egypt
(1)
|
|
|
233
|
|
-
|
|
North Sea
|
|
1,091
|
|
1,494
|
|
|
International
(1)
|
|
1,324
|
|
1,494
|
|
|
|
Total
(1)
|
|
62,151
|
|
57,456
|
|
|
|
|
|
|
|
|
|
|
BOE per
day
|
|
|
|
|
|
Central
|
|
|
89,524
|
|
86,215
|
|
Permian
|
|
|
149,564
|
|
119,435
|
|
Gulf of
Mexico
|
|
9,781
|
|
13,311
|
|
Gulf Coast
|
|
29,939
|
|
29,859
|
|
GOM Shelf
|
|
982
|
|
92,024
|
|
|
United
States
|
|
279,790
|
|
340,844
|
|
Canada
|
|
|
88,310
|
|
110,368
|
|
|
North
America
|
|
368,100
|
|
451,212
|
|
Egypt
(1)
|
|
|
151,219
|
|
152,250
|
|
Australia
|
|
|
52,790
|
|
55,734
|
|
North Sea
|
|
67,695
|
|
79,128
|
|
|
International
(1)
|
|
271,704
|
|
287,112
|
|
|
|
Total
(1)
|
|
639,804
|
|
738,324
|
|
|
|
|
|
|
|
|
|
|
|
|
Total excluding
noncontrolling interest
|
589,860
|
|
738,324
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes production volume per day attributable to noncontrolling
interest in Egypt
|
|
|
Oil (b/d)
|
|
29,066
|
|
-
|
|
|
Gas
(mcf/d)
|
|
124,799
|
|
-
|
|
|
NGL (b/d)
|
|
78
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations - Argentina
|
|
|
|
|
|
Oil (b/d)
|
|
|
6,885
|
|
9,297
|
|
Gas
(mcf/d)
|
|
141,352
|
|
188,259
|
|
NGL (b/d)
|
|
1,287
|
|
2,822
|
|
|
|
|
|
|
|
|
|
|
BOE/d
|
|
|
31,731
|
|
43,495
|
|
APACHE
CORPORATION
|
|
PRICE
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Quarter
|
|
|
|
|
|
|
Ended March
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
AVERAGE OIL
PRICE PER BARREL
|
|
|
|
|
|
Central
|
|
|
$ 93.72
|
|
$ 88.15
|
|
Permian
|
|
|
93.76
|
|
82.78
|
|
Gulf of
Mexico
|
|
101.44
|
|
110.47
|
|
Gulf Coast
|
|
101.87
|
|
111.03
|
|
GOM Shelf
|
|
NM
|
|
111.67
|
|
|
United States
(1)
|
|
94.84
|
|
94.45
|
|
Canada
|
|
|
88.19
|
|
82.33
|
|
|
North America
(1)
|
|
94.03
|
|
93.20
|
|
Egypt
|
|
|
|
106.70
|
|
110.99
|
|
Australia
|
|
|
112.26
|
|
112.35
|
|
North Sea
|
|
106.60
|
|
110.53
|
|
|
International
|
|
107.24
|
|
110.97
|
|
|
|
Total
(1)
|
|
101.03
|
|
102.42
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
NATURAL GAS PRICE PER MCF
|
|
|
|
|
|
Central
|
|
|
$
5.20
|
|
$
3.73
|
|
Permian
|
|
|
4.78
|
|
3.77
|
|
Gulf of
Mexico
|
|
5.23
|
|
3.40
|
|
Gulf Coast
|
|
4.93
|
|
3.55
|
|
GOM Shelf
|
|
NM
|
|
3.54
|
|
|
United States
(1)
|
|
4.98
|
|
3.75
|
|
Canada
|
|
|
4.38
|
|
3.23
|
|
|
North America
(1)
|
|
4.75
|
|
3.56
|
|
Egypt
|
|
|
|
3.02
|
|
2.95
|
|
Australia
|
|
|
4.42
|
|
4.94
|
|
North Sea
|
|
10.69
|
|
10.00
|
|
|
International
|
|
4.03
|
|
4.23
|
|
|
|
Total
(1)
|
|
4.46
|
|
3.77
|
|
|
|
|
|
|
|
|
|
|
AVERAGE NGL
PRICE PER BARREL
|
|
|
|
|
|
Central
|
|
|
$ 30.39
|
|
$ 26.54
|
|
Permian
|
|
|
31.46
|
|
25.71
|
|
Gulf of
Mexico
|
|
32.00
|
|
34.68
|
|
Gulf Coast
|
|
35.90
|
|
33.69
|
|
GOM Shelf
|
|
NM
|
|
28.87
|
|
|
United
States
|
|
30.81
|
|
26.96
|
|
Canada
|
|
|
42.09
|
|
32.15
|
|
|
North
America
|
|
32.25
|
|
27.58
|
|
Egypt
|
|
|
|
64.34
|
|
-
|
|
North Sea
|
|
79.84
|
|
71.16
|
|
|
International
|
|
77.11
|
|
71.16
|
|
|
|
Total
|
|
33.20
|
|
28.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Operations - Argentina
|
|
|
|
|
|
Oil price
($/Bbl)
|
|
$ 72.70
|
|
$ 75.36
|
|
Gas price
($/Mcf)
|
|
3.04
|
|
3.18
|
|
NGL price
($/Bbl)
|
|
24.57
|
|
30.28
|
|
|
|
|
|
|
|
|
|
|
(1) Prices
reflect the impact of financial derivative hedging
activities.
|
|
APACHE
CORPORATION
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Management uses
adjusted earnings to evaluate the company's 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 company's results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Quarter
|
|
|
|
Ended March
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Income Attributable
to Common Stock (GAAP)
|
$
236
|
|
$
698
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Argentina
discontinued operations, net of tax
|
$
517
|
|
$
61
|
|
Unrealized foreign
currency fluctuation impact on deferred tax
expense
|
7
|
|
(4)
|
|
Acquisitions,
divestitures & transition costs
|
1
|
|
-
|
|
Deferred tax
adjustments
|
(5)
|
|
11
|
|
Commodity derivative
mark-to-market, net of tax
|
(49)
|
|
31
|
|
Adjusted
Earnings (Non-GAAP)
|
$
707
|
|
$
797
|
|
|
|
|
|
|
|
Net Income per Common
Share - Diluted (GAAP)
|
$
0.60
|
|
$
1.76
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Argentina
discontinued operations, net of tax
|
1.30
|
|
0.15
|
|
Unrealized foreign
currency fluctuation impact on deferred tax
expense
|
0.02
|
|
(0.01)
|
|
Deferred tax
adjustments
|
(0.01)
|
|
0.03
|
|
Commodity derivative
mark-to-market, net of tax
|
(0.13)
|
|
0.07
|
|
Adjusted Earnings Per
Share - Diluted (Non-GAAP)
|
$
1.78
|
|
$
2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income tax
provision (GAAP)
|
$
578
|
|
$
602
|
|
Tax impact on
commodity derivative mark-to-market
|
(27)
|
|
17
|
|
Foreign currency
fluctuation impact on deferred tax expense
|
(7)
|
|
4
|
|
Deferred tax
adjustments
|
5
|
|
(11)
|
|
Tax impact on
acquisitions, divestitures & transition costs
|
1
|
|
-
|
|
Total income tax
provision, net of adjustments
|
$
550
|
|
$
612
|
|
|
|
|
|
|
|
Effective Rate
excluding Adjustments (Non-GAAP)
|
40.6%
|
|
42.9%
|
|
|
|
|
|
|
|
APACHE
CORPORATION
NON-GAAP FINANCIAL
MEASURES
(In millions, except
per share data)
|
|
Reconciliation of
net cash provided by operating activities to cash from continuing
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
|
|
|
|
Ended March
31,
|
|
|
|
2014
|
|
2013
|
|
Net cash provided by
operating activities (GAAP)
|
$
2,293
|
|
$
2,621
|
|
Less: Discontinued
operations
|
(82)
|
|
(64)
|
|
Net cash provided by
operating activities excluding discontinued operations
|
$
2,211
|
|
$
2,557
|
|
Changes in operating
assets and liabilities
|
11
|
|
(262)
|
|
Cash from continuing
operations before changes in operating
assets and liabilities
|
$
2,222
|
|
$
2,295
|
APA-F
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SOURCE Apache Corporation